----

----

| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| For the transition period from __________________ to ____________________ |
|---------------------------------------------------------------------------|

| 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 incorporation or organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |   |
| 505 Main Street, Hackensack, New Jersey                        |   | 07601 |
| (Address of principal executive offices)                       |   | (Zip Code) |

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

|                                                                               |
|------------------------------------------------------------------------------------|
| (Former name, former address and former fiscal year, if changed since last report) |

| Large Accelerated Filer  o | Accelerated Filer x | Non-Accelerated Filer o | Smaller Reporting Company o |
|---------------------------------|--------------------------|------------------------------|----------------------------------|

----

----

----

INDEX

Part I:  Financial Information

|                       |                                                                                               |   |                                                                                                    | Page   |
|----------------------------|----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|--------|
|                       | Item 1:Unaudited Condensed Consolidated Financial Statements                                       |   |
|                       |                                                                                               |   |                                                                                                    |   |
|                       |                                                                                               | a.)    | Condensed Consolidated Balance Sheets as at April 30, 2011 and October 31, 2010;                        | 3      |
|                       |                                                                                               |   |                                                                                                    |   |
|                       |                                                                                               | b.)    | Condensed Consolidated Statements of Income for the Six and Three Months Ended April 30, 2011 and 2010; | 4      |
|                       |                                                                                               |   |                                                                                                    |   |
|                       |                                                                                               | c.)    | Condensed Consolidated Statement of Equity for the Six Months Ended April 30, 2011;                     | 5      |
|                       |                                                                                               |   |                                                                                                    |   |
|                       |                                                                                               | d.)    | Condensed Consolidated Statements of Cash Flows for the Six Months Ended April 30, 2011 and 2010;       | 6      |
|                       |                                                                                               |   |                                                                                                    |   |
|                       |                                                                                               | e.)    | Notes to Condensed Consolidated Financial Statements                                                    | 7      |
|                       |                                                                                               |   |                                                                                                    |   |
|                       | Item 2:Management’s Discussion and Analysis of Financial Condition and Results of Operations | 10     |
|                       |                                                                                               |   |                                                                                                    |   |
|                       | Item 3:Quantitative and Qualitative Disclosures About Market Risk                                  | 19     |
|                       |                                                                                               |   |                                                                                                    |   |
|                       | Item 4:Controls and Procedures                                                                     | 19     |
|                       |                                                                                               |   |                                                                                                    |   |
|                       |                                                                                               |   |                                                                                                    |   |
| Part II: Other Information |                                                                                               |
|                       |                                                                                               |   |                                                                                                    |   |
|                       | Item 1:Legal Proceedings                                                                           | 19     |
|                       |                                                                                               |   |                                                                                                    |   |
|                       | Item 1A:Risk Factors                                                                               | 19     |
|                       |                                                                                               |   |                                                                                                    |   |
|                       | Item 6:Exhibits                                                                                    | 19     |
|                       |                                                                                               |   |                                                                                                    |   |
|                       | Signatures                                                                                         |   | 20                                                                                                      |

----

Index

Part 

Item 

FIRST 

|                                                    |   | (Unaudited)April 30,2011  |    |   | October 31,2010 |   |
|---------------------------------------------------------|--------|---------------------------|---------|--------|-----------------|--------|
|                                                    |   | (In Thousands of Dollars) |    |
| ASSETS                                                  |   |                      |    |   |            |   |
|                                                    |   |                      |    |   |            |   |
| Real estate, at cost, net of accumulated depreciation   |   | $                         | 208,336 |   |            | $      | 210,745 |   |
| Construction in progress                                |   |                      | 9,878   |   |            |   | 9,760 |   |
| Cash and cash equivalents                               |   |                      | 6,215   |   |            |   | 6,769 |   |
| Tenants' security accounts                              |   |                      | 1,908   |   |            |   | 2,005 |   |
| Sundry receivables                                      |   |                      | 5,343   |   |            |   | 5,872 |   |
| Secured loans receivable                                |   |                      | 3,326   |   |            |   | 3,326 |   |
| Prepaid expenses and other assets                       |   |                      | 2,873   |   |            |   | 3,264 |   |
| Acquired over market leases and in-place lease costs    |   |                      | 456     |   |            |   | 523 |   |
| Deferred charges, net                                   |   |                      | 2,654   |   |            |   | 2,864 |   |
| Total Assets                                            |   | $                         | 240,989 |   |            | $      | 245,128 |   |
|                                                    |   |                      |    |   |            |   |   |   |
|                                                    |   |                      |    |   |            |   |   |   |
| LIABILITIES & EQUITY                                |   |                      |    |   |            |   |   |   |
|                                                    |   |                      |    |   |            |   |   |   |
| Liabilities:                                            |   |                      |    |   |            |   |   |   |
| Mortgages payable                                       |   | $                         | 203,168 |   |            | $      | 204,604 |   |
| Accounts payable and accrued expenses                   |   |                      | 6,582   |   |            |   | 6,920 |   |
| Dividends payable                                       |   |                      | 2,083   |   |            |   | 2,083 |   |
| Tenants' security deposits                              |   |                      | 2,607   |   |            |   | 2,668 |   |
| Acquired below market value leases and deferred revenue |   |                      | 2,891   |   |            |   | 3,319 |   |
| Total liabilities                                       |   |                      | 217,331 |   |            |   | 219,594 |   |
|                                                    |   |                      |    |   |            |   |   |   |
| Commitments and contingencies                           |   |                      |    |   |            |   |   |   |
|                                                    |   |                      |    |   |            |   |   |   |
|                                                    |   |                      |    |   |            |   |   |   |
| Equity:                                                 |   |                      |    |   |            |   |   |   |
| Common equity:                                          |   |                      |    |   |            |   |   |   |
| Shares of beneficial interest without par value:        |   |                      |    |   |            |   |   |   |
| 8,000,000 shares authorized; 6,993,152 shares issued    |   |                      | 24,969  |   |            |   | 24,969 |   |
| Treasury stock, at cost: 51,009 shares                  |   |                      | (1,135  | )      |            |   | (1,135 | ) |
| Dividends in excess of net income                       |   |                      | (8,858  | )      |            |   | (7,032 | ) |
| Total common equity                                     |   |                      | 14,976  |   |            |   | 16,802 |   |
| Noncontrolling interests in subsidiaries                |   |                      | 8,682   |   |            |   | 8,732 |   |
| Total equity                                            |   |                      | 23,658  |   |            |   | 25,534 |   |
| Total Liabilities & Equity                          |   | $                         | 240,989 |   |            | $      | 245,128 |   |

----

Index

FIRST 

|                                                                |   | Six Months EndedApril 30,                     |   |   | Three Months EndedApril 30, |   |
|---------------------------------------------------------------------|--------|-----------------------------------------------|--------|--------|-----------------------------|--------|
|                                                                |   | 2011                                          |   |   | 2010                        |   |   | 2011 |   |   | 2010 |   |
|                                                                |   | (In Thousands, Except Per Share Amounts) |   |
| Revenue:                                                            |   |                                          |   |   |                        |   |   |   |   |   |   |   |
| Rental income                                                       |   | $                                             | 18,953 |   |                        | $      | 19,122 |   |   | $ | 9,436 |   |   | $ | 9,788 |   |
| Reimbursements                                                      |   |                                          | 2,587  |   |                        |   | 2,890 |   |   |   | 1,365 |   |   |   | 1,456 |   |
| Sundry income                                                       |   |                                          | 287    |   |                        |   | 197 |   |   |   | 165 |   |   |   | 116 |   |
| Totals                                                              |   |                                          | 21,827 |   |                        |   | 22,209 |   |   |   | 10,966 |   |   |   | 11,360 |   |
|                                                                |   |                                          |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                           |   |                                          |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                                  |   |                                          | 5,708  |   |                        |   | 6,258 |   |   |   | 2,791 |   |   |   | 3,335 |   |
| Management fees                                                     |   |                                          | 962    |   |                        |   | 973 |   |   |   | 472 |   |   |   | 504 |   |
| Real estate taxes                                                   |   |                                          | 3,321  |   |                        |   | 3,315 |   |   |   | 1,635 |   |   |   | 1,659 |   |
| Depreciation                                                        |   |                                          | 3,021  |   |                        |   | 3,065 |   |   |   | 1,510 |   |   |   | 1,543 |   |
| Totals                                                              |   |                                          | 13,012 |   |                        |   | 13,611 |   |   |   | 6,408 |   |   |   | 7,041 |   |
|                                                                |   |                                          |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                                    |   |                                          | 8,815  |   |                        |   | 8,598 |   |   |   | 4,558 |   |   |   | 4,319 |   |
|                                                                |   |                                          |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Investment income                                                   |   |                                          | 52     |   |                        |   | 66 |   |   |   | 23 |   |   |   | 30 |   |
| Interest expense including amortization                             |   |                                          |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| of deferred financing costs                                         |   |                                          | (5,814 | )      |                        |   | (5,781 | ) |   |   | (2,888 | ) |   |   | (2,919 | ) |
| Net income                                                          |   |                                          | 3,053  |   |                        |   | 2,883 |   |   |   | 1,693 |   |   |   | 1,430 |   |
| Net income attributable to noncontrolling interests in subsidiaries |   |                                          | (714   | )      |                        |   | (581 | ) |   |   | (373 | ) |   |   | (300 | ) |
| Net income attributable to common equity                            |   | $                                             | 2,339  |   |                        | $      | 2,302 |   |   | $ | 1,320 |   |   | $ | 1,130 |   |
|                                                                |   |                                          |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share (attributable to common equity):                 |   |                                          |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                               |   | $                                             | 0.34   |   |                        | $      | 0.33 |   |   | $ | 0.19 |   |   | $ | 0.16 |   |
|                                                                |   |                                          |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |                                          |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding                                 |   |                                          | 6,942  |   |                        |   | 6,942 |   |   |   | 6,942 |   |   |   | 6,942 |   |

----

Index

FIRST 

|                                      |   | Common Equity                 |   |   |                    |   |   |                              |   |
|-------------------------------------------|--------|-------------------------------|--------|--------|-------------------------|--------|--------|-----------------------------------|--------|
|                                      |   | Shares of Beneficial Interest |   |   | Treasury Shares at Cost |   |   | Dividends in Excess of Net Income |   |   | Total Common Equity |   |   | Noncontrolling Interests |   |   | Total Equity |   |
|                                      |   | (In Thousands of Dollars)     |   |
|                                      |   |                          |   |   |                    |   |   |                              |   |   |   |   |   |   |   |   |   |   |
| Balance at October 31, 2010               |   | $                             | 24,969 |   |                    | $      | (1,135 | )                                 |   | $ | (7,032 | ) |   | $ | 16,802 |   |   | $ | 8,732 |   |   | $ | 25,534 |   |
|                                      |   |                          |   |   |                    |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions to noncontrolling interests |   |                          |   |   |                    |   |   |                              |   |   |   |   |   |   | - |   |   |   | (764 | ) |   |   | (764 | ) |
|                                      |   |                          |   |   |                    |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                |   |                          |   |   |                    |   |   |                              |   |   | 2,339 |   |   |   | 2,339 |   |   |   | 714 |   |   |   | 3,053 |   |
|                                      |   |                          |   |   |                    |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends declared                        |   |                          |   |   |                    |   |   |                              |   |   | (4,165 | ) |   |   | (4,165 | ) |   |   |   |   |   |   | (4,165 | ) |
|                                      |   |                          |   |   |                    |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at April 30, 2011                 |   | $                             | 24,969 |   |                    | $      | (1,135 | )                                 |   | $ | (8,858 | ) |   | $ | 14,976 |   |   | $ | 8,682 |   |   | $ | 23,658 |   |

----

Index

FIRST 

|                                                                                 |   | Six Months EndedApril 30, |   |
|--------------------------------------------------------------------------------------|--------|---------------------------|--------|
|                                                                                 |   | 2011                      |   |   | 2010 |   |
|                                                                                 |   | (In Thousands of Dollars) |   |
| Operating activities:                                                                |   |                      |   |   |   |   |
| Net income                                                                           |   | $                         | 3,053  |   |   | $ | 2,883 |   |
| Adjustments to reconcile net income to net cash provided by                          |   |                      |   |   |   |   |   |   |
| operating activities:                                                                |   |                      |   |   |   |   |   |   |
| Depreciation                                                                         |   |                      | 3,021  |   |   |   | 3,065 |   |
| Amortization                                                                         |   |                      | 290    |   |   |   | 242 |   |
| Net amortization of acquired leases                                                  |   |                      | 12     |   |   |   | 15 |   |
| Changes in operating assets and liabilities:                                         |   |                      |   |   |   |   |   |   |
| Tenants' security accounts                                                           |   |                      | 97     |   |   |   | 45 |   |
| Sundry receivables, prepaid expenses and other assets                                |   |                      | 888    |   |   |   | 91 |   |
| Accounts payable, accrued expenses and other liabilities                             |   |                      | 709    |   |   |   | 782 |   |
| Tenants' security deposits                                                           |   |                      | (61    | ) |   |   | (61 | ) |
| Deferred revenue                                                                     |   |                      | (396   | ) |   |   | 106 |   |
| Net cash provided by operating activities                                            |   |                      | 7,613  |   |   |   | 7,168 |   |
| Investing activities:                                                                |   |                      |   |   |   |   |   |   |
| Capital improvements - existing properties                                           |   |                      | (572   | ) |   |   | (955 | ) |
| Construction and pre-development costs                                               |   |                      | (1,108 | ) * |   |   | (1,813 | ) |
| Decrease in investment in US Treasury Bills                                          |   |                      | -      |   |   |   | 4,549 |   |
| Net cash provided by (used in) investing activities                                  |   |                      | (1,680 | ) |   |   | 1,781 |   |
| Financing activities:                                                                |   |                      |   |   |   |   |   |   |
| Repayment of mortgages                                                               |   |                      | (1,518 | ) |   |   | (4,450 | ) |
| Deferred financing costs                                                             |   |                      | (40    | ) |   |   | (174 | ) |
| Dividends paid                                                                       |   |                      | (4,165 | ) |   |   | (4,165 | ) |
| Distributions to noncontrolling interests                                            |   |                      | (764   | ) |   |   | (692 | ) |
| Net cash used in financing activities                                                |   |                      | (6,487 | ) |   |   | (9,481 | ) |
| Net decrease in cash and cash equivalents                                            |   |                      | (554   | ) |   |   | (532 | ) |
| Cash and cash equivalents, beginning of period                                       |   |                      | 6,769  |   |   |   | 6,751 |   |
| Cash and cash equivalents, end of period                                             |   | $                         | 6,215  |   |   | $ | 6,219 |   |
|                                                                                 |   |                      |   |   |   |   |   |   |
| Supplemental disclosure of cash flow data:                                           |   |                      |   |   |   |   |   |   |
| Interest paid                                                                        |   | $                         | 5,367  |   |   | $ | 5,416 |   |
| Supplemental schedule of non cash activities:                                        |   |                      |   |   |   |   |   |   |
| Investing activities:                                                                |   |                      |   |   |   |   |   |   |
| Accrued capital expenditures, construction costs, pre-development costs and interest |   | $                         | 75     |   |   | $ | 1 |   |
| Financing activities:                                                                |   |                      |   |   |   |   |   |   |
| Dividends declared but not paid                                                      |   | $                         | 2,083  |   |   | $ | 2,083 |   |

----

Index

FIRST 

----

Index

|                                                |   | Six Months EndedApril 30, |   |   | Three Months EndedApril 30, |   |
|-----------------------------------------------------|--------|---------------------------|--------|--------|-----------------------------|--------|
|                                                |   | 2011                      |   |   | 2010                        |   |   | 2011 |   |   | 2010 |   |
|                                                |   | (In Thousands of Dollars) |   |   | (In Thousands of Dollars)   |   |
| Real estate rental revenue:                         |   |                      |   |   |                        |   |   |   |   |   |   |   |
| Commercial                                          |   | $                         | 11,960 |   |                        | $      | 12,605 |   |   | $ | 6,025 |   |   | $ | 6,510 |   |
| Residential                                         |   |                      | 9,790  |   |                        |   | 9,510 |   |   |   | 4,912 |   |   |   | 4,801 |   |
| Totals                                              |   |                      | 21,750 |   |                        |   | 22,115 |   |   |   | 10,937 |   |   |   | 11,311 |   |
| Real estate operating expenses:                     |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                                          |   |                      | 4,951  |   |                        |   | 5,003 |   |   |   | 2,406 |   |   |   | 2,629 |   |
| Residential                                         |   |                      | 4,244  |   |                        |   | 4,702 |   |   |   | 2,089 |   |   |   | 2,456 |   |
| Totals                                              |   |                      | 9,195  |   |                        |   | 9,705 |   |   |   | 4,495 |   |   |   | 5,085 |   |
| Net operating income:                               |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                                          |   |                      | 7,009  |   |                        |   | 7,602 |   |   |   | 3,619 |   |   |   | 3,881 |   |
| Residential                                         |   |                      | 5,546  |   |                        |   | 4,808 |   |   |   | 2,823 |   |   |   | 2,345 |   |
| Totals                                              |   | $                         | 12,555 |   |                        | $      | 12,410 |   |   | $ | 6,442 |   |   | $ | 6,226 |   |
| Recurring capital improvements-residential          |   | $                         | 139    |   |                        | $      | 120 |   |   | $ | 55 |   |   | $ | 35 |   |
|                                                |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Reconciliation to consolidated net income:          |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Segment NOI                                         |   | $                         | 12,555 |   |                        | $      | 12,410 |   |   | $ | 6,442 |   |   | $ | 6,226 |   |
| Deferred rents - straight lining                    |   |                      | 89     |   |                        |   | 109 |   |   |   | 35 |   |   |   | 56 |   |
| Amortization of acquired leases                     |   |                      | (12    | )      |                        |   | (15 | ) |   |   | (6 | ) |   |   | (7 | ) |
| Investment income                                   |   |                      | 52     |   |                        |   | 66 |   |   |   | 23 |   |   |   | 30 |   |
| General and administrative expenses                 |   |                      | (796   | )      |                        |   | (841 | ) |   |   | (403 | ) |   |   | (413 | ) |
| Depreciation                                        |   |                      | (3,021 | )      |                        |   | (3,065 | ) |   |   | (1,510 | ) |   |   | (1,543 | ) |
| Financing costs                                     |   |                      | (5,814 | )      |                        |   | (5,781 | ) |   |   | (2,888 | ) |   |   | (2,919 | ) |
| Net income                                          |   |                      | 3,053  |   |                        |   | 2,883 |   |   |   | 1,693 |   |   |   | 1,430 |   |
| Net income attributable to noncontrolling interests |   |                      | (714   | )      |                        |   | (581 | ) |   |   | (373 | ) |   |   | (300 | ) |
| Net income attributable to common equity            |   | $                         | 2,339  |   |                        | $      | 2,302 |   |   | $ | 1,320 |   |   | $ | 1,130 |   |

----

Index

| ($ in Millions) |   | April 30,2011 |   |   | October 31,2010 |   |
|-----------------|--------|---------------|--------|--------|-----------------|--------|
|            |   |          |   |   |            |   |
| Fair Value      |   | $             | 203.4  |   |            | $      | 212.1 |   |
|            |   |          |   |   |            |   |   |   |
| Carrying Value  |   | $             | 203.2  |   |            | $      | 204.6 |   |

----

Index

Item 

| Cautionary Statement Identifying Important Factors That Could Cause First Real Estate Investment Trust of New Jersey’s (“FREIT”) Actual Results to Differ From Those Projected in Forward Looking Statements.Readers of this discussion are advised that the discussion should be read in conjunction with the unaudited condensed consolidated financial statements of FREIT (including related notes thereto) appearing elsewhere in this Form 10-Q, and the consolidated financial statements included in FREIT’s most recently filed Form 10-K. Certain statements in this discussion may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect FREIT’s current expectations regarding future results of operations, economic performance, financial condition and achievements of FREIT, and do not relate strictly to historical or current facts. FREIT has tried, wherever possible, to identify these forward-looking statements by using words such as “believe,”  “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning. Although FREIT believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties, which may cause the actual results to differ materially from those projected. Such factors include, but are not limited to the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability of prospective tenants, lease rents, the financial condition of tenants and the default rate on leases, operating and administrative expenses and the availability of financing; adverse changes in FREIT’s real estate markets, including, among other things, competition with other real estate owners, competition confronted by tenants at FREIT’s commercial properties; governmental actions and initiatives; environmental/safety requirements; and risks of real estate development and acquisitions. The risks with respect to the development of real estate include: increased construction costs, inability to obtain construction financing, or unfavorable terms of financing that may be available, unforeseen construction delays and the failure to complete construction within budget. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

Index

|                                                                |   | Six Months EndedApril 30, |   |   | Three Months EndedApril 30, |   |
|---------------------------------------------------------------------|--------|---------------------------|--------|--------|-----------------------------|--------|
|                                                                |   | 2011                      |   |   | 2010                        |   |   | Change |   |   | 2011 |   |   | 2010 |   |   | Change |   |
|                                                                |   | (thousands of dollars)    |   |   | (thousands of dollars)      |   |
| Income from real estate operations:                                 |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial properties                                               |   | $                         | 7,086  |   |                        | $      | 7,696 |   |   | $ | (610 | ) |   | $ | 3,648 |   |   | $ | 3,930 |   |   | $ | (282 | ) |
|                                                                |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential properties                                              |   |                      | 5,546  |   |                        |   | 4,808 |   |   |   | 738 |   |   |   | 2,823 |   |   |   | 2,345 |   |   |   | 478 |   |
| Total income from real estate operations                            |   |                      | 12,632 |   |                        |   | 12,504 |   |   |   | 128 |   |   |   | 6,471 |   |   |   | 6,275 |   |   |   | 196 |   |
|                                                                |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financing costs:                                                    |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed rate mortgages                                                |   |                      | (5,342 | )      |                        |   | (5,312 | ) |   |   | (30 | ) |   |   | (2,655 | ) |   |   | (2,687 | ) |   |   | 32 |   |
| Floating rate - Rotunda & Damascus                              |   |                      | (472   | )      |                        |   | (469 | ) |   |   | (3 | ) |   |   | (233 | ) |   |   | (232 | ) |   |   | (1 | ) |
| Total financing costs                                               |   |                      | (5,814 | )      |                        |   | (5,781 | ) |   |   | (33 | ) |   |   | (2,888 | ) |   |   | (2,919 | ) |   |   | 31 |   |
|                                                                |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment income                                                   |   |                      | 52     |   |                        |   | 66 |   |   |   | (14 | ) |   |   | 23 |   |   |   | 30 |   |   |   | (7 | ) |
|                                                                |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General & administrative expenses:                              |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounting fees                                                     |   |                      | (264   | )      |                        |   | (340 | ) |   |   | 76 |   |   |   | (127 | ) |   |   | (173 | ) |   |   | 46 |   |
| Legal & professional fees                                       |   |                      | (34    | )      |                        |   | (44 | ) |   |   | 10 |   |   |   | (17 | ) |   |   | (27 | ) |   |   | 10 |   |
| Trustee fees                                                        |   |                      | (261   | )      |                        |   | (257 | ) |   |   | (4 | ) |   |   | (134 | ) |   |   | (127 | ) |   |   | (7 | ) |
| Corporate expenses                                                  |   |                      | (237   | )      |                        |   | (200 | ) |   |   | (37 | ) |   |   | (125 | ) |   |   | (86 | ) |   |   | (39 | ) |
| Total general & administrative expenses                         |   |                      | (796   | )      |                        |   | (841 | ) |   |   | 45 |   |   |   | (403 | ) |   |   | (413 | ) |   |   | 10 |   |
|                                                                |   |                      |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                        |   |                      | (3,021 | )      |                        |   | (3,065 | ) |   |   | 44 |   |   |   | (1,510 | ) |   |   | (1,543 | ) |   |   | 33 |   |
| Net income                                                          |   |                      | 3,053  |   |                        |   | 2,883 |   |   |   | 170 |   |   |   | 1,693 |   |   |   | 1,430 |   |   |   | 263 |   |
| Net income attributable to noncontrolling interests in subsidiaries |   |                      | (714   | )      |                        |   | (581 | ) |   |   | (133 | ) |   |   | (373 | ) |   |   | (300 | ) |   |   | (73 | ) |
| Net Income attributable to common equity                            |   | $                         | 2,339  |   |                        | $      | 2,302 |   |   | $ | 37 |   |   | $ | 1,320 |   |   | $ | 1,130 |   |   | $ | 190 |   |

----

Index

|                 |   | Commercial                  |   |   | Residential         |   |   | Combined                    |           |
|----------------------|--------|-----------------------------|--------|--------|---------------------|--------|--------|-----------------------------|----------------|
|                 |   | Six Months EndedApril 30,   |   |   | Increase (Decrease) |   |   | Six Months EndedApril 30,   |           |   | Increase (Decrease) |   |   | Six Months EndedApril 30, |   |
|                 |   | 2011                        |   |   | 2010                |   |   | $                           |           |   | % |   |   | 2011 |   |   | 2010 |   |   | $ |   |   | % |   |   | 2011 |   |   | 2010 |   |
|                 |   | (in thousands)              |   |   |                |   |   |                        | (in thousands) |   |   |   |   |   |   | (in thousands) |   |
| Rental income        |   | $                           | 9,272  |   |                | $      | 9,633  |                        |           | $ | (361 | ) |   |   | -3.7 | % |   | $ | 9,604 |   |   | $ | 9,395 |   |   | $ | 209 |   |   |   | 2.2 | % |   | $ | 18,876 |   |   | $ | 19,028 |   |
| Reimbursements       |   |                        | 2,587  |   |                |   | 2,890  |                        |           |   | (303 | ) |   |   | -10.5 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 2,587 |   |   |   | 2,890 |   |
| Other                |   |                        | 101    |   |                |   | 82     |                        |           |   | 19 |   |   |   | 23.2 | % |   |   | 186 |   |   |   | 115 |   |   |   | 71 |   |   |   | 61.7 | % |   |   | 287 |   |   |   | 197 |   |
| Total revenue        |   |                        | 11,960 |   |                |   | 12,605 |                        |           |   | (645 | ) |   |   | -5.1 | % |   |   | 9,790 |   |   |   | 9,510 |   |   |   | 280 |   |   |   | 2.9 | % |   |   | 21,750 |   |   |   | 22,115 |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses   |   |                        | 4,951  |   |                |   | 5,003  |                        |           |   | (52 | ) |   |   | -1.0 | % |   |   | 4,244 |   |   |   | 4,702 |   |   |   | (458 | ) |   |   | -9.7 | % |   |   | 9,195 |   |   |   | 9,705 |   |
| Net operating income |   | $                           | 7,009  |   |                | $      | 7,602  |                        |           | $ | (593 | ) |   |   | -7.8 | % |   | $ | 5,546 |   |   | $ | 4,808 |   |   | $ | 738 |   |   |   | 15.3 | % |   |   | 12,555 |   |   |   | 12,410 |   |
| Average              |   |                        |   |   |                |   |   |                        |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Occupancy %          |   |                        | 89.8   | %      |                |   | 90.1   | %                           |           |   |   |   |   |   | -0.3 | % |   |   | 94.4 | % |   |   | 93.8 | % |   |   |   |   |   |   | 0.6 | % |   |   |   |   |   |   |   |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Reconciliation to consolidated net income: |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Deferred rents - straight lining |   |   |   |   |   |   |   | 89 |   |   |   | 109 |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Amortization of acquired leases |   |   |   |   |   |   |   | (12 | ) |   |   | (15 | ) |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Investment income |   |   |   |   |   |   |   | 52 |   |   |   | 66 |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | General and administrative expenses |   |   |   |   |   |   |   | (796 | ) |   |   | (841 | ) |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Depreciation |   |   |   |   |   |   |   | (3,021 | ) |   |   | (3,065 | ) |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Financing costs |   |   |   |   |   |   |   | (5,814 | ) |   |   | (5,781 | ) |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Net income |   |   |   |   |   |   |   | 3,053 |   |   |   | 2,883 |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Net income attributable to noncontrolling interests |   |   |   | (714 | ) |   |   | (581 | ) |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Net income attributable to common equity |   |   | $ | 2,339 |   |   | $ | 2,302 |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 |   | Commercial                  |   |   | Residential         |   |   | Combined                    |           |
|                 |   | Three Months EndedApril 30, |   |   | Increase (Decrease) |   |   | Three Months EndedApril 30, |           |   | Increase (Decrease) |   |   | Three Months EndedApril 30, |   |
|                 |   | 2011                        |   |   | 2010                |   |   | $                           |           |   | % |   |   | 2011 |   |   | 2010 |   |   | $ |   |   | % |   |   | 2011 |   |   | 2010 |   |
|                 |   | (in thousands)              |   |   |                |   |   |                        | (in thousands) |   |   |   |   |   |   | (in thousands) |   |
| Rental income        |   | $                           | 4,611  |   |                | $      | 4,996  |                        |           | $ | (385 | ) |   |   | -7.7 | % |   | $ | 4,796 |   |   | $ | 4,743 |   |   | $ | 53 |   |   |   | 1.1 | % |   | $ | 9,407 |   |   | $ | 9,739 |   |
| Reimbursements       |   |                        | 1,365  |   |                |   | 1,456  |                        |           |   | (91 | ) |   |   | -6.3 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 1,365 |   |   |   | 1,456 |   |
| Other                |   |                        | 49     |   |                |   | 58     |                        |           |   | (9 | ) |   |   | -15.5 | % |   |   | 116 |   |   |   | 58 |   |   |   | 58 |   |   |   | 100.0 | % |   |   | 165 |   |   |   | 116 |   |
| Total revenue        |   |                        | 6,025  |   |                |   | 6,510  |                        |           |   | (485 | ) |   |   | -7.5 | % |   |   | 4,912 |   |   |   | 4,801 |   |   |   | 111 |   |   |   | 2.3 | % |   |   | 10,937 |   |   |   | 11,311 |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses   |   |                        | 2,406  |   |                |   | 2,629  |                        |           |   | (223 | ) |   |   | -8.5 | % |   |   | 2,089 |   |   |   | 2,456 |   |   |   | (367 | ) |   |   | -14.9 | % |   |   | 4,495 |   |   |   | 5,085 |   |
| Net operating income |   | $                           | 3,619  |   |                | $      | 3,881  |                        |           | $ | (262 | ) |   |   | -6.8 | % |   | $ | 2,823 |   |   | $ | 2,345 |   |   | $ | 478 |   |   |   | 20.4 | % |   |   | 6,442 |   |   |   | 6,226 |   |
| Average              |   |                        |   |   |                |   |   |                        |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Occupancy %          |   |                        | 90.0   | %      |                |   | 89.5   | %                           |           |   |   |   |   |   | 0.5 | % |   |   | 94.4 | % |   |   | 94.6 | % |   |   |   |   |   |   | -0.2 | % |   |   |   |   |   |   |   |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Reconciliation to consolidated net income: |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Deferred rents - straight lining |   |   |   |   |   |   |   | 35 |   |   |   | 56 |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Amortization of acquired leases |   |   |   |   |   |   |   | (6 | ) |   |   | (7 | ) |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Investment income |   |   |   |   |   |   |   | 23 |   |   |   | 30 |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | General and administrative expenses |   |   |   |   |   |   |   | (403 | ) |   |   | (413 | ) |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Depreciation |   |   |   |   |   |   |   | (1,510 | ) |   |   | (1,543 | ) |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Financing costs |   |   |   |   |   |   |   | (2,888 | ) |   |   | (2,919 | ) |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Net income |   |   |   |   |   |   |   | 1,693 |   |   |   | 1,430 |   |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Net income attributable to noncontrolling interests |   |   |   | (373 | ) |   |   | (300 | ) |
|                 |   |                        |   |   |                |   |   |                        |           |   |   |   |   | Net income attributable to common equity |   |   | $ | 1,320 |   |   | $ | 1,130 |   |

----

Index

----

Index

----

Index

|                                                    |   | Six Months Ended April 30, |   |   | Three Months Ended April 30, |   |
|---------------------------------------------------------|--------|---------------------------------|--------|--------|-----------------------------------|--------|
|                                                    |   | 2011                            |   |   | 2010                              |   |   | 2011 |   |   | 2010 |   |
|                                                    |   | ($ in thousands)                |   |   | ($ in thousands)                  |   |
| Fixed rate mortgages:                                   |   |                            |   |   |                              |   |   |   |   |   |   |   |
| 1st Mortgages                                           |   |                            |   |   |                              |   |   |   |   |   |   |   |
| Existing                                                |   | $                               | 4,357  |   |                              | $      | 4,250 |   |   | $ | 2,163 |   |   | $ | 2,116 |   |
| New (1)                                                 |   |                            | 541    |   |                              |   | 607 |   |   |   | 270 |   |   |   | 303 |   |
| 2nd Mortgages                                           |   |                            |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Existing                                                |   |                            | 79     |   |                              |   | 169 |   |   |   | 39 |   |   |   | 84 |   |
| Variable rate mortgages:                                |   |                            |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Acquisition loan-Rotunda                                |   |                            | 390    |   |                              |   | 390 |   |   |   | 192 |   |   |   | 193 |   |
| Construction loan-Damascus                              |   |                            | 82     |   |                              |   | 79 |   |   |   | 41 |   |   |   | 39 |   |
| Other                                                   |   |                            | 218    |   |                              |   | 180 |   |   |   | 109 |   |   |   | 91 |   |
|                                                    |   |                            | 5,667  |   |                              |   | 5,675 |   |   |   | 2,814 |   |   |   | 2,826 |   |
| Amortization of Mortgage Costs                          |   |                            | 147    |   |                              |   | 106 |   |   |   | 74 |   |   |   | 53 |   |
| Total Financing Costs                                   |   |                            | 5,814  |   |                              |   | 5,781 |   |   |   | 2,888 |   |   |   | 2,879 |   |
| Capitalized interest adjustment                         |   |                            | -      |   |                              |   | - |   |   |   | - |   |   |   | 40 |   |
| Financing costs expensed                                |   | $                               | 5,814  |   |                              | $      | 5,781 |   |   | $ | 2,888 |   |   | $ | 2,919 |   |
|                                                    |   |                            |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| (1) Mortgages not in place at beginning of Fiscal 2010. |   |

----

Index

| Fiscal Year                 |   | 2012   |   |   | 2013   |   |   | 2014   |   |   | 2016   |   |   | 2017   |   |   | 2018   |   |   | 2019   |   |   | 2021   |   |   | 2022   |   |
|-----------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| ($ in millions)             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage "Balloon" Payments |   | $10.1  |   |   | $27.1  |   |   | $12.1  |   |   | $24.5  |   |   | $22.0  |   |   | $5.0   |   |   | $45.2  |   |   | $18.9  |   |   | $14.4  |   |

| ($ in Millions) |   | April 30,2011 |   |   | October 31,2010 |   |
|-----------------|--------|---------------|--------|--------|-----------------|--------|
|            |   |          |   |   |            |   |
| Fair Value      |   | $             | 203.4  |   |            | $      | 212.1 |   |
|            |   |          |   |   |            |   |   |   |
| Carrying Value  |   | $             | 203.2  |   |            | $      | 204.6 |   |

----

Index

|                                      |   | Six Months EndedApril 30,        |   |   | Three Months EndedApril 30,      |   |
|-------------------------------------------|--------|----------------------------------|--------|--------|----------------------------------|--------|
|                                      |   | 2011                             |   |   | 2010                             |   |   | 2011 |   |   | 2010 |   |
|                                      |   | (in thousands, except per share) |   |   | (in thousands, except per share) |   |
|                                      |   |                             |   |   |                             |   |   |   |   |   |   |   |
| Net income                                |   | $                                | 3,053  |   |                             | $      | 2,883 |   |   | $ | 1,693 |   |   | $ | 1,430 |   |
| Depreciation                              |   |                             | 3,021  |   |                             |   | 3,065 |   |   |   | 1,510 |   |   |   | 1,543 |   |
| Amortization of deferred mortgage costs   |   |                             | 147    |   |                             |   | 106 |   |   |   | 74 |   |   |   | 53 |   |
| Deferred rents (Straight lining)          |   |                             | (89    | )      |                             |   | (109 | ) |   |   | (35 | ) |   |   | (56 | ) |
| Amortization of acquired leases           |   |                             | 12     |   |                             |   | 15 |   |   |   | 6 |   |   |   | 7 |   |
| Capital Improvements - Apartments         |   |                             | (139   | )      |                             |   | (120 | ) |   |   | (55 | ) |   |   | (35 | ) |
| Distributions to noncontrolling interests |   |                             | (764   | )      |                             |   | (692 | ) |   |   | (482 | ) |   |   | (344 | ) |
| FFO                                       |   | $                                | 5,241  |   |                             | $      | 5,148 |   |   | $ | 2,711 |   |   | $ | 2,598 |   |
|                                      |   |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Per Share – Basic                   |   | $                                | 0.75   |   |                             | $      | 0.74 |   |   | $ | 0.39 |   |   | $ | 0.37 |   |
|                                      |   |                             |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Weighted Average Shares Outstanding       |   |                             | 6,942  |   |                             |   | 6,942 |   |   |   | 6,942 |   |   |   | 6,942 |   |

----

Index

Item 

Item 

Part 

Item 

Item 

Item 

31.1

31.2

32.1

32.2

----

Index

SIGNATURES

|               | FIRST REAL ESTATE INVESTMENT                      |
|--------------------|---------------------------------------------------|
|               | TRUST OF NEW JERSEY                               |
|               | (Registrant)                                      |
|               |                                              |
| Date: June 9, 2011 |                                              |
|               | /s/ Robert S. Hekemian                            |
|               | (Signature)                                       |
|               | Robert S. Hekemian                                |
|               | Chairman of the Board and Chief Executive Officer |
|               | (Principal Executive Officer)                     |
|               |                                              |
|               |                                              |
|               | /s/ Donald W. Barney                              |
|               | (Signature)                                       |
|               | Donald W. Barney                                  |
|               | President, Treasurer and Chief Financial Officer  |
|               | (Principal Financial/Accounting Officer)          |

----