First Real Estate Investment Trust of New Jersey, Inc. / "Tax" | Tables in SEC filings

FREVS First Real Estate Investment Trust of New Jersey, Inc.

Annual report

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended October 31,
	2023		2022		2021
	(In Thousands of Dollars)
Operating activities:
Net (loss) income	$	(575)	$	69,244	$	1,047
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Net loss (gain) on sale of Maryland properties		1,003		(68,771)		—
Depreciation		2,944		3,995		9,300
Amortization		612		1,104		1,653
Stock based compensation expense		11		1,192		42
Directors fees and related interest paid in stock units		26		120		446
Stock awards granted to directors		140		—		—
Loss on investment in tenancy-in-common		271		228		295
Deferred rents - straight line rent		100		(18)		230
Deferred real estate tax appeal fees		—		35		—
Bad debt expense		16		361		361
Accreted interest on investment in U.S. Treasury securities		(353)		—		—
Changes in operating assets and liabilities:
Tenants' security accounts		(23)		(754)		(75)
Accounts receivable, prepaid expenses and other assets		152		2,571		(363)
Accounts payable, accrued expenses and deferred director compensation payable		(1,954)		(1,159)		(7)
Deferred revenue		311		(786)		100
Due to affiliate - accrued interest		—		(47)		(808)
Deferred interest on mortgages		—		—		(2)
Net cash provided by operating activities		2,681		7,315		12,219
Investing activities:
(Cash outlays) proceeds from sale of Maryland properties, net		(1,003)		245,763		—
Purchase of U.S. Treasury securities		(38,444)		—		—
Proceeds from maturities of U.S. Treasury securities		15,204		—		—
Proceeds from payment of secured loans receivable inclusive of accrued interest		—		5,316		—
Capital improvements - existing properties		(1,290)		(1,570)		(1,936)
Deferred leasing costs		(170)		(173)		(279)
Distribution from investment in tenancy-in-common		390		357		423
Net cash (used in) provided by investing activities		(25,313)		249,693		(1,792)
Financing activities:
Repayment of mortgages		(26,538)		(194,559)		(5,962)
Proceeds from mortgage loan refinancings		25,500		32,500		—
Proceeds from exercise of stock options		1,263		2,028		—
Deferred financing costs		(481)		(691)		(699)
Due to affiliate - loan proceeds		—		300		—
Due to affiliate - loan repayment		—		(3,505)		(1,861)
Dividends paid		(13,721)		(53,535)		(1,027)
Distributions to noncontrolling interests in subsidiaries		(3,535)		(20,091)		(1,350)
Net cash used in financing activities		(17,512)		(237,553)		(10,899)
Net (decrease) increase in cash, cash equivalents and restricted cash		(40,144)		19,455		(472)
Cash, cash equivalents and restricted cash, beginning of year		58,500		39,045		39,517
Cash, cash equivalents and restricted cash, end of year	$	18,356	$	58,500	$	39,045

Supplemental disclosure of cash flow data:
Interest paid	$	7,182	$	7,134	$	10,965
Supplemental schedule of non cash activities:
Operating activities:
Commercial tenant security deposits applied to accounts receivable	$	—	$	—	$	10
Investing activities:
Accrued capital expenditures, construction costs and pre-development costs	$	210	$	33	$	125
Financing activities:
Retirement of treasury stock	$	—	$	—	$	2,791
Dividends declared but not paid	$	372	$	10,573	$	686
Dividends paid in share units	$	—	$	1,741	$	42
Vested share units issued to retired director	$	—	$	—	$	72

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:

Cash and cash equivalents	$	13,217	$	49,578	$	35,891
Tenants' security accounts		962		1,038		1,340
Funds held in post-closing escrow		883		6,251		—
Mortgage escrows (included in prepaid expenses and other assets)		3,294		1,633		1,814
Total cash, cash equivalents and restricted cash	$	18,356	$	58,500	$	39,045

				(in thousands of dollars)											Dividends
Fiscal		Per		Total		Ordinary			Capital Gain			Taxable			as a % of
Year		Share		Dividends		Income-Tax Basis			Income-Tax Basis			Income			Taxable Income
	2024	$	0.85	$	6,343	$	6,029	*	$	314	*	$	6,343	*		100.0%
	2023	$	0.45	$	3,520	$	—		$	928		$	928			379.3%
	2022	$	9.20	$	65,163	$	6,690		$	45,333		$	52,023			125.3%
	*Estimated

				(in thousands of dollars)											Dividends
Fiscal		Per		Total		Ordinary			Capital Gain			Taxable			as a % of
Year		Share		Dividends		Income-Tax Basis			Income-Tax Basis			Income			Taxable Income
	2023	$	0.45	$	3,520	$	—	*	$	—	*	$	—	*		0.0%
	2022	$	9.20	$	65,163	$	—		$	45,333		$	45,333			143.7%
	2021	$	0.25	$	1,755	$	1,900		$	—		$	1,900			92.4%
	*Estimated

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