HACKENSACK, N.J., June 14, 2024 /PRNewswire/ -- First Real Estate Investment Trust of New Jersey, Inc. ("FREIT" or the "Company") reported its operating results for the fiscal quarter ended April 30, 2024. The results of operations as presented in this earnings release are unaudited and are not necessarily indicative of future results. FINANCIAL HIGHLIGHTS & OPERATING STATISTICS For the Fiscal Quarter Ended For the Six Months Ended April 30, April 30, 2024 2023 2024 2023 GAAP Earnings Per Share - Basic and Diluted $0.07 $0.01 $0.00 $0.07 AFFO Per Share - Basic and Diluted $0.21 $0.13 $0.24 $0.30 Dividends Per Share $0.05 $0.05 $0.10 $0.10 Total Average Residential Occupancy  96.5 % 97.5 % 95.9 % 97.2 % Total Average Commercial Occupancy  50.7 % 64.8 % 50.4 % 65.6 %   Results for the Quarter Total real estate revenue increased 5.2% to approximately $7,275,000 for the fiscal quarter ended April 30, 2024 as compared to approximately $6,916,000 for the prior year's comparable period. The increase in revenue was primarily attributable to an increase in base rents in the residential segment across most properties. Net income attributable to common equity ("Net Income") was approximately $533,000 or $0.07 per share basic and diluted for the fiscal quarter ended April 30, 2024 as compared to Net Income of approximately $97,000 or $0.01 per share basic and diluted for the prior year's comparable period. The change in Net Income was primarily driven by an increase in revenue of approximately $359,000 (with a consolidated impact to FREIT of approximately $292,000) and an increase in income from the investment in tenancy-in-common ("TIC") of approximately $183,000. (Refer to "Table of Revenue & Net Income Components") Results for Six Months Total real estate revenue increased 2.7% to approximately $14,274,000 for the six months ended April 30, 2024 as compared to approximately $13,895,000 for the prior year's comparable period. The increase in revenue was primarily attributable to an increase in the residential segment of approximately $635,000 driven by an increase in base rents across most properties while the average occupancy rate declined to 95.9% from 97.2% in the prior year's comparable period. The increase in the residential segment was offset by a decrease from the commercial segment of approximately $256,000 primarily driven by a decline in revenue of approximately $494,000 at the Westwood Plaza Shopping Center resulting from Kmart vacating its space in October 2023 offset by an increase in revenue of approximately $140,000 attributed to the increase in occupancy at the Franklin Crossing Shopping Center to 97.2% from 94.9% in the prior year's comparable period. Net Income was approximately $21,000 or $0.00 per share basic and diluted for the six months ended April 30, 2024 as compared to Net Income of approximately $516,000 or $0.07 per share basic and diluted for the prior year's comparable period. The change in Net Income was primarily driven by an increase in general and administrative expenses ("G&A") of approximately $1,021,000 primarily related to work performed for the Company by a financial advisory firm and an increase in legal costs attributed to the legal proceeding between FREIT and certain of its affiliates and Sinatra Properties, LLC.  The increase in G&A was offset by the increase in revenue of approximately $379,000 (with a consolidated impact to FREIT of approximately $234,000), an increase in investment income of approximately $279,000 resulting from higher interest rates and an increase in income from investment in TIC of approximately $141,000. (Refer to "Table of Revenue & Net Income Components") Table of Revenue & Net Income Components For the Fiscal Quarter Ended April 30, For the Six Months Ended April 30, 2024 2023 Change 2024 2023 Change  (In Thousands Except Per Share Amounts)  (In Thousands Except Per Share Amounts) Revenue: Commercial properties  $ 2,054 $ 2,036 $     18 $ 4,006 $ 4,262 $  (256) Residential properties 5,221 4,880 341 10,268 9,633 635       Total real estate revenues 7,275 6,916 359 14,274 13,895 379 Operating expenses: Real estate operating expenses 3,539 3,438 101 7,048 6,825 223 General and administrative expenses 1,015 975 40 2,823 1,802 1,021 Depreciation