FREVS First Real Estate Investment Trust Of New Jersey

Management Discussion

• Real estate revenue for the nine months ended July 31, 2019 (“Current Nine Months”) increased 4.2% to $44,969,000, compared to $43,150,000 for the nine months ended July 31, 2018 (“Prior Year’s Nine Months”). For the three months ended July 31, 2019 (“Current Quarter”), real estate revenue increased 4.3% to $15,255,000, compared to $14,631,000 for the three months ended July 31, 2018 (“Prior Year’s Quarter”). The increase in revenue was primarily attributable to an increase in the average occupancy rate at the Rotunda property resulting from the lease-up of the new residential units and retail space at the property.
• Net income attributable to common equity (“net income-common equity”) for the Current Nine Months and Current Quarter was $1,444,000 ($0.21 per share basic and diluted) and $199,000 ($0.03 per share basic and diluted), compared to $1,050,000 ($0.15 per share basic and diluted) and $292,000 ($0.04 per share basic and diluted) for the Prior Year’s comparable periods, respectively.
• Adjusted net income for the Current Nine Months and Current Quarter was $694,000 ($0.10 per share basic and diluted) and $265,000 ($0.04 per share basic and diluted), compared to $618,000 ($0.09 per share basic and diluted) and $111,000 ($0.02 per