(OTC: FREVS)

Industry: Diversified REITs
On the web: n/a
Employees: 25

First Real Estate Investment Trust of New Jersey is an equity real estate investment trust, organized in New Jersey, in 1961. FREIT acquires, develops and holds real estate properties for long-term investment and not for resale. The Company's investment portfolio contains multi family residential properties, retail properties, undeveloped land and a 40% equity interest in Westwood Hills, LLC, a New Jersey Limited Liability Company, which owns a 210 unit apartment complex, and a 40% equity interest in Wayne PSC, LLC, a New Jersey Limited Liability Company, which owns a 323,000 plus sq. ft. Community Shopping Center. All, but four of FREIT's properties are located in New Jersey. The Company has two reportable segments: Retail Properties and Residential Properties. FREIT was founded and organized for the principal purpose of acquiring, developing, and owning a portfolio of diverse income producing real estate properties. The Company's developed properties include residential apartment communities and retail properties that consist of multi and single tenanted properties. FREIT's properties are located in New Jersey, Maryland and in Long Island. They also currently own approximately 56.5 acres of unimproved land in New Jersey. FREIT, funds acquisition opportunities and the development of the real estate properties largely through debt financing, includes mortgage loans against certain of its properties. On July 31, 2003, Damascus Centre, LLC, an entity wholly owned by the Company, acquired the Damascus Shopping Center in Damascus, MD.