First Real Estate Investment Trust of New Jersey Files 10-Q
Ticker: FREVS · Form: 10-Q · Filed: Sep 13, 2024 · CIK: 36840
Sentiment: neutral
Topics: 10-Q, quarterly-report, real-estate
TL;DR
FREV 10-Q filed for Q3 2024. Financials out.
AI Summary
First Real Estate Investment Trust of New Jersey filed its 10-Q for the quarterly period ended July 31, 2024. The report details the company's financial performance and operational status. The filing is for the fiscal quarter ending July 31, 2024, and was submitted on September 13, 2024.
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 filing is a routine quarterly report and does not contain immediate, significant negative news.
Key Players & Entities
- FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. (company) — Registrant
- July 31, 2024 (date) — Quarterly Period End Date
- September 13, 2024 (date) — Filing Date
- 505 Main Street, Suite 400, Hackensack, New Jersey 07601 (address) — Principal Executive Offices
FAQ
What is the reporting period for this 10-Q filing?
The 10-Q filing is for the quarterly period ended July 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on September 13, 2024.
What is the company's principal executive office address?
The principal executive offices are located at 505 Main Street, Suite 400, Hackensack, New Jersey 07601.
What is the company's state of incorporation?
The company is incorporated in Maryland.
What is the company's fiscal year end?
The company's fiscal year ends on October 31.
Filing Stats: 4,744 words · 19 min read · ~16 pages · Grade level 16.7 · Accepted 2024-09-13 09:04:58
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share FREVS OTC Pink Market Prefe
Filing Documents
- frevsob-20240731.htm (10-Q) — 966KB
- ex31-1.htm (EX-31.1) — 10KB
- ex31-2.htm (EX-31.2) — 10KB
- ex32-1.htm (EX-32.1) — 4KB
- ex32-2.htm (EX-32.2) — 5KB
- 0001174947-24-001059.txt ( ) — 5404KB
- frevsob-20240731.xsd (EX-101.SCH) — 61KB
- frevsob-20240731_cal.xml (EX-101.CAL) — 54KB
- frevsob-20240731_def.xml (EX-101.DEF) — 254KB
- frevsob-20240731_lab.xml (EX-101.LAB) — 491KB
- frevsob-20240731_pre.xml (EX-101.PRE) — 256KB
- frevsob-20240731_htm.xml (XML) — 497KB
: Financial
Part I: Financial Information Page
: Unaudited Condensed Consolidated
Item 1: Unaudited Condensed Consolidated
Financial Statements
Financial Statements a.) Condensed Consolidated Balance Sheets as of July 31, 2024 and October 31, 2023; 4 b.) Condensed Consolidated Statements of Operations for the Nine and Three Months Ended July 31, 2024 and 2023; 5 c.) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Nine and Three Months Ended July 31, 2024 and 2023; 6 d.) Condensed Consolidated Statements of Equity for the Nine and Three Months Ended July 31, 2024 and 2023; 7-8 e.) Condensed Consolidated Statements of Cash Flows for the Nine Months Ended July 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
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 19
: 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 32
: Exhibits
Item 6: Exhibits 32
Signatures
Signatures 32 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) July 31, October 31, 2024 2023 (In Thousands, Except Share and Per Share Amounts) ASSETS Real estate, at cost, net of accumulated depreciation $ 91,922 $ 93,617 Construction in progress 941 898 Cash and cash equivalents 29,429 13,217 Investment in U.S. Treasury securities available-for-sale 16,919 23,593 Investment in tenancy-in-common 17,705 18,137 Tenants' security accounts 921 962 Receivables arising from straight-lining of rents 602 690 Accounts receivable, net of allowance for doubtful accounts of $ 250 and $ 1,090 as of July 31, 2024 and October 31, 2023, respectively 397 559 Funds held in post-closing escrow 189 883 Prepaid expenses and other assets 5,067 4,912 Deferred charges, net 309 311 Interest rate swap contracts 636 1,336 Total Assets $ 165,037 $ 159,115 LIABILITIES AND EQUITY Liabilities: Mortgages payable, including deferred interest of $ 222 $ 129,360 $ 138,179 Less unamortized debt issuance costs 922 1,117 Mortgages payable, net 128,438 137,062 Accounts payable and accrued expenses 2,493 1,275 Dividends payable 373 372 Tenants' security deposits 1,222 1,262 Deferred revenue 689 668 Total Liabilities 133,215 140,639 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 July 31, 2024 and October 31, 2023, respectively 75 74 Additional paid-in-capital 32,215 32,074 Retained earnings (accumulated deficit) 4,726 ( 8,968 ) Accumulated other comprehensive income 610 1,336 Total Common Equity 37,626 24,516 Noncontrolling inter
Financial Statements
Financial Statements. Page 7 FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EQUITY NINE AND THREE MONTHS ENDED JULY 31, 2024 (Unaudited) Common Equity Common Stock Retained Accumulated Shares Amount Additional Paid-In- Capital Earnings (Accumulated Deficit) 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 Distributions to noncontrolling interests in subsidiaries — ( 180 ) ( 180 ) Net loss ( 512 ) ( 512 ) ( 154 ) ( 666 ) Dividends declared ( 372 ) ( 372 ) ( 372 ) Net unrealized loss on interest rate swap contracts ( 530 ) ( 530 ) — ( 530 ) Net unrealized loss on investment in U.S. Treasury securities available-for-sale ( 7 ) ( 7 ) — ( 7 ) Balance at January 31, 2024 7,450 74 32,075 ( 9,852 ) 799 23,096 ( 6,374 ) 16,722 Stock awards granted to directors 8 1 140 141 141 Distributions to noncontrolling interests in subsidiaries — ( 600 ) ( 600 ) Net income (loss) 533 533 ( 134 ) 399 Dividends declared ( 373 ) ( 373 ) ( 373 ) Net unrealized gain on interest rate swap contracts 257 257 — 257 Net unrealized loss on investment in U.S. Treasury securities available-for-sale ( 13 ) ( 13 ) — ( 13 ) Balance at April 30, 2024 7,458 75 32,215 ( 9,692 ) 1,043 23,641 ( 7,108 ) 16,533 Distributions to noncontrolling interests in subsidiaries — ( 240 ) ( 240 ) Net income 14,791 14,791 1,544 16,335 Dividends declared ( 373 ) ( 373 ) ( 373 ) Net unrealized loss on interest rate swap contracts ( 427 ) ( 427 ) — ( 427 ) Net unrealized loss on investment in U.S. Treasury securities available-for-sale ( 6 ) ( 6 ) — ( 6 ) Balance at J
Financial Statements
Financial Statements. Page 8 FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EQUITY NINE AND THREE MONTHS ENDED JULY 31, 2023 (Unaudited) Common Equity Common Stock Accumulated Shares Amount Additional Paid-In- Capital Accumulated Deficit Other Comprehensive Income Total Common Equity Noncontrolling Interests in Subsidiaries Total Equity (In Thousands) Balance at October 31, 2022 7,321 $ 73 $ 30,635 $ ( 6,208 ) $ 1,409 $ 25,909 $ ( 1,170 ) $ 24,739 Stock based compensation expense 5 5 5 Vested share units granted to Directors 2 26 26 26 Stock options exercised 113 1 1,225 1,226 1,226 Distributions to noncontrolling interests in subsidiaries — ( 1,850 ) ( 1,850 ) Net income (loss) 419 419 ( 373 ) 46 Dividends declared ( 541 ) ( 541 ) ( 541 ) Net unrealized loss on interest rate swap contracts ( 450 ) ( 450 ) — ( 450 ) Balance at January 31, 2023 7,436 74 31,891 ( 6,330 ) 959 26,594 ( 3,393 ) 23,201 Stock based compensation expense 5 5 5 Stock awards granted to directors 9 140 140 140 Stock options exercised 1 7 7 7 Distributions to noncontrolling interests in subsidiaries — ( 204 ) ( 204 ) Net income (loss) 97 97 ( 383 ) ( 286 ) Dividends declared ( 372 ) ( 372 ) ( 372 ) Net unrealized loss on interest rate swap contracts ( 107 ) ( 107 ) — ( 107 ) Balance at April 30, 2023 7,446 74 32,043 ( 6,605 ) 852 26,364 ( 3,980 ) 22,384 Stock based compensation expense 1 1 1 Stock options exercised 4 30 30 30 Distributions to noncontrolling interests in subsidiaries — ( 1,241 ) ( 1,241 ) Net loss ( 412 ) ( 412 ) ( 434 ) ( 846 ) Dividends declared ( 2,235 ) ( 2,235 ) ( 2,235 ) Net unrealized gain on interest rate swap contracts 389 389 — 389 Balance at July 31, 2023 7,450 $ 74 $ 32,074 $ ( 9,