-----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, O7HNLkv0RvG0Qvci61HJAR7Bf19eYg6bqtQwTXBKRcM1KRg05bg6TSgVmRiqYnCB Cheo3kxxS/w4rTlIBzNOmg== 0000914317-04-001175.txt : 20040312 0000914317-04-001175.hdr.sgml : 20040312 20040312151912 ACCESSION NUMBER: 0000914317-04-001175 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040312 ITEM INFORMATION: Other events FILED AS OF DATE: 20040312 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: 04665917 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-58518_freit.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 12, 2004 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 (IRS Employer Incorporation or Organization) Identification No.) 505 Main Street, P.O. Box 667, Hackensack, New Jersey 07602 ----------------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code (201) 488-6400 -------------- Item 5. Other Events and Regulation FD Disclosure. On March 12, 2004, First Real Estate Investment Trust of New Jersey ("FREIT") issued a press release reporting to shareholders the results of operations for the three months ended January 31, 2004. A copy of the press release is attached to this report a Exhibit 1. 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 Fork 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 it behalf by the undersigned hereunto duly authorized. FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY By: /s/ Robert S. Hekemian ---------------------------------------- Robert S. Hekemian Chairman of the Board DATED: March 12, 2004 EX-1 3 exhibit1.txt Exhibit 1. RESULTS OF OPERATIONS, ACQUISITION, CASH DIVIDEND, STOCK DIVIDEND HACKENSACK, NJ, March 12, 2004 - First Real Estate Investment Trust ("FREIT") announced its operating results for the three months ended January 31, 2004. All per share amounts discussed represent diluted earnings per share. The results of operations for the three months are not necessarily indicative of future operation results. OPERATING RESULTS - ----------------- Revenue for the three months ended January 31, 2004 ("Current Quarter") increased $618,000 (12.8%) to $5,450,000 from $4,832,000 for the three months ended January 31, 2003 ("Prior Year's Quarter"). Net income increased $233,000 (18.3%) to $1,503,000 ($ .46 per share) for the Current Quarter, compared to $1,270,000 ($ .39 per share) for the Prior Year's Quarter. The Current Quarter's revenue and net income increases are principally from real estate operations, which include a non-recurring amount of $308,000 representing a lease termination payment made to FREIT by a former tenant. The following table summarizes revenues, expenses, and net income components. Three Months Ended ------------------------------ January 31, ------------------------------ 2004 2003 ---- ---- ($000, except Increase ------------- per share amounts) (Decrease) ------------------ Revenue Retail properties $ 3,698 $ 3,086 $ 612 Residential properties 1,647 1,614 33 All other 105 132 (27) ------- ------- ------- Total Revenue 5,450 4,832 618 Expenses: Real estate operations 1,777 1,695 82 Finanicng costs 1,324 1,194 130 Depreciation 609 532 77 Other 237 141 96 ------- ------- ------- Total expenses 3,947 3,562 385 ------- ------- ------- Net income $ 1,503 $ 1,270 $ 233 ======= ======= ======= Net Income Components Retail Properties $ 2,634 $ 2,108 $ 526 Residenital properties 934 895 39 Investment income 45 53 (8) Equity in income of affiliates 60 81 (21) Corporate expenses (182) (92) (90) Depreciation (609) (532) (77) Financing Costs (1,324) (1,194) (130) Minority interest (55) (49) (6) ------- ------- ------- Net Income $ 1,503 $ 1,270 $ 233 ======= ======= ======= Earnings per share: Basic $ 0.48 $ 0.41 $ 0.07 ------- ------- ------- Diluted $ 0.46 $ 0.39 $ 0.07 ------- ------- ------- ACQUISITION FREIT, through an affiliate, has entered into a contract to purchase an apartment community in Northern New Jersey. FREIT is currently conducting inspections as part of its due diligence review. If the findings of the due diligence review are satisfactory to FREIT, the acquisition is expected to close on or about March 31, 2004. The acquisition price will be approximately $45 million that will be financed in part by a mortgage and in part by cash. DIVIDENDS A) The first quarter cash dividend, which has been increased to $.40 per share from $.35, is payable on March 16, 2004 to share holders of record on March 1, 2004. B) On March 4, 2004, FREIT's Board of Trustees declared a stock split in the form of a stock dividend. Each shareholder will receive one additional share for each share owned. The stock dividend will be distributed on March 31, 2004 to shareholders of record on March 17, 2004. The shares are expected to begin trading on a split-adjusted basis in the over-the-counter market on April 1, 2004. 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 Forms 10-K and 10-Q. ###### FREIT is a publicly traded (over-the-counter - symbol FREVS) REIT organized in 1961. It has approximately $105 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. 505 Main Street, Hackensack, NJ, 07601 -----END PRIVACY-ENHANCED MESSAGE-----