FREIT Q3 net loss $0.06/sh; AFFO falls to $0.10 from $0.15; revenue up 4.8%

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

2023-Q3 EPS reported $0.01 revenue$21,191,000

Net loss of $412K ($0.06 diluted loss per share) vs net income of $1.12M ($0.16 diluted EPS) a year ago.
Real estate revenue rose 4.8% to $7.30M, driven by residential base rent increases.
AFFO per share $0.10 vs $0.15; dividend declared $0.30/share ($0.05 ordinary + $0.25 special).
Kmart lease at Westwood Plaza terminated; potential annual rent of $930K-$1.685M from new tenants.
Westwood Hills loan refinanced at fixed 6.05% from variable ~9.21%, saving ~$535K annually.

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 financial results for the fiscal quarter and nine months ended July 31, 2023.

Period: the fiscal quarter and nine months ended July 31, 2023
Result: reported results

Exact text from the filing

The registrant has released its operating results for the fiscal quarter and nine months ended July 31, 2023. The Press Release is included as Exhibit 99.1 to this Form 8-K.

View on SEC.gov

310 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 0001174947-23-001120

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