8-K

UNITED STATES

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 (Date of earliest event reported):

December 18, 2007

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

(Exact name of registrant as specified in charter)

New Jersey	2-27018	22-1697095
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

505 Main Street, Hackensack, New Jersey	07601
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:  (201) 488-6400

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange  Act (17 CFR 240.13e-4 (c))

Item 8.01 Other Events

OPERATING RESULTS

The registrant has reported to its shareholders its operating results for the full year and three months ended October 31, 2007.  The Press Release is included as Exhibit I to this Form 8-K.

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.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIRST REAL ESTATE INVESTMENT
TRUST OF NEW JERSEY
(Registrant)
By:	/s/ Robert S. Hekemian
	Robert S. Hekemian
	Chairman of the Board

Date:  December 18, 2007

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EXHIBIT INDEX

Exhibit
Number	Description
1	Press Release – Operating results for the full year and three months ended October 31, 2007

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EX-1

Exhibit 1

HACKENSACK, NJ,    December 18, 2007 – First Real Estate Investment Trust (“FREIT”) announced its operating results for the year and three months ended October 31, 2007. The results of operations for the year and three months are not necessarily indicative of future operating results.

Results of Operations:

Condensed Consolidated Statement of Net Income Data
	Year Ended						Three Months Ended
	October 31,						October 31,
	2007			2006			2007			2006
	(in thousands, except per share)
Commercial revenues:
Same properties (1)	$	22,088		$	21,926			5,478			5,464
New properties		24			-			24			-
		22,112			21,926			5,502			5,464
Residential revenues:
Same properties (1)		16,274			15,583			4,091			3,952
New properties		2,352			384			649			338
		18,626			15,967			4,740			4,290
Total Real Estate Revenues		40,738			37,893			10,242			9,754
Real estate operating expenses		16,673			15,658			4,128			4,182
Real estate operating Income		24,065			22,235			6,114			5,572
Investment income		634			232			252			82
General and administrative		(1,543	)		(1,212	)		(266	)		(433	)
Depreciation		(5,311	)		(4,726	)		(1,339	)		(1,270	)
Financing costs		(11,897	)		(11,127	)		(2,798	)		(2,836	)
Minority interest in earnings of subsidiaries		(626	)		(257	)		(240	)		109
Distribution to certain minority interests		(150	)		(150	)		-			(60	)
Income from continuing operations		5,172			4,995			1,723			1,164
Income from discontinued operations		3,771			163			-			42
Net Income	$	8,943		$	5,158		$	1,723		$	1,206
Basic earnings per share:
Continuing operations	$	0.76		$	0.76		$	0.26		$	0.17
Discontinued operations	$	0.56		$	0.02		$	-		$	0.01
Net income	$	1.32		$	0.78		$	0.26		$	0.18
Diluted earnings per share:
Continuing operations	$	0.74		$	0.73		$	0.25		$	0.16
Discontinued operations	$	0.55		$	0.03		$	-		$	0.01
Net income	$	1.29		$	0.76		$	0.25		$	0.17
Weighted average shares outstanding:
Basic		6,753			6,574			6,756			6,651
Diluted		6,916			6,816			6,919			6,987
(1) Properties operated since the beginning of fiscal 2006.

For the three months ended October 31, 2007 (“Current Quarter”) real estate revenues increased 5% to $10,242,000 from $9,754,000 for the three months ended October 31, 2006 (“Prior Year’s Quarter”). Real estate operating income increased 9.7% to $6,114,000 for the Current Quarter from $5,572,000 for the Prior Year’s Quarter. Income from continuing operations increased $559,000, or 48%, to $1,723,000 ($.25 per share diluted) for the Current Quarter compared to  the Prior Year’s Quarter  of $1,164,000 ($.16 per share diluted).

For the year ended October 31, 2007 (“Current Year”) real estate revenues increased $2,845,000, or 7.5% to $40,738,000 from $37,893,000 for the year ended October 31, 2006 (“Prior Year”). Real estate operating income increased $1,830,000, or 8.2%, to $24,065,000 for the Current Year from $22,235,000 for the Prior Year. Net income from continuing operations increased 3.5% to $5,172,000 ($.74 per share diluted) for the Current Year compared to $4,995,000 ($.73 per share diluted) for the Prior Year.

With the exception of operations at our Damascus Center property, in Damascus, MD, which is undergoing renovations, and expansion, the increase in real estate revenues and real estate operating income for the Current Year and Current Quarter is attributable to improved operations at all of FREIT’s commercial and residential properties. In particular, the

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revenue and real estate operating income contribution from FREIT’s residential Boulders property, in Rockaway, NJ. The Boulders came on line during the fourth quarter of 2006, and steadily increased occupancy, revenues and real estate operating income during fiscal 2007.

During the third quarter of fiscal 2007 FREIT sold its Lakewood Apartments in Lakewood, New Jersey for $4 million. The gain on the sale of approximately $3.7 million, as well as the current and prior year’s earnings of the Lakewood operation are classified as “Income from discontinued operations”, which is included within “Net Income” after “Income from continuing operations”. Net income for the Current Year was $8,943,000 ($1.29 per share diluted) compared to $5,158,000 ($0.76 per share diluted) for the Prior Year.

Funds From Operations (“FFO”) for fiscal 2007 increased 11.4% to $1.37 per share diluted, from $1.23 per share diluted for fiscal 2006. For the Current Quarter FFO was $.37 per share diluted compared to $.23 per share diluted for the Prior Year’s Quarter.

Funds From Operations ("FFO")
	Year Ended						Three Months Ended
	October 31,						October 31,
	2007			2006			2007			2006
	(in thousands, except per share)
Net income	$	8,943		$	5,158		$	1,723		$	1,206
Depreciation		5,311			4,726			1,339			1,270
Amortization of deferred mortgage costs		277			246			78			54
Deferred rents (Straight lining)		(298	)		(342	)		(112	)		(92	)
Amortization of acquired leases		(301	)		(490	)		(75	)		(219	)
Capital improvements - Apartments		(460	)		(368	)		(146	)		(134	)
Discontinued operations		(3,771	)		(163	)		-			(42	)
Minority interests:
Equity in earnings of subsidiaries		776			407			240			(49	)
Distributions to minority interests		(998	)		(780	)		(457	)		(360	)
FFO		9,479			8,394			2,590			1,634
Per share - Basic	$	1.40		$	1.28		$	0.38		$	0.25
Per share- Diluted	$	1.37		$	1.23		$	0.37		$	0.23
Weighted average shares outstanding:
Basic		6,753			6,574			6,756			6,651
Diluted		6,916			6,816			6,919			6,987

Acquisition

FREIT structured the sale of its Lakewood property in a manner that would allow it to reinvest the sale proceeds in like kind property that would defer, for income tax purposes, the realization of the gain on the sale pursuant to Section 1031 of the Internal Revenue Code. During the fourth quarter of fiscal 2007, FREIT acquired land in Rochelle Park, NJ that has been leased to a bank that plans to construct a retail-banking branch on the site. Of the acquisition price of approximately $2.5 million, FREIT was able to invest approximately $1.6 million of the proceeds from the Lakewood sale. The rental income from this net leased property was insignificant during fiscal 2007.

Dividends

FREIT declared a fourth quarter dividend for the fiscal year ending October 31, 2007 of $.40 per share that is payable on December 18, 2007 to shareholders of record on December 4, 2007. The composition of this dividend is $.30 capital gain income and $.10 ordinary income. This fourth quarter dividend raised total dividends for fiscal 2007 to $1.30 per share, a 4% increase over dividends of $1.25 per share for fiscal 2006.

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.

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 FREIT is a publicly traded (over-the-counter – symbol FREVS) REIT organized in 1961. It has approximately $243 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.

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