-----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, VZLGqEaUTtdL2nJbyCKoD6ZQjqCEjKEst+CdwpaqkpldMiGGREXo3k0g3S0VnvZV Na0PTFPGUDOYEWw0rTyCSA== 0000914317-01-000147.txt : 20010307 0000914317-01-000147.hdr.sgml : 20010307 ACCESSION NUMBER: 0000914317-01-000147 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010301 ITEM INFORMATION: FILED AS OF DATE: 20010305 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: 8-K SEC ACT: SEC FILE NUMBER: 000-25043 FILM NUMBER: 1561290 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 8-K 1 0001.txt 8-K FOR FIRST REAL ESTATE INVESTMENT TRUST OF NJ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: March 1, 2001 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 ------------ Item 5. Other Events The Registrant has reported its quarter ended January 31, 2001 operating results. The Press Release is included as Exhibit I to this Form 8-K. Disclosure Concerning Forward-Looking Statements - ------------------------------------------------ Certain Statements in this Form 8-K may contain information that is, or anticipate certain events that are, forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Registrant cautions readers that forward-looking statements, including, without limitation, those relating to the Registrant'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 risks 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 retail space and residential apartment 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 rules of the Internal Revenue Code. The forward-looking statements are made as of the date of this Form 8-K and the Registrant assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those projected in such forward-looking statements. 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 hereto duly authorized. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY By: /s/ Robert S. Hekemian ------------------------ Robert S. Hekemian Chairman of the Board DATED: March 1, 2001 EX-99 2 0002.txt PRESS RELEASE Exhibit I RESULTS OF OPERATIONS FIRST QUARTER ENDED JANUARY 31, 2001 HACKENSACK, NJ, March 1, 2001 - First Real Estate Investment Trust announced its operating results for the first quarter ended January 31, 2001. Net Income for the first quarter ended January 31, 2001 increased 16.9% to $1,117,000 ($.72 per share) on revenues of $4,818,000. This compares to Net Income of $955,000 ($.61 per share) on revenues of $4,138,000 for the comparable prior year's quarter. Funds From Operations ("FFO") for the current year's quarter increased 19.3% to $1,526,000 ($.98 per share) compared to $1,279,000 ($.82 per share) for the prior year's quarter. The following impacted Net Income: o Real Estate Operations: Net earnings (before debt service) from real estate operations increased 19.5% over the prior year's first quarter. The Olney Town Center (Olney, MD) acquired on March 29, 2000 and not included in operations until the second quarter of last year, accounted for 14.7% of this first quarter increase. o Administrative expenses declined 29% reflecting lower legal fees and other expenses. Grand Union Bankruptcy: As previously reported, the Trust has two Grand Union supermarkets, one at Franklin Crossing (Franklin Lakes, NJ), and one at Westwood Plaza (Westwood, NJ). The leases for these supermarkets are about to be acquired from Grand Union by C&S Wholesaler Inc. ("C&S"). C&S will then sell the leases to The Stop & Shop Supermarket Company ("Stop & Shop"). Stop & Shop operates 274 superstores and supermarkets in Connecticut, Massachusetts, New Jersey, New York, and Rhode Island. Stop & Shop has notified the Trust that the Franklin Crossing supermarket will be converted to, and operated as a Stop & Shop. As of this date, the Trust has received no notification as to Stop & Shop's intentions with the lease at the Westwood Plaza Shopping Center. For the quarter ended January 31, 2001, the Trust declared a dividend of $.60 per share payable on March 16, 2001 to Shareholders of record on March 2, 2001. This compares to a $.50 per share dividend paid for the quarter ended January 31, 2000. The statements in this report that relate to future earnings or performance are forward-looking. Actual results might differ materially and be adversely affected by such factors as longer than anticipated lease-up periods or the inability of tenants to pay increased rents. Additional information about these factors is contained in the Trust's filings with the SEC including the Trust's most recent filed report on Form 10-K and Form 10-Q. (Over) FIRST REAL ESTATE INVESMENT TRUST of New Jersey Summary Balance Sheet Data (in thousands) January 31, 2001 2000 ---- ---- Real Estate Properties, Net Of Depreciation $ 77,044 $ 61,641 Construction In Progress 618 1,552 Cash & Cash Items 2,258 772 Marketable Securities - Bonds 9,506 14,314 Equity In Affiliate (386) (342) Mortgage Notes Payable 70,004 59,877 Shareholder's Equity 21,382 20,556 Shares Outstanding 1,560 1,560 Summary Statements of Income and Funds From Operations (in thousands of dollars, except Per Share amounts) January 31, 2001 2000 ---- ---- Revenues: Rental Income $ 3,869 $ 3,334 Reimbursements 656 476 Interest Income 218 254 Equity In Earnings Of Affiliate 30 24 Other 45 50 ------- ------- Total Revenue 4,818 4,138 ------- ------- Expenses: Operating Expenses & Management Fees 1,113 973 Real Estate Taxes 579 511 Financing Costs 1,378 1,150 General & Administrative 83 117 Depreciation 548 432 ------- ------- Total Expenses 3,701 3,183 ------- ------- Net Income $ 1,117 $ 955 ======= ======= Net Income Per Share $ 0.72 $ 0.61 ======= ======= Funds From Operations: Net Income $ 1,117 $ 955 Depreciation & Amortization 580 455 Deferred Rents (107) (93) Minority Interest 11 Capital Improvements - Apartments (100) (60) Other 25 22 ------- ------- Funds From Operations $ 1,526 $ 1,279 ======= ======= Funds From Operations Per Share $ 0.98 $ 0.82 ======= ======= First Real Estate Investment Trust is a publicly traded (over-the-counter - symbol FREVS) REIT organized in 1961. It has approximately $96 million (historical cost basis) of assets. Its portfolio of residential and retail properties extends from Eastern L.I. to Maryland, with the largest concentration in Northern New Jersey. For additional information contact Shareholder relations at (201) 488-6400. -----END PRIVACY-ENHANCED MESSAGE-----