SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20594



                                  FORM 10-Q



               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934



For Quarter Ended January 31, 1996                   Commission File No. 2-48728


                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
             ------------------------------------------------------
             (exact name of registrant as specified in its charter)


      New Jersey                                 22-1697095
-------------------------------               -------------------
(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
--------------------------------------------------------         ----------
(Address of principal executive offices)                         (Zip Code)


Registrant's telephone number, including area code   201-488-6400
                                                     ------------


       -----------------------------------------------------------------
              Former name, former address and former fiscal year,
                         if changed since last report.


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days.

                       Yes [ X ]   No  [  ]
<PAGE>
                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                                      INDEX


Part I:  Financial Information

         Item 1:  Financial Statements

                  a.)  Combined Balance Sheets for January 31, 1996
                       and October 31, 1995;

                  b.)  Combined Statements of Income and
                       Undistributed Earnings For Three Months Ended
                       January 31, 1996 and 1995;

                  c.)  Combined Statements of Cash Flows for Three
                       Months Ended January 31, 1996 and 1995;

         Item 2:  Management's Discussion and Analysis of
                  Results of Operations and Financial Condition

Part II: Other Information

         Item 5:  Other Information
<PAGE>
                       FIRST REAL ESTATE INVESTMENT TRUST
                           OF NEW JERSEY AND AFFILIATE

                             COMBINED BALANCE SHEETS
                      JANUARY 31, 1996 AND OCTOBER 31, 1995
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                           January       October
                       ASSETS                              31, 1996      31, 1995
                       ------                              --------      --------
                                                                (In Thousands
                                                                 of Dollars)
<S>                                                         <C>          <C>    
Real estate, at cost, net of accumulated
    depreciation .....................................      $62,132      $62,324
Equipment, at cost, net of accumulated
    depreciation of $568,000 and $553,000 ............          229          224
Cash .................................................          571          533
Tenants' security accounts ...........................          952          947
Sundry receivables ...................................          507          248
Prepaid expenses and other assets ....................          859          911
Deferred charges, net ................................          235          348
                                                            -------      -------

          Totals .....................................      $65,485      $65,535
                                                            =======      =======

        LIABILITIES AND SHAREHOLDERS' EQUITY
        ------------------------------------
Liabilities:
    Mortgages payable ................................      $34,443      $34,598
  Note payable - bank ................................        5,724        5,169
    Accounts payable and accrued expenses ............          387          361
    Dividends payable ................................          546        1,154
    Tenants' security deposits .......................        1,053        1,048
    Deferred revenue .................................          212          257
                                                            -------      -------
          Total liabilities ..........................       42,365       42,587
                                                            -------      -------

Minority interest ....................................        2,988        2,959
                                                            -------      -------

Commitments and contingencies

Shareholders' equity:
    Shares of beneficial interest without par
    value; 1,560,000 shares authorized;
    1,559,788 shares issued and outstanding ..........       19,314       19,314
    Undistributed earnings ...........................          818          675
                                                            -------      -------
          Total shareholders' equity .................       20,132       19,989
                                                            -------      -------

           Totals ....................................      $65,485      $65,535
                                                            =======      =======
</TABLE>
See Notes to Combined Financial Statements.
<PAGE>
                       FIRST REAL ESTATE INVESTMENT TRUST
                           OF NEW JERSEY AND AFFILIATE

            COMBINED STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS
                  THREE MONTHS ENDED JANUARY 31, 1996 AND 1995
                                   (Unaudited)
<TABLE>
<CAPTION>
                       INCOME                              1996          1995
                       ------                            -------        -------
                                                            (In Thousands
                                                             of Dollars,
                                                             Except per
                                                            Share Amounts)
<S>                                                      <C>            <C>    
Rental revenue:
    Rental income ................................       $ 2,990        $ 2,905
    Real estate taxes reimbursed .................           392            174
    Common area maintenance reimbursed ...........           185            104
    Sundry income ................................            43             41
                                                         -------        -------
        Totals ...................................         3,610          3,224
                                                         -------        -------
Rental expenses:
    Operating expenses ...........................           798            703
  Management fees ................................           141            136
    Real estate taxes ............................           649            384
    Interest .....................................           758            767
    Depreciation .................................           384            375
                                                         -------        -------
        Totals ...................................         2,730          2,365
                                                         -------        -------

Income from rental operations ....................           880            859
                                                         -------        -------
Other income (expense):
    Interest income ..............................             4              2
    Interest expense .............................          (111)           (91)
    General and administrative ...................           (55)           (60)
                                                         -------        -------
        Totals ...................................          (162)          (149)
                                                         -------        -------

Income before minority interest ..................           718            710
Minority interest ................................           (29)           (24)
                                                         -------        -------

Net income .......................................       $   689        $   686
                                                         =======        =======

Earnings per share ...............................       $   .44        $   .44
                                                         =======        =======
</TABLE>
<PAGE>
                       FIRST REAL ESTATE INVESTMENT TRUST
                           OF NEW JERSEY AND AFFILIATE

      COMBINED STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS -- Continued
                  THREE MONTHS ENDED JANUARY 31, 1996 AND 1995
                                   (Unaudited)
<TABLE>
<CAPTION>
                       UNDISTRIBUTED EARNINGS              1996          1995
                       ----------------------            -------        -------
                                                            (In Thousands
                                                             of Dollars,
                                                             Except per
                                                            Share Amounts)
<S>                                                      <C>            <C>    
               
               
Balance, beginning of period .....................       $   675        $ 1,834
Net income .......................................           689            686
Less dividends ...................................          (546)        (1,154)
                                                         -------        -------

Balance, end of period ...........................       $   818        $ 1,366
                                                         =======        =======


Dividends per share ..............................       $   .35        $   .74
                                                         =======        =======
</TABLE>


See Notes to Combined Financial Statements.
<PAGE>
                       FIRST REAL ESTATE INVESTMENT TRUST
                           OF NEW JERSEY AND AFFILIATE

                        COMBINED STATEMENTS OF CASH FLOWS
                  THREE MONTHS ENDED JANUARY 31, 1996 AND 1995
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                               1996      1995
                                                             -------    -------
                                                                 (In Thousands
                                                                  of Dollars)
<S>                                                          <C>        <C>    
Operating activities:
    Net income ...........................................   $   689    $   686
    Adjustments to reconcile net income to net
        cash provided by operating activities:
        Depreciation and amortization ....................       404        397
      Minority interest ..................................        29         24
        Deferred revenue .................................       (45)         2
        Changes in operating assets and liabilities:
           Tenants' security accounts ....................        (5)       (15)
           Sundry receivables, prepaid expenses and other
        assets ...........................................      (207)       119
           Deferred charges ..............................        93        (64)
           Accounts payable and accrued expenses .........        26        (77)
           Tenants' security deposits ....................         5         21
                                                             -------    -------
               Net cash provided by operating activities .       989      1,093
                                                             -------    -------

Investing activities - capital expenditures ..............      (197)      (127)
                                                             -------    -------
Financing activities:
    Dividends paid .......................................    (1,154)    (1,154)
    Proceeds from note payable - bank ....................       555        504
    Repayment of mortgages ...............................      (155)      (149)
                                                             -------    -------
               Net cash used in financing activities .....      (754)      (799)
                                                             -------    -------

Net increase in cash .....................................        38        167
Cash, beginning of period ................................       533        238
                                                             -------    -------

Cash, end of period ......................................   $   571    $   405
                                                             =======    =======

Supplemental disclosure of cash flow data:
    Interest paid ........................................   $   869    $   858
                                                             =======    =======

Supplemental schedule of noncash financing  activities:  Dividends  declared but
    not paid amounted to $546,000 at January 31, 1996.
</TABLE>
See Notes to Combined Financial Statements.
<PAGE>
                       FIRST REAL ESTATE INVESTMENT TRUST
                           OF NEW JERSEY AND AFFILIATE

                     NOTES TO COMBINED FINANCIAL STATEMENTS


Note 1 - Organization and significant accounting policies:
                    Organization:
                       First Real  Estate  Investment  Trust of New Jersey  (the
                       "Trust") was  organized  November 1, 1961 as a New Jersey
                       Business   Trust.   The  Trust  is   engaged   in  owning
                       residential and commercial  income  producing  properties
                       located primarily in New Jersey.

                       The  Trust  has  elected  to be  taxed  as a Real  Estate
                       Investment Trust under the provisions of Sections 856-860
                       of the Internal  Revenue Code,  as amended.  Accordingly,
                       the  Trust  does not pay  Federal  income  tax on  income
                       whenever  income  distributed to shareholders is equal to
                       at least  95% of real  estate  investment  trust  taxable
                       income.  Further, the Trust pays no Federal income tax on
                       capital gains distributed to shareholders.

                       The  Trust  is   subject   to   Federal   income  tax  on
                       undistributed taxable income and capital gains. The Trust
                       may make an  annual  election  under  Section  858 of the
                       Internal  Revenue  Code  to  apply  part  of the  regular
                       dividends paid in each  respective  subsequent  year as a
                       distribution for the immediately preceding year.

                    Basis of presentation:
                       The combined financial  information included herein as at
                       January 31, 1996 and for the three months  ended  January
                       31, 1996 and 1995 is unaudited and, in the opinion of the
                       Trust,  reflects  all  adjustments  (which  include  only
                       normal   recurring   accruals)   necessary   for  a  fair
                       presentation  of the  combined  financial  position as of
                       that date and the  combined  results  of  operations  for
                       those periods.  The  information in the combined  balance
                       sheet as of October 31, 1995 was derived from the Trust's
                       audited annual report for 1995.

                    Principles of combination:
                       The combined financial statements include the accounts of
                       the  Trust and  Westwood  Hills,  LLC (the  "Affiliate"),
                       which have been combined on the basis of common  control.
                       The  Affiliate  is a limited  liability  company  that is
                       40%-owned  by the Trust and  managed  by  Hekemian & Co.,
                       Inc.  ("Hekemian"),  a company  which  manages all of the
                       Trust's  properties  and in which one of the  trustees of
                       the Trust is the  chairman  of the board.  Certain  other
                       members of the Affiliate are either trustees of the Trust
                       or their  families or officers of Hekemian.  The combined
                       financial  statements  include  100%  of the  Affiliate's
                       assets,  liabilities,  operations and cash flows with the
                       60% interest  owned by the other members of the Affiliate
                       reflected  as  "minority   interest."   All   significant
                       intercompany   accounts   and   transactions   have  been
                       eliminated in combination.
<PAGE>
                    Use of estimates:
                       The  preparation  of financial  statements  in conformity
                       with generally accepted  accounting  principles  requires
                       management to make estimates and assumptions  that affect
                       certain reported  amounts and  disclosures.  Accordingly,
                       actual results could differ from those estimates.

                    Cash:
                       The Trust and its Affiliate  maintain  their cash in bank
                       deposit  accounts which, at times,  may exceed  Federally
                       insured  limits.  The Trust  considers  all highly liquid
                       debt  instruments  purchased  with a  maturity  of  three
                       months or less to be cash  equivalents.  At  January  31,
                       1996  and  October  31,  1995,  the  Trust  had  no  cash
                       equivalents.

                    Depreciation:
                       Real  estate  and  equipment  are   depreciated   on  the
                       straight-line  method by  annual  charges  to  operations
                       calculated to absorb costs of assets over their estimated
                       useful lives.

                    Revenue recognition:
                       Income from leases is recognized on a straight-line basis
                       regardless  of  when  payment  is due.  Lease  agreements
                       between  the  Trust  and  commercial   tenants  generally
                       provide for  additional  rentals based on such factors as
                       percentage  of  tenants'  sales in  excess  of  specified
                       volumes,  increases in real estate taxes,  Consumer Price
                       Indices  and  common  area  maintenance  charges.   These
                       additional  rentals are generally included in income when
                       reported to the Trust,  when billed to tenants or ratably
                       over the appropriate period.

                    Deferred charges:
                       Deferred  charges  consist of mortgage  costs and leasing
                       commissions. Deferred mortgage costs are amortized on the
                       straight-line method by annual charges to operations over
                       the terms of the mortgages.  Deferred leasing commissions
                       are amortized on the straight-line  method over the terms
                       of the applicable leases.

                    Income taxes:
                       The Affiliate,  with the consent of its members,  elected
                       to be treated as a limited  liability  company  under the
                       applicable  sections of the Internal  Revenue Code. Under
                       these sections,  income or loss, in general, is allocated
                       to the members for inclusion in their  individual  income
                       tax  returns.  Accordingly,  there  is no  provision  for
                       income  taxes   applicable  to  the   operations  of  the
                       Affiliate   in  the   accompanying   combined   financial
                       statements.
<PAGE>
                    Earnings per share:
                       Earnings  per share are  computed  based on the  weighted
                       average  number  of  shares  outstanding.   The  weighted
                       average  number of shares  outstanding  was 1,559,788 for
                       each of the three month  periods  ended  January 31, 1996
                       and 1995.


Note 2 - Real estate:
                    Real estate consists of the following:
<TABLE>
<CAPTION>
                                                        Range of
                                                       Estimated             January        October
                                                      Useful Lives           31, 1996       31, 1995
                                                      ------------           --------       --------    
                                                                                 (In Thousands
                                                                                   of Dollars)
<S>                                                 <C>                      <C>             <C>    
Land                                                                         $21,112         $21,112
Unimproved land                                                                2,459           2,452
Apartment buildings                                     7-40 years            21,479          21,333
Commercial buildings                                 25-31.5 years                58              58
Shopping centers                                       15-50 years            26,876          26,859
Construction in
  progress                                                                       714             714
                                                                             -------         -------
                                                                              72,698          72,528
Less accumulated de-
  preciation                                                                  10,566          10,204
                                                                             -------         -------

    Totals                                                                   $62,132         $62,324
                                                                             =======         =======
</TABLE>

Note 3 - Mortgages payable:
                    Mortgages payable consist of the following:
<TABLE>
<CAPTION>
                                                         January         October
                                                         31, 1996        31, 1995
                                                         --------        --------
                                                               (In Thousands
                                                                of Dollars)
<S>                                                       <C>            <C>    
State Mutual Life Assurance Company
  of America (A) .................................        $18,288        $18,359
Aetna Life Insurance Company (B) .................          5,414          5,444
USG Annuity & Life Company (C) ...................         10,454         10,488
United Jersey Bank (D) ...........................            287            307
                                                          -------        -------

    Totals .......................................        $34,443        $34,598
                                                          =======        =======
</TABLE>
<PAGE>
                       (A)    Payable  in  monthly   installments   of  $160,925
                              including  interest  at 9% through  August 1997 at
                              which time the  outstanding  balance  is due.  The
                              mortgage  is  secured  by  a  shopping  center  in
                              Frederick,  Maryland  having a net  book  value of
                              approximately $26,227,000.

                       (B)    Payable   in  monthly   installments   of  $55,287
                              including  interest at 10% through  September 2001
                              at which time the outstanding  balance is due. The
                              mortgage  is  secured  by  a  shopping  center  in
                              Westwood,  New  Jersey  having a net book value of
                              approximately $12,000,000.

                       (C)    Payable   in  monthly   installments   of  $79,655
                              including interest at 7.8% through October 2002 at
                              which time the  outstanding  balance  is due.  The
                              mortgage  is  secured by an  apartment  complex in
                              Westwood,  New  Jersey  having a net book value of
                              approximately $15,066,000.

                       (D)    Payable   in   monthly   installments   of  $8,555
                              including interest at 7.625% through March 1999 at
                              which time the  outstanding  balance  is due.  The
                              mortgage  is secured by an  apartment  building in
                              Spring Lake, New Jersey having a net book value of
                              approximately  $660,000.  One of the  directors of
                              the bank is a trustee of the Trust.

                    Principal  amounts (in  thousands  of dollars) due under the
                    above  obligations  in each of the five years  subsequent to
                    January 31, 1996 are as follows:

                       Year Ending
                       January 31,                   Amount
                       -----------                   ------
                          1997                       $   654
                          1998                        18,380
                          1999                           424
                          2000                           371
                          2001                           389

                    Based on borrowing  rates for mortgages  with similar terms,
                    the  fair  value  of  the  mortgage  debt  is  approximately
                    $33,423,000 at January 31, 1996.
<PAGE>
Note 4 - Note payable - bank:
                    Note  payable  -  bank  consists  of   borrowings   under  a
                    $20,000,000  revolving line of credit  agreement with United
                    Jersey Bank which  expires on February 10,  1997.  The first
                    $10,000,000  of  borrowings  under the line of  credit  bear
                    interest at either the prime rate or the LIBOR rate plus 200
                    basis points.  Any excess borrowings bear interest at either
                    the prime  rate  plus 1/2% or the LIBOR  rate plus 250 basis
                    points.  Outstanding  borrowings  are  secured by all of the
                    Trust's  properties  except the shopping  centers located in
                    Frederick,  Maryland and Westwood, New Jersey, the apartment
                    complex in Westwood,  New Jersey,  and any vacant land owned
                    by the Trust.

Note 5 - Commitments and contingencies:
                    Leases:
                       Commercial tenants:
                           The Trust leases  commercial  space having a net book
                           value of  approximately  $39,270,000  at January  31,
                           1996 to tenants  for  periods of up to twenty  years.
                           Most of the leases contain clauses for  reimbursement
                           of real  estate  taxes,  maintenance,  insurance  and
                           certain other  operating  expenses of the properties.
                           Minimum rental income (in thousands of dollars) to be
                           received from noncancelable operating leases in years
                           subsequent  to January 31, 1996 are as follows:

                             Year Ending
                             January 31,                     Amount
                             -----------                    -------
                                1997                        $ 3,953
                                1998                          3,455
                                1999                          3,073
                                2000                          2,591
                                2001                          2,201
                                Thereafter                    9,384
                                                            -------
                                Total                       $24,657
                                                            =======


<PAGE>
                           The above amounts assume that all leases which expire
                           are not renewed  and,  accordingly,  neither  minimal
                           rentals  nor  rentals  from  replacement  tenants are
                           included.  In  addition,  the  above  amounts  do not
                           include any future minimum rentals to be received for
                           the  shopping  center in Franklin  Lakes,  New Jersey
                           having a net book value of  approximately  $1,043,000
                           at  January  31,   1996.   Except  for  two  tenants,
                           management closed the shopping center on September 1,
                           1995.  Commencement of a complete refurbishing of the
                           premises is  scheduled  to begin during the Spring of
                           1996 and will take  approximately  nine  months.  The
                           cost of the  refurbishing,  which will be put out for
                           bid  in  the  second   quarter  of  fiscal  1996,  is
                           currently  anticipated  to  approximate   $6,000,000.
                           Rental revenue  derived from the shopping  center was
                           approximately  $37,000  and  $69,000  for  the  three
                           months ended January 31, 1996 and 1995, respectively,
                           and  income   (loss)  from  rental   operations   was
                           approximately $(1,000) and $34,000, respectively.

                           Minimum  future  rentals  do not  include  contingent
                           rentals which may be received under certain leases on
                           the basis of  percentage of reported  tenants'  sales
                           volume  or  increases  in  Consumer   Price  Indices.
                           Contingent rentals included in income for each of the
                           three months ended January 31, 1996 and 1995 were not
                           material.

                       Residential tenants:
                           Lease terms for  residential  tenants are usually one
                           year or less.

                       Environmental concerns:
                           A landfill  which is  considered a superfund  site is
                           located  next to a  vacant  parcel  of land  which is
                           owned by the  Trust.  The New  Jersey  Department  of
                           Environmental  Protection  and Energy  ("NJDEP")  had
                           advised  the  Trust  that  it was  investigating  the
                           property  for   contamination  as  a  result  of  the
                           migration of environmentally sensitive materials from
                           the landfill.  In August 1994,  the Trust was advised
                           that, although the soil had not been  environmentally
                           impaired and a clean-up of the property  would not be
                           required,   the   NJDEP   did   determine   that  the
                           groundwater  in the area of the  landfill,  including
                           below the  Trust's  property,  is  contaminated  as a
                           result of the activity at the landfill.  Accordingly,
                           the NJDEP is  currently  in the process of  enforcing
                           remediation  of the  groundwater  by the  responsible
                           parties.  As the  Trust is not a  responsible  party,
                           management anticipates that it will bear no liability
                           for the cost of the groundwater remediation.
<PAGE>
Note 6 - Management agreement:
                    The  properties  owned by the  Trust and the  Affiliate  are
                    currently  managed by  Hekemian.  The  management  agreement
                    requires fees equal to a percentage of rents collected. Such
                    fees were approximately  $141,000 and $136,000 for the three
                    months ended January 31, 1996 and 1995, respectively.


Note 7 - Earnings per share:
                    Earnings per share,  based on the weighted average number of
                    shares  outstanding  during each  period,  are  comprised of
                    ordinary income.



                                      * * *
<PAGE>
ITEM 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
                  AND FINANCIAL CONDITION

                  The following  discussion  should be read in conjunction  with
the  attached  financial  statements  and notes  thereto,  and the  Registrant's
audited financial statements and notes thereto for Fiscal Year Ended October 31,
1994.


Results of Operations

                  The earnings  per share for the First  Quarter 1996 were $0.44
which  matched  the  earnings  for the First  Quarter  of 1995.  Management  had
anticipated  that the earnings for the First  Quarter of 1996 would be less than
the $0.44 per share due to the closing of the Franklin  Lakes  Shopping  Center,
Franklin Lakes,  New Jersey (the "Center") in  anticipation of its  demolishment
and  construction of the new Center.  In addition,  the weather in the Northeast
region of the United  States has been colder than normal with record  amounts of
snowfall.  The cold weather will result in elevated  heating  costs.  The record
snowfall will result in additional  snow removal costs.  Management  anticipates
that a portion of the increased heating and snow removal costs will be reflected
in the Second Quarter of 1996.

                  Management  continues to  anticipate  that earnings for Fiscal
Year 1996 will be below the  results  of 1995  because of the  factors  outlined
above. Management had anticipated that the closing of the Center would result in
earnings being diminished by  approximately  $0.11 per share. As the renovations
to  the  Center  proceed,  Management  will  continue  to  monitor  its  current
projections and make any appropriate revisions.

Financial Condition

                  The Registrant  continues to generate cash  sufficient to meet
all of its regular  operational needs. The Registrant does anticipate,  however,
that it will borrow  against its Line of Credit or secure a mortgage to generate
the funds required to renovate the Center.
<PAGE>
PART II.          OTHER INFORMATION

Item 5.           Other Information.

                  The Registrant has secured all governmental approvals required
in connection with the planned  demolishment of the Center and the  construction
of a new Center with approximately 88,000 square feet of leasable space.

                  As previously reported,  the Registrant does not plan to begin
its work on the Center until  leases are in place for one or more anchor  stores
and suitable financing is arranged. As of the date hereof, neither condition has
been met.  As a result,  construction  may not begin  until late Spring or early
Summer of calendar year 1996.  If that delay should be realized,  the new Center
may not be open for operations  until sometime during the first calendar quarter
of 1997. In such event, the Registrant's earnings may be diminished by more than
the current projection of $0.11 per share as discussed in Item 2.

<PAGE>
                                   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 thereunto duly authorized.



                                               FIRST REAL ESTATE INVESTMENT
                                               TRUST OF NEW JERSEY
                                                       (Registrant)



Date March 22, 1996


                                               /s/ William R. DeLorenzo, Jr.    
                                               -----------------------------    
                                                        (Signature)*            
                                               William R. DeLorenzo, Jr.        
                                               Executive Secretary and Treasurer
                                                  






---------------
*Print name and title of the signing officer under his signature.
<PAGE>





                SALES OF UNREGISTERED SECURITIES (DEBT OR EQUITY)

                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY



















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