FirstRealEstateInvestmentTrustofNewJerseyInc_OTC_FREVS_2015.pdf

1、Annual Report 2015CONTENTSFinancial Highlights01Historical Data02-03Property Holdings04Form 10K05Officers and Trusteesback coverDear Fellow Shareholders:This past year was exciting and at the same time filled with numerous challenges.Foremost is the continued redevelopment of our Rotunda property in

2、 Baltimore,MD.Construction is nearing completion and we can report that leasing and occupancy at both the residential and retail sections are well underway.In fact,the retail space is approximately 60%leased.The office building lobby renovation has also been completed and has been positively receive

3、d by potential new office tenants.We expect The Rotunda to generate cash flow in the latter part of fiscal year 2016.The Net Operating Income(NOI)at our residential properties continues to increase as our occupancy remains at nearly 95%.This NOI increase was partly fueled by the favorable acquisitio

4、n of The Regency Club apartments in Middletown,NY over a year ago.The Regency Club enjoys a 98%occupancy and as such has benefitted from multiple rent increases during the previous twelve months.Operationally,our cash balance increased to$13.5 million at October 31,2015 from$10.6 million at October

5、31,2014.Adjusted Funds From Operations(AFFO)increased to$10.4 million($1.53 per share)from$9.7 million($1.40 per share).We provided shareholder liquidity by purchasing 94,302 shares of FREIT for our treasury.Unfortunately,not all the news is good.The following disappointments were experienced in our

6、 commercial portfolio:The A&P bankruptcy resulted in the loss of the Pathmark tenant at our Patchogue,NY property as the lease was rejected by Pathmark.As a result,we were forced to take a$1.1 million non-cash write-off of a straight-line rent receivable.More significantly,until the tenant is replac