FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	46.3	51.6	58	60.3	52.7	50.3	31.3	28.3	28.7	29.3
General and administrative	2.03	2.13	2.31	2.63	3.82	5.2	5	4.24	4.42	2.89
Operating expenses	31.7	39.7	38.7	41.5	49	36.8	24.3	20.9	21.1	20.1
Operating income	14.6	12	19.3	18.8	3.76	13.5	16	14.7	15.1	15.2
Interest expense	11.9	15.8	18.7	18.1	14.1	12.3	8.06	7.72	7.31	7.28
Interest income					0.2	0.12	0.36	1.01	1.56	1.35
Other non-operating income								28.9	11.7	26.2
Pre-tax income	23.8	24.8	32.5	33.8			16	14.7	15.1	15.2
Income from continuing operations	3.01
Net income to minority interests	0.09	-2.43	-0.52	0.01	-3.23	0.12	23.3	-1.34	1.08	-0.36
Net income	3.01	13.1	1.48	1.79	20.6	0.93	46	0.76	15.9	3.51
EBITDA	22.4	22.7	30.8	30.2	14.1	22.8	20	17.6	18	18.1
EPS, basic	0.44	1.92	0.21	0.26	2.94	0.13	6.52	0.10	2.13	0.47
EPS, diluted	0.44	1.92	0.21	0.26	2.94	0.13	6.45	0.10	2.13	0.47
Shares, basic (weighted)	6.78	6.83	6.88	6.94	0.01	0.01	0.01	0.01	0.01	0.01
Shares, diluted (weighted)	6.78	6.83	6.88	6.94	0.01	0.01	0.01	0.01	0.01	0.01
Dividend per share	1.20	0.15	0.15	0.60		0.25	9.20	0.45	0.85	0.36

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10.9	7.9	21.7	38.1	36.9	35.9	49.6	13.2	14.9	17.9
Receivables								0.56	0.5	0.2
Total assets	368	373	392	391	355	346	179	159	162	150
Short-term debt								137
Total liabilities	353	344	368	375	324	314	154	141	136	124
Total debt	327	322	347	350	305	300	138	137		121
Paid-in capital						25.6	30.6	32.1	32.3	32.4
Retained earnings					13.8	13	-6.21	-8.97	0.54	1.36
Treasury stock	-5.27	-5.27	-4.94	-4.33	-2.86
Other comprehensive income	-1.69	0.28	2.52	-2.04	-3.99	-2.02	1.41	1.34	0.49	0.21
Shareholders' equity	2.83	17.8	21.5	15.7	34.9	36.6	25.9	24.5	33.4	34
Minority interests	12.6	10.8	2.86	0.33	-4.04	-4.62	-1.17	-6.04	-7.18	-8.34
Total equity	15.5	28.6	24.3	16	30.9	32	24.7	18.5	26.2	25.7
Total liabilities and equity	368	373	392	391	355	346	179	159	162	150

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3.1	10.7	0.97	1.79	17.3	1.05	69.2	-0.58	16.9	3.15
Depreciation and amortization	7.85	10.7	11.5	11.3	10.3	9.3	4	2.94	2.98	2.97
Stock-based compensation	0.09	0.12	0.13	0.12	0.05	0.04	1.19	0.01	0
Deferred income tax							0.04
Change in payables	-3.26	-1.02	-1.81	0.06	-5.45	-0.01	-1.16	-1.95	-0.45	0.02
Cash from operations	8.06	3.48	13.2	14.7	3.89	12.2	7.32	2.68	20.2	6.25
Capital expenditures	-9.93	-10.1	-5.34	-3.09	-2.05	-1.94	-1.57	-1.29	-1.24	-0.76
Acquisitions			-19.6						-249
Purchases of investments								-38.4	-45.7	-48.2
Sales and maturities of investments								15.2	40.8	60.1
Cash from investing	-20.4	6.04	-23	3.4	-3.23	-1.79	250	-25.3	-6.11	11.5
Debt repaid					-0.16	-162	-0.62	-0.62
Stock issued	0.24						2.03	1.26	0.04
Dividends paid	-8.07	-3.03	-0.68	-3.05	-1.36	-1.03	-53.5	-13.7	-1.49	-7.17
Cash from financing	9.75	-5.21	15.4	-1.99	-3.63	-10.9	-238	-17.5	-13.2	-15.5
Net change in cash	-2.59	4.32	5.52	16.1	-2.97	-0.47	19.5	-40.1	0.87	2.31
Free cash flow	-1.87	-6.58	7.84	11.6	1.84	10.3	5.75	1.39	18.9	5.49
Interest paid	11.1	15.2	17	16.3	12.4	11	7.13	7.18	6.78	7.04

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $21.20 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	51.8%	Operating income / revenue.
EBITDA margin	61.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	51.8%	Pre-tax income / revenue.
Net margin	75.6%	Net income / revenue.
FCF margin	16.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.8%	Cash from operations / revenue.
Return on equity (ROE)	42.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.8%	Net income / average total assets.
Return on invested capital (ROIC)	8.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	9.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-11.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	0.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	32.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	0.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-77.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-57.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-29.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-77.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-58.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-30.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-69.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-71.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-1.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	24.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-57.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-66.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	2.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-7.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-15.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	2.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	69.0%	Total debt / total assets.
Liabilities / assets	71.5%	Total liabilities / total assets.
Net debt	$98.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.30x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.12x	Operating income / interest expense.
Tangible book value	$53.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.
Receivables turnover	77.3x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.
FCF conversion	22.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4,039.00	Revenue / diluted weighted shares.
FCF per share	$672.15	Free cash flow / diluted weighted shares.
Operating cash flow per share	$759.42	Cash from operations / diluted weighted shares.
Book value per share	$7,173.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7,173.00	Tangible book value / shares outstanding.
Cash per share	$2,142.00	(Cash + short-term investments) / shares outstanding.
Payout ratio	13.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	59.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$158.6M	Share price x shares outstanding.
Enterprise value	$256.8M	Market cap + total debt - cash - short-term investments.
P/E	6.94x	Market cap / net income. Only when net income is positive.
P/S	5.25x	Market cap / revenue.
P/B	2.96x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.96x	Market cap / tangible book value, when positive.
P/FCF	31.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	27.9x	Market cap / cash from operations, when positive.
EV/Sales	8.50x	Enterprise value / revenue.
EV/EBIT	16.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	51.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.2%	Free cash flow / market cap.
Earnings yield	14.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.

What was FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.'s revenue in fiscal 2025?

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. reported revenue of $29.3M for fiscal 2025, 2.2% higher than the year before.

Was FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. profitable in fiscal 2025?

Yes. Net income was $3.5M, a net margin of 12%.

How much free cash flow did FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. generate in fiscal 2025?

Cash from operations of $6.2M minus capital expenditures of $759.0K left free cash flow of $5.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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