First Real Estate Investment Trust of New Jersey Reports Earnings Results for the Second Quarter Ended April 30, 2020
June 09, 2020 at 10:16 pm IST
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First Real Estate Investment Trust of New Jersey announced earnings results for the second quarter ended April 30, 2020. For the second quarter, the company announced total revenue was USD 13.688 million compared to USD 14.786 million a year ago. Operating income was USD 3.086 million compared to USD 4.413 million a year ago. Net income was USD 27.220 million compared to USD 786,000 a year ago. Basic earnings per share from continuing operations was USD 3.89 compared to USD 0.11 a year ago. Diluted earnings per share from continuing operations was USD 3.88 compared to USD 0.11 a year ago. For the half year, total revenue was USD 29.281 million compared to USD 29.714 million a year ago. Operating income was USD 5.228 million compared to USD 9.583 million a year ago. Net income was USD 24.958 million compared to USD 1.245 million a year ago. Basic earnings per share from continuing operations was USD 3.57 compared to USD 0.18 a year ago. Diluted earnings per share from continuing operations was USD 3.56 compared to USD 0.18 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. 
