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First Real Estate Investment Trust of New Jersey Inc. (FREVS) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing an increase in total revenue to $7,269,000 from $6,999,000 in the same quarter the previous year. This increase is primarily attributed to higher rental income from the residential segment due to increased occupancy and rental rates.
The company reported a net income attributable to common equity of $614,000, compared to a net loss of $512,000 in the previous year. The improvement is primarily due to a decrease in general and administrative expenses.
Operating expenses for the quarter decreased to $5,304,000 from $6,042,000, driven by reduced corporate expenses and legal fees.
Cash provided by operating activities was $1,519,000, while cash used in financing activities was $6,246,000. The company also reported cash provided by investing activities of $1,851,000.
The filing details several financial agreements, including loan extensions on properties in New Jersey and New York, with interest rates ranging from 4.35% to 8.5%.
The company declared a dividend of $0.08 per share, totaling approximately $597,000, payable on March 14, 2025.
As of January 31, 2025, the company had cash, cash equivalents, and restricted cash totaling $16,347,000, down from $19,223,000 at the end of the previous fiscal year.
The filing also notes the company's exposure to interest rate risk and its intention to refinance or extend loans as they become due.
First Real Estate Investment Trust of New Jersey Inc. continues to focus on managing its portfolio of residential and commercial properties, primarily located in northern New Jersey and New York.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Real Estate Investment Trust of New Jersey Inc. quarterly 10-Q report dated March 14, 2025. To report an error, please email earnings@qz.com.