Exhibit 13

FIRST HARTFORD CORPORATION ANNUAL REPORT

TO SHAREHOLDERS FOR THE YEAR ENDED APRIL 30, 2008

The year ending April 30, 2008 was disappointing.  On a GAAP basis (General Accepted Accounting Principles) the Company lost approximately $1,343,000.  However, there are several items that effected that loss, the largest of which are:

(1)  The settlement of the Simon Litigation.

(2)  A costs of a suit by a dissident shareholder

(3) A non cash loss on marking to market the value of interest rate swaps.

Please read the notes in the Financial Statements and Discussion and Analysis in the 10-K for additional explanation of these items.

On a going forward basis, we have concerns about conditions in the retail sector.  Although our 1^st section of stores in Edinburg, Texas (approximately 330,000 SF) will soon open, leasing on the balance has been slow.

A sale of property to the Lowe’s Companies, Inc. was cancelled by the buyer one week short of the agreed closing date.  Our expected profit would have been in excess of $1,000,000.

A major supermarket company, to which we leased a developed site, has informed us that they will not go forward and build their store.

We are hopeful that our affordable housing operations and CVS Preferred Developer work , both of which are fee-generating business will help us to weather what we see as the worst downturn in real estate in many decades.

In closing, once again I hope you will be able to attend our next Annual Shareholder’s meeting.  We will inform you of the date and location in the near future.

Respectfully submitted,

FIRST HARTFORD CORPORATION

/s/ Neil H. Ellis

Neil H. Ellis

President

August 24, 2008