SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 10-Q



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



                        For Quarter Ended April 30, 2002

                          Commission File No. 2-27018


                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 [   ]

As of June 13, 2002, there were 3,119,576 shares of beneficial interest issued
and outstanding.

<PAGE>

<TABLE>
<CAPTION>

                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
                ------------------------------------------------
                                      INDEX
                                      -----

<S>                                                                                                             <C>
Part I: Financial Information

       Item 1:  Unaudited Condensed Consolidated Financial Statements

                a.)  Condensed Consolidated Balance Sheets as at April 30, 2002 and October 31, 2001:

                b.)  Condensed  Consolidated  Statements of Income,  Comprehensive  Income and Undistributed
                     Earnings for the Six and Three Months Ended April 30, 2002 and 2001;

                c.)  Condensed Consolidated Statements of Cash Flows for the Six Months Ended
                     April 30, 2002 and 2001;

                d.)  Notes to Condensed Consolidated Financial Statements.

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

       Item 3: Quantitative and Qualitative Disclosures of Market Risk.


Part II: Other Information

       Item 4: Submission of Matters to a Vote of Security Holders.


       Item 6: Exhibits and Reports on Form 8-K
</TABLE>


<PAGE>


Item 1: Financial Statements

<TABLE>
<CAPTION>

           FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARY
                             CONSOLIDATED BALANCE SHEETS

                                                                           April 30,      October 31,
                                                                             2002            2001
                                                                         (Unaudited)     (See Note 1)
                                                                          (In Thousands of Dollars)
                                                                         ---------------------------
<S>                                                                        <C>              <C>
                                          ASSETS
                                          ------
Real estate, at cost, net of accumulated
 depreciation                                                              $76,121          $76,955
Investments in marketable securities                                            --              500
Cash & cash equivalents                                                     13,935           13,187
Tenants' security accounts                                                     828              873
Sundry receivables                                                           2,560            2,512
Prepaid expenses and other assets                                            1,040            1,262
Deferred charges, net                                                        1,199            1,206
                                                                           -------          -------
                                          Totals                           $95,683          $96,495
                                                                           =======          =======

                           LIABILITIES AND SHAREHOLDERS' EQUITY
                           ------------------------------------
Liabilities:
 Mortgages payable                                                         $68,866          $69,354
 Accounts payable and accrued expenses                                         663              819
 Cash distributions in excess of earnings and investment in affiliate          317              386
 Dividends payable                                                             936            1,497
 Tenants' security deposits                                                  1,193            1,219
 Deferred revenue                                                               93              322
                                                                           -------          -------
                                     Total liabilities                      72,068           73,597
                                                                           -------          -------

Minority interest                                                            1,225            1,310
                                                                           -------          -------
Commitments and contingencies

Shareholders' equity:
 Shares of beneficial interest without par value:
  4,000,000 shares authorized;
     3,119,576 shares issued and outstanding                                19,314           19,314
 Undistributed earnings                                                      3,076            2,274
                                                                           -------          -------
                                Total shareholders' equity                  22,390           21,588
                                                                           -------          -------

                                          Totals                           $95,683          $96,495
                                                                           =======          =======
</TABLE>

See Notes to Consolidated Financial Statements

<PAGE>



<TABLE>
<CAPTION>


                       FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARY
                            CONSOLIDATED STATEMENTS OF INCOME, COMPREHENSIVE INCOME
                                           AND UNDISTRIBUTED EARNINGS
                               SIX AND THREE MONTHS ENDED APRIL 30, 2002 AND 2001


                                                                   Six Months                  Three Months
                                                                 Ended April 30,              Ended April 30,
                                                                2002          2001         2002           2001
                                                                ----          ----         ----           ----
                                                                         (In Thousands of Dollars,
                                                                         Except Per Share Amounts)
<S>                                                           <C>           <C>           <C>           <C>
                                        INCOME
Revenue:
  Rental income                                               $ 8,133       $ 7,775       $ 4,096       $ 3,906
  Reimbursements                                                1,355         1,286           610           630
  Equity in income of affiliate                                   109            62            58            32
  Net Investment Income                                           123           404            55           186
  Sundry income                                                   168            84           123            39
                                                              -------       -------       -------       -------
                                        Totals                  9,888         9,611         4,942         4,793
                                                              -------       -------       -------       -------

Expenses:

  Operating expenses                                            1,943         2,093           969         1,088
  Management fees                                                 413           383           204           208
  Real estate taxes                                             1,211         1,158           606           579
  Financing costs                                               2,441         2,774         1,225         1,396
  Depreciation                                                  1,104         1,102           552           554
  Minority interest                                                92            16            45             5
                                                              -------       -------       -------       -------
                                        Totals                  7,204         7,526         3,601         3,830
                                                              -------       -------       -------       -------
Income before state income taxes                                2,684         2,085         1,341           963
Provision for state income taxes                                   10             7             5             2
                                                              -------       -------       -------       -------
    Net income                                                $ 2,674       $ 2,078       $ 1,336       $   961
                                                              =======       =======       =======       =======

------------------------------------------------------------- -------------------------------------------------
Basic earnings per share                                      $  0.86       $  0.67       $  0.43       $  0.31
Diluted earnings per share                                    $  0.84       $  0.67       $  0.42       $  0.31
------------------------------------------------------------- -------------------------------------------------
Basic weighted average shares outstanding                       3,120         3,120         3,120         3,120
Diluted weighted average shares outstanding                     3,178         3,120         3,188         3,120
------------------------------------------------------------- -------------------------------------------------

                                   COMPREHENSIVE INCOME
                                   --------------------
Net income                                                    $ 2,674       $ 2,078       $ 1,336       $   961
Other comprehensive income -
  Unrealized gain on marketable securities                         --            79            --            24
                                                              -------       -------       -------       -------
Comprehensive income                                          $ 2,674       $ 2,157       $ 1,336       $   985
                                                              =======       =======       =======       =======

                                  UNDISTRIBUTED EARNINGS
                                  ----------------------
Balance, beginning of period                                  $ 2,274       $ 1,879       $ 2,676       $ 2,060
Net income                                                      2,674         2,078         1,336           961
Less dividends                                                 (1,872)       (1,872)         (936)         (936)
                                                              -------       -------       -------       -------
Balance, end of period                                        $ 3,076       $ 2,085       $ 3,076       $ 2,085
                                                              =======       =======       =======       =======
Dividends per share                                           $  0.60       $  0.60       $  0.30       $  0.30
                                                              =======       =======       =======       =======

</TABLE>


See Notes to Consolidated Financial Statements

<PAGE>


<TABLE>
<CAPTION>

                   FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARY
                                CONSOLIDATED STATEMENTS OF CASH FLOWS
                              SIX MONTHS ENDED APRIL 30, 2002 AND 2001


                                                                             2002           2001
                                                                             ----           ----
                                                                          (In Thousands of Dollars)
                                                                          -------------------------
<S>                                                                       <C>            <C>
Operating activities:
 Net Income                                                               $  2,674       $  2,078
 Adjustments to reconcile net income to net cash provided by
 operating activities:
  Depreciation and amortization                                              1,219          1,209
  Equity in income of affiliate                                               (109)           (62)
  Deferred revenue                                                            (229)          (267)
  Minority interest                                                             92             16
  Changes in operating assets and liabilities:
  Tenants' security accounts                                                    45            (51)
  Sundry receivables, prepaid expenses and other assets                         66            371
  Accounts payable and accrued expenses                                       (156)            84
  Tenants' security deposits                                                   (26)            81
                                                                          --------       --------
                      Net cash provided by operating activities              3,576          3,459
                                                                          --------       --------
Investing activities:
 Capital expenditures                                                         (270)          (428)
 Distributions from affiliate                                                   40            104
 Marketable securities redeemed                                                500          5,000
 Good faith deposits                                                                         (129)
                                                                          --------       --------
                        Net cash provided by investing activities              270          4,547
                                                                          --------       --------
Financing activities:
 Repayment of mortgages                                                       (488)          (422)
 Dividends Paid                                                             (2,433)        (2,730)
 Distribution to Minority Interest                                            (177)
                                                                          --------       --------
                 Net cash used in financing activities                      (3,098)        (3,152)
                                                                          --------       --------
Net increase in cash and cash equivalents                                      748          4,854
Cash and cash equivalents, beginning of period                              13,187          2,925
                                                                          --------       --------
Cash and cash equivalents, end of period                                  $ 13,935       $  7,779
                                                                          ========       ========

Supplemental disclosure of cash flow data:
 Interest paid                                                            $  2,379       $  2,711
                                                                          ========       ========
 Income taxes paid                                                        $     10       $      7
                                                                          ========       ========
 Dividends declared but not paid                                          $    936       $    936
                                                                          ========       ========
</TABLE>


See Notes to Consolidated Financial Statements.

<PAGE>




         FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARY

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Note 1 - Basis of presentation:

       The accompanying  condensed  consolidated  financial statements have been
       prepared   without  audit,  in  accordance  with  accounting   principles
       generally  accepted in the United States of America for interim financial
       statements and pursuant to the  instructions  to Form 10-Q and Rule 10-01
       of  Regulation  S-X.  Accordingly,   certain  information  and  footnotes
       required by accounting principles generally accepted in the United States
       of America for complete financial statements have been omitted. It is the
       opinion of management  that all  adjustments  considered  necessary for a
       fair presentation  have been included,  and that all such adjustments are
       of a normal recurring nature.

       The consolidated results of operations for the six and three months ended
       April  30,  2002 are not  necessarily  indicative  of the  results  to be
       expected  for  the  full  year.  The  unaudited  condensed   consolidated
       financial  statements should be read in conjunction with the consolidated
       financial  statements and related notes included in FREIT's Annual Report
       on Form 10-K for the year ended October 31, 2001.



Note 2 - Investment in affiliate:

       FREIT is a 40%  member  of  Westwood  Hills,  LLC  ("WHLLC"),  a  limited
       liability company that is managed by Hekemian & Co., Inc. ("Hekemian"), a
       company which manages all of FREIT's  properties  and in which one of the
       trustees of FREIT is the chairman of the board.  Certain other members of
       WHLLC are either  trustees of FREIT, or their family members are trustees
       of FREIT or  officers of  Hekemian.  WHLLC owns a  residential  apartment
       complex located in Westwood, New Jersey.

       Summarized unaudited financial  information of WHLLC as of April 30, 2002
       and October 31,  2001,  and for the six and three  months ended April 30,
       2002 and 2001 is as follows:


<PAGE>

<TABLE>
<CAPTION>
                                                             April 30,     October 31,
                                                               2002           2001
                                                               ----           ----
                                                            (In Thousands of dollars)
<S>                                                         <C>              <C>
Balance sheet data:
Assets:
 Real estate and equipment, net                             $ 13,834         $ 13,806
 Other                                                           668              676
                                                            --------         --------
           Total assets                                     $ 14,502         $ 14,482
                                                            ========         ========

Liabilities and members' deficiency:
Liabilities:
 Mortgage payable                                           $ 14,897         $ 14,996
 Other                                                           400              455
                                                            --------         --------
           Total liabilities                                  15,297           15,451
                                                            --------         --------

Members' deficiency:
 FREIT                                                          (317)            (386)
 Others                                                         (478)            (583)
                                                            --------         --------
           Total members' deficiency                            (795)            (969)
                                                            --------         --------

           Total liabilities and members' deficiency        $ 14,502         $ 14,482
                                                            ========         ========
</TABLE>



<TABLE>
<CAPTION>

                                           Six Months Ended              Three Months Ended
                                               April 30,                      April 30,
                                       -----------------------        --------------------------
                                          2002          2001             2002           2001
                                          ----          ----             ----           ----
                                                     (In thousands of dollars)
<S>                                    <C>             <C>             <C>             <C>
Income statement data:
 Rental revenue                        $ 1,570         $ 1,491         $   786         $   753
 Real estate operating expenses           (605)           (643)           (294)           (327)
                                       -------         -------         -------         -------
          Net operating Income             965             848             492             426
 Financing costs                          (507)           (514)           (253)           (256)
 Depreciation                             (185)           (178)            (93)            (89)
                                       -------         -------         -------         -------
          Net income                   $   273         $   156         $   146         $    81
                                       =======         =======         =======         =======
</TABLE>



Note 3 - Earnings per share:

       The Trust has presented  "basic" and "diluted"  earnings per share in the
       accompanying  statements of income in accordance  with the  provisions of
       Statement of Financial  Accounting  Standards No. 128, Earnings per Share
       ("SFAS  128").  Basic  earnings per share is  calculated  by dividing net
       income by the weighted average number of shares  outstanding  during each
       period.  The calculation of diluted earnings per share is similar to that
       of basic earnings per share,  except that the denominator is increased to
       include the number of additional  shares that would have been outstanding
       if all  potentially  dilutive  shares,  such as those  issuable  upon the
       exercise of stock options and warrants, were issued during the period.

       In  computing  diluted  earnings  per share for the six and three  months
       ended April 30, 2002 and 2001, the assumed exercise of all of the Trust's
       outstanding stock options, adjusted for application of the treasury stock
       method,  would  have  increased  the  weighted  average  number of shares
       outstanding as shown in the table below:

<PAGE>


<TABLE>
<CAPTION>

                                                Six Months Ended                 Three Months Ended
                                                    April 30,                         April 30,
                                            --------------------------       ----------------------------
                                               2002            2001             2002              2001
                                               ----            ----             ----              ----
<S>                                         <C>              <C>              <C>              <C>
Basic weighted average shares
         outstanding                        3,119,576        3,119,576        3,119,576        3,119,576
Shares arising from assumed
           exercise of stock options           58,851               --           67,957               --


Dilutive weighted average shares
                                            ---------        ---------        ---------        ---------
         outstanding                        3,178,427        3,119,576        3,187,533        3,119,576
                                            =========        =========        =========        =========
</TABLE>


       Basic and  diluted  earnings  per share,  based on the  weighted  average
       number of  shares  outstanding  during  each  period,  are  comprised  of
       ordinary income.


Note 4- Equity incentive plan:

       On September 10, 1998, the Board of Trustees  approved the Trust's Equity
       Incentive   Plan  (the   "Plan")   which  was  ratified  by  the  Trust's
       shareholders  on April 7, 1999,  whereby  up to  460,000  of the  Trust's
       shares of beneficial interest may be granted to key personnel in the form
       of stock options, restricted share awards and other share-based awards.

       Upon  ratification of the Plan on April 7,1999,  the Trust issued 377,000
       stock  options  which  it had  previously  granted  to key  personnel  on
       September  10,  1998.  The fair value of the options on the date of grant
       was $15 per share.  The options,  all of which are outstanding at April
       30, 2002, are exercisable through September 2008.

       In the opinion of management,  if compensation cost for the stock options
       granted  in 1999 had  been  determined  based  on the  fair  value of the
       options  at the grant  date  under the  provisions  of SFAS 123 using the
       Black-Scholes option  pricing model, the Trust's pro forma net income and
       pro forma basic net income per share arising from such computation  would
       not have differed materially from the corresponding historical amounts.

Note 5- Share split:

       On September 26, 2001, the Board of Trustees approved a two-for-one share
       split in the  form of a share  dividend.  In  connection  with the  share
       dividend,  the  Board  of  Trustees  also  approved  an  increase  in the
       authorized  number of shares of  beneficial  interest  from  1,790,000 to
       4,000,000.  Financial information contained herein,  including the number
       of options, has been adjusted to retroactively  reflect the impact of the
       split.


Note 6- Segment information:

       SFAS No. 131,  "Disclosures  about  Segments of an Enterprise and Related
       Information",  established  standards for reporting financial information
       about  operating  segments  in interim and annual  financial  reports and
       provides  for a  "management  approach"  in  identifying  the  reportable
       segments.

       The Trust has  determined  that it has two  reportable  segments:  retail
       properties and residential  properties.  These reportable  segments offer
       different  products,  have different types of customers,  and are managed
       separately  because each  requires  different  operating  strategies  and
       management expertise. The retail segment contains six separate properties


<PAGE>

       and the residential  segment  contains eight  properties.  The accounting
       policies of the  segments  are the same as those  described  in Note 1 in
       FREIT's Annual Report on Form 10-K for the year ended October 31, 2001.

       The chief operating  decision-making group of the Trust's retail segment,
       residential  segment  and  corporate/other  is  comprised  of the Trust's
       Executive Committee of the Board of Trustees.

       The Trust assesses and measures  segment  operating  results based on net
       operating income ("NOI").  NOI is based on operating revenue and expenses
       directly  associated  with the operations of the real estate  properties,
       but  excludes  deferred  rents   (straight-lining),   depreciation,   and
       financing costs. NOI is not a measure of operating  results or cash flows
       from operating activities as measured by accounting  principles generally
       accepted  in the  United  States  of  America,  and  is  not  necessarily
       indicative  of cash  available  to fund  cash  needs  and  should  not be
       considered an alternative to cash flows as a measure of liquidity.

       Real estate rental revenue, operating expenses, NOI and recurring capital
       improvements  for  the  reportable  segments  are  summarized  below  and
       reconciled to consolidated  net income for the six and three months ended
       April 30, 2002 and 2001.  Asset  information  is not  reported  since the
       Trust does not use this measure to assess performance.

<TABLE>
<CAPTION>

                                               Six Months Ended              Three Months Ended
                                                   April 30,                      April 30,
                                             2002            2001           2002             2001
                                             ----            ----           ----             ----
                                                          (in thousands of dollars)
<S>                                        <C>             <C>             <C>             <C>
Real estate revenue:
   Retail                                  $ 6,023         $ 5,663         $ 2,990         $ 2,835
   Residential                               3,447           3,281           1,746           1,646
                                           -------         -------         -------         -------
              Totals                         9,470           8,944           4,736           4,481
                                           -------         -------         -------         -------
Real estate operating expenses:
   Retail                                    1,764           1,859             902             953
   Residential                               1,596           1,584             780             809
                                           -------         -------         -------         -------
              Totals                         3,360           3,443           1,682           1,762
                                           -------         -------         -------         -------
Net operating income:
   Retail                                    4,259           3,804           2,088           1,882
   Residential                               1,851           1,697             966             837
                                           -------         -------         -------         -------
              Totals                       $ 6,110         $ 5,501         $ 3,054         $ 2,719
                                           =======         =======         =======         =======

Recurring capital improvements:
   Residential                             $   150         $   224         $    60         $   124
                                           =======         =======         =======         =======

Reconciliation to consolidated
 net income:
   Segment NOI                             $ 6,110         $ 5,501         $ 3,054         $ 2,719
   Deferred rents - straight-lining            187             202              94              94
   Net investment income                       123             404              55             186
   Equity in income of affiliate               109              62              58              32
   General and administrative expenses        (218)           (199)           (103)           (115)
   Depreciation                             (1,104)         (1,102)           (552)           (554)
   Financing costs                          (2,441)         (2,774)         (1,225)         (1,396)
   Minority interest                           (92)            (16)            (45)             (5)
                                           -------         -------         -------         -------

             Net Income                    $ 2,674         $ 2,078         $ 1,336         $   961
                                           =======         =======         =======         =======
</TABLE>

<PAGE>



Note 7- Contingency:

       In connection with FREIT's plans to develop 129 rental apartment units in
       Rockaway,  NJ, FREIT posted an $80,000 Letter Of Credit with the township
       to guarantee completion of certain improvements.


Note 8- Subsequent Event:

       Subsequent  to April 30, 2002,  FREIT  entered into an agreement  for the
       sale of its  132-apartment  unit complex in Camden,  NJ. The purchaser is
       currently in due-diligence  review. The sale, if it closes,  will have no
       material financial affect on FREIT's future operating results.



                                     oOoOoOo


<PAGE>


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


--------------------------------------------------------------------------------

     Cautionary Statement Identifying Important Factors That Could Cause
      FREIT's 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 condensed  consolidated  financial  statements of FREIT
   (including related notes thereto) appearing  elsewhere in this Form 10-Q, and
   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 and under Section 21E of
   the Securities Exchange Act of 1934, as amended.  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 and
   the  availability  of financing;  adverse  changes in FREIT's real estate
   markets,  including,  among  other  things,  competition  with other real
   estate  owners,  risks  of  real  estate  development  and  acquisitions;
   governmental   actions   and   initiatives;    and   environmental/safety
   requirements.

--------------------------------------------------------------------------------

Overview

FREIT is an equity real estate  investment  trust ("REIT") that owns a portfolio
of residential  apartment and retail properties.  Our revenues consist primarily
of fixed rental income and additional rent in the form of expense reimbursements
derived from its income producing retail properties. We also receive income from
our 40% owned  affiliate,  Westwood  Hills,  which owns a residential  apartment
property. Our policy has been to acquire real property for long-term investment.


SIGNIFICANT ACCOUTNING POLICIES AND ESTIMATES

Our discussion and analysis of our financial  condition and results of operation
are based upon on our  consolidated  financial  statements,  the  preparation of
which takes into account  estimates  based on  judgments  and  assumptions  that
affect certain  reported amounts and  disclosures.  Accordingly,  actual results
could differ from those estimates.

The accounting  policies and estimates  used and outlined in FREIT's  previously
filed Form 10K for the year ended  10/31/01 have been applied  consistently  for
the six and three months ended April 30, 2002.

Results of Operations:
Six Months and Quarters Ended April 30, 2002 and 2001

Net Income for the six months ended April 30, 2002  ("Current  Year")  increased
28.7% to  $2,674,000  on  revenues  of  $9,888,000  compared  to Net  Income  of
$2,078,000  on revenues of  $9,611,000  for the six months  ended April 30, 2001
("Prior Year").  The $277,000  revenue increase is composed of increases in real
estate  operating  revenues of $511,000  (5.6%),  a $47,000 (75.8%)  increase in
FREIT's  equity in the  earnings  of its  affiliate,  and  offset by a  $281,000
(-69.6%)reduction in Net Investment Income.

For the three  months  ended  April 30,  2002  ("Current  Quarter")  Net  Income
increased 39% to $1,336,000 on revenues of $4,942,000 compared to Net Income for
the three months ended April 30, 2001 ("Prior  Quarter") of $961,000 on revenues
of $4,793,000.  The revenue increase for the Current Quarter was principally due
to the $254,000 (5.6%) increase in real estate operating revenues.

<PAGE>


RETAIL SEGMENT

NOI as used in this discussion  reflects operating revenue and expenses directly
associated  with the  operations  of the real estate  properties,  but  excludes
straight-lining  of rents,  depreciation  and financing costs (See Note 6 to the
condensed consolidated financial statements).

FREIT's retail properties consist of six (6) properties  totaling  approximately
685,000  sq. ft.  Four are  multi-tenanted  shopping  centers and two are single
tenanted stores. Their operations are summarized below.

<PAGE>

<TABLE>
<CAPTION>

            Retail Segment        Six Months Ended             Three Months Ended
                                      April 30,                     April 30,
                                2002           2001           2002            2001
                                ----           ----           ----            ----
                                           (in thousands of dollars)
<S>                            <C>            <C>            <C>            <C>
Revenues:
 Rents                         $4,541         $4,329         $2,282         $2,184
 Reimbursements/Other           1,482          1,334            708            651
                               ------         ------         ------         ------
  Total Revenues                6,023          5,663          2,990          2,835
                               ------         ------         ------         ------

Operating Expenses              1,764          1,859            902            953

                               ------         ------         ------         ------
  Net operating income         $4,259         $3,804         $2,088         $1,882
                               ======         ======         ======         ======

Average Occupancy %              97.3%          94.8%          97.3%          95.2%
                               ======         ======         ======         ======
</TABLE>

The  increases in rental income and  reimbursements  for the Current Year (6.4%)
and Current Quarter (5.5%) over the prior comparable periods are principally due
to the higher  average  occupancy  during the current  periods,  and to a lesser
degree, scheduled rent increases.

The reduction in Operating  Expenses  result  principally  to the mild 2001/2002
winter compared to the prior years winter.  As a result of this snow removal and
utility costs were significantly lower.

Occupancy at Olney  remains  unchanged at 92%, as the vacant space is being kept
vacant pending the expansion (see below).
Olney Expansion
Olney is a 98,900 sq. ft.  neighborhood  shopping  center.  We are  planning  an
approximately 59,000 sq. ft. expansion and modernization that is expected to add
to  revenues,  net  earnings,  and value to FREIT's real estate  portfolio.  The
expansion  is subject to the  expansion  plans being  approved  by the  required
governmental agencies,  satisfactory  pre-leasing of the new expanded space, and
the acceptance of current  tenants to be relocated in the expanded  center.  The
expansion and modernization  costs are estimated at $11 million,  including lost
rents  from  relocation  of  tenants.  Through  4/30/02  approximately  $264,000
(principally for building  permits) of  pre-construction  development costs have
been  expended and  deferred.  If all  governmental  approvals  are received and
tenant leasing  acceptable,  we expect to finance the expansion,  in part,  from
construction financing and, in part, from funds available from our institutional
money market investment.

We continue to evaluate  the  economics of the timing of the  expansion  and may
defer it to coincide with the expiration of particular  leases.  If we decide to
defer the  expansion,  we will  immediately  make the space we have kept  vacant
available for leasing.

<PAGE>


RESIDENTIAL SEGMENT

FREIT  operates  eight  (8)  multi-family  apartment  communities  totaling  639
apartment units. The NOI of our residential properties is summarized below


<TABLE>
<CAPTION>

Residential Segment               Six Months Ended             Three Months Ended
                                      April 30,                    April 30,
                                2002           2001           2002            2001
                                ----           ----           ----            ----
                                           (in thousands of dollars)
<S>                            <C>            <C>            <C>            <C>
Revenues                       $3,447         $3,281         $1,746         $1,646

Operating Expenses              1,596          1,584            780            809
                               ------         ------         ------         ------
  Net operating income         $1,851         $1,697         $  966         $  837
                               ======         ======         ======         ======

Average Occupancy %              94.9%          93.0%          95.3%          92.5%
                               ======         ======         ======         ======

Recurring capital
  improvements                 $  150         $  224         $   60         $  124
                               ======         ======         ======         ======

</TABLE>


Residential  revenue  increased  5.1% to  $3,447,000  for the Current  Year from
$3,281,000 for the Prior Year;  and 6.1% to $1,746,000  for the Current  Quarter
from  $1,646,000  for the Prior  Quarter.  Revenue is  principally  composed  of
monthly  apartment  rental income.  Total apartment rental income is a factor of
occupancy and monthly apartment rents. For instance, at our current rental rates
and occupancy levels at 4/30/02,  a 1% increase or decrease in average occupancy
will cause a $71,000 increase or reduction in revenue. A 1% rental rate increase
or decrease  over the 4/30/02  average  rental  rates will  increase or decrease
annual revenues by $68,000.

While average  occupancy has increased,  so have average monthly rents.  Average
monthly rents have  increased 4.7% for the Current Year over the Prior Year, and
4.9% for the  Current  Quarter  over the  Prior  Quarter.  We  believe  that the
acceptance of higher  Current  Quarter  increases  reflects  increased  consumer
confidence.

During the Current Year  operating  expenses  increased .8% over the Prior Year;
and decreased 3.6% for the Current Quarter  compared to the Prior Quarter.  As a
result of the mild winter,  significant savings were experienced in the areas of
snow removal  costs and heating  costs.  As a percentage  of revenue,  operating
expenses  were 46.3% of revenue for the Current  Year  compared to 48.3% for the
Prior Year.

We own 20 +/- acres of undeveloped land in Rockaway,  NJ. Site plan approval has
been received  from the Township for the  construction  of 129 garden  apartment
units. Development costs are estimated at $13.8 million that we will finance, in
part, from construction  financing and, in part, from funds available from funds
available in our  institutional  money market fund.  Construction is expected to
commence  during  late 2002 or early  2003,  and is  expected  to last twelve to
eighteen  months.  Through 4/30/02, approximately  $364,000 of  pre-construction
development costs have been expended and deferred.


NET INVESTMENT INCOME

Net investment  income is principally  interest  earned from our  investments in
Government  Agency  Bonds,  and an  Institutional  Money Market  fund,  and from
advances (now repaid) to related  parties for the sale to them of a 25% interest
in S&A Commercial Associates LP (which owns Olney). Earnings received from these
sources  for the six and  three  months  ended  April  30,  2002 and 2001 are as
follows:



                                     Six Months Ended        Three Months Ended
                                         April 30,               April 30,
                                    ---------------------   --------------------
                                      2002        2001        2002        2001
                                      ----        ----        ----        ----
                                               (thousands of dollars)
Government agency bonds and
    institutional Money Market        $122        $366        $ 54        $170
Related Party Loans                                 38                      16

Other                                    1                       1
                                      ----        ----        ----        ----
                                      $123        $404        $ 55        $186
                                      ====        ====        ====        ====


As a result of the lower interest rate  environment  over the course of the last
fiscal year, all of FREIT's higher yielding  government agency bonds were called
and the funds invested in an institutional money market account.  Our annualized
yield on these funds was approximately  1.8% as of April 30, 2002. This interest
rate yield  reduction  coupled with the  repayment of the related  party loan is
expected to result in lower Net  Investment  Income over the current fiscal year
than  the past  year.  (See  "FINANCING  COSTS"  below  for  partial  offsetting
benefits.)

EQUITY IN INCOME OF AFFILIATE
FREIT's share of earnings of its 40% owned affiliate,  Westwood Hills LLC, which
owns a 210 unit apartment community in Westwood, NJ, increased 75.8% to $109,000
during the Current Year from $62,000 for the Prior Year; and increased  81.3% to
$58,000 for the Current Quarter  compared to $32,000 for the Prior Quarter.  The
increase is principally attributable to revenues for the Current Year increasing
5.2%,  because of higher rents during the Current Quarter and expenses being .3%
lower as a result of the mild winter. Average occupancy for the Current Year was
96.9% compared to 97.3% for the Prior Year.

FINANCING COSTS
Financing costs are summarized as follows:

                              Six Months Ended         Three Months Ended
                                  April 30,                April 30,
                            --------------------     ---------------------
                             2002        2001          2002         2001
                                       (thousands of dollars)

Fixed rate mortgages        $2,233       $2,266       $1,115       $1,131
Floating rate mortgage         203          508          107          265

Other                            5                         3
                            ------       ------       ------       ------
                            $2,441       $2,774       $1,225       $1,396
                            ======       ======       ======       ======


Financing  Costs for the Current Year and Current  Quarter  decreased  12.0% and
12.2% respectively. The decrease is principally attributable to reduced interest
costs resulting from lower mortgage  balances from normal loan  amortization and
because of FREIT's $10.9 million floating rate mortgage (Olney)  benefiting from
the lower interest rate environment this year compared to last year.




GENERAL ADMINISTRATIVE EXPENSES
Our G & A expenses  increased to $218,000  during the Current Year from $199,000
during the Prior Year. During the Current Quarter,  G & A expenses  decreased to
$103,000 from $115,000 for the Prior  Quarter.  Professional  fees accounted for
the bulk of the increase.

<PAGE>



FUNDS FROM OPERATIONS ("FFO")

FFO is considered by many as a standard measurement of a REIT's performance.  We
compute FFO as follows (in thousands of dollars):

<TABLE>
<CAPTION>
                                            Six Months ended         Three Months Ended
                                        4/30/02        4/30/01      4/30/02       4/30/01
                                        -------        -------      -------       -------
<S>                                     <C>           <C>           <C>           <C>
Net Income                              $ 2,674       $ 2,078       $ 1,336       $   961
Depreciation - Real Estate                1,104         1,102           552           554
Amortization of Deferred Mtg Costs           45            47            14            16
Deferred Rents                             (187)         (202)          (94)          (95)
Capital Improvements - Apartments          (150)         (224)          (60)         (124)
Minority Interest                            92            16            45             6
Other                                        (8)           51             3            25
                                        -------       -------       -------       -------
            Total FFO                   $ 3,570       $ 2,868       $ 1,796       $ 1,343
                                        =======       =======       =======       =======
</TABLE>




FFO does not represent cash  generated  from operating  activities in accordance
with accounting  principles  generally accepted in the United States of America,
and therefore  should not be considered a substitute for net income as a measure
of  results  of  operations  or for cash flow from  operations  as a measure  of
liquidity. Additionally, the application and calculation of FFO by certain other
REITs may vary  materially from that of FREIT's,  and therefore  FREIT's FFO and
the FFO of other REITs may not be directly comparable.



LIQUIDITY AND CAPITAL RESOURCES

Our  financial   condition  remains  strong.  Net  Cash  Provided  By  Operating
Activities  increased  3.4% to $3.6 million  during the Current Year compared to
$3.5  million for the Prior  Year.  We expect  that cash  provided by  operating
activities will be adequate to cover mandatory debt service payments,  recurring
capital  improvements and dividends necessary to retain  qualification as a REIT
(90% of taxable income).

As at 4/30/02 we had cash and cash  equivalents  totaling $13.9 million compared
to $13.7 million (including Marketable Securities) at 10/31/01.  These funds are
available for construction, property acquisitions, and general needs.

As described in the segment  analysis  above,  we are planning the  expansion of
Olney and the construction of apartment rental units in Rockaway,  NJ. The total
capital required for these two projects is estimated at $25.8 million. We expect
to finance these costs, in part, from  construction and mortgage  financing and,
in part, from funds available in our institutional money market investment.


At 4/30/02 FREIT's aggregate outstanding mortgage debt was $68.9 million,  which
is secured by  properties  with a net book value of  approximately  $63 million.
Approximately  $57.8 million  bears a fixed  weighted  average  interest rate of
7.512%,  and an  average  life of  approximately  9 years.  Approximately  $10.9
million of mortgage  debt bears an interest  rate equal to 175 basis points over
LIBOR and  resets at our option  every 30, 60 or 90 days.  The rate in effect at
4/30/02 was 3.661%. This mortgage note was due at the end of March 2002, but was


<PAGE>

extended  for one year.  The fixed rate  mortgages  are subject to  amortization
schedules  that are  longer  than the term of the  mortgages.  As such,  balloon
payments for all mortgage debt will be required as follows:

                                         Year          $ Millions
                                         ----          ----------
                                         2002           $    --
                                         2005           $  17.5
                                         2007           $  15.7
                                         2010           $   9.2
                                         2013           $  17.5



The  following  table shows the estimated  fair value and carrying  value of our
long-term debt at April 30, 2002 and October 31, 2001:

                                         April 30,      October 31,
                (In Millions)              2002            2001
                                           ----            ----
                Fair Value                $69.9           $71.7
                Carrying Value            $68.9           $69.3

Fair values are estimated  based on market  interest rates at April 30, 2002 and
October 31, 2001 and on discounted cash flow analysis. Changes in assumptions or
estimation methods may significantly affect these fair value estimates.

FREIT expects to re-finance  the  individual  mortgages  with new mortgages when
their terms expire. To this extent we have exposure to interest rate risk on our
fixed rate debt  obligations.  If  interest  rates,  at the time any  individual
mortgage note is due, are higher than the current fixed  interest  rate,  higher
debt service may be required,  and/or re-financing proceeds may be less than the
amount of mortgage debt being retired.  For example, a one percent interest rate
increase  would  reduce  the Fair Value of our debt by $3.0  million,  and a one
percent decrease would increase the Fair Value by $3.2 million.

Additionally,  we have exposure on our floating rate debt. A one percent  change
in  rates,  up or down,  will  decrease  or  increase  income  and cash  flow by
approximately $109,000.

We  believe  that the  values of our  properties  will be  adequate  to  command
re-financing  proceeds  equal  to,  or  higher  than  the  mortgage  debt  to be
re-financed.  We  continually  review our debt levels to determine if additional
debt can prudentially be utilized for property acquisition additions to our real
estate portfolio that will increase income and cash flow to shareholders.

$14  Million  Line of Credit - During the fourth  quarter of last  fiscal  year,
FREIT reached an agreement  with a financial  institution on the terms for a $14
million,  two-year revolving line of credit. Interest rates on draws will be 175
basis  points over our choice of the 30, 60, or 90-day LIBOR rate and will reset
at the end of every rate renewal  period.  The line of credit will be secured by
mortgages on several of our un-leveraged (debt free) properties.  We expect this
credit line to be closed during July 2002.  While the line of credit may shortly
be  finalized,  we do not expect to draw down on this line in the short term. We
plan to use it  opportunistically  for future  acquisitions  and/or  development
opportunities.


INFLATION

Inflation can impact the  financial  performance  of FREIT in various ways.  Our
retail tenant leases normally  provide that the tenants bear all or a portion of
most operating expenses,  which can reduce the impact of inflationary  increases
on FREIT.  Apartment leases are normally for a one-year term, which may allow us
to seek increased rents as leases renew or when new tenants are obtained.


<PAGE>

ACQUISITION

On April 10, 2002,  FREIT  entered into a joint venture  agreement  with H-TPKE,
LLC, a group consisting  primarily of Hekemian & Co., Inc.  employees' to become
the Managing  Member and acquire a 40% interest in a limited  liability  company
formed to acquire a 320,000 square foot neighborhood shopping center in northern
New Jersey.  Total acquisition costs will approximate $33 million.  Hekemian,  &
Co, is  currently  involved  in the  due-diligence  analysis,  and is  reviewing
acquisition financing  alternatives.  The results will be submitted to the joint
venture  partners  for  their  review.  If  the   due-diligence   review  proves
satisfactory,  the  purchase  will  close in the  near  term.  Depending  on the
mortgage   acquisition-financing   alternative  selected,   FREIT's  40%  equity
participation will be between $3.2 million and $4.2 million. These funds will be
provided  from FREIT's  money market  investments.  Hekemian & Co., Inc. will be
designated Managing Agent of the property.

ASSET SALE

Subsequent  to April 30, 2002,  FREIT  entered into an agreement for the sale of
its  132-apartment  unit  complex in Camden,  NJ. The  purchaser is currently in
due-diligence  review.  The sale, if it closes,  will have no material financial
affect on FREIT's future operating results.

Item 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See "Liquidity and Capital Resources" above.



<PAGE>


PART II Other Information

Item 4. Submission of Matters to a Vote of Security Holders.

       The  following  matter was  submitted  to a vote of  security  holders at
       FREIT's Annual Meeting of Shareholders held on April 10, 2002.

       Election of Trustee
       -------------------

       The  Shareholders  re-elected  Mr. Robert S. Hekemian to serve as Trustee
       for an additional  three (3) year term. The balloting for election was as
       follows:  Mr. Hekemian received 2,775,225 votes,  representing 89% of the
       total  number of issued  and  outstanding  shares of FREIT,  and was duly
       elected. 11,436 votes were withheld and 332,913 abstained.


Item 6. Exhibits and Reports on Form 8-K.


       (a) On  March  8,  2002,  FREIT  filed a  report  on Form  8-K,  which is
       incorporated  herein by  reference.  The Form 8-K  included a copy of the
       press release that was sent to shareholders  on March 4, 2002,  reporting
       FREIT's operating results for the quarter ended January 31, 2002.


       (b) On April  29,  2002,  FREIT  filed a  report  on Form  8-K,  which is
       incorporated herein by reference.  The Form 8-K reported the execution of
       a new Management Agreement and the execution of a Joint Venture Agreement
       for the purpose of acquiring the  Wayne-Preakness  Shopping  Center.  The
       Form 8-K included copies of both agreements.




                                   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: June 14, 2002


                       By:  /s/ Robert S. Hekemian.
                            -----------------------
                                (Signature)
                              Robert S. Hekemian.
                              Chairman of the Board, Chief Executive
                              Officer, Trustee, and Financial/Accounting Officer