First Real Estate Investment Trust of New Jersey Financial Report: First Quarter Ended January 31, 2012

March 3, 2012

First Real Estate Investment Trust of New Jersey (OTCQB: FREVS.OB) reported revenues for its fiscal first quarter ended January 31, 2012 increased 2% to $11.08 million compared to revenues of $10.86 million for the first quarter of fiscal 2011.  The trust saw revenue increases in both its commercial and residential properties during the first quarter

Net income for the first quarter was up 17.1% to $1.19 million or $0.17 per share versus net income of $1.02 million or $0.15 per share for the first quarter in the prior year.  Net income in the first quarter benefited from higher revenues, a relatively small increase in expenses and lower financing costs.

A common measurement of the performance of real estate investment trusts is Funds From Operations (FFO).  The trust reported that FFO for the first quarter increased 8.9% to $2.75 million or $0.40 per share compared to FFO of $2.53 million or $0.36 per share for the first quarter of fiscal 2011.

The company has not released its full financial results for the first quarter and balance sheet information was not currently available.

First Real Estate Investment Trust of New Jersey acquires, develops, constructs and holds both residential and commercial real estate properties for long-term investment.  The trust’s properties are primarily located in New York, New Jersey and Maryland.

Source: First Real Estate Investment Trust of New Jersey


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