First Real Estate Investment Trust of New Jersey Reports Earnings Results for the Fourth Quarter Ended October 31, 2020
January 29, 2021 at 01:36 pm EST
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First Real Estate Investment Trust of New Jersey announced earnings results for the fourth quarter ended October 31, 2020. For the fourth quarter, the company announced total revenue was USD 11.297 million compared to USD 15.308 million a year ago. Operating loss was USD 4.309 million compared to operating Income of USD 4.574 million a year ago. Net loss was USD 4.224 million compared to net income of USD 343,000 a year ago. Basic loss per share from continuing operations was USD 0.6 compared to basic earnings per share from continuing operations of USD 0.05 a year ago. For the full year, total revenue was USD 52.727 million compared to USD 60.277 million a year ago. Operating income was USD 3.760 million compared to USD 18.827 million a year ago. Net income was USD 20.553 million compared to USD 1.787 million a year ago. Basic earnings per share from continuing operations was USD 2.94 compared to USD 0.26 a year ago.
First Real Estate Investment Trust of New Jersey, Inc. is an equity real estate investment trust (REIT). The Company is engaged in acquiring, developing, constructing and holding real estate properties for long-term investment and not for resale. The Company operates through two segments: commercial properties and residential properties. Its funds acquisition opportunities and the development of its real estate properties largely through debt financing, including mortgage loans collateralized by certain of its properties. Its properties are primarily located in northern New Jersey and New York. Its subsidiaries include Westwood Hills, LLC, Damascus Centre, LLC, Wayne PSC, LLC, Grande Rotunda, LLC, WestFREIT, Corp., Station Place on Monmouth, LLC., FREIT Regency, LLC and Berdan Court, LLC.
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. 
