FREIT Q2 fiscal 2023 EPS $0.01, dividend cut to $0.05, AFFO $0.13 vs $0.15

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

2023-Q2 EPS reported $0.07 revenue$13,895,000

GAAP net income $97k ($0.01 diluted EPS) vs net loss $352k ($0.05) in prior Q2; revenue $6.9M (+4.6% YoY).
Dividend declared $0.05 per share, paid June 15, 2023, down from $0.10 in prior year Q2.
AFFO per share $0.13 (Q2) vs $0.15 prior year; six-month AFFO $0.30 vs $0.29.
Residential occupancy 97.5% (down from 98.5%), commercial occupancy 64.8% (down from 66.6%).
Westwood Hills loan extended to Oct 2023; expected refinancing $25.5M at 6.05% by Aug 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 April 30, 2023 results: revenue approximately $6,916,000, net income approximately $97,000, EPS $0.01 per share basic and diluted.

Period: the fiscal quarter ended April 30, 2023
Revenue: approximately $6,916,000
Net income: approximately $97,000
EPS: $0.01 per share basic and diluted
Result: reported results

Exact text from the filing

from all periods presented as the properties were sold in the six months ended April 30, 2022. Results for the Quarter Real estate revenue increased 4.6% to approximately $6,916,000 for the fiscal quarter ended April 30, 2023 as compared to approximately $6,615,000 for the prior year’s comparable period. The increase in revenue was primarily attributable to

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. reported the six months ended April 30, 2023 results: revenue approximately $13,895,000, net income approximately $516,000, EPS $0.07 per share basic and diluted.

Period: the six months ended April 30, 2023
Revenue: approximately $13,895,000
Net income: approximately $516,000
EPS: $0.07 per share basic and diluted
Result: reported results

Exact text from the filing

of approximately $89,000. (Refer to “Table of Revenue & Net Income (Loss) Components”) 1 Results for the Six Months Real estate revenue decreased 19.5% to approximately $13,895,000 for the six months ended April 30, 2023 as compared to approximately $17,264,000 for the prior year’s comparable period. The decrease in revenue was primarily attributable to the

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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 0001174947-23-000858

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