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 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 nine and three-month periods ended July 31, 2011.
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FINANCIAL HIGHLIGHTS
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Nine Months Ended July 31, 2011
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Three Months Ended July 31, 2011
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* Net Income Per Share-Basic:
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$0.55
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$0.22
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||
* Dividends Per Share:
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$0.90
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$0.30
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||
* FFO Per Share-Basic:
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$1.15
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$0.40
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||
* FFO Payout:
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78.3%
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75.0%
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* Average Residential Occupancy:
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95.0%
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96.2%
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||
* Average Commercial Occupancy:
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89.7%
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89.6%
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Nine Months Ended July 31,
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Three Months Ended July 31,
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|||||||||||||||||||||||
2011
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2010
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Change
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2011
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2010
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Change
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|||||||||||||||||||
(in thousands, except per share)
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(in thousands, except per share)
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|||||||||||||||||||||||
Real estate revenues:
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||||||||||||||||||||||||
Commercial properties
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$ | 18,037 | $ | 18,757 | $ | (720 | ) | $ | 6,000 | $ | 6,058 | $ | (58 | ) | ||||||||||
Residential properties
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14,725 | 14,299 | 426 | 4,935 | 4,789 | 146 | ||||||||||||||||||
Total real estate revenues
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32,762 | 33,056 | (294 | ) | 10,935 | 10,847 | 88 | |||||||||||||||||
Operating expenses:
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||||||||||||||||||||||||
Real estate operations
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13,479 | 14,238 | (759 | ) | 4,285 | 4,532 | (247 | ) | ||||||||||||||||
General and administrative
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1,189 | 1,233 | (44 | ) | 393 | 392 | 1 | |||||||||||||||||
Depreciation
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4,560 | 4,556 | 4 | 1,538 | 1,492 | 46 | ||||||||||||||||||
Total operating expenses
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19,228 | 20,027 | (799 | ) | 6,216 | 6,416 | (200 | ) | ||||||||||||||||
Operating income
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13,534 | 13,029 | 505 | 4,719 | 4,431 | 288 | ||||||||||||||||||
Investment income
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77 | 95 | (18 | ) | 25 | 29 | (4 | ) | ||||||||||||||||
Financing costs
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(8,724 | ) | (8,703 | ) | (21 | ) | (2,910 | ) | (2,922 | ) | 12 | |||||||||||||
Net income
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4,887 | 4,421 | 466 | 1,834 | 1,538 | 296 | ||||||||||||||||||
Net income attributable to noncontrolling interests (formerly referred to as minority interests)
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(1,043 | ) | (743 | ) | (300 | ) | (329 | ) | (162 | ) | (167 | ) | ||||||||||||
Net income attributable to common equity
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$ | 3,844 | $ | 3,678 | $ | 166 | $ | 1,505 | $ | 1,376 | $ | 129 | ||||||||||||
Earnings per share-basic (attributable to common equity)
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$ | 0.55 | $ | 0.53 | $ | 0.02 | $ | 0.22 | $ | 0.20 | $ | 0.02 | ||||||||||||
Weighted average shares outstanding
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6,942 | 6,942 | 6,942 | 6,942 |
Commercial
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Residential
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Combined
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||||||||||||||||||||||||||||||||||||||
Nine Months Ended
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Nine Months Ended
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Nine Months Ended
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||||||||||||||||||||||||||||||||||||||
July 31,
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July 31,
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July 31,
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||||||||||||||||||||||||||||||||||||||
2011
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2010
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Increase (Decrease)
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2011
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2010
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Increase (Decrease)
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2011
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2010
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|||||||||||||||||||||||||||||||||
($ in thousands)
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%
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($ in thousands)
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%
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($ in thousands)
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||||||||||||||||||||||||||||||||||||
Rental income
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$ | 13,842 | $ | 14,041 | $ | (199 | ) | -1.4 | % | $ | 14,470 | $ | 14,125 | $ | 345 | 2.4 | % | $ | 28,312 | $ | 28,166 | |||||||||||||||||||
Reimbursements
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3,911 | 4,458 | (547 | ) | -12.3 | % | - | - | - | 3,911 | 4,458 | |||||||||||||||||||||||||||||
Other
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140 | 118 | 22 | 18.6 | % | 255 | 174 | 81 | 46.6 | % | 395 | 292 | ||||||||||||||||||||||||||||
Total revenue
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17,893 | 18,617 | (724 | ) | -3.9 | % | 14,725 | 14,299 | 426 | 3.0 | % | 32,618 | 32,916 | |||||||||||||||||||||||||||
Operating expenses
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7,198 | 7,337 | (139 | ) | -1.9 | % | 6,281 | 6,901 | (620 | ) | -9.0 | % | 13,479 | 14,238 | ||||||||||||||||||||||||||
Net operating income
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$ | 10,695 | $ | 11,280 | $ | (585 | ) | -5.2 | % | $ | 8,444 | $ | 7,398 | $ | 1,046 | 14.1 | % | 19,139 | 18,678 | |||||||||||||||||||||
Average
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||||||||||||||||||||||||||||||||||||||||
Occupancy %
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89.7 | % | 89.9 | % | -0.2 | % | 95.0 | % | 94.0 | % | 1.0 | % | ||||||||||||||||||||||||||||
Reconciliation to consolidated net income:
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||||||||||||||||||||||||||||||||||||||||
Deferred rents - straight lining
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162 | 162 | ||||||||||||||||||||||||||||||||||||||
Amortization of acquired leases
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(18 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||
Investment income
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77 | 95 | ||||||||||||||||||||||||||||||||||||||
General and administrative expenses
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(1,189 | ) | (1,233 | ) | ||||||||||||||||||||||||||||||||||||
Depreciation
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(4,560 | ) | (4,556 | ) | ||||||||||||||||||||||||||||||||||||
Financing costs
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(8,724 | ) | (8,703 | ) | ||||||||||||||||||||||||||||||||||||
Net income
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4,887 | 4,421 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests
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(1,043 | ) | (743 | ) | ||||||||||||||||||||||||||||||||||||
Net income attributable to common equity
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$ | 3,844 | $ | 3,678 |
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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||||||||||||||||||||||||||||||||||||||
July 31,
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July 31,
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July 31,
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||||||||||||||||||||||||||||||||||||||
2011
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2010
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Increase (Decrease)
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2011
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2010
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Increase (Decrease)
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2011
|
2010
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|||||||||||||||||||||||||||||||||
($ in thousands)
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%
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($ in thousands)
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%
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($ in thousands)
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||||||||||||||||||||||||||||||||||||
Rental income
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$ | 4,571 | $ | 4,408 | $ | 163 | 3.7 | % | $ | 4,866 | $ | 4,731 | $ | 135 | 2.9 | % | $ | 9,437 | $ | 9,139 | ||||||||||||||||||||
Reimbursements
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1,323 | 1,568 | (245 | ) | -15.6 | % | - | - | - | 1,323 | 1,568 | |||||||||||||||||||||||||||||
Other
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40 | 36 | 4 | 11.1 | % | 69 | 58 | 11 | 19.0 | % | 109 | 94 | ||||||||||||||||||||||||||||
Total revenue
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5,934 | 6,012 | (78 | ) | -1.3 | % | 4,935 | 4,789 | 146 | 3.0 | % | 10,869 | 10,801 | |||||||||||||||||||||||||||
Operating expenses
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2,246 | 2,333 | (87 | ) | -3.7 | % | 2,039 | 2,199 | (160 | ) | -7.3 | % | 4,285 | 4,532 | ||||||||||||||||||||||||||
Net operating income
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$ | 3,688 | $ | 3,679 | $ | 9 | 0.2 | % | $ | 2,896 | $ | 2,590 | $ | 306 | 11.8 | % | 6,584 | 6,269 | ||||||||||||||||||||||
Average
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||||||||||||||||||||||||||||||||||||||||
Occupancy %
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89.6 | % | 89.3 | % | 0.3 | % | 96.2 | % | 94.4 | % | 1.8 | % | ||||||||||||||||||||||||||||
Reconciliation to consolidated net income:
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||||||||||||||||||||||||||||||||||||||||
Deferred rents - straight lining
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72 | 53 | ||||||||||||||||||||||||||||||||||||||
Amortization of acquired leases
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(6 | ) | (7 | ) | ||||||||||||||||||||||||||||||||||||
Investment income
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25 | 29 | ||||||||||||||||||||||||||||||||||||||
General and administrative expenses
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(393 | ) | (392 | ) | ||||||||||||||||||||||||||||||||||||
Depreciation
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(1,538 | ) | (1,492 | ) | ||||||||||||||||||||||||||||||||||||
Financing costs
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(2,910 | ) | (2,922 | ) | ||||||||||||||||||||||||||||||||||||
Net income
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1,834 | 1,538 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests
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(329 | ) | (162 | ) | ||||||||||||||||||||||||||||||||||||
Net income attributable to common equity
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$ | 1,505 | $ | 1,376 |
Nine Months Ended
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Three Months Ended
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|||||||||||||||
July 31,
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July 31,
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|||||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
(in thousands, except per share)
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(in thousands, except per share)
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|||||||||||||||
Net income
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$ | 4,887 | $ | 4,421 | $ | 1,834 | $ | 1,538 | ||||||||
Depreciation
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4,560 | 4,556 | 1,538 | 1,492 | ||||||||||||
Amortization of deferred leasing costs
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215 | 208 | 72 | 72 | ||||||||||||
Deferred rents (Straight lining)
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(162 | ) | (162 | ) | (73 | ) | (53 | ) | ||||||||
Amortization of acquired leases
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18 | 22 | 6 | 7 | ||||||||||||
Capital Improvements - Apartments
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(367 | ) | (254 | ) | (228 | ) | (134 | ) | ||||||||
Distributions to noncontrolling interests
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(1,144 | ) | (1,022 | ) | (380 | ) | (330 | ) | ||||||||
FFO
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$ | 8,007 | $ | 7,769 | $ | 2,769 | $ | 2,592 | ||||||||
FFO Per Share-Basic
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$ | 1.15 | $ | 1.12 | $ | 0.40 | $ | 0.37 | ||||||||
Weighted Average Shares Outstanding
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6,942 | 6,942 | 6,942 | 6,942 |