FirstRealEstateInvestmentTrustofNewJerseyInc_OTC_FREVS_2018.pdf

1、AnnuAlRepoRt2018First real estate investment trust oF new Jersey(Freit)predominantly owns multi-Family rental communities,grocery anchored shopping centers,and mixed-use properties.the properties are located in the northeast and mid atlantic regions,and are in upscale markets with high barriers to e

2、ntry.since Freits inception in 1961,the portFolio has been managed by hekemian&co.,inc with oversight and strategic direction From Freits board oF trustees.this team Forms the management and operational core oF Freit thus enabling Freit to beneFit From many years oF success.Contentsletter to shareho

3、lders 1historical data 2 Financialhighlights 3propertyholdings 4 Form10k 5officers and trustees insidebackcover1Our operating results have improved significantly in Fiscal 2018.Apart from the gain from property sales,net income increased approximately$2.6 million to$1.5 million from a$1.1 million ne

4、t loss in Fiscal 2017.Adjusted Funds from Operations in Fiscal 2018 increased to approximately$11.3 mil-lion($1.63 per share)from$6.5 million($0.95 per share)in Fiscal 2017.The improvement in our Companys operating results combined with our contin-ued focus on strategic initiatives continue to lay t

5、he groundwork for enhancing long-term shareholder value.Existing ProPErtiEs For Fiscal 2018,net operating income(“NOI”)from our multi-family portfo-lio increased significantly,by$6.5 million to$18.9 million,and the NOI from our commercial portfolio increased by approximately$1.3 million,to$13.6 mill

6、ion.The preponderance of this growth was fueled by the substantial leas-ing progress made at ICON-the Rotunda residential property in Baltimore,Maryland-which achieved stabilized occupancy during 2018.Additionally,during Fiscal 2018,tax refunds and credits approximating$1.3 million(based on FREITs 6