First Real Estate Investment Trust of New Jersey increased quarterly Revenue 4.0% to $7.537 million, while Net Income attributable to common Equity reached $20.161 million and basic and Diluted Earnings per Share were $2.69. Investors have reported revenue growth, profitability and cash resources of $16.024 million, alongside $41.863 million in Treasury securities.

Key Highlights

  • Basic and diluted earnings per share reached $2.69 for the quarter.
  • Cash and cash equivalents stood at $16.024 million on July 31, 2026.
  • Quarterly revenue totaled $7.537 million, compared with $7.244 million in the comparable period.

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. (OTC: FREVS) increased revenue 4.0% to $7.537 million for the three months ended July 31, 2026, from $7.244 million in the comparable period. Net income attributable to common equity was $20.161 million, while net income totaled $19.946 million. Basic and diluted earnings per share were $2.69. The quarter included higher residential and commercial revenue. The nine-month period also showed higher revenue, with total revenue reaching $22.675 million compared with $21.771 million in the comparable period.

Quarterly Revenue And Profit

Residential and commercial operations both contributed to the quarterly revenue increase. Residential revenue rose by approximately $230,000, while commercial revenue increased by approximately $70,000. Average residential occupancy was 96.3% for the quarter, compared with 96.9% in the comparable period. Monthly average residential rents were $2,461 at the end of the quarter, up from $2,392 in the comparable period. Additional rent from TJ Maxx after the expiration of its co-tenancy clause also contributed to commercial revenue. The residential segment produced quarterly revenue of $5.691 million, compared with $5.466 million in the comparable period. Residential net Operating Income was $3.292 million, compared with $3.137 million. Commercial revenue was $1.842 million, compared with $1.805 million. Commercial net operating income reached $595,000, compared with $532,000. Quarterly operating expenses were $5.703 million, compared with $4.964 million.

Property Revenue Drivers

Higher base rents were the main stated driver of residential revenue growth. The increase came despite the decline in average occupancy from 96.9% to 96.3%. Commercial revenue benefited from higher occupancy at Westwood Plaza and additional rent from TJ Maxx. Reimbursements were $415,000 for the quarter, compared with $397,000 in the comparable period. Rental income reached $6.981 million, compared with $6.758 million. Sundry income was $141,000, compared with $89,000. The nine-month residential segment generated revenue of $16.797 million, compared with $16.269 million. Its net operating income was $9.715 million, compared with $9.389 million. Nine-month commercial revenue was $5.884 million, compared with $5.585 million, while commercial net operating income was $1.809 million, compared with $1.662 million. Average residential occupancy for the nine months was 95.8%, compared with 96.9%. The company said the nine-month residential revenue increase was primarily attributable to higher base rents.

Cash, Assets And Mortgages

Cash and cash equivalents were $16.024 million on July 31, 2026. Total assets were $165.496 million. Real estate, net of accumulated depreciation, was $82.173 million, and construction in progress was $982,000. Mortgages payable were $114.840 million before unamortized Debt issuance costs of $596,000. Mortgages payable, net, stood at $114.244 million. Total liabilities were $118.259 million. Accounts Payable and accrued expenses were $881,000, dividends payable were $748,000 and tenants’ security deposits were $1.007 million. Common equity reached $53.666 million. Total equity, including noncontrolling interests in subsidiaries, was $47.237 million. The company also reported receivables arising from straight-lining of rents of $287,000, Accounts Receivable of $391,000 and prepaid expenses and other assets of $5.538 million. The Interest Rate swap contract was recorded at $235,000.

Nine-Month Results And Earnings

For the nine months ended July 31, 2026, total revenue increased to $22.675 million from $21.771 million. Net income attributable to common equity was $21.720 million, compared with $2.387 million in the comparable period. Nine-month basic and diluted earnings per share were $2.90, compared with $0.32. Net income was $21.182 million, compared with $2.021 million. The nine-month net gain on sale of property was $19.825 million. The comparable period showed no net gain on sale of property. Adjusted net income was $1.357 million, or $0.18 per share, for the nine months. For the quarter, adjusted net income was $121,000, or $0.02 per share. The company said adjusted net income excludes items including gains and losses from real estate sales. Nine-month adjusted net income was compared with $2.021 million, or $0.27 per share, while quarterly adjusted net income was compared with $739,000, or $0.10 per share. Investment income and financing costs affected the adjusted result.