Table of Contents
Quarterly Report – Six Months Ended April 30, 2023
Financial Highlights
- Total revenue for the six-month period was $13.9 million, a decrease from $17.3 million in the same period last year.
- Rental income accounted for the majority of the revenue, amounting to $12.6 million.
- Operating expenses for the period were $5.1 million, while management fees totaled $659,000.
- The company reported a loss on the sale of Maryland properties of $446,000 and a loss on the investment in
tenancy-in-common of $188,000. - Interest expense, including amortization of deferred financing costs, amounted to $3.8 million for the six
months ended April 30, 2023. - The company’s net income attributable to common equity was $516,000, resulting in earnings per share of $0.07
for the six-month period.
Balance Sheet Highlights
- As of April 30, 2023, the company’s total assets were valued at $162.7 million, a decrease from $178.6 million
as of October 31, 2022. - Real estate, at cost, net of accumulated depreciation, accounted for the majority of the assets, totaling
$94.8 million. - Cash and cash equivalents amounted to $35.7 million, a decrease from $49.6 million as of October 31, 2022.
- The company had mortgages payable, including deferred interest, of $138.5 million, which was partially offset
by unamortized debt issuance costs of $1.2 million. - Total liabilities amounted to $140.3 million, while equity totaled $22.4 million, including noncontrolling
interests in subsidiaries of $4 million.
Cash Flow Highlights
- Net cash provided by operating activities for the six-month period was $308,000.
- Net cash used in investing activities amounted to $1.4 million, primarily due to the sale of Maryland
properties. - Net cash used in financing activities was $13 million, mainly attributed to the repayment of mortgages and
dividend payments.
Overall, First Real Estate Investment Trust of New Jersey reported a positive net income for the six months ended
April 30, 2023, despite a decrease in total revenue compared to the same period last year. The company’s balance
sheet remained stable, with a slight decrease in total assets and total liabilities. In terms of cash flow, the
company generated positive cash from operating activities, while investing activities and financing activities
resulted in net cash outflows. The company will continue to focus on managing its portfolio of real estate
investments and pursuing growth opportunities in the market.
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