FREIT Q4 net loss of $0.6M; AFFO per share negative $0.04; full-year net income $46M on property sale gain

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

Q4 GAAP EPS loss $0.08 (vs $0.02 gain) on revenue $7.0M down 42% YoY; AFFO per share loss $0.04 (vs $0.33).
Full-year GAAP EPS $6.52 includes $68.8M net gain on sale of Maryland properties; revenue $31.3M down 38%.
Special $7.50 per share dividend paid Aug 30, plus $1.50 ordinary dividend declared Sep 28; total dividends $9.20 per share.
Commercial occupancy declined to 65.9% from 68.6%; residential occupancy 97.6% nearly flat.
Westwood Hills $25M loan extended six months to April 1, 2023 on same terms.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. reported the fiscal quarter ended October 31, 2022 results: revenue $7 million, net income approximately ($0.6) million, EPS ($0.08) per share basic and diluted.

Period: the fiscal quarter ended October 31, 2022
Revenue: $7 million
Net income: approximately ($0.6) million
EPS: ($0.08) per share basic and diluted
Result: reported results

Exact text from the filing

Properties") from all periods presented as the properties were sold in the twelve months ended October 31, 2022. Results for the Quarter Real estate revenue decreased 42.2% to $7 million for the fiscal quarter ended October 31, 2022 as compared to $12.2 million for the prior year’s comparable period. The decrease in revenue was primarily attributable to the

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. reported the twelve months ended October 31, 2022 results: revenue $31.3 million, net income approximately $46 million, EPS $6.52 per share basic and $6.45 per share diluted.

Period: the twelve months ended October 31, 2022
Revenue: $31.3 million
Net income: approximately $46 million
EPS: $6.52 per share basic and $6.45 per share diluted
Result: reported results

Exact text from the filing

in the fiscal quarter ended October 31, 2022. (Refer to “Table of Revenue & Net (Loss) Income Components”) Results for the Twelve Months Real estate revenue decreased 37.8% to $31.3 million for the twelve months ended October 31, 2022 as compared to $50.3 million for the prior year’s comparable period. The decline in revenue was primarily attributable to the

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FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. filing history →

Source: SEC EDGAR

accession 0001174947-23-000060

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