FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY Files Quarterly Report

TL;DR

<b>FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY filed its quarterly report for the period ending January 31, 2024, confirming compliance with SEC filing requirements.</b>

AI Summary

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY (FREVS) filed a Quarterly Report (10-Q) with the SEC on March 15, 2024. Filed a Form 10-Q for the quarterly period ended January 31, 2024. Registrant is a smaller reporting company and an emerging growth company. Common stock par value $0.01 per share is traded under the symbol FREVS on the OTC Pink Market. The company has submitted and posted all Interactive Data Files required by Rule 405 of Regulation S-T. Filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Why It Matters

For investors and stakeholders tracking FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, this filing contains several important signals. The filing indicates the company's ongoing adherence to regulatory reporting standards, crucial for investor confidence and market transparency. As a smaller reporting and emerging growth company, this report provides key financial and operational updates relevant to its specific market position.

Risk Assessment

Risk Level: low — FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain new material information that would significantly alter the risk profile.

Analyst Insight

Monitor future filings for specific financial performance data and operational updates to assess the REIT's growth trajectory and asset performance.

Key Numbers

• 0001174947-24-000354 — Accession Number (Unique identifier for the filing)
• 20240131 — Quarterly Period End Date (The end date of the reporting period)
• 20240315 — Filing Date (Date the report was filed)
• 001-41771 — SEC File Number (Commission file number for the registrant)

Key Players & Entities

• FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY (company) — Registrant name
• FREVS (company) — Trading symbol for common stock
• January 31, 2024 (date) — Quarterly period ended
• 20240131 (date) — Conformed period of report
• 20240315 (date) — Filed as of date
• 0001174947-24-000354 (filing) — Accession number
• Rule 405 of Regulation S-T (regulatory) — Rule for submitting Interactive Data Files
• Section 13 or 15(d) of the Securities Exchange Act of 1934 (regulatory) — Requirement for filing reports

FAQ

Risk Factors

• Filing Requirements [low — regulatory]: The registrant must file all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and has been subject to such filing requirements for the past 90 days.
• Interactive Data File Submission [low — regulatory]: The registrant has submitted electronically and posted on its corporate website every Interactive Data File required pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-15: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure of financial performance. (This filing provides an update on the company's financial status for the specified quarter.)

Smaller Reporting Company

A company that meets certain criteria related to public float and annual revenue, allowing for scaled disclosure requirements. (Indicates the company is subject to less stringent reporting obligations compared to larger filers.)

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share FREVS OTC Pink Market Prefer

Filing Documents

• frevsob-20240131.htm (10-Q) — 631KB
• ex31-1.htm (EX-31.1) — 9KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001174947-24-000354.txt (&nbsp;) — 4325KB
• frevsob-20240131_cal.xml (EX-101.CAL) — 41KB
• frevsob-20240131_def.xml (EX-101.DEF) — 232KB
• frevsob-20240131_lab.xml (EX-101.LAB) — 442KB
• frevsob-20240131_pre.xml (EX-101.PRE) — 231KB
• frevsob-20240131.xsd (EX-101.SCH) — 59KB
• frevsob-20240131_htm.xml (XML) — 321KB

: Financial Information

Part I: Financial Information Page

: Unaudited Condensed Consolidated Financial Statements

Item 1: Unaudited Condensed Consolidated Financial Statements a.) Condensed Consolidated Balance Sheets as of January 31, 2024 and October 31, 2023; 4 b.) Condensed Consolidated Statements of Operations for the Three Months Ended January 31, 2024 and 2023; 5 c.) Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended January 31, 2024 and 2023; 6 d.) Condensed Consolidated Statements of Equity for the Three Months Ended January 31, 2024 and 2023; 7-8 e.) Condensed Consolidated Statements of Cash Flows for the Three Months Ended January 31, 2024 and 2023; 9 f.) Notes to Condensed Consolidated Financial Statements. 10

: Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 19

: Quantitative and Qualitative Disclosures About Market Risk 29

Item 3: Quantitative and Qualitative Disclosures About Market Risk 29

: Controls and Procedures 29

Item 4: Controls and Procedures 29

: Other Information

Part II: Other Information

: Legal Proceedings 29

Item 1: Legal Proceedings 29

: Risk Factors 30

Item 1A: Risk Factors 30

: Exhibits 30

Item 6: Exhibits 30 Signatures 30 Page 4

: Financial Information

Part I: Financial Information

: Unaudited Condensed Consolidated Financial

Item 1: Unaudited Condensed Consolidated Financial FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) January 31, October 31, 2024 2023 (In Thousands, Except Share and Per Share Amounts) ASSETS Real estate, at cost, net of accumulated depreciation $ 92,988 $ 93,617 Construction in progress 908 898 Cash and cash equivalents 13,679 13,217 Investment in U.S. Treasury securities available-for-sale 16,485 23,593 Investment in tenancy-in-common 17,573 18,137 Tenants' security accounts 950 962 Receivables arising from straight-lining of rents 661 690 Accounts receivable, net of allowance for doubtful accounts of $ 1,094 and $ 1,090 as of January 31, 2024 and October 31, 2023, respectively 158 559 Funds held in post-closing escrow 281 883 Prepaid expenses and other assets 4,907 4,912 Deferred charges, net 305 311 Interest rate swap contracts 806 1,336 Total Assets $ 149,701 $ 159,115 LIABILITIES AND EQUITY Liabilities: Mortgages payable, including deferred interest of $ 222 $ 130,235 $ 138,179 Less unamortized debt issuance costs 1,051 1,117 Mortgages payable, net 129,184 137,062 Accounts payable and accrued expenses 1,362 1,275 Dividends payable 372 372 Tenants' security deposits 1,261 1,262 Deferred revenue 800 668 Total Liabilities 132,979 140,639 Commitments and contingencies Common Equity: Preferred stock with par value of $ 0.01 per share: 5,000,000 and 0 shares authorized and issued, respectively — — Common stock with par value of $ 0.01 per share: 20,000,000 and 7,449,583 shares authorized and issued, respectively 74 74 Additional paid-in-capital 32,075 32,074 Accumulated deficit ( 9,852 ) ( 8,968 ) Accumulated other comprehensive income 799 1,336 Total Common Equity 23,096 24,516 Noncontrolling interests in subsidiaries ( 6,374 ) ( 6,040 ) Total Equity

Financial Statements

Financial Statements. Page 10 FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 - Basis of presentation: First Real Estate Investment Trust of New Jersey was organized on November 1, 1961 as a New Jersey Business Trust. On July 1, 2021, First Real Estate Investment Trust of New Jersey completed the change of its form of organization from a New Jersey real estate investment trust to a Maryland corporation (the "Reincorporation") which was approved by its stockholders at the annual meeting of stockholders held on May 6, 2021. The Reincorporation changed the law applicable to First Real Estate Investment Trust of New Jersey's affairs from New Jersey law to Maryland law and was accomplished by the merger of First Real Estate Investment Trust of New Jersey with and into its wholly owned subsidiary, First Real Estate Investment Trust of New Jersey, Inc. ("FREIT", "Trust", "us", "we", "our" or the "Company"), a Maryland corporation. As a result of the Reincorporation, the separate existence of First Real Estate Investment Trust of New Jersey has ceased and FREIT has succeeded to all the business, properties, assets and liabilities of First Real Estate Investment Trust of New Jersey. Holders of shares of beneficial interest in First Real Estate Investment Trust of New Jersey have received one newly issued share of common stock of FREIT for each share of First Real Estate Investment Trust of New Jersey that they own, without any action of stockholders required and all treasury stock held by First Real Estate Investment Trust of New Jersey was retired. FREIT is organized and will continue to operate in such a manner as to qualify for taxation as a REIT under the Internal Revenue Code of 1986, as amended, and its stock is traded on the over-the-counter market under the trading symbol FREVS. The accompanying interim condensed consolidated financial statements have been prepar

View Full Filing

View this 10-Q filing on SEC EDGAR