SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20594



                                   FORM 10-Q/A



               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934



For Quarter Ended April 30, 1995                     Commission File No. 2-48728


                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
             ------------------------------------------------------
             (exact name of registrant as specified in its charter)


      New Jersey                                 22-1697095
- -------------------------------               -------------------
(State or other Jurisdiction of               (I.R.S. Employer
Incorporation or Organization)                Identification No.)


   505 Main Street, P.O. Box 667, Hackensack, New Jersey           07602
- --------------------------------------------------------         ----------
(Address of principal executive offices)                         (Zip Code)


Registrant's telephone number, including area code   201-488-6400
                                                     ------------


       -----------------------------------------------------------------
              Former name, former address and former fiscal year,
                         if changed since last report.


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days.

                       Yes [ X ]   No  [  ]

                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                                     INDEX


Part I:  Financial Information


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




ITEM 2.             MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
                    OPERATIONS AND FINANCIAL CONDITION

                    The following  discussion should be read in conjunction with
the attached financial statements and notes thereto, and the Registrants audited
financial statements and notes thereto for Fiscal Year ended October 31, 1994.

                    Results of Operations

                    The  earnings  per  share  from  the  Registrant's   regular
operations  were $.36 for the Second  Quarter  1995 as  compared to $.32 for the
Second Quarter 1994. The increase  reflects  additional  rental income  received
from the same properties held by the Registrant in 1994 together with additional
income  received from the Westwood  Hills,  LLC which was acquired in June 1994.
The  earnings  for  the  Second  Quarter  1995  are in  line  with  management's
expectations and the Registrant's prior earnings history.

                    The  earnings  per share for the first six  months of fiscal
1995 was $.80 as opposed  to $.69 for the first six  months of 1994  reflecting,
primarily,  the  contribution  of  Westwood  Hills  LLC  to  the  income  of the
Registrant.

                    Financial Condition

                    The Registrant continues to generate sufficient cash to meet
all of its operational needs including all anticipated dividends.

                    On April 11, 1995 the  Registrant's  Dividend  Re-Investment
and Stock Purchase Plan (the "Plan") was declared effective by the United States
Securities and Exchange Commission. The Registrant is in the process of securing
all  necessary  approvals  from the various  states  where  shareholders  of the
Registrant reside in order to activate the Plan. Management anticipates that the
Plan will be in effect for the third quarter 1995 dividend which will be paid in
September, 1995. While Management anticipates that the Plan will make a positive
contribution to the Registrant's  cash flow, the extent of that  contribution to
the cash flow cannot be  determined  at the  present  time  because  there is no
experience  with  the  Plan;  the  Registrant   cannot  estimate  the  level  of
participation in the Plan by its shareholders.