-----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, GtpVmQ1SG3vzgETVEDqyRCzsSRpxNmBB54MsJwtNdIA+GqZGAEiY7+LE9Ai6m3Ta fmZuVMcQOTaAn6YhGJVpCA== 0000914317-98-000407.txt : 19980622 0000914317-98-000407.hdr.sgml : 19980622 ACCESSION NUMBER: 0000914317-98-000407 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980430 FILED AS OF DATE: 19980619 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: SEC FILE NUMBER: 002-27018 FILM NUMBER: 98650947 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. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended April 30, 1998 Commission File No. 2-27018 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.) Balance Sheets for April 30, 1998 and October 31, 1997; b.) Statements of Income and Undistributed Earnings For Six and Three Months Ended April 30, 1998 and 1997; c.) Statements of Cash Flows for Six Months Ended April 30, 1998 and 1997; Item 2: Management's Discussion and Analysis of Results of Operations and Financial Condition Part II: Other Information Item 4. Submission of Matters to a Vote of Security Holders Item 5. Other Information Item 6. Exhibits and Reports on Form 8-K Disclosure Concerning Forward-Looking Statements Certain statements in the "Management's Discussion and Analysis of the Results of Operation and Financial Condition", and certain of the Notes to the Registrant's Financial Statements, in particular Note 6, contain or may contain information that is forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Registrant cautions readers that forward-looking statements, including, without limitation, those relating to the Registant's liquidity and capital resources, are subject to certain risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risk and factors, including without limitation, the Registrant's future financial performance; the availability of capital; general market conditions; national and local economic conditions, particularly long-term interest rates; the terms of federal, state and local governmental regulations that affect the Registrant; and the competitive environment in which the Registrant operates, including, the availability of commercial office space and residential units in the areas where the Registrant's properties are located. In addition, the Registrant's continued qualification as a real estate investment trust involves the application of highly technical and complex programs of the Internal Revenue Code. The forward-looking statements are made as of the date of this Form 10-Q and the Registrant assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those projeced in such forward-looking statements.
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY BALANCE SHEETS APRIL 30, 1998 AND OCTOBER 31, 1997 April October ASSETS 30, 1998 31, 1997 ------- ------- (Unaudited)(See Note 1) (In Thousands of Dollars) Real estate, at cost, net of accumulated depreciation ............... $65,092 $53,737 Equipment, at cost, net of accumulated depreciation of $677,000 and $657,000 .................................................... 185 184 Investment in affiliate ............................................. 1,863 1,905 Cash and cash equivalents ........................................... 318 228 Tenants' security accounts .......................................... 757 719 Sundry receivables .................................................. 710 280 Prepaid expenses and other assets ................................... 758 1,470 Deferred charges, net ............................................... 1,175 710 ------- ------- Totals ................................................... $70,858 $59,233 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgages payable ............................................... $48,186 $24,429 Note payable - bank ............................................. 11,429 Accounts payable and accrued expenses ........................... 446 409 Construction liabilities ........................................ 118 496 Dividends payable ............................................... 624 1,326 Tenants' security deposits ...................................... 946 905 Deferred revenue ................................................ 87 255 ------- ------- Total liabilities ........................................ 50,407 39,249 ------- ------- 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 .......................................... 1,137 670 ------- ------- Total shareholders' equity ............................... 20,451 19,984 ------- ------- Totals ................................................... $70,858 $59,233 ======= =======
See Notes to Financial Statements.
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS SIX AND THREE MONTHS ENDED APRIL 30, 1998 AND 1997 (Unaudited) Six Months Three Months Ended April 30, Ended April 30, INCOME 1998 1997 1998 1997 ------- ------- ------- ------- (In Thousands of Dollars, Except Per Share Amounts) Revenue: Rental income ................... $ 6,026 $ 4,911 $ 3,108 $ 2,425 Reimbursements .................. 824 685 441 357 Equity in income of affiliate ... 78 77 42 46 Sundry income ................... 102 83 65 42 ------- ------- ------- ------- Totals ...................... 7,030 5,756 3,656 2,870 ------- ------- ------- ------- Expenses: Operating expenses .............. 1,518 1,321 794 676 Management fees ................. 273 248 145 127 Real estate taxes ............... 889 839 447 409 Interest ........................ 1,836 1,313 931 653 Depreciation .................... 792 646 417 329 ------- ------- ------- ------- Totals ...................... 5,308 4,367 2,734 2,194 ------- ------- ------- ------- Income before state income taxes .... 1,722 1,389 922 676 Provision for state income taxes .... 7 6 3 3 ------- ------- ------- ------- Net income........................... $1,715 $ 1,383 $ 919 $ 673 ======= ======= ======= ======= Earnings per share .................. $ 1.10 $ .89 $ .59 $ .43 ======= ======= ======= ======= UNDISTRIBUTED EARNINGS Balance, beginning of period ........ $ 670 $ 670 $ 842 $ 670 Net income .......................... 1,715 1,383 919 673 Less dividends ...................... (1,248) (1,092) (624) (546) ------- ------- ------- ------- Balance, end of period .............. $ 1,137 $ 961 $ 1,137 $ 797 ======= ======= ======= ======= Dividends per share ................. $ .80 $ .70 $ .40 $ .35 ======= ======= ======= =======
See Notes to Financial Statements.
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY STATEMENTS OF CASH FLOWS SIX MONTHS ENDED APRIL 30, 1998 AND 1997 (Unaudited) 1998 1997 -------- -------- (In Thousands of Dollars) Operating activities: Net income ..................................................... $ 1,715 $ 1,383 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization .............................. 852 665 Deferred revenue ........................................... (168) (230) Equity in income of affiliate .............................. (78) (77) Changes in operating assets and liabilities: Tenants' security accounts .............................. (38) (9) Sundry receivables, prepaid expenses and other assets ... 282 515 Accounts payable and accrued expenses ................... 37 82 Tenants' security deposits .............................. 41 17 -------- -------- Net cash provided by operating activities ........... 2,643 2,346 -------- -------- Investing activities: Capital expenditures ........................................... (5,026) (946) Distributions from affiliate ................................... 120 80 -------- -------- Net cash used in investing activities ............... (4,906) (866) -------- -------- Financing activities: Dividends paid ................................................. (1,950) (1,575) Proceeds (repayments) of note payable - bank ................... (11,429) 675 Net proceeds from mortgage refinancing ......................... 5,443 Proceeds from mortgage borrowings .............................. 11,100 Deferred mortgage costs ........................................ (525) (202) Repayment of mortgages ......................................... (286) (274) -------- -------- Net cash provided by (used in) financing activities . 2,353 (1,376) -------- -------- Net increase in cash and cash equivalents .......................... 90 104 Cash and cash equivalents, beginning of period ..................... 228 189 -------- -------- Cash and cash equivalents, end of period ........................... $ 318 $ 293 ======== ======== Supplemental disclosure of cash flow data: Interest paid .................................................. $ 1,837 $ 1,091 ======== ======== Supplemental schedule of noncash investing and financing activities: Dividends declared but not paid amounted to $624,000 and $546,000 at April 30, 1998 and 1997. During the six months ended April 30, 1998, the Trust completed its acquisition of a 64,000 square foot commercial property in Patchogue, New York for approximately $11,000,000, in part, with the proceeds of a $7,500,000 mortgage.
See Notes to Financial Statements. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY NOTES TO FINANCIAL STATEMENTS Note 1 - Organization and significant accounting policies: Organization: First Real Estate Investment Trust of New Jersey (the "Trust") was organized on November 1, 1961 as a New Jersey Business Trust. The Trust is engaged in owning residential and commercial income producing properties located in New Jersey, Maryland and New York. 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 financial information included herein as at April 30, 1998 and for the six and three months ended April 30, 1998 and 1997 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 financial position as of that date and the results of operations for those periods. The information in the balance sheet as of October 31, 1997 was derived from the Trust's audited annual report for 1997. 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. Investment in affiliate: The Trust's 40% investment in Westwood Hills, LLC (the "Affiliate") is accounted for using the equity method. Cash and cash equivalents: The Trust maintains its 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 October 31, 1997, the Trust had no cash equivalents. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY NOTES TO FINANCIAL STATEMENTS Note 1 - Organization and significant accounting policies (concluded): 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 $23,000 and $13,000 for the six months ended April 30, 1998 and 1997, respectively, and approximately $9,000 and $8,000 for the three months ended April 30, 1998 and 1997, respectively. 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 six and three month periods ended April 30, 1998 and 1997. Reclassifications: Certain amounts in the 1997 financial statements have been reclassified to conform with the current presentation. Note 2 - Investment in affiliate: The Trust is a 40% member of the Affiliate, a limited liability company that is 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 Affiliate owns a residential apartment complex located in Westwood, New Jersey. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY NOTES TO FINANCIAL STATEMENTS Note 2 - Investment in affiliate (concluded): Summarized financial information of the Affiliate as of April 30, 1998 and October 31, 1997 and for the six and three months ended April 30, 1998 and 1997 is as follows:
April October 30, 1998 31, 1997 ------- ------- (In Thousands of Dollars) Balance sheet data: Assets: Real estate and equipment, net ............ $14,563 $14,696 Other ..................................... 584 551 ------- ------- Total assets .......................... $15,147 $15,247 ======= ======= Liabilities and equity: Liabilities: Mortgage payable ........................ $10,110 $10,192 Other ................................... 382 295 ------- ------- Totals .............................. 10,492 10,487 ------- ------- Members' equity: Trust ................................... 1,863 1,905 Others .................................. 2,792 2,855 ------- ------- Totals .............................. 4,655 4,760 ------- ------- Total liabilities and equity ........ $15,147 $15,247 ======= ======= Six Months Ended Three Months Ended April 30, April 30, 1998 1997 1998 1997 ------ ------ ------ ------ (In Thousands of Dollars) Income statement data: Rental revenue ............ $1,293 $1,246 $ 648 $ 625 Rental expenses ........... 1,098 1,055 542 514 ------ ------ ------ ------ Net income ................ $ 195 $ 191 $ 106 $ 111 ====== ====== ====== ======
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY NOTES TO FINANCIAL STATEMENTS Note 3 - Real estate: Real estate consists of the following:
Range of Estimated April October Useful Lives 30, 1998 31, 1997 ------------ -------- -------- (In (Thousands of Dollars) Land $22,768 $20,244 Unimproved land 2,308 2,310 Apartment buildings 7-40 years 10,892 10,711 Commercial buildings and shopping centers 15-50 years 39,400 30,328 Construction in progress 2,478 2,126 --------- --------- 77,846 65,719 Less accumulated depreciation 12,754 11,982 -------- -------- Totals $65,092 $53,737 ======= =======
Note 4 - Mortgages payable: Mortgages payable consist of the following:
April October 30, 1998 31, 1997 -------- -------- (In Thousands of Dollars) Northern Life Insurance Cos. (A) ......... $19,002 $19,123 Travelers Insurance (B) .................. 5,181 National Realty Funding L.C. (B) ......... 10,576 Summit Bank (C) .......................... 78 125 Summit Bank (D) .......................... 7,465 Federal Home Loan Mortgage Corporation (E) 11,065 ------- ------- Totals ............................ $48,186 $24,429 ======= =======
(A) The mortgage is payable in monthly installments of $152,153 including interest at 8.31% through June 2007 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 $24,819,000. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY NOTES TO FINANCIAL STATEMENTS Note 4 - Mortgages payable (concluded): (B) On January 9, 1998, the Trust repaid the existing mortgage on the Westwood, New Jersey shopping center utilizing proceeds from a new mortgage in the amount of $10,600,000 with National Realty Funding L.C. The new mortgage is payable in monthly installments of $73,248 including interest at 7.38% through February 2013 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 $11,626,000. (C) Payable in monthly installments of $8,555 including interest at 7.625% through March 1999. The mortgage is secured by an apartment building in Spring Lake, New Jersey having a net book value of approximately $578,000. One of the directors of the bank is a trustee of the Trust. (D) Payable in monthly installments of $54,816 including interest at 7.375% through January 2005 at which time the outstanding balance is due. The mortgage is secured by a commercial building in Patchogue, New York having a net book value of approximately $10,873,000. (E) Payable in monthly installments of $76,023 including interest at 7.29% through July 2010 at which time the outstanding balance is due. The mortgage is secured by an apartment building in Wayne, New Jersey having a net book value of approximately $1,621,000. Principal amounts (in thousands of dollars) due under the above obligations in each of the five years subsequent to April 30, 1998 are as follows: Year Ending April 30, Amount --------- ------ 1999 $559 2000 512 2001 554 2002 599 2003 648 Based on borrowing rates currently available to the Trust, the carrying amount of mortgages payable approximates fair value at April 30, 1998. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY NOTES TO FINANCIAL STATEMENTS Note 5 - Note payable - bank: At October 31, 1997, note payable - bank consisted of borrowings under a revolving line of credit agreement with Summit Bank which expired on April 30, 1998, at which time the agreement was renegotiated and extended to May 31, 1999. Maximum borrowings under the agreement were $12,310,000 and $20,000,000 at April 30, 1998 and October 31, 1997, respectively. The line of credit bears interest at the bank's floating base rate plus .25% or the LIBOR rate plus 175 basis points. Outstanding borrowings are secured by all of the Trust's properties except commercial property located in Frederick, Maryland, Westwood, New Jersey and Patchogue, New York, apartment buildings in Wayne, New Jersey, River Edge, New Jersey and Maywood, New Jersey and any vacant land owned by the Trust. There were no outstanding borrowings under the agreement at April 30, 1998. Note 6 - Commitments and contingencies: Leases: Commercial tenants: The Trust leases commercial space having a net book value of approximately $57,292,000 at April 30, 1998 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 noncancelable operating leases in years subsequent to April 30, 1998 are as follows: Year Ending April 30, Amount --------- ------ 1999 $ 5,968 2000 5,611 2001 5,343 2002 5,042 2003 4,752 Thereafter 51,599 ------- Total $78,315 ======= The above amounts assume that all leases which expire are not renewed and, accordingly, neither minimal rentals nor rentals from replacement tenants are included. 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 six and three months ended April 30, 1998 and 1997 were not material. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY NOTES TO FINANCIAL STATEMENTS Note 6 - Commitments and contingencies (concluded): Residential tenants: Lease terms for residential tenants are usually one year or less. Standby letters of credit: At April 30, 1998, the Trust was obligated under irrevocable standby letters of credit of approximately $100,000 in connection with certain required land improvements at the Franklin Lakes shopping center. Environmental concerns: In accordance with applicable regulations, the Trust reported to the New Jersey Department of Environmental Protection that a discharge of hazardous material was recently discovered at the newly renovated Franklin Crossing Shopping Center (the "Center"). At present, the discharge material appears to be isolated and management believes there will be no significant effect on the operations of the Center. In connection therewith, the Trust is required to investigate and monitor such discharge, the cost of which will not be material. Note 7 - Management agreement and related party transactions: The properties owned by the Trust are currently managed by Hekemian. The management agreement requires fees equal to a percentage of rents collected. Such fees were approximately $273,000 and $248,000 for the six months ended April 30, 1998 and 1997, respectively, and approximately $145,000 and $127,000 for the three months ended April 30, 1998 and 1997, respectively. Note 8 - Earnings per share: Earnings per share, based on the weighted average number of shares outstanding during each period, are comprised of ordinary income. * * * Part 1. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following discussion should be read in conjunction with the attached financial statements and notes thereto, and the Registrant's Audited Financial Statements and notes thereto for Fiscal Year Ended October 31, 1997. Liquidity and Capital Resources Line of Credit In order to pursue individual permanent financing on three properties, the Registrant elected to remove these properties from Summit Bank's collateral package securing the $20 million Line of Credit. (On December 15, 1997, an $11.1 million mortgage was placed on Berdan Court Apartments, one of the properties removed from the collateral package.) As a result, the Credit Line was extended to May 1, 1999 with draws against the Credit Line limited to $12.3 million. There is no principal balance, as of June 15, 1998, outstanding under the Credit Line. The reduction of the Credit Line will not negatively impact on the Registrant's operations given the Registrant's ability to finance additional properties in its portfolio of assets. Liquidity Cash from operations has enabled the Registrant to meet all current obligations; Registrant expects that cash from operations will allow it to meet all future requirements as they become due. Results of Operations The Registrant's net income for the second quarter ended April 30, 1998, increased 36.6% to $920,000 ($.59 per share) from $673,000 ($.43 per share) for the comparable prior year quarter. Net income for the six months ended April 30, 1998, increased 24.0% to $1,715,000 ($1.10 per share) from $1,383,000 ($.89 per share) for the six months ended April 30, 1997. Earnings from operating properties (before interest costs) increased $895,000 over the prior year. While earnings at comparable properties in both years increased as a result of higher base rents and lower operating costs, the principle increase in earnings came from the Registrant's new commercial properties in Patchogue, New York, and Franklin Lakes, New Jersey. Funds from operations, consisting of net income, excluding deferred rents and gains and losses from property sales, plus real estate related depreciation and amortization, ("FFO") was $1,288,000 for the second quarter of fiscal 1998 as compared to $1,035,000 for the same period in 1997. FFO for the six months 1998 was $2,567,000 as compared to $2,100,000 for the same period in 1997. Part II. Item 4. Submission of Matters to a Vote of Security Holders On May 27, 1998 at the Annual Meeting of the Shareholders, the Shareholders re-elected Donald W. Barney, Ronald A. Artinian and Alan L. Aufzien as Trustees for additional three year terms. A total of 1,316,848 votes were cast in favor of each Trustee; there were 1,559,788 shares of the Registrant eligible to vote. There were no negative votes. Item 5. Other Information The Board of Trustees declared a $.40, second quarter dividend payable on June 22, 1998, to shareholders of record on June 8, 1998. This will raise dividends paid thus far this fiscal year to $.80 per share compared to $.70 per share paid during the same period in 1997. Item 6. Exhibits and Reports on Form 8-K No Form 8-K was filed during the Second Quarter of fiscal year 1998 which ended April 30, 1998. 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 June 18, 1998 /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 6-MOS OCT-31-1998 APR-30-1998 318,000 0 0 0 0 0 78,708,000 (13,431,000) 70,858,000 0 48,186,000 0 0 19,314,000 1,137,000 70,858,000 0 7,030,000 0 0 3,472,000 0 1,836,000 1,722,000 7,000 1,715,000 0 0 0 1,715,000 1.10 1.10
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