First Real Estate Investment Trust of New Jersey Reports Earnings Results for the Third Quarter Ended July 31, 2020
September 09, 2020 at 01:00 pm EDT
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First Real Estate Investment Trust of New Jersey announced earnings results for the third quarter ended July 31, 2020. For the third quarter, the company announced total revenue was USD 12.149 million compared to USD 15.255 million a year ago. Operating income was USD 2.841 million compared to USD 4.670 million a year ago. Net loss was USD 181,000 compared to net income of USD 199,000 a year ago. Basic loss per share from continuing operations was USD 0.02 compared to basic earnings per share from continuing operations of USD 0.03 a year ago. For the nine months, total revenue was USD 41.430 million compared to USD 44.969 million a year ago. Operating income was USD 8.069 million compared to USD 14.253 million a year ago. Net income was USD 24.777 million compared to USD 1.444 million a year ago. Basic earnings per share from continuing operations was USD 3.55 compared to USD 0.21 a year ago. Diluted earnings per share from continuing operations was USD 3.54 compared to USD 0.21 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. 
