FREIT Q1 GAAP loss per share $0.07 vs prior income $0.06; AFFO down to $0.04 from $0.17

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

2024-Q1 EPS reported -$0.07 revenue$6,999,000

Net loss of ~$512K ($0.07 diluted) vs net income of $419K ($0.06) a year ago.
Total real estate revenue $6.999M, up 0.3% YoY; residential rents up, commercial down.
Commercial occupancy fell to 50.1% from 66.4% after Kmart vacated Westwood Plaza in Oct 2023.
G&A expenses surged $981K due to financial advisory work and litigation costs with Sinatra Properties.
Repaid $7.5M Rockaway, NJ loan on Jan 11, 2024, saving ~$558K annual debt service; dividend held at $0.05.

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 0.95

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. reported fiscal quarter ended January 31, 2024 results: revenue approximately $6,999,000, net income Net Loss of approximately ($512,000), EPS ($0.07) per share basic and diluted.

Period: fiscal quarter ended January 31, 2024
Revenue: approximately $6,999,000
Net income: Net Loss of approximately ($512,000)
EPS: ($0.07) per share basic and diluted
Result: reported results

Exact text from the filing

Total Average Residential Occupancy 95.3% 96.8% Total Average Commercial Occupancy 50.1% 66.4% Results for the Quarter Total real estate revenue increased 0.3% to approximately $6,999,000 for the first quarter ended January 31, 2024 as compared to approximately $6,979,000 for the prior year’s comparable period. This minor change in revenue was primarily

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309 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 0001174947-24-000356

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