New Jersey
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000-25043
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22-1697095
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(State or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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505 Main Street, Hackensack, New Jersey
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07601
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(Address of principal executive offices)
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(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))
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FIRST REAL ESTATE INVESTMENT
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TRUST OF NEW JERSEY
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(Registrant)
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By:
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/s/ Robert S. Hekemian
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Robert S. Hekemian
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Chairman of the Board
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Exhibit
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Number
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Description
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99.1
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Press Release – Operating results for the three-month period ended January 31, 2011.
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HIGHLIGHTS - 1st Quarter Ended January 31, 2011:
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* Net Income Per Share-Basic: $0.15
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* Dividends Per Share: $0.30
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* FFO Per Share: $0.36
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* FFO Payout: 83%
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* Average Residential Occupancy: 94.5%
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* Average Commercial Occupancy: 89.7%
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Three Months Ended January 31,
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||||||||||||
2011
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2010
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Change
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(in thousands, except per share amounts)
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||||||||||||
Real estate revenues:
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||||||||||||
Commercial properties
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$ | 5,984 | $ | 6,141 | $ | (157 | ) | |||||
Residential properties
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4,877 | 4,708 | 169 | |||||||||
Total real estate revenues
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10,861 | 10,849 | 12 | |||||||||
Operating expenses:
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||||||||||||
Real estate operations
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4,700 | 4,621 | 79 | |||||||||
General and administrative
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393 | 428 | (35 | ) | ||||||||
Depreciation
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1,511 | 1,521 | (10 | ) | ||||||||
Total operating expenses
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6,604 | 6,570 | 34 | |||||||||
Operating income
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4,257 | 4,279 | (22 | ) | ||||||||
Investment income
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29 | 36 | (7 | ) | ||||||||
Financing costs
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(2,926 | ) | (2,862 | ) | (64 | ) | ||||||
Net income
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1,360 | 1,453 | (93 | ) | ||||||||
Net income attributable to noncontrolling interests
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(341 | ) | (281 | ) | (60 | ) | ||||||
Net income attributable to common equity
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$ | 1,019 | $ | 1,172 | $ | (153 | ) | |||||
Earnings per share (attributable to common equity):
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Basic
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$ | 0.15 | $ | 0.17 | $ | (0.02 | ) | |||||
Weighted average shares outstanding:
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Basic
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6,942 | 6,942 |
Commercial
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Residential
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Combined
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||||||||||||||||||||||||||||||||||||||
Three Months Ended
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Three Months Ended
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Three Months Ended
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||||||||||||||||||||||||||||||||||||||
January 31,
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Increase (Decrease)
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January 31,
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Increase (Decrease)
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January 31,
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||||||||||||||||||||||||||||||||||||
2011
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2010
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$
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%
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2011
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2010
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$
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%
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2011
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2010
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(in thousands)
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(in thousands)
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(in thousands)
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Rental income
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$ | 4,660 | $ | 4,638 | $ | 22 | 0.5 | % | $ | 4,809 | $ | 4,651 | $ | 158 | 3.4 | % | $ | 9,469 | $ | 9,289 | ||||||||||||||||||||
Reimbursements
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1,222 | 1,434 | (212 | ) | -14.8 | % | - | - | - | 1,222 | 1,434 | |||||||||||||||||||||||||||||
Other
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54 | 24 | 30 | 125.0 | % | 68 | 57 | 11 | 19.3 | % | 122 | 81 | ||||||||||||||||||||||||||||
Total revenue
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5,936 | 6,096 | (160 | ) | -2.6 | % | 4,877 | 4,708 | 169 | 3.6 | % | 10,813 | 10,804 | |||||||||||||||||||||||||||
Operating expenses
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2,546 | 2,375 | 171 | 7.2 | % | 2,154 | 2,246 | (92 | ) | -4.1 | % | 4,700 | 4,621 | |||||||||||||||||||||||||||
Net operating income
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$ | 3,390 | $ | 3,721 | $ | (331 | ) | -8.9 | % | $ | 2,723 | $ | 2,462 | $ | 261 | 10.6 | % | 6,113 | 6,183 | |||||||||||||||||||||
Average
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Occupancy %
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89.7 | % | 90.5 | % | -0.8 | % | 94.5 | % | 93.2 | % | 1.3 | % | ||||||||||||||||||||||||||||
Reconciliation to consolidated net income:
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Deferred rents - straight lining
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54 | 53 | ||||||||||||||||||||||||||||||||||||||
Amortization of acquired leases
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(6 | ) | (8 | ) | ||||||||||||||||||||||||||||||||||||
Investment income
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29 | 36 | ||||||||||||||||||||||||||||||||||||||
General and administrative expenses
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(393 | ) | (428 | ) | ||||||||||||||||||||||||||||||||||||
Depreciation
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(1,511 | ) | (1,521 | ) | ||||||||||||||||||||||||||||||||||||
Financing costs
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(2,926 | ) | (2,862 | ) | ||||||||||||||||||||||||||||||||||||
Net income
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1,360 | 1,453 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests
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(341 | ) | (281 | ) | ||||||||||||||||||||||||||||||||||||
Net income attributable to common equity
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$ | 1,019 | $ | 1,172 |
Three Months Ended
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January 31,
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2011
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2010
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($ in thousands)
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Net income
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$ | 1,360 | $ | 1,453 | |||||
Depreciation
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1,511 | 1,521 | |||||||
Amortization of deferred mortgage costs
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73 | 53 | |||||||
Deferred rents (Straight lining)
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(54 | ) | (53 | ) | |||||
Amortization of acquired leases
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6 | 8 | |||||||
Capital Improvements - Apartments
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(84 | ) | (85 | ) | |||||
Distributions to noncontrolling interests
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(282 | ) | (348 | ) | |||||
FFO | $ | 2,530 | $ | 2,549 | |||||
Per Share - Basic | $ | 0.36 | $ | 0.37 | |||||
Weighted Average Shares Outstanding:
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Basic | 6,942 | 6,942 |