SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: June 22, 2004
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
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(Exact name of registrant as specified in its charter)
New Jersey 22-1697095
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(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
505 Main Street, P.O. Box 667, Hackensack, New Jersey 07602
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 201-488-6400
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Item 5. Other Events
First Real Estate Investment Trust of New Jersey ("FREIT") through its 75% owned
subsidiary, SAndA Commercial Associates LP ("SAndA"), completed the sale of the
Olney Town Center ("OTC") in Olney, Maryland on June 22, 2004. The sales price
for the property was approximately $28.2 million. SAndA will utilize part of the
selling price to repay the approximate $11 million first mortage on OTC. The
property was acquired in April 2000 for approximately $15.5 million. SandA will
recognize a gain of approximately $13 million from the sale.
SAndA has structured the sale of OTC and the purchase of The Pierre (acquisition
completed April 16, 2004) in a manor that qualifies as a like kind exchange of
real estate pursuant to Section 1031 or the Internal Revenue Code. This will
result in a deferral for income tax purposes of the gain from the sale of OTC.
Disclosure Concerning Forward-Looking Statements
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Certain Statements in this Form 8-K may contain information that is, or
anticipate certain events that are, forward-looking within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Registrant cautions readers
that forward-looking statements, including, without limitation, those relating
to the Registrant's liquidity and capital resources, are subject to certain
risks and uncertainties. Actual results may differ materially from those
described in the forward-looking statements and will be affected by a variety of
risks and factors, including without limitation, the Registrant's future
financial performance; the availability of capital; general market conditions;
national and local economic conditions; particularly long-term interest rates;
the terms of federal, state and local governmental regulations that affect the
Registrant; and the competitive environment in which the Registrant operates,
including the availability of retail space and residential apartment units in
the areas where the Registrant's properties are located. In addition, the
Registrant's continued qualification as a real estate investment trust involves
the application of highly technical and complex rules of the Internal Revenue
Code. The forward-looking statements are made as of the date of this Form 8-K
and the Registrant assumes no obligation to update the forward-looking
statements or to update the reasons actual results could differ from those
projected in such forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY
By: /s/ Robert S. Hekemian
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Robert S. Hekemian
Chairman of the Board
DATED: June 24, 2004