FirstRealEstateInvestmentTrustofNewJerseyInc_OTC_FREVS_2007.pdf

1、FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY2007 ANNUAL REPORTOur Company,Our VisionSince 1961,First Real Estate Investment Trust of New Jersey(FREIT)has been an equity real estate investment trust that takes pride in its investment portfolio.Whether apartment communities,shopping centers and co

2、mmercial buildings,or mixed-use developments,every project we invest in is for the long-term.This is our focus.We conduct our operations in compliance with the requirements for qualifying as a real estate investment trust pursuant to the Federal Internal Revenue Code.As a result,we receive favorable

3、 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.Our impressive record of performance over the last four decades is a tribute to the outstanding efforts made by Hekemian&Co.,Inc.,a real estate man

4、agement and brokerage company that has managed FREITs assets since its inception.Our offices are located at Corporate 505,505 Main Street,Hackensack,New Jersey.The Year In ReviewWe are pleased to report that 2007 marked another year of continued success and profitability for FREIT.We continue to cap

5、italize on our broad creativity and knowledge in commercial and residential real estate in order to adapt and properly position the Company in a constantly evolving competitive investment environment.This year,net income and Funds From Operations(FFO)increased,and significant progress was made towar

6、d achieving our goals at our major development projects.Real estate revenues increased 8%to$40.7 millionOperating income increased 6%to$17.2 millionNet income from continuing operations increased 4%to$5.2 millionFunds From Operations(FFO)increased 13%to$9.5 millionTotal assets at the end of fiscal 2