FREIT Q1 EPS $0.06 vs $6.45; revenue down 34.5%; dividend halved to $0.05

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

2023-Q1 EPS reported $0.06 revenue$6,979,000

GAAP diluted EPS $0.06 vs $6.45 YoY; net income $419K vs $45.8M.
Real estate revenue $6.98M, down 34.5% due to sale of Maryland Properties.
AFFO per share $0.17 vs $0.14; dividend declared $0.05, half of prior $0.10.
Same-property residential NOI $2.61M (+1%), commercial NOI $1.05M (+17%).
Extended Westwood Plaza loan to Feb 2024 at 7.5% fixed; Westwood Hills loan extended to Oct 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. reported the fiscal quarter ended January 31, 2023 results: revenue approximately $6,979,000, net income approximately $419,000, EPS $0.06 per share basic and diluted.

Period: the fiscal quarter ended January 31, 2023
Revenue: approximately $6,979,000
Net income: approximately $419,000
EPS: $0.06 per share basic and diluted
Result: reported results

Exact text from the filing

from all periods presented as the properties were sold in the fiscal quarter ended January 31, 2022. Results for the Quarter Real estate revenue decreased 34.5% to approximately $6,979,000 for the fiscal quarter ended January 31, 2023 as compared to approximately $10,649,000 for the prior year’s comparable period. The decrease in revenue was primarily attributable

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308 earnings releases filed in the last 30 days. Browse all earnings releases →

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

Source: SEC EDGAR

accession 0001174947-23-000363

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