-----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, OLNkKFqVHri0FmFzwgXUA1IqWsXNkZbzoOkGrn7RJjF3bRhgW32VVqFKF7iZ8+sj R+lW/PHKqrl0vAOzN8c/BQ== 0000914317-01-500335.txt : 20010911 0000914317-01-500335.hdr.sgml : 20010911 ACCESSION NUMBER: 0000914317-01-500335 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010731 ITEM INFORMATION: Other events FILED AS OF DATE: 20010910 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: 1934 Act SEC FILE NUMBER: 000-25043 FILM NUMBER: 1734314 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 form8k40647_9-7.txt 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: September 10, 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 July 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: September 10, 2001 EX-99 3 exhibit99_9-7.txt Exhibit I RESULTS OF OPERATIONS THIRD QUARTER & NINE MONTHS ENDED JULY 31, 2001 - -------------------------------------------------------------------------------- HACKENSACK, NJ, September 5, 2001 - First Real Estate Investment Trust ("FREIT") announced its operating results for the third quarter and nine months ended July 31, 2001. Net Income for the third quarter increased 2.6% to $1,446,000 ($.92 per diluted share) on revenues of $5,036,000. This compares to Net Income of $1,409,000 ($.90 per share) on revenues of $4,892,000 for last years third quarter. Funds Form Operations ("FFO") for the current year's quarter increased 3.9% to $1,859,000 ($1.18 per share) compared to $1,790,000 ($1.15 per share) last year. Net Income for the nine months ended July 31, 2001 increased 3.1% to $3,524,000 ($2.25 per diluted share) on revenues of $14,647,000, compared to Net Income of $3,418,000 ($2.19 per share) on revenues of $13,311,000 last year. FFO for the current nine-month period increased 6.3% to $4,745,000 ($3.03 per diluted share) from $4,464,000 ($2.86 per share) last year. RESIDENTIAL PROPERTIES: Earnings (Net Income before debt service) at FREIT's Residential properties increased 7.1% to $2.3 million on revenues of $5.0 million during the nine months ended 7/31/01. This compares to Earnings of $2.1 million on revenues of $4.7 million for the nine months ended 7/31/00. Average occupancy during the current nine months period was 93.9% compared to 93.1% for the prior year's period. The increase in Net Income resulted from higher monthly apartment rents experienced during the current nine-month period compared to last year. Net Income at FREIT's 40% owned affiliate, which owns a 210 unit garden apartment community in Westwood, NJ, increased 10.9% to $296,000 for the current nine month period, up from $267,000 last year. RETAIL PROPERTIES: Earnings (Net Income before debt service) at the Retail properties increased 6.1% to $4.9 million on revenues of $9.0 million during the nine months ended 7/31/01 compared Earnings of $4.6 million on revenues of $7.9 million for last year's comparable period. All of the increase is attributable to the inclusion of the operations of Olney Town Center ("Olney") for the full nine months this year compared to only four months last year. EXPENSES: Increases in expenses at the properties resulted from the following: higher utility and snow removal costs due to a more severe winter this fiscal year compared to last year, and the inclusion of Olney. DIVIDENDS: FREIT declared a third quarter dividend of $.60 per share payable on September 18, 2001 to shareholders of record on September 4, 2001. This raises total dividends for the 2001 fiscal year to $1.80 per share compared to last year's dividends per share of $1.50 for the nine months ended 7/31/00. ~~~~~~~~~~ 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. FIRST REAL ESTATE INVESTMENT TRUST Of New Jersey
Summary Consolidated Balance Sheet Data (in thousand of dollars) July 31, 2001 2000 ---- ---- Real Estate Properties, Net Of Depreciation $ 77,247 $ 78,353 Cash & Cash Items 8,712 2,360 Marketable Securities 4,518 9,380 Equity In Affiliate (378) (359) Mortgage Notes Payable 69,575 70,418 Minority Interest 1,273 1,034 Shareholder's Equity 21,927 21,526 Shares Outstanding 1,560 1,560
Summary Consolidated Statement of Income (in thousands of dollars, except Per Share amounts) Nine Months Ended Three Months Ended July 31, July 31, ---------------------------- --------------------------- 2001 2000 2001 2000 Revenues: Rental Income $ 11,737 $ 10,703 $ 3,962 $ 3,873 Reimbursements 1,936 1,555 650 561 Net Investment Income 593 620 189 204 Equity In Earnings Of Affiliate 118 107 56 35 Other 263 326 179 219 - ------------------------------------------------------------------------------------------------------------------------------ Total Revenue 14,647 13,311 5,036 4,892 - ------------------------------------------------------------------------------------------------------------------------------ Expenses: Operating Expenses & Management Fees 3,315 2,779 1,031 896 Real Estate Taxes 1,745 1,603 587 565 Financing Costs 4,074 3,779 1,300 1,400 General & Administrative 289 273 90 69 Depreciation 1,653 1,442 551 542 Minority Interest 47 17 31 11 - ------------------------------------------------------------------------------------------------------------------------------ Total Expenses 11,123 9,893 3,590 3,483 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ Net Income 3,524 3,418 1,446 1,409 - ------------------------------------------------------------------------------------------------------------------------------ Net Income Per Share Basic Earnings Per Share $ 2.26 $ 2.19 $ 0.93 $ 0.90 Diluted Earnings Per Share $ 2.25 (a) $ 0.92 (a) - ------------------------------------------------------------------------------------------------------------------------------ Funds From Operations: Net Income $ 3,524 $ 3,418 $ 1,446 $ 1,409 Depreciation & Amortization 1,747 1,522 579 574 Deferred Rents (301) (319) (99) (123) Capital Improvements - Apartments (348) (230) (124) (115) Other 123 90 57 45 - ------------------------------------------------------------------------------------------------------------------------------ Funds From Operations 4,745 4,481 1,859 1,790 - ------------------------------------------------------------------------------------------------------------------------------ Funds From Operations Per Share Basic FFO Per Share $ 3.04 $ 2.87 $ 1.19 $ 1.15 Diluted FFO Per Share $ 3.03 (a) $ 1.18 (a) ==============================================================================================================================
(a) No dilution. First Real Estate Investment Trust is a publicly traded (over-the-counter -- symbol FREVS) REIT organized in 1961. It has approximately $97 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-----