FREIT Announces First Quarter 2024 Results
FINANCIAL HIGHLIGHTS & OPERATING STATISTICS |
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For the Fiscal Quarter Ended |
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2024 |
2023 |
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GAAP (Loss) Earnings Per Share - Basic and Diluted |
( |
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AFFO Per Share - Basic and Diluted |
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Dividends Per Share |
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Total Average Residential Occupancy |
95.3 % |
96.8 % |
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Total Average Commercial Occupancy |
50.1 % |
66.4 % |
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Results for the Quarter
Total real estate revenue increased 0.3% to approximately
Net (loss) income attributable to common equity ("Net (Loss) Income") was Net Loss of approximately (
(Refer to "Table of Revenue & Net (Loss) Income Components")
Table of Revenue & Net (Loss) Income Components |
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For the Fiscal Quarter Ended |
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2024 |
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2023 |
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Change |
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(In Thousands Except Per Share Amounts) |
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Revenue: |
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Commercial properties |
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$ 1,952 |
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$ 2,226 |
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$ (274) |
Residential properties |
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5,047 |
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4,753 |
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294 |
Total real estate revenues |
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6,999 |
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6,979 |
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20 |
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Operating expenses: |
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Real estate operating expenses |
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3,509 |
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3,387 |
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122 |
General and administrative expenses |
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1,808 |
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827 |
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981 |
Depreciation |
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725 |
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722 |
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3 |
Total operating expenses |
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6,042 |
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4,936 |
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1,106 |
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Financing costs |
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(1,842) |
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(1,876) |
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34 |
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Investment income |
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407 |
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189 |
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218 |
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Loss on investment in tenancy-in-common |
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(109) |
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(67) |
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(42) |
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Net loss on sale of |
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(79) |
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(243) |
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164 |
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Net (loss) income |
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(666) |
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46 |
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(712) |
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Net loss attributable to noncontrolling interests in subsidiaries |
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154 |
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373 |
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(219) |
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Net (loss) income attributable to common equity |
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$ (512) |
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$ 419 |
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$ (931) |
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(Loss) earnings per share: |
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Basic and diluted |
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$ (0.07) |
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$ 0.06 |
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$ (0.13) |
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Weighted average shares outstanding: |
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Basic |
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7,450 |
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7,424 |
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Diluted |
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7,450 |
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7,433 |
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Segment Property Net Operating Income ("NOI")
NOI for the residential properties increased modestly to approximately
Financing Update
On
On
On
Dividend
The Board of Directors of FREIT declared a first quarter dividend of
Adjusted Funds From Operations
Funds From Operations ("FFO") is a non-GAAP measure defined by the
The modified FFO computation is referred to as Adjusted Funds From Operations ("AFFO"). FREIT believes that AFFO is a superior measure of its operating performance. FREIT computes FFO and AFFO as follows:
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For the Fiscal Quarter Ended |
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2024 |
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2023 |
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(In Thousands Except Per Share Amounts) |
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Funds From Operations ("FFO") (a) |
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Net (loss) income |
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$ (666) |
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$ 46 |
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Depreciation of consolidated properties |
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725 |
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722 |
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Amortization of deferred leasing costs |
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26 |
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19 |
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Distributions to non-controlling interests |
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(180) |
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(b) |
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Net loss on sale of |
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79 |
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243 |
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Adjustment to loss on investment in tenancy-in-common for depreciation |
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362 |
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358 |
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FFO |
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$ 346 |
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$ 1,388 |
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Per Share - Basic |
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$ 0.05 |
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$ 0.19 |
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(a) As prescribed by NAREIT. |
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(b) FFO excludes the additional distribution of proceeds to non-controlling interests in the amount of approximately |
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Adjusted Funds From Operations ("AFFO") |
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FFO |
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$ 346 |
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$ 1,388 |
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Deferred rents (Straight lining) |
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29 |
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28 |
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Capital Improvements - Apartments |
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(96) |
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(145) |
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AFFO |
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$ 279 |
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$ 1,271 |
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Per Share - Basic and Diluted |
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$ 0.04 |
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$ 0.17 |
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Weighted Average Shares Outstanding: |
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Basic |
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7,450 |
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7,424 |
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Diluted |
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7,450 |
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7,433 |
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FFO and AFFO do not represent cash generated from operating activities in accordance with accounting principles generally accepted in
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The statements in this report, which relate to future earnings or performance, are forward-looking. Actual results may differ materially and be adversely affected by such factors as market and economic conditions, longer than anticipated lease-up periods or the inability of certain tenants to pay rents. Additional information about these factors is contained in the Company's filings with the
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