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, Inc. (FREIT, OTC symbol FREVS) is a real estate investment trust organized in 1961 with a portfolio of residential and commercial properties in New Jersey and New York, concentrated in northern New Jersey. The FREVS news feed on Stock Titan aggregates company-issued press releases and related coverage so readers can follow developments affecting this regional REIT.
FREIT’s news flow often centers on its quarterly and annual operating results, where the company reports real estate revenues, net income attributable to common equity, and segment performance for its residential and commercial properties. These releases also present key REIT metrics such as Funds From Operations (FFO), Adjusted Funds From Operations (AFFO), and net operating income (NOI), along with occupancy statistics for both segments.
Another recurring theme in FREIT news is portfolio and tenant activity, including changes in occupancy at shopping centers, the impact of major tenants vacating or being replaced, and updates on same property NOI. The company also reports on financing actions, such as refinancings, loan extensions, loan repayments, and the status of its revolving credit facility secured by certain New Jersey properties.
Corporate governance and strategic matters appear in the news as well. FREIT has publicly discussed the adoption of a stockholder rights plan, ongoing litigation involving entities associated with Kushner companies, and the receipt of an unsolicited, non-binding expression of interest to acquire the company. These items provide context on potential corporate actions and the Board’s approach to stockholder value.
Investors and observers who want a consolidated view of FREIT’s earnings announcements, portfolio updates, financing developments, and governance disclosures can use this page as a central news archive for the FREVS ticker.
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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