FirstRealEstateInvestmentTrustofNewJerseyInc_OTC_FREVS_2006.pdf

1、FREIT 2006FIRsT REal EsTaTE InvEsTmEnT TRusT of new Jerseyannual Report 2006company profilecontentsmessage to our shareholders 1 fiscal 2006 financial highlights 5 properties 6 form 10-K 8 corporate information inside back cover First Real Estate Investment Trust of new Jersey(“FREIT”),organized in

2、1961,is an equity real estate investment trust.The focus of its activities has been to acquire real property for long-term investment.FREIT conducts its operations in a manner intended to comply with the requirements for qualifying as a real estate investment trust pursuant to the Federal Internal R

3、evenue Code.as a result,FREIT receives favorable tax treatment as provided under the tax code.FREIT has recorded a profit and has paid dividends to its shareholders during each year since its founding.Hekemian&Co.,Inc.,a real estate management and brokerage company,has managed FREITs assets since it

4、s inception.FREITs offices are located at“Corporate 505”,505 main street,Hackensack,new Jersey.Westridge square clock tower Frederick,MD1message to our shareholdersWe are pleased to announce that 2006 was another strong year for FREIT.Revenues for 2006 increased 14%over the prior year,to a record le

5、vel of$38.3 million.2006 operating income from continuing operations increased to$16.1 million and$5.2 million,respectively,the highest levels ever achieved by FREIT.Funds From Operations increased 11%to$8.6 million($1.26 per share-diluted)from$7.7 million($1.14 per share-diluted).Gross assets at th

6、e end of the year were$235 million,a 9%increase over the prior year.Dividends also increased 4.2%over the prior year to$1.25 per share.These impressive results were achieved as a result of an improving apartment rental market and continuing diligent and professional asset and property management.It