FIRST REAL EST INV TR NJ - FREVS STOCK NEWS

First Real Estate Investment Trust of New Jersey, Inc. (FREIT) reported its operating results for the fiscal quarter ended January 31, 2024. Despite a minor increase in total real estate revenue, the company experienced a decline in net income due to higher expenses, including legal costs. The residential segment saw a modest increase in NOI, while the commercial segment experienced a decrease. FREIT used cash to repay a loan, resulting in cost savings, and is in discussions to modify/extend another loan. The company declared a dividend and emphasized Adjusted Funds From Operations (AFFO) as a superior measure of its performance.

First Real Estate Investment Trust of New Jersey, Inc. (FREIT) reported its operating results for the fiscal quarter and twelve months ended October 31, 2023. The financial highlights include GAAP Earnings Per Share, AFFO Per Share, Dividends Per Share, and Total Average Occupancy. The company's residential properties maintained a positive cash flow, and net income increased in the fiscal quarter. However, real estate revenue decreased for the twelve months ended October 31, 2023. The company also provided updates on various refinancing activities and dividend declarations.

First Real Estate Investment Trust of New Jersey, Inc. reported its operating results for the fiscal quarter and nine months ended July 31, 2023. Real estate revenue increased 4.8% for the quarter and decreased 12.5% for the nine months. Net (loss) income was ($412,000) for the quarter and $104,000 for the nine months. Dividends per share were $0.30. Total average residential occupancy was 96.8% and total average commercial occupancy was 65.1%. The recapture of the Kmart space at Westwood Plaza shopping center is expected to generate annual revenues of approximately $930,000 to $1,685,000. Westwood Hills, LLC refinanced its loan resulting in annual debt service savings of approximately $535,000. The Board declared a total dividend of $0.30 per share. AFFO per share was $0.10 for the quarter and $0.40 for the nine months.