SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20594
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended July 31, 1995 Commission File No. 2-48728
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
------------------------------------------------------
(exact name of registrant as specified in its charter)
New Jersey 22-1697095
------------------------------- -------------------
(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
505 Main Street, P.O. Box 667, Hackensack, New Jersey 07602
-------------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 201-488-6400
------------
-----------------------------------------------------------------
Former name, former address and former fiscal year,
if changed since last report.
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [ X ] No [ ]
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
INDEX
Part I: Financial Information
Item 1: Financial Statements
a.) Combined Balance Sheets for July 31, 1995 and October 31,
1994;
b.) Combined Statements of Income and Undistributed Earnings
For Nine and Three Months Ended July 31, 1995 and 1994;
c.) Combined Statements of Cash Flows for Nine Months Ended
July 31, 1995 and 1994;
Item 2: Management's Discussion and Analysis of
Financial Condition and Results of Operations
Part II: Other Information
Item 5. Other Information
Item 6. No Exhibits
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
COMBINED BALANCE SHEETS
JULY 31, 1995 AND OCTOBER 31, 1994
(Unaudited)
<TABLE>
<CAPTION>
July October
31, 1995 31, 1994
-------- --------
(In Thousands of Dollars)
<S> <C> <C>
ASSETS
------
Real estate, at cost, net of accumulated
depreciation (Notes 3, 4 and 5) .................... $ 62,384 $ 63,176
Equipment, at cost, net of accumulated
depreciation of $537,000 and $491,000 .............. 219 214
Cash ................................................. 242 238
Tenants' security accounts ........................... 906 867
Sundry receivables ................................... 543 325
Prepaid expenses and other assets .................... 885 601
Deferred charges, net ................................ 457 192
-------- --------
Totals ..................................... $ 65,636 $ 65,613
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Liabilities:
Mortgages payable (Note 4) ....................... $ 33,565 $ 34,019
Note payable - bank (Note 5) ....................... 5,824 5,428
Accounts payable and accrued expenses ............ 310 344
Tenants' security deposits ....................... 1,010 964
Other liabilities .................................. 27 77
Deferred revenue ................................. 336 137
-------- --------
Total liabilities .......................... 41,072 40,969
-------- --------
Minority interest .................................... 3,577 3,496
-------- --------
Commitments and contingencies (Note 6)
Shareholders' equity:
Shares of beneficial interest without par
value; 1,560,000 shares authorized;
1,559,788 shares issued and outstanding
(Note 9) ....................................... 19,314 19,314
Undistributed earnings ........................... 1,673 1,834
-------- --------
Total shareholders' equity ................. 20,987 21,148
-------- --------
Totals .................................... $ 65,636 $ 65,613
======== ========
</TABLE>
See Notes to Combined Financial Statements.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND AFFILIATE
COMBINED STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS
NINE AND THREE MONTHS ENDED JULY 31, 1995 AND 1994 (Unaudited)
<TABLE>
<CAPTION>
Nine Months Three Months
Ended July 31, Ended July 31,
--------------------- ---------------------
1995 1994 1995 1994
------- ------- ------- -------
(In Thousands of Dollars, Except Per Share Amounts)
<S> <C> <C> <C> <C>
INCOME
Rental revenue:
Rental income (Note 6) ................ $ 8,727 $ 7,105 $ 2,920 $ 2,596
Real estate taxes reimbursed .......... 617 460 288 151
Common area maintenance reimbursed .... 285 380 102 147
Sundry income ......................... 119 113 48 40
------- ------- ------- -------
Totals ............................ 9,748 8,058 3,358 2,934
------- ------- ------- -------
Rental expenses:
Operating expenses .................... 2,033 1,811 609 555
Management fees (Note 7) ................ 416 345 141 123
Real estate taxes ..................... 1,132 971 376 342
Interest .............................. 2,311 1,830 773 685
Depreciation .......................... 1,140 930 388 342
------- ------- ------- -------
Totals ............................ 7,032 5,887 2,287 2,047
------- ------- ------- -------
Income from rental operations ............. 2,716 2,171 1,071 887
------- ------- ------- -------
Other income (expense):
Interest income ....................... 6 4 2
Interest expense ...................... (363) (203) (128) (87)
General and administrative ............ (193) (134) (67) (42)
------- ------- ------- -------
Totals ............................ (550) (333) (193) (129)
------- ------- ------- -------
Income before minority interest ........... 2,166 1,838 878 758
Minority interest ......................... (81) (59) (34) (59)
------- ------- ------- -------
Net income ................................ $ 2,085 $ 1,779 $ 844 $ 699
======= ======= ======= =======
Earnings per share (Note 8) ............... $ 1.34 $ 1.14 $ .54 $ .45
======= ======= ======= =======
UNDISTRIBUTED EARNINGS
Balance, beginning of period .............. $ 1,834 $ 1,978 $ 1,375 $ 1,530
Net income ................................ 2,085 1,779 844 699
Dividends paid ............................ (2,246) (2,028) (546) (500)
------- ------- ------- -------
Balance, end of period .................... $ 1,673 $ 1,729 $ 1,673 $ 1,729
======= ======= ======= =======
Dividends paid per share .................. $ 1.44 $ 1.30 $ .35 $ .32
======= ======= ======= =======
</TABLE>
See Notes to Combined Financial Statements.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
COMBINED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED JULY 31, 1995 AND 1994
(Unaudited)
<TABLE>
<CAPTION>
1995 1994
-------- --------
(In Thousands of Dollars)
<S> <C> <C>
Operating activities:
Net income ......................................... $ 2,085 $ 1,779
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization .................. 1,152 986
Deferred revenue ............................... 199 62
Minority interest .............................. 81 59
Changes in operating assets and liabilities:
Tenants' security accounts .................. (39) (226)
Sundry receivables, prepaid expenses and
other assets ................................... (502) (453)
Accounts payable and accrued expenses ....... (34) (2)
Tenants' security deposits .................. 46 241
Other liabilities ........................... (50) (18)
-------- --------
Net cash provided by operating activities 2,938 2,428
-------- --------
Investing activities - capital expenditures ............ (353) (15,641)
-------- --------
Financing activities:
Dividends paid ..................................... (2,246) (2,028)
Minority interest contribution ..................... 3,540
Deferred charges ..................................... (277) (59)
Proceeds from note payable - bank .................... 396 2,000
Repayments of note payable - bank .................. (192)
Proceeds from mortgages ............................ 9,250
Repayment of mortgages ............................. (454) (48)
-------- --------
Net cash provided by (used in) financing
activities ............................ (2,581) 12,463
-------- --------
Net increase (decrease) in cash ........................ 4 (750)
Cash, beginning of period .............................. 238 928
-------- --------
Cash, end of period .................................... $ 242 $ 178
======== ========
Supplemental disclosure of cash flow data:
Interest paid ...................................... $ 2,674 $ 2,033
======== ========
</TABLE>
Supplemental schedule of noncash investing and financing activities: During the
nine months ended July 31, 1994, the Affiliate financed the purchase of real
estate with mortgage proceeds of $9,520,000 (see Note 2).
See Notes to Combined Financial Statements.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
NOTES TO COMBINED FINANCIAL STATEMENTS
Note 1 - Organization and significant accounting policies:
Organization:
First Real Estate Investment Trust of New Jersey (the
"Trust") was organized November 1, 1961 as a New Jersey
Business Trust.
The Trust has elected to be taxed as a Real Estate
Investment Trust under the provisions of Sections 856-860
of the Internal Revenue Code, as amended. Accordingly,
the Trust does not pay Federal income tax on income
whenever income distributed to shareholders is equal to
at least 95% of real estate investment trust taxable
income. Further, the Trust pays no Federal income tax on
capital gains distributed to shareholders.
The Trust is subject to Federal income tax on
undistributed taxable income and capital gains. The Trust
may make an annual election under Section 858 of the
Internal Revenue Code to apply part of the regular
dividends paid in each respective subsequent year as a
distribution for the immediately preceding year.
Basis of presentation:
The combined financial information included herein as at
July 31, 1995 and for the nine and three months ended
July 31, 1995 and 1994 is unaudited and, in the opinion
of the Trust, reflects all adjustments (which include
only normal recurring accruals) necessary for a fair
presentation of the combined financial position as of
that date and the combined results of operations for
those periods. The information in the combined balance
sheet as of October 31, 1994 was derived from the Trust's
audited annual report for 1994.
Principles of combination:
The combined financial statements include the accounts of
the Trust and Westwood Hills, LLC (the "Affiliate"),
which have been combined on the basis of common control.
The Affiliate is a limited liability company that is
40%-owned by the Trust and managed by Hekemian & Co.,
Inc. ("Hekemian"), a company which manages all of the
Trust's properties and in which one of the trustees of
the Trust is the chairman of the board. Certain other
members of the Affiliate are either trustees of the Trust
or their families or officers of Hekemian. The combined
financial statements include 100% of the Affiliate's
assets, liabilities, operations and cash flows with the
60% interest owned by the other members of the Affiliate
reflected as "minority interest." All significant
intercompany accounts and transactions have been
eliminated in combination.
Cash:
The Trust and its Affiliate maintain their cash in bank
deposit accounts which, at times, may exceed Federally
insured limits. The Trust considers all highly liquid
debt instruments purchased with a maturity of three
months or less to be cash equivalents. At July 31, 1995
and October 31, 1994, the Trust had no cash equivalents.
Depreciation:
Real estate and equipment are depreciated on the
straight-line method by annual charges to operations
calculated to absorb costs of assets over their estimated
useful lives.
Revenue recognition:
Income from leases is recognized on a straight-line basis
regardless of when payment is due. Lease agreements
between the Trust and commercial tenants generally
provide for additional rentals based on such factors as
percentage of tenants' sales in excess of specified
volumes, increases in real estate taxes, Consumer Price
Indices and common area maintenance charges. These
additional rentals are generally included in income when
reported to the Trust, when billed to tenants or ratably
over the appropriate period.
Deferred charges:
Deferred charges consist of mortgage costs and leasing
commissions. Deferred mortgage costs are amortized on the
straight-line method by annual charges to operations over
the terms of the mortgages. Deferred leasing commissions
are amortized on the straight-line method over the terms
of the applicable leases.
Income taxes:
The Affiliate, with the consent of its members, elected
to be treated as a limited liability company under the
applicable sections of the Internal Revenue Code. Under
these sections, income or loss, in general, is allocated
to the members for inclusion in their individual income
tax returns. Accordingly, there is no provision for
income taxes applicable to the operations of the
Affiliate in the accompanying combined financial
statements.
Earnings per share:
Earnings per share are computed based on the weighted
average number of shares outstanding. The weighted
average number of shares outstanding was 1,559,788 for
each of the nine and three month periods ended July 31,
1995 and 1994.
Note 2 - Acquisition:
During May 1994, the Trust became a 40% member of the
Affiliate, a newly formed limited liability company.
On June 2, 1994, the Affiliate consummated the purchase of
Westwood Properties, a residential apartment complex located
in Westwood, New Jersey (the "Apartment Complex"). The cost
of the Apartment Complex was approximately $15,419,000 of
which $5,899,000 was paid in cash and $9,520,000 was
financed by the proceeds of a mortgage.
The acquisition was accounted for as a purchase and,
accordingly, the Apartment Complex's operations have been
included in the accompanying 1994 statements of income since
the date of acquisition.
The following unaudited proforma information (in thousands
of dollars, except per share amounts) shows the results of
operations for the nine and three months ended July 31, 1994
as though the Apartment Complex had been acquired at the
beginning of fiscal 1994:
<TABLE>
<CAPTION>
Nine Three
Months Months
Ended Ended
July July
31, 1994 31, 1994
-------- --------
<S> <C> <C>
Rental revenue ............................... $ 9,283 $ 3,109
Rental expenses .............................. 6,769 2,173
------- -------
Income from rental operations ................ 2,514 936
Other expenses, net .......................... (414) (140)
Minority interest ............................ (262) (88)
------- -------
Net income ................................... $ 1,838 $ 708
======= =======
Earnings per share ........................... $ 1.18 $ .45
======= =======
</TABLE>
In addition to combining the historical results of
operations of the Apartment Complex and the Trust, the
unaudited proforma results include adjustments for
depreciation based on the Affiliate's purchase price,
reduced interest income and increased interest expense
related to cash paid and obligations incurred to complete
the transaction.
The unaudited proforma results of operations set forth above
are based on information furnished by the Trust's
management. Such proforma information is not necessarily
indicative of the results that would have occurred had the
acquisition been made at the beginning of fiscal 1994 or of
future results of operations of the combined properties.
<PAGE>
Note 3 - Real estate:
Real estate consists of the following:
<TABLE>
<CAPTION>
Range
of Estimated July October
Useful Lives 31, 1995 31, 1994
-------------- -------- --------
(In Thousands of Dollars)
<S> <C> <C>
Land .............................. $ 21,112 $ 21,112
Unimproved land ................... 2,444 2,459
Apartment buildings ............... 7-40 years 21,087 20,749
Commercial buildings .............. 25-31.5 years 58 58
Shopping centers .................. 15-50 years 26,809 26,769
Construction in
progress ........................ 700 737
-------- --------
72,210 71,884
Less accumulated de-
preciation ...................... 9,826 8,708
-------- --------
Totals ........................ $ 62,384 $ 63,176
======== ========
</TABLE>
Note 4 - Mortgages payable:
Mortgages payable consist of the following:
<TABLE>
<CAPTION>
July October
31, 1995 31, 1994
-------- --------
(In Thousands of Dollars)
<S> <C> <C>
State Mutual Life Assurance Company
of America (A) ................................. $ 18,428 $ 18,624
Aetna Life Insurance Company (B) ................. 5,473 5,557
United Jersey Bank (C) ........................... 9,338 9,455
United Jersey Bank (D) ........................... 326 383
-------- --------
Totals ....................................... $ 33,565 $ 34,019
======== ========
</TABLE>
<PAGE>
(A) Payable in monthly installments of $160,925 including interest at 9% through
August 1997 at which time the outstanding balance is due. The mortgage is
secured by a shopping center in Frederick, Maryland having a net book value
of approximately $26,488,000.
(B) Payable in monthly installments of $55,287 including interest at 10% through
September 2001 at which time the outstanding balance is due. The mortgage is
secured by a shopping center in Westwood, New Jersey having a net book value
of approximately $12,079,000.
(C) Payable in monthly principal installments of $12,989 plus interest at a
variable rate through June 2000 at which time the outstanding balance is
due. The mortgage is secured by the Apartment Complex in Westwood, New
Jersey having a net book value of approximately $15,161,000. One of the
directors of the bank is a trustee of the Trust.
(D) Payable in monthly installments of $8,555 including interest at 7.625%
through March 1999 at which time the outstanding balance is due. The
mortgage is secured by an apartment building in Spring Lake, New Jersey
having a net book value of approximately $686,000.
Principal amounts (in thousands of dollars) due under the above obligations
in each of the five years subsequent to July 31, 1995 are as follows:
<TABLE>
<CAPTION>
Year Ending
July 31, Amount
----------- -------
<S> <C> <C>
1996 $ 643
1997 18,520
1998 398
1999 384
2000 324
</TABLE>
Note 5 - Note payable - bank:
Note payable - bank consists of borrowings under a $20,000,-
000 revolving line of credit agreement with United Jersey
Bank which expires on February 10, 1997. The first $10,000,-
000 of borrowings under the line of credit bear interest at
either the prime rate or the LIBOR rate plus 200 basis
points. Any excess borrowings bear interest at either the
prime rate plus 1/2% or the LIBOR rate plus 250 basis
points. Outstanding borrowings are secured by all of the
Trust's properties except the shopping centers located in
Frederick, Maryland and Westwood, New Jersey and any vacant
land owned by the Trust.
<PAGE>
Note 6 - Commitments and contingencies:
Leases:
Commercial tenants:
The Trust leases commercial space having a net book
value of approximately $39,593,000 at July 31, 1995
to tenants for periods of up to twenty years. Most of
the leases contain clauses for reimbursement of real
estate taxes, maintenance, insurance and certain
other operating expenses of the properties. Minimum
rental income (in thousands of dollars) to be
received from noncancelable operating leases in years
subsequent to July 31, 1995 are as follows:
<TABLE>
<CAPTION>
Year Ending
July 31, Amount
----------- -------
<S> <C> <C>
1996 $ 4,358
1997 3,844
1998 3,282
1999 2,927
2000 2,442
Thereafter 12,614
-------
Total $29,467
=======
</TABLE>
The above amounts assume that all leases which expire
are not renewed and, accordingly, neither minimal
rentals nor rentals from replacement tenants are
included.
Minimum future rentals do not include contingent
rentals which may be received under certain leases on
the basis of percentage of reported tenants' sales
volume or increases in Consumer Price Indices.
Contingent rentals included in income for each of the
nine month periods ended July 31, 1995 and 1994 were
not material.
Residential tenants:
Lease terms for residential tenants are usually one
year or less.
Environmental concerns:
A landfill which is considered a superfund site is
located next to a vacant parcel of land which is owned by
the Trust. The New Jersey Department of Environmental
Protection and Energy ("NJDEPE") had advised the Trust
that it was investigating the property for contamination
as a result of the migration of environmentally sensitive
materials from the landfill. In August 1994, the Trust
was advised that, although the soil had not been
environmentally impaired and a clean-up of the property
would not be required, the NJDEPE did determine that the
groundwater in the area of the landfill, including below
the Trust's property, is contaminated as a result of the
activity at the landfill. Accordingly, the NJDEPE is
currently in the process of enforcing remediation of the
groundwater by the responsible parties. As the Trust is
not a responsible party, management anticipates that it
will bear no liability for the cost of the groundwater
remediation.
Note 7 - Management agreement:
The properties owned by the Trust and the Affiliate are
currently managed by Hekemian. The management agreement
requires fees equal to a percentage of rents collected. Such
fees were approximately $416,000 and $345,000 for the nine
months ended July 31, 1995 and 1994, respectively and
$141,000 and $123,000 for the three months ended July 31,
1995 and 1994, respectively.
Note 8 - Earnings per share:
Earnings per share, based on the weighted average number of
shares outstanding during each period, are comprised of
ordinary income.
Note 9 - Shares of beneficial interest:
On February 28, 1995, the Trustees approved an increase of
750,000 authorized shares of beneficial interest pursuant to
a proposed dividend reinvestment plan (the "Plan"). The Plan
was approved by the Securities and Exchange Commission on
April 11, 1995 and the increase in the authorized number of
shares will be concurrent with the commencement of the Plan
which is expected to occur in the fourth quarter of fiscal
1995.
* * *
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Results of Operations
1.) Third Quarter 1995 versus Second Quarter 1995
The ordinary earnings per share for the Trust were $0.54 for
the Third Quarter 1995 as opposed to $0.36 for the Second Quarter 1995. The
results for the Third Quarter 1995 are consistent with expectations of
management since the first two quarters of the fiscal year absorbed the majority
of all heating costs. The mild winter in the Northeast contributed to a decrease
in heating costs. In addition to lower costs, the Trust was able to secure an
increase in rental income for a majority of its properties. The Trust has also
decided to defer certain maintenance programs which has lower expenses for the
most recent fiscal quarters.
2.) Third Quarter 1995 versus Third Quarter 1994
The ordinary earnings per share were $0.54 for the Third
Quarter 1995 as compared with $0.45 for the Third Quarter 1994. The increase in
earnings per share was due to several factors including the contribution to the
gross revenues of the Trust's interest in Westwood Hills, LLC for a full quarter
in 1995 as compared with only a portion of the quarter in 1994. In addition, the
rental income for the Trust's properties have been increased to reflect market
conditions.
3.) Nine Months Ending July 31, 1995 versus Nine Months
Ending July 31, 1994
The ordinary income for the Trust was $1.34 per share for
the first nine months of 1995 as compared with $1.14 for the same period in
1994. The increase reflects the increase in rentals achieved on a majority of
the Trust's properties, moderate heating costs and a full nine month's of income
from the Trust's investment in Westwood Hills, LLC.
<PAGE>
Financial Condition
The Trust is currently generating sufficient cash flow to
meet all of its operational requirements. The Trust does not anticipate that it
will be required to borrow funds to pay any projected dividends other than on a
short term basis.
The Trust will, however, borrow funds under its Line of
Credit or mortgage financing to raise sufficient funds for the demolishment and
reconstruction of its shopping center in Franklin Lakes, New Jersey, see Part II
- Other Information, Item 5 (B), which follows, for details.
As previously reported, the Trust proposed Dividend
Reinvestment and Stock Purchase Plan (the "Plan") was declared effective by the
United States Securities and Exchange Commission in April, 1995. The Trust also
reported that it was proceeding to secure all required State approvals and that
the Plan would be in effect for the Third Quarter of 1995. The Trust has decided
to postpone implementation of the Plan until the Second Quarter of fiscal year
1996.
----
<PAGE>
Part II. Other Information.
ITEM 5. A) Annual Meeting; Election of Board Members and Officers
At the May 31, 1995, Annual Meeting of the Trust, Donald W.
Barney, Ronald J. Artinian and Alan L. Aufzien were elected to succeed
themselves as members of the Board of Trustees.
The current officers of the Trust are:
Robert S. Hekemian - Chairman
Donald W. Barney - President
Dr. John B. Voskian - Secretary
William R. DeLorenzo, Jr. - Executive Sec. & Treasurer
The current members of the Board of Trustees are:
Robert S. Hekemian
Donald W. Barney
Dr. John B. Voskian
Hon. Herbert C. Klein
Nicholas A. Laganella
Charles J. Dodge
Ronald J. Artinian
Alan L. Aufzien
B) Franklin Lakes, New Jersey
The Trust has secured all of the local and state approvals
required to demolish the current shopping center located in Franklin Lakes, New
Jersey with the exception of a Letter of Interpretation ("LOI") from the New
Jersey Department of Environmental Protection ("NJDEP") concerning the
delineation of wetlands and associated transition zones. The Trust anticipates
receipt of the LOI with NJDEP for the outstanding wetland issues prior to
November 1, 1995.
The Trust anticipates that the present shopping center will
be demolished prior to March 1, 1996, with a new 88,000 square foot center to be
operational by January 1, 1997. A lease for approximately 42,000 square feet of
space has been agreed to in principle with Grand Union which has emerged from
Chapter 11 Bankruptcy proceedings.
The Trust now anticipates that the shopping center will be
completely closed by October 1, 1995. The Center will be demolished and
construction will commence in March, 1996. From October 1, 1995 to March 1, 1996
the Trust will receive no revenue from the center. All lease payments due from
Grand Union through the end of their current lease which expired by its terms on
August 31, 1995, have been received.
C) Westwood, New Jersey
All rentals due under the Grand Union lease at the Westwood
Shopping Center have been received through August, 1995. Grand Union has emerged
from Chapter 11 Bankruptcy proceeding.
ITEM 6. No exhibits are required.
No Form 8-K was filed by the Trust.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST REAL ESTATE INVESTMENT
TRUST OF NEW JERSEY
-----------------------------
(Registrant)
Date September 15, 1995
-----------------------
/s/ William R. DeLorenzo, Jr.
-----------------------------
(Signature)*
William R. DeLorenzo, Jr.
Executive Secretary and Treasurer
---------------
*Print name and title of the signing officer under his signature.
<PAGE>
SALES OF UNREGISTERED SECURITIES (DEBT OR EQUITY)
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
N O N E
-------
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> JUL-31-1995
<CASH> 242
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 72,966
<DEPRECIATION> 10,363
<TOTAL-ASSETS> 65,636
<CURRENT-LIABILITIES> 0
<BONDS> 39,389
<COMMON> 19,314
0
0
<OTHER-SE> 1,673
<TOTAL-LIABILITY-AND-EQUITY> 65,636
<SALES> 0
<TOTAL-REVENUES> 9,748
<CGS> 0
<TOTAL-COSTS> 7,032
<OTHER-EXPENSES> 631
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,085
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,085
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,085
<EPS-PRIMARY> 1.34
<EPS-DILUTED> 1.34
</TABLE>
