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 Quarterly Period Ended January 31, 2000          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   [   ]

<PAGE>


                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                                      INDEX


Part I:  Financial Information

         Item 1:  Financial Statements

                   a.)      Balance  Sheets as at January  31,  2000 and October
                            31, 1999;

                   b.)      Statements of Income and Undistributed  Earnings For
                            the Three Months Ended January 31, 2000 and 1999;

                   c.)      Statements  of Cash Flows for the Three Months Ended
                            January 31, 2000 and 1999;

                   d.)      Notes to 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 1.  Legal Proceedings

         Item 6.  Exhibits and Reports on Form 8-K


<PAGE>

Item 1: Financial Statements
<TABLE>
<CAPTION>
                                       FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
                                                        BALANCE SHEETS
                                            January 31, 2000 and October 31, 1999

                                                                                            January 31,           October 31,
                                                                                               2000                  1999
                                                                                              --------              --------
                                                                                            (Unaudited)          (See Note 1)
                                                                                                  (In thousands of Dollars)
                                               ASSETS
<S>                                                                                           <C>                   <C>
Real estate and equipment, at cost, net of accumulated
      depreciation                                                                            $ 63,193              $ 63,441
Investments in marketable securities                                                            14,314                14,453
Cash and cash equivalents                                                                          772                 2,083
Tenant's security accounts                                                                         754                   771
Sundry receivables                                                                               1,708                 1,326
Prepaid expenses and other assets                                                                1,202                 1,004
Deferred charges, net                                                                            1,324                 1,350
                                                                                              --------              --------
                                               Totals                                         $ 83,267              $ 84,428
                                                                                              ========              ========

                                LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
      Mortgages payable                                                                       $ 59,877              $ 60,071
      Accounts payable and accrued expenses                                                        326                   503
      Cash distributions in excess of investment in affiliate                                      342                   294
      Dividends payable                                                                            780                 1,638
      Tenants' security deposits                                                                   969                 1,000
      Deferred revenue                                                                             417                   402
                                                                                              --------              --------
                                          Total liabilities                                     62,711                63,908
                                                                                                ------                ------


Commitments and contingencies

Shareholders' equity:
      Shares of beneficial interest without par value; 1,790,000
        shares authorized; 1,559,788 shares issued and outstanding                              19,314                19,314
      Undistributed earnings                                                                     1,428                 1,253
      Accumulated other comprehensive income (loss)                                               (186)                  (47)
              Total shareholders' equity                                                        20,556                20,520
                                                                                              --------              --------
                                               Totals                                         $ 83,267              $ 84,428
                                                                                              ========              ========
</TABLE>

See Notes to Financial Statements
<PAGE>
<TABLE>
<CAPTION>

                                       FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                            STATEMENTS OF INCOME, COMPREHENSIVE INCOME AND UNDISTRIBUTED EARNINGS
                                         THREE MONTHS ENDED JANUARY 31, 2000 AND 1999
                                                         (Unaudited)
                                                                                                   2000                 1999
                                                                                                 (In Thousands of Dollars,
                                               INCOME                                             Except Per Share Amounts)
<S>                                                                                           <C>                   <C>
Revenue:
      Rental income                                                                             $ 3,334               $ 3,228
      Reimbursements                                                                                476                   395
      Equity in income (loss) of affiliate                                                           24                  (142)
      Interest income                                                                               254                   144
      Sundry income                                                                                  50                    44
                                                                                              ---------             ---------
                                               Totals                                             4,138                 3,669
                                                                                              ---------             ---------

Expenses:
      Operating expenses                                                                            934                   808
      Management fees                                                                               153                   153
      Real estate taxes                                                                             511                   445
      Financing costs                                                                             1,150                 1,149
      Depreciation                                                                                  432                   421
                                                                                              ---------             ---------
                                               Totals                                             3,180                 2,976
                                                                                              ---------             ---------

Income before state income taxes                                                                    958                   693
Provision for state income taxes                                                                      3                     3
                                                                                              ---------             ---------
Net income                                                                                        $ 955                 $ 690
                                                                                              =========             =========
Basic earnings per share                                                                         $ 0.61                $ 0.44
                                                                                              =========             =========
Basic weighted average shares outstanding                                                     1,559,788             1,559,788
                                                                                              =========             =========

                                        COMPREHENSIVE INCOME
Net income                                                                                        $ 955                 $ 690
Other comprehensive income (loss)-unrealized loss on
      marketable securities                                                                        (139)
                                                                                              ---------             ---------
Comprehensive income                                                                              $ 816                 $ 690
                                                                                              =========             =========

                                       UNDISTRIBUTED EARNINGS
Balance, beginning of year                                                                      $ 1,253               $ 1,048
Net income                                                                                          955                   690
Less dividends                                                                                     (780)                 (624)
                                                                                              ---------             ---------
Balance, end of period                                                                          $ 1,428               $ 1,114
                                                                                              =========             =========
Dividends per share                                                                              $ 0.50                $ 0.40
                                                                                              =========             =========
</TABLE>
See Notes to Financial Statements

<PAGE>
<TABLE>
<CAPTION>
                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
                            STATEMENTS OF CASH FLOWS
                  THREE MONTHS ENDED JANUARY 31, 2000 AND 1999
                                   (Unaudited)
                                                                                               2000                   1999
                                                                                              -------               -------
                                                                                                (In thousands of Dollars)
<S>                                                                                           <C>                  <C>
Operating activities:
      Net income                                                                              $   955               $   690
      Adjustments to reconcile net income to net cash provided by
      operating activities:
          Depreciation and amortization                                                           473                   456
          Equity in (income) loss of affiliate                                                    (24)                  142
          Deferred revenue                                                                         15                  (101)
          Changes in operating assets and liabilities:
              Tenants' security accounts                                                           17                   (10)
              Sundry receivables, prepaid expenses and other assets                              (395)                   59
              Accounts payable and accrued expenses                                              (177)                   (9)
              Tenants' security deposits                                                          (31)                   11
                                                                                              -------               -------
                              Net cash provided by operating activities                           833                 1,238
                                                                                              -------               -------
Investing activities:
      Capital expenditures                                                                       (184)                 (227)
      Distributions from affiliate                                                                 72                 2,080
      Repayment from (loan to) affiliate                                                            -                   100
      Acquisition deposit                                                                        (200)
                                                                                              -------               -------
                         Net cash provided by (used in) investing activities                     (312)                1,953
                                                                                              -------               -------
Financing activities:
      Dividends Paid                                                                           (1,638)               (1,435)
      Net proceeds from mortgage refinancing                                                        -                 3,671
      Proceeds from mortgage borrowings                                                             -                 9,275
      Repayment of mortgages                                                                     (194)                 (168)
      Deferred mortgage costs                                                                       -                  (185)
                                                                                              -------               -------
                         Net cash provided by (used by) financing activities                   (1,832)               11,158
                                                                                              -------               -------

Net increase (decrease) in cash and cash equivalents                                           (1,311)               14,349
Cash and cash equivalents, beginning of period                                                  2,083                   793
                                                                                              -------               -------

Cash and cash equivalents, end of period                                                      $   772              $ 15,142
                                                                                              =======              ========

Supplemental disclosure of cash flow data:
      Interest paid                                                                           $ 1,127               $ 1,149
                                                                                              =======              ========

      Income taxes paid                                                                       $     3               $     3
                                                                                              =======               =======
Supplemental disclosure of non cash Investing and
      financing activities:
      Dividends declared but not paid                                                         $   780               $   624
                                                                                              =======               =======
</TABLE>
See Notes to Financial Statements
<PAGE>
                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                          NOTES TO FINANCIAL STATEMENTS

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

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

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

                Basis of presentation:
                    The financial  information included herein as at January 31,
                    2000 and for the three  months  ended  January  31, 2000 and
                    1999 is unaudited and, in the opinon of the Trust,  reflects
                    all  adjustments   (which  include  only  normal   recurring
                    accruals) necessary for a fair presentation of the financial
                    position as of that date and the results of  operations  for
                    those  periods.  The  information in the balance sheet as of
                    October 31, 1999 was derived from the Trust's audited annual
                    report for 1999.

                Use of estimates:
                    The  preparation of financial  statements in conformity with
                    generally accepted accounting principles requires management
                    to  make  estimates  and  assumptions  that  affect  certain
                    reported  amounts  and  disclosures.   Accordingly,   actual
                    results could differ from those estimates.

                Investment in affiliate:
                    The  Trust's 40%  investment  in  Westwood  Hills,  LLC (the
                    "Affiliate") is accounted for using the equity method.

                Investments in marketable securities:
                    Investments  in  marketable  debt  securities  classified as
                    "available   for  sale"  are  recorded  at  fair  value  and
                    unrealized  gains and losses  are  reported  as  accumulated
                    other comprehensive income within shareholders' equity.

                Cash and cash equivalents:
                    Financial instruments which potentially subject the Trust to
                    concentrations  of credit risk consist primarily of cash and
                    cash  equivalents.  The Trust  considers  all highly  liquid
                    investments  purchased  with a maturity  of three  months or
                    less to be
<PAGE>
                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                          NOTES TO FINANCIAL STATEMENTS

Note 1 - Organization and significant accounting policies (continued):
                    cash  equivalents.  The Trust   maintains  its cash and cash
                    equivalents  in bank and other  accounts,  the  balances  of
                    which, at times,  may exceed  Federally  insured limits.  At
                    January 31, 2000,  such  cash and cash  equivalent  balances
                    exceeded Federally insured limits by approximately $672,000.
                    Exposure to credit risk is reduced by placing such  deposits
                    with high credit quality financial institutions.


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

                Deferred charges:
                    Deferred  charges  consist  of  mortgage  costs and  leasing
                    commissions.  Deferred  mortgage  costs are amortized on the
                    straight-line  method by annual  charges to operations  over
                    the terms of the  mortgages.  Amortization  of such costs is
                    included in interest  expense and  approximated  $23,000 and
                    $21,000  for the three  months  ended  January  31, 2000 and
                    1999,   respectively.   Deferred   leasing  commissions  are
                    amortized on the straight-line  method over the terms of the
                    applicable leases.

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

                Advertising:
                    The Trust expenses the cost of advertising and promotions as
                    incurred.  Advertising costs charged to operations  amounted
                    to  approximately  $19,000  and $9,000 for the three  months
                    ended January 31, 2000 and 1999, respectively.

                Earnings per share:
                    The Trust has  presented  "basic"  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").  SFAS 128 also
                    requires the presentation of "diluted" earnings per share if
                    the amount  differs  from basic  earnings  per share.  Basic
                    earnings per share is  calculated  by dividing net income by
                    the weighted  average  number of common  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 common shares that would have been outstanding if
                    all
<PAGE>
                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                          NOTES TO FINANCIAL STATEMENTS

Note 1 - Organization and significant accounting policies (concluded):
                    potentially  dilutive common shares,  such as those issuable
                    upon the exercise of stock options and warrants, were issued
                    during the period.  For the three months  ended  January 31,
                    2000,  diluted  earnings  per share have not been  presented
                    because  prices  of  all of the  outstanding  stock  options
                    approximated the average fair market value and there were no
                    additional shares derived from the assumed exercise of stock
                    options and the  application  of the treasury  stock method.
                    For the three  months ended  January 31, 2000 and 1999,  the
                    Trust had no potentially dilutive common shares.

                Comprehensive income:
                    Effective  November 1, 1998, the Trust adopted  Statement of
                    Financial    Accounting   Standards   No.   130,   Reporting
                    Comprehensive  Income ("SFAS 130"),  which  establishes  new
                    rules for the reporting and display of comprehensive  income
                    and its components;  however,  the adoption had no impact on
                    the Trust's net income.  SFAS 130 requires  unrealized gains
                    or losses on the Trust's  available-for-sale  securities, to
                    be included in other comprehensive income.

Note 2 - Investment in affiliate:
                The Trust is a 40% member of the Affiliate,  a limited liability
                company that is managed by Hekemian & Co., Inc. ("Hekemian"),  a
                company which manages all of the Trust's properties and in which
                one of the  trustees of the Trust is the  chairman of the board.
                Certain other  members of the  Affiliate are either  trustees of
                the  Trust  or their  families  or  officers  of  Hekemian.  The
                Affiliate  owns  a  residential  apartment  complex  located  in
                Westwood, New Jersey.

                Summarized financial  information of the Affiliate as of January
                31, 2000 and October  31,  1999 and for the three  months  ended
                January 31, 2000 and 1999 is as follows:
<PAGE>
<TABLE>
<CAPTION>
                                                        January 31,     October 31,
                                                           2000           1999
                                                         (In thousands of dollars)
Balance sheet data:
Assets:
<S>                                                     <C>           <C>
Real estate and equipment, net                          $ 14,139      $ 14,190
Other                                                        742           812
                                                        --------      --------
              Total assets                              $ 14,881      $ 15,002
                                                        ========      ========
Liabilities and equity:
Liabilities:
Mortgage payable                                        $ 15,319      $ 15,362
Other                                                        420           378
                                                        --------      --------
              Total liabilities                           15,739        15,740
                                                        --------      --------

Members' equity:
Trust                                                       (342)         (294)
Others                                                      (516)         (444)
                                                        --------      --------
              Total members' equity                         (858)         (738)
                                                        --------      --------

              Total liabilities and members' equity     $ 14,881      $ 15,002
                                                        --------      --------
</TABLE>
<PAGE>
                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                          NOTES TO FINANCIAL STATEMENTS

Note  2 -  Investment  in  affiliate  (concluded):

                                                      Three Months Ended
                                                January 31,          January 31,
                                                     2000                1999
                                                    -----              ------
                                                    (In thousands of dollars)
Income statement data:
Rental revenue                                      $ 696              $  659
Expenses                                              636                 571
                                                    -----              ------
Income from rental operations                          60                  88
Prepayment penalty on mortgage refinancing                               (442)
                                                    -----              ------
              Net income (loss)                     $  60              $ (354)
                                                    =====              ======

Note 3 -  Investments  in marketable securities:
                At January 31, 2000, the Trust's  investment in marketable  debt
                securities,  all of which were classified as available for sale,
                consisted of government  agency bonds.  The  maturities  for all
                securities  held at January 31, 2000 and October 31, 1999 are as
                follows:
<TABLE>
<CAPTION>
                                                                         Fair Value
                                                                 ----------------------------
                                                  Amortized       January 31,     October 31,
                                                     Cost            2000            1999
                                                ------------      ----------     ------------
<S>                                             <C>              <C>             <C>
                     One to five years          $ 14,000,000     $13,858,000     $ 13,986,000
                     Five to ten years               500,000         456,000          467,000
                                                ------------      ----------     ------------
                              Totals            $ 14,500,000      14,314,000     $ 14,453,000
                                                ============      ==========     ============
</TABLE>
Note 4 - Real estate and equipment:
                Real estate and equipment consists of the following:
<TABLE>
<CAPTION>
                                                         Range of
                                                        Estimated         January 31,          October 31,
                                                       Useful Lives          2000                 1999
                                                       ------------          ----                 ----
                                                                             (In Thousands of Dollars)
                     <S>                                                     <C>               <C>
                     Land                                                    $ 22,773          $ 22,773
                     Unimproved land                                            2,347             2,354
                     Apartment buildings                 7-40 years            10,787            10,764
                     Commercial buildings and
                        shopping centers                15-50 years            40,752            40,723
                     Construction in progress                                   1,552             1,426
                     Equipment                           3-15 years               531               522
                                                                             --------          --------
                                                                               78,742            78,562
                     Less accumulated deprecition                              15,549            15,121
                                                                             --------          --------
                                                                             $ 63,193          $ 63,441
                                                                             --------          --------
</TABLE>
<PAGE>
                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                          NOTES TO FINANCIAL STATEMENTS

Note 5 - Mortgages payable:
                Mortgages payable consist of the following:

<TABLE>
<CAPTION>
                                                                            January 31,       October 31,
                                                                                2000              1999
                                                                             --------          --------
                                                                              (In thousands of Dollars)
<S>                                                                          <C>               <C>
    Northern Life Insurance Cos. - Frederick, MD (A)                         $ 18,539          $ 18,609
    National Realty funding L.C. - Westwood, NJ (B)                            10,392            10,420
    Larson Financial Resources, Inc. - Spring Lake, NJ (C)                      3,653             3,664
    Summit Bank - Patchogue, NY (D)                                             7,265             7,295
    Larson Financial Resources, Inc. - Wayne, NJ (E)                           10,869            10,898
    Larson Financial Resources, Inc. - River Edge, NJ (F)                       5,308             5,323
    Larson financial Resources, Inc. - Maywood, NJ (G)                          3,851             3,862
                                                                             --------          --------
                  Totals                                                     $ 59,877          $ 60,071
                                                                             --------          --------
</TABLE>

                   (A)     The  mortgage is payable in monthly  installments  of
                           $152,153  including  interest at 8.31%  through  June
                           2007 at which  time the  outstanding  balance is due.
                           The  mortgage  is  secured  by a retail  building  in
                           Frederick,  Maryland  having  a  net  book  value  of
                           approximately $23,781,000.

                   (B)     The  mortgage is payable in monthly  installments  of
                           $73,248 including  interest at 7.38% through February
                           2013 at which  time the  outstanding  balance is due.
                           The  mortgage  is  secured  by a retail  building  in
                           Westwood,  New  Jersey  having  a net  book  value of
                           approximately $11,288,000.

                   (C)     The new  mortgage is payable in monthly  installments
                           of  $23,875  including   interest  at  6.70%  through
                           December 2013 at which time the  outstanding  balance
                           is due.  The  mortgage  is  secured  by an  apartment
                           building in Spring Lake, New Jersey having a net book
                           value of approximately $508,000.

                   (D)     Payable in monthly  installments of $54,816 including
                           interest at 7.375% through January 2005 at which time
                           the  outstanding  balance  is due.  The  mortgage  is
                           secured by a retail  building in Patchogue,  New York
                           having a net book value of approximately $10,430,000.

                   (E)     Payable in monthly  installments of $76,023 including
                           interest at 7.29% through July 2010 at which time the
                           outstanding  balance is due.  The mortgage is secured
                           by an apartment  building in Wayne, New Jersey having
                           a net book value of approximately $1,614,000.
<PAGE>

                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                          NOTES TO FINANCIAL STATEMENTS


Note 5 - Mortgages payable (concluded):
                   (F)     Payable in monthly  installments of $34,862 including
                           interest at 6.75% through December 2013 at which time
                           the  outstanding  balance  is due.  The  mortgage  is
                           secured by an apartment  building in River Edge,  New
                           Jersey  having  a net  book  value  of  approximately
                           $1,282,000.

                   (G)     Payable in monthly installments of $25,295 including
                           interest at 6.75% through December 2013 at which time
                           the  outstanding  balance  is due.  The  mortgage  is
                           secured by an  apartment  building  in  Maywood,  New
                           Jersey  having  a net  book  value  of  approximately
                           $920,000.

                Principal  amounts (in thousands of dollars) due under the above
                obligations in each of the five years  subsequent to January 31,
                2000 are as follows:

                  Year Ending
                  January 31,                 Amount

                       2001                 $  764
                       2002                    825
                       2003                    890
                       2004                    961
                       2005                  7,582


                Based on borrowing rates currently  available to the Trust,  the
                fair value of the mortgage debt  approximates  carrying value at
                January 31, 2000.


Note 6 - Line of credit agreement:
                The Trust has a revolving  line of credit  agreement with Summit
                Bank which  expires in May 2001.  Maximum  allowable  borrowings
                under the  agreement  are  $8,000,000.  The line of credit bears
                interest at the bank's floating base rate plus .25% or the LIBOR
                rate plus 175 basis points.  Outstanding  borrowings are secured
                by  apartment  buildings  in  Hasbrouck  Heights,   New  Jersey,
                Lakewood, New Jersey and Palisades Park, New Jersey as well as a
                shopping  center in Franklin  Lakes,  New Jersey.  There were no
                outstanding  borrowings  under the agreement at January 31, 2000
                and  October 31,  1999.  One of the  directors  of the bank is a
                trustee of the Trust.
<PAGE>
                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                          NOTES TO FINANCIAL STATEMENTS


Note 7 - Commitments and contingencies:
                Leases:
                    Retail tenants:
                         The Trust  leases  retail space having a net book value
                         of  approximately  $55,576,000  at January  31, 2000 to
                         tenants for periods of up to twenty-five years. Most of
                         the leases contain  clauses for  reimbursement  of real
                         estate taxes, maintenance,  insurance and certain other
                         operating  expenses of the  properties.  Minimum rental
                         income (in  thousands  of dollars) to be received  from
                         noncancelable  operating  leases in years subsequent to
                         January 31, 2000 are as follows:

                             Year Ending
                             January 31,                        Amount

                                 2001                         $  6,426
                                 2002                            6,198
                                 2003                            5,956
                                 2004                            5,466
                                 2005                            4,906
                             Thereafter                         44,949
                                                              --------

                                      Total                    $73,901
                                                               =======

                         The above  amounts  assume that all leases which expire
                         are  not  renewed  and,  accordingly,  neither  minimal
                         rentals  nor  rentals  from  replacement   tenants  are
                         included.

                         Minimum  future  rentals  do  not  include   contingent
                         rentals which may be received  under certain  leases on
                         the basis of  percentage  of  reported  tenants'  sales
                         volume  or   increases  in  Consumer   Price   Indices.
                         Contingent  rentals  included  in income  for the three
                         months  ended  January  31,  2000  and  1999  were  not
                         material.

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

                    Environmental concerns:
                         In accordance  with applicable  regulations,  the Trust
                         reported to the New Jersey  Department of Environmental
                         Protection  ("NJDEP")  that a  historical  discharge of
                         hazardous  material  was  discovered  in  1997  at  the
                         renovated   Franklin   Lakes   shopping   center   (the
                         "Center").

                         In  November  1999,  the Trust  received  a no  further
                         action letter from the NJDEP  concerning the historical
                         discharge at the Center. However, the Trust is required
                         to  continue  monitoring  such  discharge,  the cost of
                         which will not be material.
<PAGE>

                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                          NOTES TO FINANCIAL STATEMENTS


Note 7 - Commitments and contingencies (concluded):

                Acquisition:
                The Trust has entered in to an agreement to purchase an existing
                one   story   neighborhood   shopping   center   consisting   of
                approximately  99,000  square feet with  expansion  potential to
                approximately  131,000  square feet in Olney,  MD. The  purchase
                price of $15,150,000 is expected to be financed in part,  with a
                mortgage loan that will not exceed 70% of the appraised value of
                the shopping  center.  The balance of the purchase price will be
                provided from the Registrant's  cost and marketable  securities.
                The  closing of the  purchase  is  expected  to occur late March
                2000.


Note 8 - Management agreement and related party transactions:
                The  properties  owned by the Trust  are  currently  managed  by
                Hekemian.  The  management  agreement  requires  fees equal to a
                percentage  of rents  collected.  Such fees  were  approximately
                $221,000 and  $204,000  for the three  months ended  January 31,
                2000 and 1999 , respectively.  In addition, Hekemian charged the
                Trust  fees and  commissions  in  connection  with  the  various
                mortgage  refinancing and lease  acquisition fees. Such fees and
                commissions  amounted  to  approximately  $13,000 and $68,000 in
                2000 and 1999, respectively.


Note 9 - Basic earnings per share:
                Basic earnings per share,  based on the weighted  average number
                of shares  outstanding  during each  period,  are  comprised  of
                ordinary income.

Note 10- 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 230,000
                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.  In connection  therewith,
                the Board of Trustees  approved an increase of 230,000 shares in
                the Trust's number of authorized shares of beneficial  interest.
                Key  personnel  eligible  for  these  awards  include  trustees,
                executive  officers  and other  persons or  entities  including,
                without  limitation,  employees,  consultants  and  employees of
                consultants,   who  are  in  a  position  to  make   significant
                contributions  to the success of the Trust.  Under the Plan, the
                exercise  price of all options  will be the fair market value of
                the shares on the date of grant.  The  consideration  to be paid
                for  restricted  share and  other  share-based  awards  shall be
                determined  by the Board of  Trustees,  with the  amount  not to
                exceed the fair market value of the shares on the date of grant.
                The maximum term of any award  granted may not exceed ten years.
                The actual terms of each award will be  determined  by the Board
                of Trustees.

                Upon ratification of the Plan on April 7,1999,  the Trust issued
                188,500  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 $30 per  share.  The  options,  all of
                which are  outstanding  at October  31,  1999,  are  exercisable
                through September 2008.

<PAGE>
                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

                          NOTES TO FINANCIAL STATEMENTS


Note 10- Equity incentive plan (concluded):
                In accordance with the provisions of Accounting Principles Board
                Opinion No. 25,  Accounting for Stock Issued to Employees  ("APB
                25"), the Trust will recognize compensation costs as a result of
                the issuance of restricted  share and other  share-based  awards
                based on the excess, if any, of the fair value of the underlying
                stock  at the  date of  grant  or  award  (or at an  appropriate
                subsequent  measurement date) over the amount the recipient must
                pay to  acquire  the  stock.  Therefore,  the Trust  will not be
                required to  recognize  compensation  expense as a result of any
                grants of stock options,  restricted share and other share-based
                awards at an  exercise  price that is  equivalent  to or greater
                than fair value. The Trust will also make proforma  disclosures,
                as required by Statement of Financial  Accounting  Standards No.
                123,  Accounting for Stock-Based  Compensation  ("SFAS 123"), of
                net income or loss as if a fair value based method of accounting
                for stock  options  had been  applied  instead  if such  amounts
                differ materially from the historical amounts.

                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  and
                assuming a risk-free  interest  rate of 5.25%,  expected  option
                lives  of ten  years,  expected  volatility  of 1% and  expected
                dividends of 7.13%,  the  Company'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.



                                      * * *

<PAGE>
Item 2: MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

Overview
The Registrant is an equity REIT which owns a portfolio of residential apartment
and retail  properties.  The Registrant's  revenues  consist  primarily of fixed
rental income and additional rent in the form of expense  reimbursements derived
from its income producing retail properties. The Registrant also receives income
from its 40% owned affiliate,  Westwood Hills LLC ("Westwood Hills"), which owns
a residential  apartment  property.  The Registrant's policy has been to acquire
real property for long-term investment.

The following  discussion  should be read in conjunction  with the  Registrant's
financial  statements  and related notes  included  elsewhere in this Form 10-Q.
Certain  statements in this  "Management's  Discussion and Analysis of Financial
Condition and Results of Operations" may constitute  forward-looking  statements
within the meaning of Section 27A of the  Securities  Act and Section 21E of the
Exchange Act. Although the Registrant  believes that the expectations  reflected
in such  forward-looking  statements are based on reasonable  assumptions,  such
statements are subject to risks and  uncertainties,  including  those  discussed
elsewhere  in this  Annual  Report,  that could cause  actual  results to differ
materially from those projected.

Results of Operations:
Quarters ended January 31, 2000 and 1999
Revenues
For the quarter  ended  January  31,  2000,  total  revenue  increased  12.8% to
$4,138,000  from  $3,669,999 for the quarter ended January 31, 1999.

The  revenue  increase  results,   in  part,  from  increased  revenues  at  the
Registrant's   operating  properties:   $187,000,   increased  interest  income:
$110,000,  from  investing the  Registrant's  cash  equivalents  and  marketable
securities,  and a positive swing in the registrant's share of operations at the
Registrant's 40% owned affiliate: $166,000.

Real Estate Operations: Revenues from real estate operations increased (5.3%) to
$3,860,000  during the quarter  ended January 31, 2000 from  $3,667,000  for the
quarter ended January 31, 1999. The increase came primarily from higher revenues
from the Registrant's residential and retail properties.  Higher per unit rental
collections  were  experienced  at  the  Registrant's   residential  properties.
Increased  revenues at the  Registrant's  retail  properties came primarily from
increased  occupancy at the  Registrant's  Franklin  Crossing  Shopping  Center,
Franklin Lakes, NJ, and expense reimbursements.

Interest  Income:  The increase in Interest Income results from the redeployment
of approximately $14 million from  institutional  money market pools (during the
quarter  ended  January 31, 1999) to fixed  income,  short-to-intermediate  term
Government Agency bonds (during quarter ended October 31, 1999).  However,  as a
result of the current higher interest rate  environment then when the bonds were
acquired,  the  Registrant  has recorded an  unrealized  loss of $139,000 in the
market value of these bonds (See Statement of Comprehensive Income).

Earnings From 40% Owned Affiliate: During the prior year's quarter ended January
31, 1999, the Registrant's 40% owned affiliate,  Westwood Hills,  refinanced its
mortgage loan incurring one-time refinancing costs of $440,000. The Registrant's
40% share of these  refinancing  costs  ($176,000)  was charged  against  income
during that quarter.  No such comparable  costs were incurred during the current
quarter ended January 31, 2000  contributing  to the positive  earnings swing of
$166,000.

Expenses:
For the quarter  ended  January 31, 2000  overall  expenses  increased  $204,000
(6.9%) to $3,180,000  from $2,976,000 for the prior year's quarter ended January
<PAGE>
31, 1999.  The major  increases and  percentage  increases came in the following
areas: Real estate operations:  $172,000 (21.5%) and Real Estate Taxes:  $66,000
(14.8%). Corporate administrative expenses fell 29.8% to $114,000 from $160,000.

Real Estate  Operations:  Direct operating  expenses increased 21.5% to $973,000
for the quarter ended January 31, 2000 from  $801,000 for the  comparable  prior
year's quarter.  The major  increases  resulted from higher utility costs due to
higher rates;  increased landscaping and clean-up costs resulting from hurricane
Floyd damages, and other one-time other costs.

Real Estate  Taxes:  Real Estate Taxes  increased  14.8% to $511,000  during the
quarter  ended  January 31, 2000 from $445,000 for the quarter ended January 31,
1999.  The bulk of this increase  resulted  from  increased  assessments  at the
Registrant's  newer retail  properties in Patchogue,  NY and Franklin Lakes, NJ.
These  increases were offset almost entirely by  reimbursements  from the retail
tenants in occupancy at these locations.

General Administrative Expense: These expenses declined 28.8% to $114,000 during
the quarter  ended January 31, 2000 from $160,000  during the  comparable  prior
year's quarter. The reduction results primarily from lower legal costs and other
expenses.

Net Income
For the quarter  January 31, 2000 Net Income  increased  38.4% to $955,000 ($.61
per share)  from  $690,000  ($.44 per share) for the quarter  ended  January 31,
1999.

Net Income from real estate  operations  declined  $55,000 (2.8%) as a result of
higher expenses  during the current year's quarter  compared to the prior year's
quarter.   Some  of  the  expenses  are  considered  one-time  expenses.  It  is
anticipated  that future revenues will outpace expenses and that Net Income form
real estate operations will increase during the course of the year. The increase
in total Net Income  resulted from the higher interest  income,  the increase in
the  Registrant's  share of its earnings in Westwood  Hills,  and lower  General
Administrative Expenses (see above).

The Registrant  believes that in fiscal 2000 the continued  economic strength in
the  employment  markets in which its  properties  are located  should allow the
Registrant to realize its current  occupancy rates for its apartment  properties
with a sound support base for its retail properties.

Funds From Operations ("FFO")
FFO is considered by many as a standard measurement of a REIT's performance. The
Registrant computes FFO as follows:

                                                   Three Months Ended
                                            January 31,          January 31,
                                              2000                  1999
                                             -------               -------
        Net Income                           $   955               $   690
        Depriciation - Real Estate               432                   421
        Amortization of Deferred
             Mortgage Costs                       23                    21
        Deferred Rents                           (93)                 (103)
        Capital Improvements - Apartments        (60)
        Other                                     22                   197
                                             -------               -------
                    Funds From Operations    $ 1,279               $ 1,154
                                             -------               -------

<PAGE>
FFO does not represent cash  generated  from operating  activities in accordance
with generally accepted accounting principles ("GAAP"), 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 the Registrant,  and therefore the  Registrant's FFO and the FFO of
other REITs may not be directly comparable.

Liquidity and Capital Resources
At January 31, 2000, the  Registrant's  cash,  cash  equivalents  and marketable
securities  totaled  $15,086,000  compared to  $16,536,000  at October 31, 1999.
These funds and the funds available from the Registrant's  revolving credit line
are available for property acquisitions.

At January 31, 2000, the Registrant's  aggregate  outstanding  mortgage debt was
approximately  $60  million,  with a fixed  weighted  average  interest  cost of
7.513%, and an average life of 10.97 years. The Registrant  anticipates that the
cash flow from operations will be more than sufficient to meet the  Registrant's
operational  needs and the increased  mortgage  obligations.  As a result of the
long-term  fixed rate  financing,  the Registrant  believes that its exposure to
market risk  relating to interest  rate risk is not  material.  However,  to the
extent the proceeds  from the various  financings  cannot be  redeployed to earn
more than the stated interest costs, there will be a negative impact on earnings
and cash flow available to pay dividends.  To offset the Registrant's  increased
debt-carrying costs; the Registrant has invested  approximately $14.5 million in
short-to-intermediate  fixed rate Government  Agency Bonds.  These bonds yield a
weighted average interest of 6.475% and have a weighted maturity of 24.9 months.
Since the market value of these bonds are interest rate sensitive, a sale of all
or a  portion  of  these  bonds  prior  to  maturity  in a  high  interest  rate
environment, may result in a loss to the Registrant (See Interest Income above).

The Registrant  makes capital  improvements to its properties when it deems such
improvements  to be  necessary  or  appropriate.  The short term  impact of such
capital  outlays  will be to depress the  Registrant's  current  cash flow.  The
Registrant is now experiencing the benefits of these  expenditures by preserving
the physical integrity of its properties and securing  increased rentals.  Other
than the apartment  rehabilitation  program  described above, the Registrant has
made  no  commitments  and  has  no  understandings  for  any  material  capital
expenditure during fiscal 2000 other than in the ordinary course of business.

Dividends
For the quarter ended January 31, 2000,  the  Registrant has declared a dividend
of $.50 per share  payable on March 15, 2000 to share holders of record on March
1, 2000.  This compares to a $.40 per share  dividend paid for the quarter ended
January 31, 1999.

Acquisition
The Registrant has entered in to an agreement to purchase an existing  one-story
neighborhood  shopping center  consisting of  approximately  99,000 sq. ft. with
expansion potential to approximately  131,000 sq. ft. in Olney, MD. The purchase
price of  $15,150,000 is expected to be financed,  in part,  with a mortage loan
that will not exceed  70% of the  apprised  value of the  shopping  center.  The
closing of the purchase is expected to occur late March 2000.

Inflation
The Registrant  anticipates that the U.S.  Mid-Atlantic  States will continue to
experience moderate growth with limited inflation.  Any sustained inflation may,
however,  negatively  impact  the  Registrant  in at least  two  areas:  (i) the
interest costs of any new mortgage  financing or the use of the Summit Bank line
of credit may be higher  than rates  currently  in effect;  and (ii) higher real
estate  operating  costs,  especially  in those  areas  where such costs are not
chargeable to commercial tenants.


Item 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
See  "Liquidity and Capital Resources" above.

<PAGE>
Part II: Other Information

         Item 1. Legal Proceedings
                     None.

         Item 6. Exhibits and Reports of Form 8-K
                     No reports on Form 8-K have been filed during the quarter
                     ended January 31, 2000.
<PAGE>


                                   SIGNATURES

  Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                          FIRST REAL ESTATE INVESTMENT
                          TRUST OF NEW JERSEY
                          ------------------------------------------------------
                               (Registrant)




Date March __, 2000



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





*Print name and title of the signing officer under his signature.