First Real Estate Investment Trust of New Jersey Inc Reports Mixed Q1 2024 Results

GuruFocus.com03-16

Net Loss: FREVS reported a net loss of approximately $512,000, a decrease from the prior year's net income of $419,000. Earnings Per Share: Basic and diluted loss per share stood at $0.07, compared to...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFirst Real Estate Investment Trust of New Jersey Inc Reports Mixed Q1 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-16 00:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/first-real-estate-investment-trust-163204017.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Net Loss: FREVS reported a net loss of approximately $512,000, a decrease from the prior year's net income of $419,000.\nEarnings Per Share: Basic and diluted loss per share stood at $0.07, compared to...</p>\n\n<a href=\"https://finance.yahoo.com/news/first-real-estate-investment-trust-163204017.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4203","symbol_name":"医疗保健房地产投资信托","start_time":0,"source_url":"https://finance.yahoo.com/news/first-real-estate-investment-trust-163204017.html","article_id":"2419790236","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/UjljnEjxgWQJuFA8LvjVGQ--~B/aD01NTc7dz0xMjQyO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/us.finance.gurufocus/a192b53d69a1c2ed010d5e8c5289f6ce"],"rights":{"source":"yahoofinance_sg","url":"https://finance.yahoo.com/news/first-real-estate-investment-trust-163204017.html","rn_cache_url":null,"customStyle":"","selectors":"article, body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2419790236","pubTimestamp":1710520324,"sourceInfo":{"source_id":"yahoofinance_sg","name":"Yahoo Finance"},"weMediaInfo":null,"summary":"Net Loss: FREVS reported a net loss of approximately $512,000, a decrease from the prior year's net income of $419,000.Earnings Per Share: Basic and diluted loss per share stood at $0.07, compared to earnings of $0.06 per share in the same quarter last year.Revenue: Total real estate revenue saw a marginal increase of 0.3% year-over-year, reaching approximately $6,999,000.Occupancy Rates: Residential occupancy remained high at 95.3%, while commercial occupancy dropped significantly to 50.1%.AFFO: Adjusted Funds From Operations per share decreased to $0.04 from $0.17 year-over-year.On March 15, 2024, First Real Estate Investment Trust of New Jersey Inc  released its 8-K filing, detailing the financial results for the first fiscal quarter ended January 31, 2024. The company, which specializes in owning and managing residential and commercial properties primarily in New Jersey and New York, faced a challenging quarter marked by a slight increase in revenue but a notable decline in net inc","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4203":"医疗保健房地产投资信托","BK6108":"医疗保健房地产投资信托","FREVS":"First Real Estate Investment Trust of New Jersey Inc.","FESNF":"First Real Estate Investment Trust","BK6134":"医疗保健房地产信托","BK6512":"房地产股","BK4160":"多样化房地产投资信托v","BK4225":"医疗保健房地产信托","AW9U.SI":"先锋医疗产业信托"},"translate_title":"新泽西第一房地产投资信托公司报告2024年Q1业绩喜忧参半","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FESNF":1,"FREVS":1,"AW9U.SI":0.9},"content_text":"Net Loss: FREVS reported a net loss of approximately $512,000, a decrease from the prior year's net income of $419,000.\nEarnings Per Share: Basic and diluted loss per share stood at $0.07, compared to earnings of $0.06 per share in the same quarter last year.\nRevenue: Total real estate revenue saw a marginal increase of 0.3% year-over-year, reaching approximately $6,999,000.\nOccupancy Rates: Residential occupancy remained high at 95.3%, while commercial occupancy dropped significantly to 50.1%.\nAFFO: Adjusted Funds From Operations per share decreased to $0.04 from $0.17 year-over-year.\nDividends: The company maintained its dividend at $0.05 per share.\n\n\nWarning! GuruFocus has detected 6 Warning Signs with FREVS.\n\nOn March 15, 2024, First Real Estate Investment Trust of New Jersey Inc (FREVS) released its 8-K filing, detailing the financial results for the first fiscal quarter ended January 31, 2024. The company, which specializes in owning and managing residential and commercial properties primarily in New Jersey and New York, faced a challenging quarter marked by a slight increase in revenue but a notable decline in net income.\n  \nPerformance Overview\nThe company's total real estate revenue inched up to approximately $6,999,000, a 0.3% increase from the previous year's figure of $6,979,000. This was largely due to an increase of approximately $340,000 in base rents from the residential segment, which helped to counterbalance a decline in average occupancy rates from 96.8% to 95.3%. However, the commercial segment experienced a decrease in revenue of approximately $273,000, primarily due to a significant drop in occupancy rates from 66.4% to 50.1%, following the departure of Kmart from the Westwood Plaza Shopping Center.\nThe net loss of approximately $512,000, or $0.07 per share, contrasted with the net income of $419,000, or $0.06 per share, reported in the same quarter of the previous year. The decline in net income was mainly attributed to an increase in general and administrative expenses, which rose by about $981,000. This increase was largely due to costs associated with a financial advisory firm and legal expenses related to ongoing proceedings between FREIT and Sinatra Properties, LLC.\nFinancial Highlights and Challenges\nSegment Property Net Operating Income (NOI) for residential properties showed a modest increase, while NOI for commercial properties saw a decrease, reflecting the challenges faced in the commercial real estate market. The company also reported financing updates, including the full repayment of a $7.5 million loan on a residential property, which is expected to result in annual debt service savings of approximately $558,000.\nAdjusted Funds From Operations (AFFO), a key metric for REITs, decreased to $0.04 per share from $0.17 in the prior year's comparable period. This decline in AFFO is significant as it may impact the company's ability to sustain dividend payments and fund operations or growth initiatives.\n\n The Board of Directors declared a first quarter dividend of $0.05 on the common stock, consistent with the previous year's dividend, and will continue to evaluate the dividend on a quarterly basis.\n\nLooking Ahead\nWhile the company's residential segment remains robust, the substantial drop in commercial occupancy poses a challenge for future revenue streams. The management's efforts to negotiate loan terms and manage financing costs will be crucial in navigating the current real estate market conditions.\nFirst Real Estate Investment Trust of New Jersey Inc's portfolio diversification between residential and commercial properties provides some stability, but the company will need to address the challenges in its commercial segment to improve its financial performance and maintain investor confidence.\nFor further details and to stay updated on FREIT's performance, investors are encouraged to visit the company's website and review their filings with the SEC.\n Explore the complete 8-K earnings release (here) from First Real Estate Investment Trust of New Jersey Inc for further details. This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2419790236"}