F
irst Real Estate Investment Trust of New Jersey Inc. (FREVS0.00%) has filed its Form 10-K report for the fiscal year ending October 31, 2024.Total real estate revenues reached $28.7 million in fiscal 2024, a modest increase from $28.3 million in the previous year, driven mainly by higher rental income from residential properties.Operating expenses rose to $21.1 million, up from $20.9 million, with general and administrative costs increasing to $4.4 million.Net income for fiscal 2024 was $16.9 million, a significant improvement from a net loss of $575,000 in the prior year, largely due to a $15.7 million litigation settlement.The residential segment saw revenue and net operating income growth, attributed to higher base rents across most properties, while the commercial segment experienced a decline in revenue due to a major tenant's vacancy at Westwood Plaza Shopping Center.Following the sale of its Maryland properties, FREIT incurred a net loss of $356,000 in fiscal 2024, compared to a gain of $68.8 million in fiscal 2022.Total mortgage debt stood at $128.9 million as of October 31, 2024, with an average interest rate of 5.24%.The company declared total dividends of $0.85 per share for fiscal 2024, consistent with its policy to distribute at least 90% of taxable income to maintain REIT status.Management fees paid to Hekemian & Co. totaled approximately $2 million in fiscal 2024.The filing highlights potential risks, including interest rate fluctuations, market competition, and regulatory changes that could impact operations.This content was summarized by generative AI using public filings from SEC.gov, with the original data derived from First Real Estate Investment Trust of New Jersey Inc.'s annual 10-K report dated January 29, 2025.