-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D/NwneM2vSdlBTK6BLxaOVZc0Syd1VWh8qqSFJVp5XN0M/FDYUGgEPINaySoxXSd rgFRLWlpTbihUxvo9ZAUyA== 0000914317-96-000324.txt : 19960926 0000914317-96-000324.hdr.sgml : 19960926 ACCESSION NUMBER: 0000914317-96-000324 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960731 FILED AS OF DATE: 19960925 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY CENTRAL INDEX KEY: 0000036840 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 221697095 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-27018 FILM NUMBER: 96634200 BUSINESS ADDRESS: STREET 1: 505 MAIN ST STREET 2: P O BOX 667 CITY: HACKENSACK STATE: NJ ZIP: 07602 BUSINESS PHONE: 2014886400 MAIL ADDRESS: STREET 1: P O BOX 667 STREET 2: 505 MAIN STREET CITY: HACKENSACK STATE: NJ ZIP: 07602 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20594 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended July 31, 1996 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 1: Financial Statements a.) Combined Balance Sheets for July 31, 1996 and October 31, 1995; b.) Combined Statements of Income and Undistributed Earnings For Nine and Three Months Ended July 31, 1996 and 1995; c.) Combined Statements of Cash Flows for Nine Months ended July 31, 1996 and 1995; Item 2: Management's Discussion and Analysis of Results of Operations and Financial Condition Part II: Other Information Item 5. Other Information Item 6. No Exhibits REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Trustees and Shareholders First Real Estate Investment Trust of New Jersey The accompanying combined balance sheet of FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND AFFILIATE as of July 31, 1996, and the related combined statements of income and undistributed earnings for the nine and three months ended July 31, 1996 and 1995, and the combined statements of cash flows for the nine months ended July 31, 1996 and 1995, and the accompanying supplementary information were not audited by us and, accordingly, we do not express an opinion on them. Roseland, New Jersey August 21, 1996
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND AFFILIATE COMBINED BALANCE SHEETS JULY 31, 1996 AND OCTOBER 31, 1995 (Unaudited) July October ASSETS 31, 1996 31, 1995 ------ -------- -------- (In Thousands of Dollars) Real estate, at cost, net of accumulated depreciation ....................................... $61,748 $62,324 Equipment, at cost, net of accumulated depreciation of $592,000 and $553,000 .............. 251 224 Cash ................................................. 469 533 Tenants' security accounts ........................... 987 947 Sundry receivables ................................... 822 248 Prepaid expenses and other assets .................... 1,562 911 Deferred charges, net ................................ 306 348 ------- ------- Totals ..................................... $66,145 $65,535 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgages payable ................................ $34,123 $34,598 Note payable - bank .............................. 6,166 5,169 Accounts payable and accrued expenses ............ 645 361 Dividends payable ................................ 546 1,154 Tenants' security deposits ....................... 1,085 1,048 Deferred revenue ................................. 356 257 ------- ------- Total liabilities .......................... 42,921 42,587 ------- ------- Minority interest .................................... 2,983 2,959 ------- ------- Commitments and contingencies Shareholders' equity: Shares of beneficial interest without par value; 1,560,000 shares authorized; 1,559,788 shares issued and outstanding ........ 19,314 19,314 Undistributed earnings ........................... 927 675 ------- ------- Total shareholders' equity ................. 20,241 19,989 ------- ------- Totals .................................... $66,145 $65,535 ======= ======= See Notes to Combined Financial Statements. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND AFFILIATE COMBINED STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS NINE AND THREE MONTHS ENDED JULY 31, 1996 AND 1995 (Unaudited) Nine Months Three Months Ended July 31, Ended July 31, INCOME 1996 1995 1996 1995 ------ ---- ---- ---- ---- (In Thousands of Dollars, Except Per Share Amounts) Rental revenue: Rental income .................... $ 8,951 $ 8,727 $ 3,016 $ 2,920 Real estate taxes reimbursed ..... 840 617 282 288 Common area maintenance reimbursed 348 285 44 102 Sundry income .................... 134 119 29 48 -------- -------- -------- -------- Totals ....................... 10,273 9,748 3,371 3,358 -------- -------- -------- -------- Rental expenses: Operating expenses ................. 2,340 2,033 693 609 Management fees .................... 436 416 145 141 Real estate taxes .................. 1,551 1,132 505 376 Interest ........................... 2,265 2,311 752 773 Depreciation ....................... 1,192 1,140 401 388 -------- -------- -------- -------- Totals ....................... 7,784 7,032 2,496 2,287 -------- -------- -------- -------- Income from rental operations ........ 2,489 2,716 875 1,071 -------- -------- -------- -------- Other income (expense): Interest income .................. 6 6 1 2 Interest expense ................. (347) (363) (120) (128) General and administrative ....... (174) (193) (51) (67) -------- -------- -------- -------- Totals ....................... (515) (550) (170) (193) -------- -------- -------- -------- Income before minority interest ...... 1,974 2,166 705 878 Minority interest .................... (84) (81) (48) (34) -------- -------- -------- -------- Net income ........................... $ 1,890 $ 2,085 $ 657 $ 844 ======== ======== ======== ======== Earnings per share ................... $ 1.21 $ 1.34 $ .42 $ .54 ======== ======== ======== ======== FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND AFFILIATE COMBINED STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS NINE AND THREE MONTHS ENDED JULY 31, 1996 AND 1995 (Unaudited) (continued) Nine Months Three Months Ended July 31, Ended July 31, INCOME 1996 1995 1996 1995 ------ ---- ---- ---- ---- (In Thousands of Dollars, Except Per Share Amounts) UNDISTRIBUTED EARNINGS Balance, beginning of period ......... $ 675 $ 1,834 $ 816 $ 1,375 Net income ........................... 1,890 2,085 657 844 Less dividends ....................... (1,638) (2,246) (546) (546) -------- -------- -------- -------- Balance, end of period ............... $ 927 $ 1,673 $ 927 $ 1,673 ======== ======== ======== ======== Dividends paid per share ............. $ 1.05 $ 1.44 $ .35 $ .35 ======== ======== ======== ======== See Notes to Combined Financial Statements. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND AFFILIATE COMBINED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED JULY 31, 1996 AND 1995 (Unaudited) 1996 1995 ------- ------- (In Thousands of Dollars) Operating activities: Net income ........................................... $ 1,890 $ 2,085 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization .................... 1,234 1,152 Deferred revenue ................................. 99 199 Minority interest ................................ 84 81 Changes in operating assets and liabilities: Tenants' security accounts .................... (40) (39) Sundry receivables, prepaid expenses and other assets .................................. (1,225) (502) Accounts payable and accrued expenses ......... 284 (34) Tenants' security deposits .................... 37 46 Other liabilities ............................. (50) ------- ------- Net cash provided by operating activities . 2,363 2,938 ------- ------- Investing activities - capital expenditures .............. (643) (353) ------- ------- Financing activities: Dividends paid ....................................... (2,246) (2,246) Minority interest distribution Deferred charges ..................................... (277) Proceeds from note payable - bank .................... 997 396 Repayment of mortgages ............................... (475) (454) ------- ------- Net cash used in financing activities ..... (1,784) (2,581) ------- ------- Net increase (decrease) in cash .......................... (64) 4 Cash, beginning of period ................................ 533 238 ------- ------- Cash, end of period ...................................... $ 469 $ 242 ======= ======= Supplemental disclosure of cash flow data: Interest paid ........................................ $ 2,610 $ 2,674 ======= ======= Supplemental schedule of noncash financing activities: Dividends declared but not paid amounted to $546,000 at July 31, 1996. See Notes to Combined Financial Statements.
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND AFFILIATE NOTES TO COMBINED FINANCIAL STATEMENTS Note 1 - Organization and significant accounting policies: Organization: First Real Estate Investment Trust of New Jersey (the "Trust") was organized November 1, 1961 as a New Jersey Business Trust. The Trust is engaged in owning residential and commercial income producing properties located primarily in New Jersey. The Trust has elected to be taxed as a Real Estate Investment Trust under the provisions of Sections 856-860 of the Internal Revenue Code, as amended. Accordingly, the Trust does not pay Federal income tax on income whenever income distributed to shareholders is equal to at least 95% of real estate investment trust taxable income. Further, the Trust pays no Federal income tax on capital gains distributed to shareholders. The Trust is subject to Federal income tax on undistributed taxable income and capital gains. The Trust may make an annual election under Section 858 of the Internal Revenue Code to apply part of the regular dividends paid in each respective subsequent year as a distribution for the immediately preceding year. Basis of presentation: The combined financial information included herein as at July 31, 1996 and for the nine and three months ended July 31, 1996 and 1995 is unaudited and, in the opinion of the Trust, reflects all adjustments (which include only normal recurring accruals) necessary for a fair presentation of the combined financial position as of that date and the combined results of operations for those periods. The information in the combined balance sheet as of October 31, 1995 was derived from the Trust's audited annual report for 1995. Principles of combination: The combined financial statements include the accounts of the Trust and Westwood Hills, LLC (the "Affiliate"), which have been combined on the basis of common control. The Affiliate is a limited liability company that is 40%-owned by the Trust and managed by Hekemian & Co., Inc. ("Hekemian"), a company which manages all of the Trust's properties and in which one of the trustees of the Trust is the chairman of the board. Certain other members of the Affiliate are either trustees of the Trust or their families or officers of Hekemian. The combined financial statements include 100% of the Affiliate's assets, liabilities, operations and cash flows with the 60% interest owned by the other members of the Affiliate reflected as "minority interest." All significant intercompany accounts and transactions have been eliminated in combination. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND AFFILIATE NOTES TO COMBINED FINANCIAL STATEMENTS Note 1 - Organization and significant accounting policies (continued): Use of estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash: The Trust and its Affiliate maintain their cash in bank deposit accounts which, at times, may exceed Federally insured limits. The Trust considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. At July 31, 1996 and October 31, 1995, the Trust had no cash equivalents. Depreciation: Real estate and equipment are depreciated on the straight-line method by annual charges to operations calculated to absorb costs of assets over their estimated useful lives. Revenue recognition: Income from leases is recognized on a straight-line basis regardless of when payment is due. Lease agreements between the Trust and commercial tenants generally provide for additional rentals based on such factors as percentage of tenants' sales in excess of specified volumes, increases in real estate taxes, Consumer Price Indices and common area maintenance charges. These additional rentals are generally included in income when reported to the Trust, when billed to tenants or ratably over the appropriate period. Deferred charges: Deferred charges consist of mortgage costs and leasing commissions. Deferred mortgage costs are amortized on the straight-line method by annual charges to operations over the terms of the mortgages. Deferred leasing commissions are amortized on the straight-line method over the terms of the applicable leases. Advertising: The Trust expenses the cost of advertising and promotions as incurred. Advertising costs charged to operations amounted to approximately $41,700 and $20,200 for the nine months ended July 31, 1996 and 1995, respectively, and approximately $12,000 and $10,100 for the three months ended July 31, 1996 and 1995, respectively. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND AFFILIATE NOTES TO COMBINED FINANCIAL STATEMENTS Note 1 - Organization and significant accounting policies (concluded): Income taxes: The Affiliate, with the consent of its members, elected to be treated as a limited liability company under the applicable sections of the Internal Revenue Code. Under these sections, income or loss, in general, is allocated to the members for inclusion in their individual income tax returns. Accordingly, there is no provision for income taxes applicable to the operations of the Affiliate in the accompanying combined financial statements. Earnings per share: Earnings per share are computed based on the weighted average number of shares outstanding. The weighted average number of shares outstanding was 1,559,788 for each of the nine and three month periods ended July 31, 1996 and 1995. Note 2 - Real estate: Real estate consists of the following:
Range of Estimated July October Useful Lives 31, 1996 31, 1995 ------------ -------- -------- (In Thousands of Dollars) Land .............................. $21,112 $21,112 Unimproved land ................... 2,464 2,452 Apartment buildings ............... 7-40 years 21,703 21,333 Commercial buildings .............. 25-31.5 years 58 58 Shopping centers .................. 15-50 years 26,947 26,859 Construction in progress ........................ 817 714 ------- ------- 73,101 72,528 Less accumulated depreciation .................... 11,353 10,204 ------- ------- Totals ........................ $61,748 $62,324 ======= =======
Note 3 - Mortgages payable: Mortgages payable consist of the following:
July October 31, 1996 31, 1995 -------- -------- (In Thousands of Dollars) State Mutual Life Assurance Company of America (A) ................................. $18,143 $18,359 Aetna Life Insurance Company (B) ................. 5,352 5,444 USG Annuity & Life Company (C) ................... 10,383 10,488 United Jersey Bank (D) ........................... 245 307 ------- ------- Totals ....................................... $34,123 $34,598 ======= ======= (A) Payable in monthly installments of $160,925 including interest at 9% through August 1997 at which time the outstanding balance is due. The mortgage is secured by a shopping center in Frederick, Maryland having a net book value of approximately $25,903,000. (B) Payable in monthly installments of $55,287 including interest at 10% through September 2001 at which time the outstanding balance is due. The mortgage is secured by a shopping center in Westwood, New Jersey having a net book value of approximately $11,948,000. (C) Payable in monthly installments of $79,655 including interest at 7.8% through October 2002 at which time the outstanding balance is due. The mortgage is secured by an apartment complex in Westwood, New Jersey having a net book value of approximately $14,953,000. (D) Payable in monthly installments of $8,555 including interest at 7.625% through March 1999 at which time the outstanding balance is due. The mortgage is secured by an apartment building in Spring Lake, New Jersey having a net book value of approximately $628,000. One of the directors of the bank is a trustee of the Trust.
Principal amounts (in thousands of dollars) due under the above obligations in each of the five years subsequent to July 31, 1996 are as follows: Year Ending July 31, Amount -------- ------ 1997 $ 683 1998 18,229 1999 402 2000 372 2001 407 Based on borrowing rates for mortgages with similar terms, the fair value of the mortgage debt is approximately $34,648,000 at July 31, 1996. Note 4 - Note payable - bank: Note payable - bank consists of borrowings under a $20,000,000 revolving line of credit agreement with United Jersey Bank which expires on February 10, 1997. The first $10,000,000 of borrowings under the line of credit bear interest at either the prime rate or the LIBOR rate plus 200 basis points. Any excess borrowings bear interest at either the prime rate plus 1/2% or the LIBOR rate plus 250 basis points. Outstanding borrowings are secured by all of the Trust's properties except the shopping centers located in Frederick, Maryland and Westwood, New Jersey and any vacant land owned by the Trust. Note 5 - Commitments and contingencies: Leases: Commercial tenants: The Trust leases commercial space having a net book value of approximately $38,989,000 at July 31, 1996 to tenants for periods of up to twenty years. Most of the leases contain clauses for reimbursement of real estate taxes, maintenance, insurance and certain other operating expenses of the properties. Minimum rental income (in thousands of dollars) to be received from noncancel- able operating leases in years subsequent to July 31, 1996 are as follows: Year Ending July 31, Amount -------- ------ 1997 $ 3,641 1998 3,216 1999 2,870 2000 2,379 2001 2,169 Thereafter 9,435 ======= Total $23,710 The above amounts assume that all leases which expire are not renewed and, accordingly, neither minimal rentals nor rentals from replacement tenants are included. In addition, the above amounts do not include any future minimum rentals to be received for the shopping center in Franklin Lakes, New Jersey having a net book value of approximately $1,138,000 at July 31, 1996. Except for two tenants, management closed the shopping center on September 1, 1995. Commencement of a complete refurbishing of the premises is scheduled to begin during the Fall of 1996 and is expected to be open for operations in the Summer of 1997. The cost of the refurbishing, which has been put out for bid, is currently anticipated to approximate $6,000,000. Rental revenue derived from the shopping center was approximately $106,000 and $140,000 for the nine months ended July 31, 1996 and 1995, respectively, and approximately $35,000 for each of the three month periods ended July 31, 1996 and 1995. The net income (loss) from rental operations was approximately $(14,000) and $68,000 for the nine months ended July 31, 1996 and 1995, respectively, and $(29,000) and $13,000 for the three months ended July 31, 1996 and 1995, respectively. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND AFFILIATE NOTES TO COMBINED FINANCIAL STATEMENTS Note 5 - Commitments and contingencies (concluded): Leases (concluded): Commercial tenants (concluded): Minimum future rentals do not include contingent rentals which may be received under certain leases on the basis of percentage of reported tenants' sales volume or increases in Consumer Price Indices. Contingent rentals included in income for each of the nine and three month periods ended July 31, 1996 and 1995 were not material. Residential tenants: Lease terms for residential tenants are usually one year or less. Environmental concerns: A landfill which is considered a superfund site is located next to a vacant parcel of land which is owned by the Trust. The New Jersey Department of Environmental Protection and Energy ("NJDEP") had advised the Trust that it was investigating the property for contamination as a result of the migration of environmentally sensitive materials from the landfill. In August 1994, the Trust was advised that, although the soil had not been environmentally impaired and a clean-up of the property would not be required, the NJDEP did determine that the groundwater in the area of the landfill, including below the Trust's property, is contaminated as a result of the activity at the landfill. Accordingly, the NJDEP is currently in the process of enforcing remediation of the groundwater by the responsible parties. As the Trust is not a responsible party, management anticipates that it will bear no liability for the cost of the ground- water remediation. Acquisition: The Trust has entered into a contract to purchase a 65,000 square foot shopping center to be constructed in Patchogue, New York for approximately $11,000,000 including commissions and estimated professional fees. The Trust anticipates that it will purchase the Patchogue center through a joint venture with one or more investors on a basis where the Trust would retain full management control. The contract to purchase the Patchogue center is contingent upon the construction being completed during January 1997. Note 6 - Management agreement: The properties owned by the Trust and the Affiliate are currently managed by Hekemian. The management agreement requires fees equal to a percentage of rents collected. Such fees were approximately $436,000 and $416,000 for the nine months ended July 31, 1996 and 1995, respectively, and approximately $145,000 and $141,000 for the three months ended July 31, 1996 and 1995, respectively. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND AFFILIATE NOTES TO COMBINED FINANCIAL STATEMENTS Note 7 - Earnings per share: Earnings per share, based on the weighted average number of shares outstanding during each period, are comprised of ordinary income. * * * ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION Results of Operations 1) Third Quarter 1996 versus Second Quarter 1996 The ordinary earnings per share for the Trust were $0.42 for the Third Quarter 1996 as opposed to $0.35 for the Second Quarter 1996. The results for the Third Quarter 1996 are consistent with expectations of management and past experience. 2) Third Quarter 1996 versus Third Quarter 1995 The ordinary earnings per share were $0.42 for the Third Quarter 1996 as compared with $0.54 for the Third Quarter 1995. The results for the Third Quarter 1996 reflects a substantial increase in real property taxes for its properties, particularly in New Jersey, together with certain one-time charges due to an adjustment in Common Area Maintenance charges. 3) Nine Months Ending July 31, 1996 versus Nine Months Ending July 31, 1995 The ordinary income for the Trust was $1.21 per share for the first nine months of 1996 as compared with $1.34 for the same period in 1995. The decrease reflects the decline in the earnings for the Third Quarter 1996 when compared with the same period in 1995. Financial Condition The Trust is currently generating sufficient cash flow to meet all of its operational requirements. The Trust does not anticipate that it will be required to borrow funds to pay any projected dividends other than on a short-term basis. The Trust will, however, borrow funds under its Line of Credit or mortgage financing to raise sufficient funds for the demolishment and reconstruction of its shopping center in Franklin Lakes, New Jersey, see Part II - - Other Information, Item 5 (B), which follows, for details. In addition, the Trust has entered into a contract to purchase a new shopping center in New York State. In the event that title for the property is closed, the Trust anticipates that it will secure permanent mortgage financing. In addition, the Trust may also draw on its Line of Credit with Summit Bancorp (successor to United Jersey Bank) to fund the purchase of the shopping center. PART II. OTHER INFORMATION Item 5. A) Annual Meeting; Election of Board Members and Officers At the May 29, 1996 Annual Meeting of the Trust, Messrs. Robert S. Hekemian, Charles J. Dodge and Dr. John B. Voskian were elected to suc- ceed themselves as members of the Board of Trustees. The current officers of the Trust are: Robert S. Hekemian - Chairman Donald W. Barney - President Dr. John B. Voskian - Secretary William R. DeLorenzo, Jr. - Executive Sec. & Treasurer The current members of the Board of Trustees are: Robert S. Hekemian Donald W. Barney Dr. John B. Voskian Hon. Herbert C. Klein Nicholas A. Laganella Charles J. Dodge Ronald J. Artinian Alan L. Aufzien B) Franklin Lakes, New Jersey The Trust has secured all of the local and state approvals required to demolish the current shopping center located in Franklin Lakes, New Jersey. The Trust is proceeding to finalize plans to construct a supermarket store for Grand Union pursuant to a lease which has been executed. The Trust presently anticipates, that provided the plans are finalized by November 1, 1996, that construction of the new shopping center will be completed by November 1, 1997. ITEM 6. No exhibits are required. No Form 8-K was filed by the Trust. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY (Registrant) Date: September 25, 1996 /s/ William R. DeLorenzo, Jr. --------------------------------- Signature* William R. DeLorenzo, Jr. Executive Secretary and Treasurer - --------------- *Print name and title of the signing officer under his signature. SALES OF UNREGISTERED SECURITIES (DEBT OR EQUITY) FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY N O N E EX-27 2
5 9-MOS OCT-31-1996 JUL-31-1996 469 0 0 0 0 0 73,944 11,945 66,145 0 40,289 0 0 19,314 922 66,145 0 10,273 0 7,784 599 0 0 1,890 0 1,890 0 0 0 1,890 1.21 1.21
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