First Real Estate Investment Trust of New Jersey Files 10-Q
Ticker: FREVS · Form: 10-Q · Filed: Jun 14, 2024 · CIK: 36840
Sentiment: neutral
Topics: 10-Q, real-estate, REIT
TL;DR
FREV reports Q1 earnings, check financials for REIT performance.
AI Summary
First Real Estate Investment Trust of New Jersey filed its 10-Q for the quarterly period ended April 30, 2024. The report details the company's financial performance and operational status. The company is incorporated in Maryland and its principal executive offices are located in Hackensack, New Jersey.
Why It Matters
This filing provides investors with an update on the financial health and operational activities of First Real Estate Investment Trust of New Jersey for the specified quarter.
Risk Assessment
Risk Level: low — This is a standard quarterly filing providing financial information, not indicating immediate or significant new risks.
Key Players & Entities
- FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. (company) — Registrant
- April 30, 2024 (date) — Quarterly Period End Date
- 2014886400 (dollar_amount) — Business Phone Number
- 505 Main Street, Suite 400, Hackensack, New Jersey 07601 (location) — Principal Executive Offices
FAQ
What is the reporting period for this 10-Q filing?
The 10-Q filing is for the quarterly period ended April 30, 2024.
What is the company's full name as specified in its charter?
The company's full name is FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.
In which state was the company incorporated?
The company was incorporated in Maryland.
What is the address of the company's principal executive offices?
The principal executive offices are located at 505 Main Street, Suite 400, Hackensack, New Jersey 07601.
What is the registrant's telephone number?
The registrant's telephone number is (201) 488-6400.
Filing Stats: 4,760 words · 19 min read · ~16 pages · Grade level 17.3 · Accepted 2024-06-14 09:15:02
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share FREVS OTC Pink Market Prefer
Filing Documents
- frevsob-20240430.htm (10-Q) — 929KB
- 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
- 0001174947-24-000842.txt ( ) — 5225KB
- frevsob-20240430_cal.xml (EX-101.CAL) — 48KB
- frevsob-20240430_def.xml (EX-101.DEF) — 251KB
- frevsob-20240430_lab.xml (EX-101.LAB) — 482KB
- frevsob-20240430_pre.xml (EX-101.PRE) — 250KB
- frevsob-20240430.xsd (EX-101.SCH) — 61KB
- frevsob-20240430_htm.xml (XML) — 464KB
: 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 April 30, 2024 and October 31, 2023; 4 b.) Condensed Consolidated Statements of Income for the Six and Three Months Ended April 30, 2024 and 2023; 5 c.) Condensed Consolidated Statements of Comprehensive (Loss) Income for the Six and Three Months Ended April 30, 2024 and 2023; 6 d.) Condensed Consolidated Statements of Equity for the Six and Three Months Ended April 30, 2024 and 2023; 7-8 e.) Condensed Consolidated Statements of Cash Flows for the Six Months Ended April 30, 2024 and 2023; 9 f.) Notes to Condensed Consolidated Financial Statements. 10
: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 20
: Quantitative and Qualitative Disclosures About Market Risk
Item 3: Quantitative and Qualitative Disclosures About Market Risk 31
: Controls and Procedures
Item 4: Controls and Procedures 31
: Other Information
Part II: Other Information
: Legal Proceedings
Item 1: Legal Proceedings 32
: Risk Factors
Item 1A: Risk Factors 33
: Exhibits
Item 6: Exhibits 33
Signatures
Signatures 33 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) April 30, October 31, 2024 2023 (In Thousands, Except Share and Per Share Amounts) ASSETS Real estate, at cost, net of accumulated depreciation $ 92,380 $ 93,617 Construction in progress 928 898 Cash and cash equivalents 12,220 13,217 Investment in U.S. Treasury securities available-for-sale 16,811 23,593 Investment in tenancy-in-common 17,635 18,137 Tenants' security accounts 937 962 Receivables arising from straight-lining of rents 632 690 Accounts receivable, net of allowance for doubtful accounts of $ 260 and $ 1,090 as of April 30, 2024 and October 31, 2023, respectively 351 559 Funds held in post-closing escrow 189 883 Prepaid expenses and other assets 5,093 4,912 Deferred charges, net 296 311 Interest rate swap contracts 1,063 1,336 Total Assets $ 148,535 $ 159,115 LIABILITIES AND EQUITY Liabilities: Mortgages payable, including deferred interest of $ 222 $ 129,756 $ 138,179 Less unamortized debt issuance costs 1,007 1,117 Mortgages payable, net 128,749 137,062 Accounts payable and accrued expenses 936 1,275 Dividends payable 373 372 Tenants' security deposits 1,233 1,262 Deferred revenue 711 668 Total Liabilities 132,002 140,639 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 shares authorized; 7,458,193 and 7,449,583 shares issued at April 30, 2024 and October 31, 2023, respectively 75 74 Additional paid-in-capital 32,215 32,074 Accumulated deficit ( 9,692 ) ( 8,968 ) Accumulated other comprehensive income 1,043 1,336 Total Common Equity 23,641 24,516 Noncontrolling interests in s
Financial Statements
Financial Statements. Page 6 FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME SIX AND THREE MONTHS ENDED APRIL 30, 2024 AND 2023 (Unaudited) Six Months Ended April 30, Three Months Ended April 30, 2024 2023 2024 2023 (In Thousands of Dollars) (In Thousands of Dollars) Net (loss) income $ ( 267 ) $ ( 240 ) $ 399 $ ( 286 ) Other comprehensive (loss) income: Unrealized gain (loss) on interest rate swap contracts before reclassifications 107 ( 304 ) 446 30 Amount reclassified from accumulated other comprehensive income to interest expense ( 380 ) ( 253 ) ( 189 ) ( 137 ) Net unrealized (loss) gain on interest rate swap contracts ( 273 ) ( 557 ) 257 ( 107 ) Unrealized loss on U.S. Treasury securities available-for-sale before reclassifications ( 19 ) — ( 13 ) — Amount reclassified from accumulated other comprehensive income to investment income ( 1 ) — — — Net unrealized loss on U.S. Treasury securities available-for-sale ( 20 ) — ( 13 ) — Comprehensive (loss) income ( 560 ) ( 797 ) 643 ( 393 ) Comprehensive loss attributable to noncontrolling interests in subsidiaries 288 756 134 383 Comprehensive (loss) income attributable to common equity $ ( 272 ) $ ( 41 ) $ 777 $ ( 10 ) See Notes to Condensed Consolidated Financial Statements. Page 7 FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EQUITY SIX AND THREE MONTHS ENDED APRIL 30, 2024 (Unaudited) Common Equity Common Stock Shares Amount Additional Paid-In- Capital Accumulated Deficit Accumulated Other Comprehensive Income Total Common Equity Noncontrolling Interests in Subsidiaries Total Equity (In Thousands) Balance at October 31, 2023 7,450 $ 74 $ 32,074 $ ( 8,968 ) $ 1,336 $ 24,516 $ ( 6,040 ) $ 18,476 Stock based compensation expense 1 1 1