secwatch.observer — SEC 8-K summary
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Issuer:     FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. (FREVS)
CIK:        0000036840
Form:       8-K
Filed at:   2024-09-13T23:59:59+00:00
Accession:  0001174947-24-001061
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FREIT Q3 GAAP EPS $1.98 on $14.1M litigation settlement; AFFO $0.18; dividend cut to $0.05
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- GAAP net income $14.8M ($1.98/share) vs net loss $412K (-$0.06) year ago; includes ~$14.1M litigation settlement.
- Total real estate revenue $7.15M, down 2% YoY; commercial segment down ~$433K as Kmart vacated Westwood Plaza.
- AFFO per share $0.18 (up from $0.10); dividend declared $0.05 per share vs $0.30 in prior year Q3.
- Commercial occupancy fell to 51.8% from 65.1%; residential occupancy stable at 96.8%.
- Extended $8.9M mortgage with Provident Bank to May 2027 at 6.75% fixed rate.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/36840/000117494724001061/0001174947-24-001061-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/36840/000117494724001061/form8k-32828_frevs.htm
  HTML page:      https://secwatch.observer/filing/0001174947-24-001061

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