First Real Estate Investment Trust of New Jersey Announces Earnings Results for the Fourth Quarter and Full Year Ended October 31, 2014
January 10, 2015 at 01:16 am IST
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First Real Estate Investment Trust of New Jersey announced earnings results for the fourth quarter and full year ended October 31, 2014. For the quarter, the company reported total real estate revenues of $1,392,000 compared with $11,092,000 for the same period a year ago. Adjusted income from operations was $1,015,000 compared with $1,042,000 for the same period a year ago. Net income attributable to common equity was $644,000 or $0.09 per basic and diluted share compared with $3,197,000 or $0.46 per basic and diluted share for the same period a year ago. Funds from operations (FFO) was $2,350,000 or $0.34 per basic and diluted share compared with $2,861,000 or $0.41 per basic and diluted share for the same period a year ago. AFFO was $2,425,000 or $0.35 per basic and diluted share compared with $2,627,000 or $0.38 per basic and diluted share for the same period a year ago.
For the full year, the company reported total real estate revenues of $42,729,000 compared with $41,337,000 for the same period a year ago. Adjusted income from operations was $3,935,000 compared with $3,107,000 for the same period a year ago. Net income attributable to common equity was $11,657,000 or $1.69 per basic and diluted share compared with $7,449,000 or $0.07 per basic and diluted share for the same period a year ago. FFO was $9,192,000 or $1.33 per basic and diluted share compared with $10,474,000 or $1.51 per basic and diluted share for the same period a year ago. AFFO was $9,696,000 or $1.40 per basic and diluted share compared with $9,021,000 or $1.30 per basic and diluted share for the same period 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.