-----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, JOH7+nqLfGlsmQiC62lf3ba5NFqpjBIf/1Zr2eHk4EwKNhRsLA4VYFZVuTB/44Pd vVypJBYXn7JNPLtkL7fX0Q== 0000914317-02-000179.txt : 20020415 0000914317-02-000179.hdr.sgml : 20020415 ACCESSION NUMBER: 0000914317-02-000179 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020304 ITEM INFORMATION: Other events FILED AS OF DATE: 20020308 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: 02570646 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 form8k-43747_3702.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: March 4, 2002 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 first quarter ended January 31, 2002 operating results. The Press Release is included as Exhibit 1 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 8, 2002 EX-99 3 ex1-43747_3702.txt Exhibit FIRST REAL ESTATE INVESTMENT TRUST of New Jersey RESULTS OF OPERATIONS FIRST QUARTER ENDED JANUARY 31, 2002 HACKENSACK, NJ, March 4, 2002 - First Real Estate Investment Trust ("FREIT") announced operating results for the first quarter ended January 31, 2002. All per share amounts represent diluted earnings per share and prior periods have been adjusted to reflect the two-for-one share split paid October 18, 2001. Net income for the first quarter ended January 31, 2001 ("Current Quarter") increased 19.8% to $1,338,000 ($.42 per share) on revenues of $4,969,000. This compares to Net Income of $1,117,000 ($.36 per share) on revenues of $4,818,000 for the quarter ended January 31, 2001 ("Prior Year's Quarter"). FFO for the Current Quarter increased 14.3% to $.56 per share from $.49 per share for the Prior Year's Quarter. The operating results for the Current Quarter are not necessarily indicative of the results to be expected for the full year. Both our Retail properties and our Residential properties registered increases in revenues and earnings. Earnings at our Retail properties benefited from higher occupancy, increased base rents, and increased, one time, expense pass-through. At our Residential properties, the Current Quarter experienced slightly higher occupancy, 94.3%, than during the Prior Year's Quarter of 93.3%. However, the recession has affected the apartment mix of the vacancies. The Current Quarter has experienced a larger number of higher rent apartments being vacant than during the Prior Year's Quarter. This results in a larger dollar loss attributable to vacancies. Net Income at our 40% owned affiliate, Westwood Hills L.L.C., which owns a 210 unit garden apartment community, increased to $127,000 for the Current Quarter from $76,000 for the Prior Year's Quarter. During the Current Quarter the property benefited from continuing high occupancy, 97%, higher rents and lower operating expenses than experienced during Prior Year's Quarter. As a result our share of the affiliates earnings increased to $51,000 from $30,000 last year. As a result of lower interest rates available for investing our cash and cash equivalents, net investment income decreased to $68,000 during the Current Quarter from $218,000 for the Prior Year's Quarter. However, we benefited from lower interest rates charged on our floating rate mortgage. Financing costs during the Current Quarter were reduced to $1,216,000 from $1,378,000 for the Prior Year's Quarter. A first quarter dividend of $.30 per share has been declared and will be payable on March 15, 2002 to shareholders of record on March 1, 2002. OoOoOoO ------- 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. For additional information contact Shareholder Relations at (201) 488-6400 -------------------------------------------------------------------------- FIRST REAL ESTATE INVESTMENT TRUST of New Jersey Summary Consolidated Balance Sheet Data (in thousand of dollars except Per Share amounts) January 31, 2002 2002 ------- ------- Real Estate Properties $76,547 $77,663 Cash & Cash Items 13,392 2,259 Marketable Securities -- 9,506 Morgage notes Payable 69,093 70,005 Shareholder's Equity 21,990 21,380 Summary Consolidated Statement of Income Quater Ended ------------ January 31, ----------- 2002 2000 ------- ------- Revenue: Real Estate Operations $ 4,827 $ 4,570 Net Investment Income 68 218 Equity In Earnings Of Affiliate 51 30 ------- ------- Total Revenue 4,946 4,818 ------- ------- Expense: Real Estate Operations 1,068 1,097 Real Estate Taxes 605 579 Financing Costs 1,216 1,378 General & Administrative 120 89 Depreciation 552 548 Minority Interest 47 10 ------- ------- Total Expenses 3,608 3701 ------- ------- Net Income $ 1,338 $ 1,117 ======= ======= Net Income Per Share: Basic $ 0.43 $ 0.36 Diluted $ 0.42 $ 0.36 Funds From Operations Net Income $ 1,338 $ 1,117 Depreciation & Amortization 552 548 Deferred Rents (93) (107) Capital Improvements - Apartments (90) (100) Other 68 68 ------- ------- Total FFO $ 1,775 $ 1,526 ======= ======= FFO Per Share: Basic $ 0.57 $ 0.49 Diluted $ 0.56 $ 0.49 Dividends Per Share $ 0.30 $ 0.30 ======= ======= FREIT 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 -----END PRIVACY-ENHANCED MESSAGE-----