First Real Estate Investment Trust of New Jersey, an equity real estate investment trust (REIT), engages in the acquisition, development, construction, and holding of real estate properties for long-term investment. The company's properties include residential apartment communities and commercial properties that consist of multi and single tenanted properties located in New Jersey, Maryland and on Long Island, New York. As of October 31, 2010, the company’s real estate holdings included 9 apartment buildings or complexes containing 1,075 rentable units; 10 commercial properties (retail and office) containing approximately 1,265,000 square feet of leasable space, including 1 single tenant store and 2 separate 1 acre parcels subject to ground leases; and 4 parcels of undeveloped land consisting of approximately 40.37 acres. Investment in Subsidiaries Westwood Hills, LLC (Westwood Hills): The company owns a 40% membership interest in Westwood Hills, which owns and operates a 210-unit residential apartment complex in Westwood, New Jersey. Wayne PSC, LLC (WaynePSC): The company owns a 40% membership interest in Wayne PSC, which owns a 322,000 square feet community center in Wayne, New Jersey. S And A Commercial Associates Limited Partnership (S And A): S And A owns a 100% interest in Pierre Towers, LLC, which owns a 269-unit residential apartment complex in Hackensack, New Jersey. The company owns a 65% partnership interest in S And A. Grande Rotunda, LLC: The company owns a 60% membership interest in Grande Rotunda, LLC, which owns a 217,000 square foot mixed use property in Baltimore, Maryland. Damascus Centre, LLC: The company owns a 70% membership interest in Damascus Centre, LLC, which owns the Damascus Center that is being renovated and expanded. Damascus Second, LLC: The company owns a 70% interest in Damascus Second, LLC, which focuses on owning, operating, managing, and repairing the land and premises of the Damascus Center. WestFREIT Corp: The company owns a 100% membership interest in WestFREIT, which owns the Westridge Square Shopping Center, a 257,000 square foot shopping center in Frederick, Maryland. WestFredic LLC: The company owns a 100% membership interest in WestFredic, which assumed a mortgage loan that is secured by the Westridge Square Shopping Center in Frederick, Maryland. Tenants As of October 31, 2010, the company’s major tenants included Burlington Coat Factory; Kmart Corporation; Macy's Federated Department Stores, Inc.; Pathmark Stores Inc.; Stop & Shop Supermarket Co.; Safeway Stores Inc.; Giant Of Maryland Inc.; and TJ MAXX. Tax Status The company has elected to be taxed as a REIT. As a REIT, the company is not subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. History First Real Estate Investment Trust of New Jersey was founded in 1961.
first real estate inv tr nj
505 Main Street
Hackensack, NJ 07601
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