Welcome to our dedicated page for First Real Estate Invt Tr N J news (Ticker: FREVS), a resource for investors and traders seeking the latest updates and insights on First Real Estate Invt Tr N J stock.
First Real Estate Investment Trust of New Jersey (FREVS) provides investors with essential updates through this centralized news hub. Track critical developments for this established REIT operating residential and commercial properties across New Jersey, New York, and Maryland.
Access timely press releases covering quarterly earnings, property acquisitions, and portfolio performance metrics. Our curated collection includes updates on lease agreements, operational adjustments, and strategic initiatives impacting this income-focused real estate trust.
Key updates feature analysis of net operating income (NOI) trends, funds from operations (FFO) reports, and management commentary on market conditions. Stay informed about occupancy rates, tenant mix strategies, and capital improvement projects across FREVS's diversified holdings.
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First Real Estate Investment Trust of New Jersey (FREIT) reported its unaudited operating results for the second quarter ending April 30, 2024. Total real estate revenue increased by 5.2% year-over-year to approximately $7.3 million, driven primarily by higher base rents in the residential segment. Net income rose to $533,000, or $0.07 per share, compared to $97,000, or $0.01 per share, in the same period of the previous year.
For the first six months of fiscal 2024, revenue increased by 2.7% to $14.3 million. However, net income for this period sharply declined to $21,000 from $516,000, mainly due to a significant rise of $1 million in general and administrative expenses. Residential occupancy averaged 95.9%, while commercial occupancy dropped to 50.4%. The Board declared a dividend of $0.05 per share.
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