MeritValue

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

FREVSdata completeness 88%17 fiscal years on file
The thesis, from the filings

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. earns about 59% on invested capital, but has diluted owners by 6% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $8,667.83 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$50.3M1$31.3M2$28.3M3$28.7M3$29.3M3
Net income$927,0004$46M5$760,0006$15.9M6$3.51M6
Operating cash flow$12.2M7$7.32M8$2.68M9$20.2M9$6.25M9
Capital expenditure$1.94M10$1.57M11$1.29M12$1.24M12$759,00012
Free cash flow (derived)$10.3M7,10$5.75M8,11$1.39M9,12$18.9M9,12$5.49M9,12
Total debt$299.9M13$138.1M14$137.1M14——
Cash & equivalents$35.9M15$49.6M16$13.2M17$14.9M17$17.9M17
Diluted shares7,0227,1327,4477,4597,469

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$45,573.7
your share of equity
Profit it earned you last year
$4,698.09
Free cash flow it threw off
$7,349.04
Debt you’d be carrying
—

10 shares is a claim on $45,573.7 of net worth that earned you $4,698.09 and generated $7,349.04 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
59% avg · 5y
FY21 —FY22 17%FY23 12%FY24 96%FY25 110%

It earned an average 59% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 54% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
DCF · Growth Exit 5Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
Earnings Power Value
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
FFO · Capitalized
$8,667.83
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized FFO$6.47M
  • Growth assumed0.0%
Graham Number
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.

Different models answer different questions — which to trust when →

Beyond this page

This page is free, and so is every other company on MeritValue.

In your AI assistant

Connect the MeritValue MCP server to Claude or another MCP client, ask about FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC., and get these exact figures with their filing receipts — not an improvised DCF.

Get a free key →
Screen by model

Pull the companies with a published value under any model (up to 500 a request, filtered by data completeness) into your own sheet or agent. Screening is what Analyst adds, at $9/month.

See pricing →
On iPhone

Follow FREVS and keep your own price beside the value. The same engine, with the same receipts.

MeritValue on the App Store →
Sources — the receipts
  1. 10-K filed 2024-01-29 · period ending 2021-10-31 · accession 0001174947-24-000132 (Revenues)
  2. 10-K filed 2025-01-29 · period ending 2022-10-31 · accession 0001174947-25-000074 (Revenues)
  3. 10-K filed 2026-01-29 · periods ending 2023-10-31, 2024-10-31, 2025-10-31 · accession 0001174947-26-000102 (Revenues)
  4. 10-K filed 2024-01-29 · period ending 2021-10-31 · accession 0001174947-24-000132 (NetIncomeLoss)
  5. 10-K filed 2025-01-29 · period ending 2022-10-31 · accession 0001174947-25-000074 (NetIncomeLoss)
  6. 10-K filed 2026-01-29 · periods ending 2023-10-31, 2024-10-31, 2025-10-31 · accession 0001174947-26-000102 (NetIncomeLoss)
  7. 10-K filed 2024-01-29 · period ending 2021-10-31 · accession 0001174947-24-000132 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-01-29 · period ending 2022-10-31 · accession 0001174947-25-000074 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-01-29 · periods ending 2023-10-31, 2024-10-31, 2025-10-31 · accession 0001174947-26-000102 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-01-29 · period ending 2021-10-31 · accession 0001174947-24-000132 (PaymentsForCapitalImprovements)
  11. 10-K filed 2025-01-29 · period ending 2022-10-31 · accession 0001174947-25-000074 (PaymentsForCapitalImprovements)
  12. 10-K filed 2026-01-29 · periods ending 2023-10-31, 2024-10-31, 2025-10-31 · accession 0001174947-26-000102 (PaymentsForCapitalImprovements)
  13. 10-K filed 2023-01-27 · period ending 2021-10-31 · accession 0001174947-23-000058 (LongTermDebt)
  14. 10-K filed 2024-01-29 · periods ending 2022-10-31, 2023-10-31 · accession 0001174947-24-000132 (LongTermDebt)
  15. 10-K filed 2023-01-27 · period ending 2021-10-31 · accession 0001174947-23-000058 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K filed 2024-01-29 · period ending 2022-10-31 · accession 0001174947-24-000132 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K filed 2026-01-29 · periods ending 2023-10-31, 2024-10-31, 2025-10-31 · accession 0001174947-26-000102 (CashAndCashEquivalentsAtCarryingValue)