$FREVS

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

CIK:0000036840|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Revenue:
Rental income	$ 6,981	$ 6,758	$ 20,812	$ 20,085
Reimbursements	415	397	1,535	1,383
Sundry income	141	89	328	303
Total revenue	7,537	7,244	22,675	21,771
Expenses:
Operating expenses	3,133	2,390	8,738	7,612
Management fees	390	358	1,052	1,036
Real estate taxes	1,499	1,478	4,508	4,415
Depreciation	681	738	2,126	2,195
Total expenses	5,703	4,964	16,424	15,258
Investment income	297	303	846	1,053
Net gain on sale of property	19,825		19,825
Loss on investment in tenancy-in-common	(37)	(36)	(106)	(13)
Interest expense including amortization of deferred financing costs	(1,973)	(1,808)	(5,634)	(5,532)
Net income	19,946	739	21,182	2,021
Net loss attributable to noncontrolling interests in subsidiaries	215	140	538	366
Net income attributable to common equity	$ 20,161	$ 879	$ 21,720	$ 2,387
Earnings per share:
Basic (in Dollars per share)	$ 2.69	$ 0.12	$ 2.9	$ 0.32
Diluted (in Dollars per share)	$ 2.69	$ 0.12	$ 2.9	$ 0.32
Weighted average shares outstanding:
Basic (in Shares)	7,482	7,471	7,477	7,468
Diluted (in Shares)	7,482	7,471	7,477	7,468

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Operating activities:
Net income	$ 21,182	$ 2,021
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on sale of property	(19,825)
Depreciation	2,126	2,195
Amortization	632	431
Stock awards granted to directors	140	140
Loss on investment in tenancy-in-common	106	13
Deferred rents - straight line rent	6	83
Bad debt expense	49	119
Accreted interest on investment in U.S. Treasury securities	(442)	(666)
Changes in operating assets and liabilities:
Tenants' security accounts	(125)	(67)
Accounts receivable, prepaid expenses and other assets	(518)	(360)
Accounts payable and accrued expenses	182	(16)
Deferred interest on mortgage		(222)
Due to affiliate - accrued interest	6
Deferred revenue	(157)	257
Net cash provided by operating activities	3,362	3,928
Investing activities:
Proceeds from sale of property	25,717
Purchase of U.S. Treasury securities	(62,065)	(37,414)
Proceeds from maturities of U.S. Treasury securities	38,803	46,861
Capital improvements	(451)	(557)
Deferred leasing costs	(121)	(46)
Due from investment in tenancy-in-common for reimbursement of costs	(209)
Distribution from investment in tenancy-in-common		455
Net cash provided by investing activities	1,674	9,299
Financing activities:
Repayment of mortgages	(6,460)	(6,894)
Deferred financing costs	(647)	(170)
Due to affiliate - loan proceeds	687
Dividends paid	(2,242)	(6,419)
Contributions from noncontrolling interests in subsidiaries - Preferred Member	3,000
Distributions to noncontrolling interests in subsidiaries	(555)	(644)
Net cash used in financing activities	(6,217)	(14,127)
Net decrease in cash, cash equivalents and restricted cash	(1,181)	(900)
Cash, cash equivalents and restricted cash, beginning of period	21,528	19,223
Cash, cash equivalents and restricted cash, end of period	20,347	18,323
Supplemental disclosure of cash flow data:
Interest paid	5,061	5,390
Investing activities:
Accrued transactional costs for sale of property	25
Accrued capital expenditures, construction costs and pre-development costs	36	64
Financing activities:
Dividends declared but not paid	748	748
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
Cash and cash equivalents	16,024	14,604
Tenants' security accounts	806	867
Mortgage escrows (included in prepaid expenses and other assets)	3,517	2,852
Total cash, cash equivalents and restricted cash	$ 20,347	$ 18,323

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2026	Oct. 31, 2025
ASSETS
Real estate, at cost, net of accumulated depreciation	$ 82,173	$ 89,419
Construction in progress	982	968
Cash and cash equivalents	16,024	17,926
Investment in U.S. Treasury securities available-for-sale	41,863	18,174
Investment in tenancy-in-common	17,025	16,922
Tenants' security accounts	806	833
Receivables arising from straight-lining of rents	287	472
Accounts receivable, net of allowance for doubtful accounts of $104 and $258 as of July 31, 2026 and October 31, 2025, respectively	391	201
Prepaid expenses and other assets	5,538	4,511
Deferred charges, net	172	238
Interest rate swap contract	235	210
Total Assets	165,496	149,874
Liabilities:
Mortgages payable	114,840	121,300
Less unamortized debt issuance costs	596	516
Mortgages payable, net	114,244	120,784
Due to affiliate	693
Accounts payable and accrued expenses	881	665
Dividends payable	748	747
Tenants' security deposits	1,007	1,132
Deferred revenue	686	843
Total Liabilities	118,259	124,171
Commitments and contingencies
Common Equity:
Preferred stock with par value of $0.01 per share: 5,000,000 and 0 shares authorized and issued, respectively
Common stock with par value of $0.01 per share: 20,000,000 shares authorized; 7,482,432 and 7,471,344 shares issued at July 31, 2026 and October 31, 2025, respectively	75	75
Additional paid-in-capital	32,533	32,393
Retained earnings	20,837	1,360
Accumulated other comprehensive income	221	211
Total Common Equity	53,666	34,039
Noncontrolling interests in subsidiaries	(6,429)	(8,336)
Total Equity	47,237	25,703
Total Liabilities and Equity	$ 165,496	$ 149,874