**EXHIBIT
      99.1**








**Certain
      Relationships and Related Party Transactions**




Robert
      S.
      Hekemian, Chairman of the Board and Chief Executive Officer of the Trust, and
      his sons, Robert S. Hekemian, Jr., Bryan S. Hekemian and David B. Hekemian,
      are
      the sole shareholders of Hekemian and Co.  Robert S. Hekemian holds a
      0.2% interest in Hekemian & Co.  The balance of the interests in
      Hekemian & Co. are held by Robert S. Hekemian, Jr., Bryan Hekemian and David
      Hekemian.  Robert S. Hekemian is currently the Chairman of the Board
      of Hekemian & Co.  Each of Robert S. Hekemian’s sons and his
      brother-in-law are also officers of Hekemian & Co. and serve in the
      positions set forth opposite their names.




Robert
      S. Hekemian, Jr. (son) -
      President




Bryan
      S. Hekemian (son) - Vice
      President and Secretary




David
      B. Hekemian (son) - Vice
      President and Treasurer




Serge
      Krikorian (brother-in-law) - Vice
      President-Insurance Department




On
      April 10, 2002, the Trust and
      Hekemian & Co. entered into a new Management Agreement, effective as of
      November 1, 2001, replacing the Management Agreement dated December 20, 1961,
      as
      extended.  The initial term of the new Management Agreement ran from
      October 1, 2001 to October 31, 2003.  The term of the Management
      Agreement automatically renewed on October 31, 2003 for another two (2) year
      period through October 31, 2005 and automatically renewed on October 31, 2005
      for another two (2) year period.  The Trust may terminate the
      Management Agreement (i) without cause upon one (1) year’s prior written notice,
      (ii) for cause if Hekemian & Co. has not cured an event of default within
      thirty (30) days of receipt of notice of termination from the Trust, or (iii)
      in
      the event of an acquisition of the Trust where the Trust ceases to effectively
      exist as an operating entity.  The Management Agreement provides for a
      termination fee in the event of a termination by the Trust without cause or
      following an acquisition of the Trust.




Under
      the Management Agreement,
      Hekemian & Co. serves as Managing Agent for the Trust and the Trust’s
      properties which the Trust owned on November 1, 2001.  The Trust may
      retain Hekemian & Co. or other managing agents to manage its properties
      acquired after November 1, 2001 and to perform various other duties such as
      sales, acquisitions, and development with respect to any or all of the Trust’s
      properties.  However, Hekemian & Co. currently manages all
      properties, except for the Grande Rotunda.  Hekemian & Co. is not
      the exclusive advisor for the Trust to locate and recommend to the Trust
      investments deemed suitable for the Trust, and it is not required to offer
      potential acquisition properties exclusively to the Trust before acquiring
      those
      properties for Hekemian & Co.’s own account or for others, including
      shareholders and employees of Hekemian & Co.




The
      Trust retained Hekemian & Co.
      to manage the Preakness Shopping Center which was acquired on November 1, 2002
      by WaynePSC, LLC, a New Jersey limited liability company (“WaynePSC”), an
      affiliate of the Trust, and the Damascus Shopping Center which was acquired
      on
      July 31, 2003 by Damascus Centre, LLC, a limited liability company in which
      the
      Trust owns







a
      seventy
      percent (70%) equity interest.  In fiscal 2004, the Trust retained
      Hekemian & Co. to manage The Pierre Towers, an apartment complex acquired on
      April 15, 2004 by S And A Commercial Limited Partnership (“S&A”), a limited
      partnership in which the Trust owns a sixty-five percent (65%) equity
      interest.  In fiscal 2005, although the Trust did not retain Hekemian
& Co. to manage the Rotunda, a mixed use (office/retail) property in
      Baltimore, Maryland, which was acquired in July 2005 by Grande Rotunda, LLC
      (“Grande Rotunda”), a limited liability company in which the Trust owns a sixty
      percent (60%) equity interest, the Trust did retain Hekemian & Co. to
      provide supervisory and management services.




Pursuant
      to the terms of the Management
      Agreement, the Trust pays Hekemian & Co. certain basic management fees,
      mortgage fees, administrative fees, other miscellaneous fees and leasing
      commissions as compensation for its services.  The Management
      Agreement includes a detailed schedule of such fees and commissions for those
      services which the Managing Agent may be called upon to
      perform.  During the fiscal year ended October 31, 2006, the Trust
      paid or accrued to Hekemian & Co. management fees in the approximate
      aggregate amount of $1,577,000, which includes the management fees described
      in
      more detail below, development and construction fees in connection with The
      Boulders at Rockaway, New Jersey, in the approximate aggregate amount of
      $532,600****and
      leasing fees in the approximate aggregate amount of $190,000.




From
      time to time, the Trust engages
      Hekemian & Co. to provide certain additional services, such as consulting
      services related to development and financing activities of the
      Trust.  Separate fee arrangements are negotiated between the Trust and
      Hekemian & Co. with respect to such services.  The Trust also
      reimburses Hekemian & Co. for the salaries, payroll taxes, insurance costs
      and certain other costs of personnel employed at the Trust’s properties by
      Hekemian & Co. on behalf of the Trust.




The
      Trust’s investments in real estate
      may be in the form of wholly owned fee interests or, if the circumstances
      warrant, joint venture interests.  From time to time, in order to
      diversify risk, rather than acquire wholly owned fee interests in real estate,
      the Trust will invest in a joint venture with other parties and the joint
      venture will acquire the real estate.  The Trust has invested in joint
      ventures with employees and affiliates of Hekemian & Co. and Trustees of the
      Trust.  To the extent that the Trust invests in real estate requiring
      development and potentially more risk in order to reach its investment
      objectives, it may make such investments on a joint venture basis in order
      to
      diversify risk.




The
      Trust owns a sixty percent (60%)
      equity interest in and is the managing member of Grande
      Rotunda.  Rotunda 100, LLC, a New Jersey limited liability company
      owns a forty percent (40%) interest in Grande Rotunda.  Members of the
      immediate family of Robert S. Hekemian and other employees of Hekemian & Co.
      have majority managing control in Rotunda 100, LLC.  In July 2005,
      Grande Rotunda completed the acquisition of The Rotunda, a mixed-use
      (office/retail) property in Baltimore, Maryland.  The purchase price
      of this property was approximately $31 million (inclusive of transaction costs),
      which was financed in part from an acquisition loan in the amount of $22.5
      million, and the balance in cash contributed by the members of Grande Rotunda
      in
      proportion to their membership interests.  As an incentive to the
      employees of Hekemian & Co. to identify and provide real estate investment
      opportunities for the Trust, the Trust agreed to advance to the employees of
      Hekemian & Co., who are members of Rotunda 100, LLC (including certain
      members of the immediate family of Robert S. Hekemian),







fifty
      percent (50%) of the amount of the equity capital required to be contributed
      by
      them to Rotunda 100, LLC in connection with the acquisition of Grande
      Rotunda.  During the fiscal year ended October 31, 2005, the Trust
      loaned an aggregate amount of $1.7 million to those Hekemian & Co. employees
      (including $1.5 million to certain members of the immediate family of Robert
      S.
      Hekemian) with respect to their equity capital contributions.  These
      loans bear a floating rate of interest of LIBOR (London Inter-Bank Offered
      Rate)
      plus 225 basis points adjusted quarterly and are secured by such employees’
membership interests in Rotunda 100, LLC.****During the
      fiscal year ended October 31, 2006, accrued and unpaid interest under the notes
      aggregated approximately $118,000.




The
      Trust
      owns a seventy percent (70%) membership interest in Damascus Centre, LLC which
      is the owner of the Damascus Shopping Center in Damascus,
      Maryland.  During fiscal 2005, the Trust’s Board, in order to
      incentivize employees of Hekemian & Co., authorized an investor group,
      comprised principally of Hekemian employees (including certain members of the
      immediate family of Robert S. Hekemian) (“Hekemian Group”), to acquire a thirty
      percent (30%) equity interest in Damascus Centre, LLC.  The sale of
      equity to the Hekemian Group was completed on October 31, 2006, at a sales
      price
      of $3,224,000, of which the Trust financed approximately
      $1,451,000.  The Trust agreed to advance to the Hekemian Group up to
      fifty percent (50%) of the amount of the equity purchase price required to
      be
      paid by them (including $1.3 million to certain members of the immediate family
      of Robert S. Hekemian).  These advances were in the form of secured
      loans that bear interest that floats at 225 basis points over LIBOR, in effect
      from time-to-time.  During the fiscal year ended October 31, 2006,
      Damascus Centre, LLC paid Hekemian & Co. $55,000 in management fees, which
      is included in the $1,577,000 mentioned above.




The
      Trust owns a forty percent (40%)
      membership interest in Westwood Hills, LLC (“Westwood Hills”) which is the owner
      of a 210 unit residential apartment complex in Westwood, New
      Jersey.  In addition, certain Trustees (Robert S. Hekemian, Donald W.
      Barney, Herbert C. Klein, Esq. and Ronald J. Artinian) and members of the
      immediate families of certain Trustees (Robert S. Hekemian and Herbert C. Klein,
      Esq.) beneficially own thirty-five percent (35%) of the membership interests
      in
      Westwood Hills.  Pursuant to the terms of an operating agreement, the
      Trust is the Managing Member of Westwood Hills.  Hekemian & Co.
      currently serves as the Managing Agent for Westwood Hills.  During the
      fiscal year ended October 31, 2006, Westwood Hills paid Hekemian & Co.
      $168,000****in
      management fees, which is included in the $1,577,000 mentioned
      above.




The
      Trust owns a forty percent (40%)
      equity interest in WaynePSC.  H-TPKE, LLC, a New Jersey limited
      liability company, acquired a sixty percent (60%) equity interest in
      WaynePSC.  Members of the immediate family of Robert S. Hekemian who
      are also officers of Hekemian & Co. and other employees of Hekemian &
Co. control approximately seventy-three (73%) of the membership interests in
      H-TPKE, LLC.  The Trust is the Managing Member of
      WaynePSC.  WaynePSC owns a 323,000 +/- sq. ft. community shopping
      center located in Wayne, New Jersey, known as the Preakness Shopping
      Center.  Hekemian & Co. is the Managing Agent for the Preakness
      Shopping Center.  During the fiscal year ended October 31, 2006,
      WaynePSC paid Hekemian & Co. an annual property management fee in the
      approximate amount of $228,000, which is included in the $1,577,000 mentioned
      above, and leasing fees in the amount of $32,000.







The
      Trust owns a sixty-five percent
      (65%) equity interest in and is the managing and general partner of
      S&A.  The remaining thirty-five percent (35%) of equity interests
      in S&A are owned by members of the immediate family of Robert S. Hekemian,
      who are also officers of Hekemian & Co. and by other employees of Hekemian
& Co. and/or affiliates of Hekemian & Co.  The Trust, in
      accordance with its investment policy, allowed the minority owners of S&A to
      make a cash contribution to S&A of approximately $1.3 million that increased
      their ownership interest in S&A from approximately twenty-five percent (25%)
      to thirty-five percent (35%).  This additional investment, which
      approximates market value, was made in February 2005.  On April 15,
      2004, S&A purchased The Pierre Towers, a residential apartment complex
      located in Hackensack, New Jersey.  During the fiscal year ended
      October 31, 2006, Pierre Towers, LLC on behalf of S&A paid Hekemian
      management fees in the amount of $291,000, which is included in the $1,577,000
      mentioned above.