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HACKENSACK, NJ, June 7, 2019 – First Real Estate Investment Trust of New Jersey (“FREIT” or the “Company”) reported its operating results for the fiscal quarter and six months ended April 30, 2019. The results of operations as presented in this earnings release are unaudited and are not necessarily indicative of future results.
FINANCIAL HIGHLIGHTS & OPERATING STATISTICS
|For the Fiscal Quarter Ended||For the Six Months Ended|
|April 30,||April 30,|
|($ in thousands, except per share amounts)||2019||2018||2019||2018|
|AFFO Per Share - Basic & Diluted||$||0.32||$||0.57||$||0.74||$||0.81|
|Dividends Per Share||$||0.125||$||0.05||$||0.275||$||0.05|
|Total Average Residential Occupancy||95.1||%||94.2||%||95.2||%||93.7||%|
|Total Average Commercial Occupancy (a)||81.2||%||80.4||%||81.3||%||79.7||%|
|Average Commercial Occupancy Excluding Rotunda Retail (b)||81.1||%||81.7||%||81.4||%||81.0||%|
|Average Occupancy at the Rotunda Retail||81.8||%||71.8||%||80.5||%||70.6||%|
(a) Occupancy metrics exclude the Patchogue, New York property from all periods presented as the property was sold in February 2019.
(b) Occupancy metrics exclude the 156,000 square feet of Rotunda retail leasable space as the Rotunda was substantially completed in the third quarter of Fiscal 2016 and is in the lease-up phase.
Results for the Quarter
Real estate revenue increased 3.2% to $14.8 million for the fiscal quarter ended April 30, 2019 as compared to $14.3 million for the prior year’s comparable period. The increase in revenue was primarily attributable to an increase in the average occupancy rate at the Rotunda property resulting from the lease-up of the new residential units and retail space at the property.
Net income attributable to common equity (“net income”) was $0.8 million or $0.11 per share basic and diluted for the fiscal quarter ended April 30, 2019 as compared to $1.1 million or $0.16 per share basic and diluted for the prior year’s comparable period. The decrease in net income for the Current Quarter was primarily driven by the following: real estate tax credits and refunds related to the Icon at the Rotunda property in the amount of approximately $1.1 million received in the prior period’s quarter related to Fiscal 2017 (with a consolidated impact to FREIT of approximately $0.7 million); special committee expenses in the amount of approximately $0.6 million related to advisory and legal fees incurred in the current period’s quarter; offset by an $0.8 million gain on the sale of the Patchogue, New York property sold in February 2019 and an increase in revenue as explained in the preceding paragraph. (Refer to “Table of Revenue & Net Income Components”)
Results for the Six Months
Real estate revenue increased 4.2% to $29.7 million for the six months ended April 30, 2019 as compared to $28.5 million for the prior year’s comparable period. The increase in revenue was primarily attributable to an increase in the average occupancy rate at the Rotunda property resulting from the lease-up of the new residential units and retail space at the property.
The following information was filed by First Real Estate Investment Trust Of New Jersey (FREVS) on Friday, June 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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