First Real Estate Investment Trust Reports 2nd Quarter 2010 Results

June 4, 2010

First Real Estate Investment Trust (OTCBB/OTCQB: FREVS) has reported increased revenues and net income for the 2nd quarter of 2010. Revenues for the 2nd quarter increased to $11,311,000 from $10,526,000 thanks primarily to a 14.7% in commercial property revenue. Net income attributable to common equity increased to $1,130,000 in the 2nd quarter of 2010 compared to $1,085,000 in the 2nd quarter of 2009.

Many REIT’s such as FREVS are measured by what is called “Funds From Operations” (FFO). However, it is important to note that FFO may be calculated differently across the industry and should not be considered a replacement for other measures such as net income or cash flow from operations. With that said, FREVS reported FFO of $2,598,000 or $.37 per share in the 2nd quarter of 2010 compared to $2,388,000 or $.34 per share in the 2nd quarter of 2009.

First Real Estate Investment Trust is a publicly traded REIT organized in 1961. It has a portfolio of commercial and residential properties primarily located in northern New Jersey with additional properties located in New York and Maryland. The Trust has approximately $245 million in assets on a historical cost basis.

Disclosure: The author holds a long position in FREVS at the time of this article.

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