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 July 31, 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 [XX]   No [  ]


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



<PAGE>


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

                                      INDEX
                                      -----

Part I:  Financial Information

Item 1: Unaudited Condensed Consolidated Financial Statements

     a.)  Condensed  Consolidated Balance Sheets as at July 31, 2002 and October
          31, 2001;

     b.)  Condensed Consolidated Statements of Income,  Comprehensive Income and
          Undistributed  Earnings  for the Nine and Three  Months Ended July 31,
          2002 and 2001;

     c.)  Condensed  Consolidated  Statements  of Cash Flows for the Nine Months
          Ended July 31, 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 about Market Risk.


Part II: Other Information


Item 6: Exhibits and Reports on Form 8-K



<PAGE>


<TABLE>
<CAPTION>

Item 1: Financial Statements

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

                                                                             July 31,          October 31,
                                                                               2002               2001
                                                                            (Unaudited)       (See Note 1)
                                                                             ---------         ----------
                                                                               (In Thousands of Dollars)
                                                                                -----------------------

                                ASSETS
                                ------

<S>                                                                           <C>                <C>
Real estate, at cost, net of accumulated
 depreciation                                                                  $75,011            $76,955
Real estate held for sale, net of depreciation                                     509

Investment in marketable securities                                                  -                500
Cash and cash equivalents                                                       13,838             13,187
Tenants' security accounts                                                         905                873
Sundry receivables                                                               3,137              2,512
Prepaid expenses and other assets                                                1,510              1,262
Deferred charges, net                                                            1,317              1,206
                                                                               -------            -------
                                        Totals                                 $96,227            $96,495
                                                                               =======            =======

                         LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
 Mortgages payable                                                             $68,632            $69,354
 Accounts payable and accrued expenses                                             706                819
 Cash distributions in excess of earnings and investment in affiliate              269                386
 Dividends payable                                                                 935              1,497
 Tenants' security deposits                                                      1,248              1,219
 Deferred revenue                                                                  517                322
                                                                               -------            -------
                                  Total liabilities                             72,307             73,597
                                                                               -------            -------

Minority interest                                                                1,162              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                                                          3,444              2,274
                                                                               -------            -------
                              Total shareholders' equity                        22,758             21,588
                                                                               -------            -------

                                        Totals                                 $96,227            $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
               NINE AND THREE MONTHS ENDED JULY 31, 2002 AND 2001

                                                                Nine Months                 Three Months
                                                                Ended July 31,              Ended July 31,
                                                            2002            2001              2002           2001
                                                            ----            ----              ----           ----
                                                                           (In Thousands of Dollars,
                                                                            Except Per Share Amounts)

<S>                                                      <C>               <C>               <C>              <C>
Revenue:
     Rental income                                        $ 11,801          $ 11,323          $  3,995          $  3,807
     Reimbursements                                          2,060             1,996               665               671
     Equity in income of affiliate                             197               118                88                56
     Net Investment Income                                     183               593                60               189
     Sundry income                                             149               195                23               153
                                                          --------          --------          --------          --------
                                 Totals                     14,390            14,225             4,831             4,876
                                                          --------          --------          --------          --------
Expenses:
     Operating expenses                                      2,630             2,707               960               821
     Management fees                                           594               552               199               181
     Real estate taxes                                       1,781             1,704               598               573
     Financing costs                                         3,661             4,074             1,220             1,300
     Depreciation                                            1,609             1,595               538               531
     Minority interest                                          89                47                (3)               31
                                                          --------          --------          --------          --------
                                 Totals                     10,364            10,679             3,512             3,437
                                                          --------          --------          --------          --------

Income before state income taxes
     and discontinued operations                             4,026             3,546             1,319             1,439
Provision for state income taxes                                15                11                 5                 4
                                                          --------          --------          --------          --------

Income before discontinued operations                        4,011             3,535             1,314             1,435
     Discontinued operations                                   (33)              (11)              (10)               11
                                                          --------          --------          --------          --------

             Net Income                                   $  3,978          $  3,524          $  1,304          $  1,446
                                                          ========          ========          ========          ========
------------------------------------------------------------------------------------------------------------------------------------
Basic earnings per share
     Earnings before discontinued operations              $   1.29          $   1.13          $   0.42          $   0.46
     Discontinued operations                                 (0.01)            (0.00)            (0.00)             0.00
                                                          --------          --------          --------          --------
                                                          $   1.28          $   1.13          $   0.42          $   0.46
                                                          ========          ========          ========          ========

Diluted earnings per share
     Earnings before discontinued operations              $   1.26          $   1.13          $   0.41          $   0.46
     Discontinued operations                                 (0.01)            (0.00)            (0.00)             0.00
                                                          --------          --------          --------          --------

                                                          $   1.25          $   1.13          $   0.41          $   0.46
                                                          ========          ========          ========          ========
------------------------------------------------------------------------------------------------------------------------------------
Basic weighted average shares outstanding                    3,120             3,120             3,120             3,120
Diluted weighted average shares outstanding                  3,181             3,120             3,215             3,120
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See Notes to Consolidated Financial Statements



<PAGE>


<TABLE>
<CAPTION>

         FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY AND SUBSIDIARY
        CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND UNDISTRIBUTED
                                    EARNINGS
               NINE AND THREE MONTHS ENDED JULY 31, 2002 AND 2001

                                                                       Nine Months                     Three Months
                                                                       Ended July 31,                  Ended July 31,
                                                                    2002            2001            2002           2001
                                                                    ----            ----            ----           ----
                                                                                 (In Thousands Of Dollars)
                          COMPREHENSIVE INCOME
                          --------------------
<S>                                                              <C>             <C>             <C>             <C>
Net income                                                       $ 3,978         $ 3,524         $ 1,304         $ 1,446
Other comprehensive income -
     Unrealized gain (loss) on marketable securities                   -              67                             (12)
                                                                 -------         -------         -------         -------
Comprehensive income                                             $ 3,978         $ 3,591         $ 1,304         $ 1,434
                                                                 =======         =======         =======         =======

                         UNDISTRIBUTED EARNINGS
Balance, beginning of period                                     $ 2,274         $ 1,879         $ 3,076         $ 2,085
Net income                                                         3,978           3,524           1,304           1,446
Less dividends                                                    (2,808)         (2,808)           (936)           (936)
                                                                 -------         -------         -------         -------
Balance, end of period                                           $ 3,444         $ 2,595         $ 3,444         $ 2,595
                                                                 =======         =======         =======         =======
Dividends per share                                              $  0.90         $  0.90         $  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
                    NINE MONTHS ENDED JULY 31, 2002 AND 2001

                                                                          2002               2001
                                                                          ----               ----
                                                                         (In thousands of Dollars)
                                                                         -------------------------

<S>                                                                     <C>              <C>
Operating activities:
Net Income                                                              $  3,978          $  3,524
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization, including discontinued operation            1,838             1,813
Equity in (income) of affiliate                                             (197)             (118)
Deferred revenue                                                             195               127
Minority interest                                                             89                47
Development costs written-off                                                190
Changes in operating assets and liabilities:
Tenants' security accounts                                                   (32)             (104)
Sundry receivables, prepaid expenses and other assets                       (873)           (1,295)
Deferred charges                                                            (289)              (45)
Accounts payable and accrued expenses                                       (113)              596
Tenants' security deposits                                                    29               149
                                                                        --------          --------
            Net cash provided by operating activities                      4,815             4,694
                                                                        --------          --------
Investing activities:
Capital expenditures                                                        (415)             (862)
Distributions from affiliate                                                  80               144
Marketable securities redeemed                                               500             5,000
Good faith deposits                                                                           (129)
                                                                        --------          --------
            Net cash provided by investing activities                        165             4,153
                                                                        --------          --------
Financing activities:
Received from sale of 25% minority interest in Olney                                         1,066
Cash contributed by minority interest in Olney                                                 179
Repayment of mortgages                                                      (722)             (639)
Dividends Paid                                                            (3,370)           (3,666)
Distribution to Minority Interest                                           (237)
                                                                        --------          --------
            Net cash used in financing activities                         (4,329)           (3,060)
                                                                        --------          --------
Net increase in cash and cash equivalents                                    651             5,787
Cash and cash equivalents, beginning of period                            13,187             2,925
                                                                        --------          --------
Cash and cash equivalents, end of period                                $ 13,838          $  8,712
                                                                        ========          ========
Supplemental disclosure of cash flow data:
Interest paid                                                           $  3,572          $  3,980
                                                                        ========          ========
Income taxes paid                                                       $     15          $     11
                                                                        ========          ========
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.

     Certain  amounts  in  the  prior  year's  financial  statements  have  been
     reclassified to conform to the current year presentation.

     The consolidated  results of operations for the nine and three months ended
     July 31, 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.

     In October 2001,  the  Financial  Accounting  Standards  Board (the "FASB")
     issued  Statement  of  Financial  Accounting  Standards  ("SFAS")  No. 144,
     "Accounting for the Impairment or Disposal of Long-Lived  Assets." SFAS No.
     144 requires the reporting of discontinued operations to include components
     of an entity that have either been  disposed of or are  classified  as held
     for sale.  FREIT has adopted SFAS No. 144. On August 9, 2002 FREIT sold its
     Camden, NJ property (see Note 9 - Subsequent  Event),  which is a component
     of FREIT's Residential Segment.  FREIT has reclassified the Camden property
     to real estate  held for sale and has  reclassified  the net income  (loss)
     from  the  Camden  property  as  Discontinued  Operations  for all  periods
     presented.  The  gain  on the  sale  will be  reported  as a  component  of
     discontinued  operations  during the quarter  ending  October 31, 2002. The
     adoption  of SFAS No.  144 did not have an impact on net  income,  but only
     impacted  the   presentation  of  this  property  within  the  consolidated
     statements of income.

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 also
     trustees of FREIT.  WHLLC owns a residential  apartment  complex located in
     Westwood, New Jersey.

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



<PAGE>


<TABLE>
<CAPTION>

                                                                       July 31,         October 31,
                                                                         2002              2001
                                                                         ----              ----

                                                                         (In thousands of dollars)

<S>                                                                   <C>               <C>
    Balance sheet data:
    Assets:
     Real estate and equipment, net                                   $   13,752         $ 13,806
     Other                                                                   829              676
                                                                         -------         --------
               Total assets                                           $   14,581         $ 14,482
                                                                      ==========         ========
    Liabilities and members' deficiency:
    Liabilities:
     Mortgage payable                                                    $14,846         $ 14,996
     Other                                                                   410              455
                                                                         -------         --------
               Total liabilities                                          15,256           15,451
                                                                         -------         --------
    Members' deficiency:
     FREIT                                                                  (269)            (386)
     Others                                                                 (406)            (583)
                                                                         -------         --------
               Total members' deficiency                                    (675)            (969)
                                                                         -------         --------
               Total liabilities and members' deficiency              $   14,581         $ 14,482
                                                                      ==========         ========
</TABLE>

<TABLE>
<CAPTION>

                                                            Nine Months Ended               Three Months Ended
                                                                 July 31,                         July 31,
                                                    --------------------------------  ------------------------------
                                                        2002             2001              2002           2001
                                                                             (In thousands of dollars)
    <S>                                               <C>             <C>             <C>             <C>
    Income statement data:
     Rental revenue                                   $     2,377      $   2,256       $       807     $     765
     Real estate operating expenses                          (845)          (923)             (240)         (281)
                                                    --------------------------------  ------------------------------
              Net operating Income                          1,532          1,333               567           484
    Financing costs                                         (760)          (769)             (253)         (255)
    Depreciation                                            (280)          (268)              (95)          (90)
                                                    --------------------------------  ------------------------------
             Net income                             $        492     $      296       $       219    $      139
                                                    ================================  ==============================
</TABLE>

Note 3 - Line of credit:
     On June 20, 2002,  FREIT obtained a two-year $14 million  revolving  credit
     line with The Provident Bank. Draws against the credit line can be used for
     general  corporate  purposes,  or for property  acquisitions,  construction
     activities,  Letters-of-Credit,  and other related business purposes. Draws
     are secured by  mortgages on FREIT's  Franklin  Crossing  Shopping  Center,
     Franklin Lakes, NJ, single tenanted retail space in Glen Rock, NJ, Lakewood
     Apartments,  Lakewood, NJ, and Grandview Apartments, Hasbrouck Heights, NJ.
     Interest  rates on draws  will be set at the  time of each  draw,  based on
     FREIT's choice of the prime rate or at 175 basis points over the 30, 60, or
     90 day LIBOR rates at the time of the draws.

Note 4 - Earnings per share:
     FREIT  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.
     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.



<PAGE>


     In computing diluted earnings per share for the nine and three months ended
     July 31, 2002 and 2001, the assumed exercise of all of FREIT'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:

<TABLE>
<CAPTION>

                                                               Nine Months Ended               Three Months Ended
                                                                    July 31,                         July 31,
                                                        --------------------------------  ------------------------------
                                                             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
                                                              61,403            -              95,106            -

          Dilutive weighted average shares
                                                        --------------------------------  ------------------------------
                   outstanding                             3,180,979      3,119,576         3,214,682      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 5- Equity incentive plan:
     On  September  10,  1998,  the Board of Trustees  approved  FREIT's  Equity
     Incentive Plan (the "Plan") which was ratified by the FREIT's  shareholders
     on April 7, 1999, whereby up to 460,000 of the FREIT'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,  FREIT 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 July 31, 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,  FREIT'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 6- 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 7- 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.



<PAGE>


     FREIT 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  and the
     residential  segment  contains eight properties (See Note 9 below regarding
     the sale of  FREIT's  Camden  property).  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  FREIT's  retail  segment,
     residential  segment  and  corporate/other  is  comprised  of  the  Trust's
     Executive Committee of the Board of Trustees.

     FREIT  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 nine and three months ended
     July 31, 2002 and 2001. Asset  information is not reported since FREIT does
     not use this measure to assess performance.



<PAGE>


<TABLE>
<CAPTION>

                                                    Nine Months Ended          Three Months Ended
                                                        July 31,                    July 31,
                                                    2002         2001           2002        2001
                                                    ----         ----           ----        ----
                                                             (in thousands of dollars)

<S>                                              <C>         <C>            <C>           <C>
Real estate revenue:
 Retail                                          $   9,020    $  8,648       $ 2,997      $2,985
 Residential                                         4,727       4,565         1,608       1,546
                                                --------------------------  -------------------------
              Totals                                13,747      13,213         4,605       4,531
                                                --------------------------  -------------------------
Real estate operating expenses:
 Retail                                              2,854       2,751         1,090         894
 Residential                                         1,820       1,932           543         594
                                                --------------------------  -------------------------
              Totals                                 4,674       4,683         1,633       1,488
                                                --------------------------  -------------------------
Net operating income:                                                                    `
 Retail                                              6,166       5,897         1,907       2,091
 Residential                                         2,907       2,633         1,065         952
                                                --------------------------  -------------------------
              Totals                             $   9,073    $  8,530       $ 2,972      $3,043
                                                ==========================  =========================

Recurring capital improvements:
 Residential                                    $      209   $     325      $     85     $   123
                                                ==========================  =========================

Reconciliation to consolidated
  net income:
 Segment NOI                                     $   9,073    $  8,530       $ 2,972      $3,043
 Deferred rents - straight-lining                       266        301            79          99
 Net investment income                                  183        593            60         189
 Equity in income of affiliate                          197        118            88          56
 General and administrative expenses                  (349)      (291)          (131)        (90)
 Depreciation                                       (1,609)     (1,595)         (538)       (531)
 Discontinued operations                               (33)        (11)          (10)         11
 Financing costs                                    (3,661)     (4,074)       (1,220)     (1,300)

 Minority interest                                     (89)        (47)            3         (31)
                                                --------------------------  -------------------------

             Net Income                          $   3,978    $  3,524       $ 1,303      $1,446
                                                ==========================  =========================
</TABLE>

Note 8- 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 9 - Subsequent event:
     On August 9,  2002,  FREIT  closed  on the sale of its  Sheridan  Apartment
     property in Camden,  NJ. The selling  price of the property was  $1,050,000
     and resulted in a capital gain of approximately $475,000.  FREIT's Board of
     Trustees  declared a special  long-term  capital gain  dividend of $.15 per
     share, which will distribute approximately all of the gain to shareholders.
     This dividend is payable on September 6, 2002 to  shareholders of record on
     August  23,  2002 and will  aggregate  $467,936.  The sale  will not have a
     material financial affect on FREIT's future continuing operating results.

                                    #########



<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.



<PAGE>


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 ACCOUNTING POLICIES AND ESTIMATES
Our discussion and analysis of our financial condition and results of operations
are based upon our consolidated  financial statements,  the preparation of which
takes into account  estimates  based on judgments  and  assumptions  that affect
certain 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 10-K for the fiscal year ended 10/31/01 have been
applied consistently for the nine and three months ended July 31, 2002.


In October 2001, the Financial  Accounting  Standards  Board (the "FASB") issued
Statement of Financial Accounting Standards ("SFAS") No.144, "Accounting for the
Impairment or Disposal of Long-Lived Assets." SFAS No.144 requires the reporting
of discontinued  operations to include  components of an entity that have either
been disposed of or are  classified as held for sale.  FREIT has adoped SFAS No.
144. On August 9,2002 FREIT sold its Camden, NJ property (see Note 9- Subsequent
Event).  FREIT has reclassified the Camden property to real estate held for sale
and  has   reclassified  the  net   income(loss)from   the  Camden  property  as
Discontinued Operations for all periods presented.  The gain on the sale will be
reported as a component of  discontinued  operations  during the quarter  ending
October  31,  2002.  The  adoption of SFAS No. 144 did not have an impact on net
income,  but  only  impacted  the  presentation  of  this  property  within  the
consolidated statements of income.


Results of Operations:
Nine Months and Quarters Ended July 31, 2002 and 2001
Net Income for the nine months ended July 31, 2002  ("Current  Year")  increased
12.9% to  $3,978,000  on  revenues  of  $14,900,000  compared  to Net  Income of
$3,524,000  on revenues of  $14,647,000  for the nine months ended July 31, 2001
("Prior Year").  The $253,000  revenue increase is composed of increases in real
estate operating  revenues of $584,000 (4.2%), and a $79,000 (66.9%) increase in
FREIT's equity in the earnings of its affiliate,  offset by a $410,000  (-69.1%)
reduction in Net Investment Income.

For the  three  months  ended  July 31,  2002  ("Current  Quarter")  Net  Income
decreased  $142,000  (9.8%) to $1,304,000 on revenues of $5,012,000  compared to
Net Income  for the three  months  ended  July 31,  2001  ("Prior  Quarter")  of
$1,446,000 on revenues of $5,036,000.  Net Income was negatively impacted during
the Current Quarter by the write-off of $190,000 of deferred  expansion expenses
incurred at the Olney center (See below).

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 7 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.

<TABLE>
<CAPTION>

                         Retail Segment         Nine Months Ended                  Three Months Ended
                                                    July 31,                            July 31,
                                            2002              2001               2002                2001
                                            ----              ----               ----                ----
                                                           (in thousands of dollars)

<S>                                        <C>                <C>                 <C>                 <C>
Revenues
 Minimum & Percentage Rents                $6,871              $6,511              $2,330              $2,182
 Reimbursements                             2,060               1,996                 665                 671
 Other                                         89                 141                   2                 132
                                           ------              ------              ------              ------
  Total Revenues                            9,020               8,648               2,997               2,985
                                           ------              ------              ------              ------

Operating Expenses                          2,664               2,751                 900                 894
Expansion Costs Written-off                   190                                     190
                                           ------              ------              ------              ------
Total Expenses                              2,854               2,751               1,090                 894
                                           ------              ------              ------              ------
  Net operating income                     $6,166              $5,897              $1,907              $2,091
                                           ======              ======              ======              ======
Average Occupancy %                          97.1%               95.3%               96.7%               96.3%
                                           ======              ======              ======              ======

</TABLE>



<PAGE>


The increases in rental  income for the Current Year (5.5%) and Current  Quarter
(6.8%)  over the prior  comparable  periods  are  principally  due to the higher
average  occupancy  during the  current  periods  coupled  with  scheduled  rent
increases.

Our retail tenant leases normally  provide that tenants bear all or a portion of
their  pro  rata  share  of most  operating  expenses,  real  estate  taxes  and
insurance.  These  reimbursements  vary since they are based on actual  expenses
incurred.  During the Current Year and Current  Quarter  operating  expenses and
utility  costs  decreased  by 25.6% and 24.9% when  compared  against  operating
expenses and utility costs for the Prior Year and Prior  Quarter,  principally a
result of the mild 2001/2002  winter.  These expense  reductions were offset, in
part, by increased real estate taxes and insurance costs.

Recent Events:
(A) Westwood Plaza S/C - Stop and Shop
As previously  reported,  Stop & Shop closed its 28,000 sq. ft.  supermarket  in
Westwood  Plaza  Shopping  Center  and  has  continued   fulfilling  its  rental
obligations with no plans to reopen the store. Effective July 31, 2002 FREIT and
Stop & Shop reached a Lease  Termination  Agreement  whereby,  in return for the
termination  of this  below-market-rent  lease at no cost to  FREIT,  FREIT  has
agreed  to not lease or allow  this  space or any  other  space in the  Shopping
Center to be used for a supermarket or for a store using more than 15,000 sq.ft.
for the sale of food or food  products for  off-premises  consumption.  This use
restriction,  less  restrictive  than  the one in the Stop & Shop  lease,  shall
expire on May 31,  2032,  which  corresponds  with the  expiration  of the final
option period contained in the Stop & Shop lease.

This 28,000  sq.ft.  space is now vacant and not leased,  but FREIT  anticipates
leasing this space to a non-food retailer(s) at rental rates we feel will be far
in excess of the rent pursuant to the terminated Stop & Shop lease. We feel that
the new rental rates will increase  income,  cash flow, and value.  However,  we
expect to receive no rental  income or  expense  reimbursements  from this space
from August 1, 2002 until sometime during the second calendar quarter of 2003- a
revenue loss estimated at approximately $180,000.

(B) Olney Town Center - Expansion
Olney is a 98,900 sq. ft. neighborhood  shopping center in Olney, MD. We planned
an  approximate  50,000  sq.  ft.  expansion  and  modernization  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.  FREIT's  Board of
Trustees,  based on the status of negotiations with certain current tenants, has
determined  that  it is  not  likely  the  expansion  will  take  place  in  the
short-term,  and  that it will be more  economical  to  defer  the  expansion  /
modernization  to coincide  with the  expiration of  particular  current  tenant
leases in approximately seven years.

Through  7/31/02  approximately  $270,000  had been  expended  and  deferred for
pre-construction  development costs,  building plans, and building permits.  The
Board of Trustees  has decided to write-off  all costs that cannot  currently be
recaptured  although  some of these  costs may be usable when the  expansion  is
undertaken.  These costs, which aggregate $190,000, were written off during July
2002.

Occupancy at Olney remains  unchanged at 92%, as the vacant space was being kept
vacant pending the expansion.  This vacant space,  approximately  7,600 sq. ft.,
will now be available for leasing.



<PAGE>


RESIDENTIAL SEGMENT
FREIT  operates  seven  (7)  multi-family  apartment  communities  totaling  507
apartment units. The NOI of our continuing  residential properties is summarized
below

<TABLE>
<CAPTION>

         Residential Segment                   Nine Months Ended          Three Months Ended
                                                    July 31,                   July 31,
                                               2002          2001          2002        2001
                                               ----          ----          ----        ----
                                                        (in thousands of dollars)

         <S>                               <C>            <C>           <C>          <C>
         Revenues
          Rents                             $   4,667     $  4,511       $ 1,587      $1,525
          Other                                    60           54            21          21
                                           ---------------------------  ------------------------
           Total Revenues                       4,727        4,565         1,608       1,546

         Operating Expenses                     1,820        1,932           543         594
                                           ---------------------------  ------------------------
           Net operating income:            $   2,907     $  2,633       $ 1,065     $   952
                                           ===========================  ========================

         Average Occupancy %                     96.4%        97.8%        96.8%        98.0%
                                           ===========================  ========================
         Recurring capital
           improvements                    $      209    $     325      $     85     $   123
                                           ===========================  ========================

</TABLE>

Residential  rents  increased  3.5% to  4,667,000  for  the  Current  Year  from
$4,511,000 for the Prior Year;  and 4.1% to $1,587,000  for the Current  Quarter
from  $1,525,000  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 7/31/02,  a 1% increase or decrease in average occupancy
will cause an annual $63,000 increase or reduction in revenues. A 1% rental rate
increase or decrease  over the 7/31/02  average  rental  rates will  increase or
decrease annual revenues by $65,000.

While average occupancy declined modestly,  average monthly rents have increased
sufficiently  to offset  the  occupancy  decline.  Average  monthly  rents  have
increased  4.7% for the  Current  Year  over the  Prior  Year,  and 4.3% for the
Current Quarter over the Prior Quarter.

During the Current Year  operating  expenses  decreased .6% from the Prior Year;
and decreased 8.6% 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 38.5% of revenue for the Current  Year  compared to 42.3% 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 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 7/31/02,  approximately  $364,000 of pre-construction  development costs
have been expended and deferred.

SUBSEQUENT EVENT
On August 9, 2002,  FREIT sold its Sheridan  Apartment  property in Camden,  NJ.
FREIT has owned and operated the property  since 1964.  The sale of the property
will not have a material financial affect on FREIT's future operating results.



<PAGE>


The selling price of the property was  $1,050,000 and resulted in a capital gain
of approximately  $475,000. The Board of Trustees has declared a special capital
gain dividend of $.15 per share, which will distribute  approximately all of the
gain to the  shareholders.  This  dividend  was  paid on  September  6,  2002 to
shareholders of record on August 23, 2002.

The  remaining  sale  proceeds  have  been  retained  by FREIT to  increase  its
liquidity.

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 nine  and  three  months  ended  July 31,  2002 and 2001 are as
follows:

<TABLE>
<CAPTION>

                                                       Nine Months Ended                    Three Months Ended
                                                            July 31,                             July 31,
                                               ----------------------------------    ---------------------------------
                                                     2002             2001                2002             2001
                                                                       (thousands of dollars)
<S>                                             <C>              <C>                 <C>             <C>
Government agency bonds and
  Money Market / Savings accounts               $         181     $       545         $         60    $       179
Related Party Loans                                                        48                                  10
Other                                                       2
                                               ----------------------------------    ---------------------------------
                                                $         183     $       593         $         60    $       189
                                               ==================================    =================================
</TABLE>

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 and savings account. Our
annualized yield on these funds was approximately 1.8% as of July 31, 2002. This
interest  rate yield  reduction  coupled with the repayment of the related party
loan is expected  to result in lower Net  Investment  Income  during the current
fiscal year when compared  against 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 66.9% to $197,000
during the Current Year from $118,000 for the Prior Year; and increased 57.1% to
$88,000 for the Current Quarter  compared to $56,000 for the Prior Quarter.  The
increase is principally attributable to revenues for the Current Year increasing
5.3%, because of higher rents during the Current Quarter and expenses being 1.2%
lower as a result of the mild winter. Average occupancy for the Current Year was
97.2% compared to 97.4% for the Prior Year.



<PAGE>


<TABLE>
<CAPTION>

FINANCING COSTS
Financing costs are summarized as follows:

                                                    Nine Months Ended                Three Months Ended
                                                         July 31,                         July 31,
                                             --------------------------------  -------------------------------
                                                   2002            2001             2002            2001
                                                                  (thousands of dollars)

               <S>                           <C>              <C>              <C>             <C>
                Fixed rate mortgages          $      3,342     $    3,392       $     1,110     $    1,127
                Floating rate mortgage                 310            680               106            172
                Other                                    9              2                 4              1
                                             --------------------------------  -------------------------------
                                              $      3,661     $    4,074       $     1,220     $    1,300
                                             ================================  ===============================
</TABLE>

Financing  Costs for the Current Year and Current  Quarter  decreased  10.1% and
6.2% respectively,  when compared against financing costs for the Prior Year and
Prior Quarter.  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 $349,000  during the Current Year from $291,000
during the Prior Year. During the Current Quarter,  G & A expenses  increased to
$131,000 from $90,000 for the Prior Quarter. Professional fees accounted for the
bulk of the increase

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>

                                                               Nine Months Ended             Three Months Ended
                                                           7/31/02         7/31/01          7/31/02       7/31/01
                                                           -------         -------          -------       -------
                                                                                    ($000)
<S>                                                         <C>             <C>            <C>               <C>
Net Income                                                  $ 3,978         $ 3,524         $ 1,304           1,446
Depreciation - Real Estate
    Including Discontinued Operations                         1,660           1,653             556             551

Amortization of Deferred Mtg Costs                               89              94              27              31
Discontinued Operations                                          33              11              10             (11)

Deferred Rents                                                 (266)           (301)            (79)            (99)
Capital Improvements - Apartments                              (209)           (325)            (85)           (123)
Project abandoned                                               190                             190               -
Minority Interest                                                89              47              (3)             31
Other                                                            25              80              36              54
                                                            -------         -------         -------        --------
                Total FFO                                   $ 5,589         $ 4,783         $ 1,956        $  1,880
                                                            =======         =======         =======        ========
</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.



<PAGE>


LIQUIDITY AND CAPITAL RESOURCES
Our  financial   condition  remains  strong.  Net  Cash  Provided  By  Operating
Activities  increased  2.6% to $4.8 million  during the Current Year compared to
$4.7  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 7/31/02 we had cash and cash  equivalents  totaling $13.8 million compared
to $13.2 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 construction of
apartment  rental units in  Rockaway,  NJ. The total  capital  required for this
project is  estimated at $13.8  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 July 31, 2002 FREIT's aggregate  outstanding mortgage debt was $68.6 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
7/31/02 was 3.647%. This mortgage note was due at the end of March 2002, but was
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
                             ----          ----------
                             2003           $  10.9
                             2005           $   6.6
                             2007           $  15.7
                             2010           $   9.2
                             2013           $   7.9
                             2014           $   9.6

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

                                                     July 31,        October 31,
                           (In Millions)               2002             2001
                           -------------               ----             ----

                           Fair Value                 $71.8             $71.7
                           Carrying Value             $68.6             $69.3

Fair values are estimated  based on market  interest  rates at July 31, 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 $3.1  million,  and a one
percent decrease would increase the Fair Value by $3.2 million.



<PAGE>


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 - On June 20, 2002,  FREIT finalized the terms of and
--------------------------
entered into a two-year  $14 million  revolving  credit line with the  Provident
Bank. Draws against the credit line can be used for general corporate  purposes,
or for property acquisitions,  construction activities,  Letters-of-Credit,  and
other  business  purposes.  Draws are secured by mortgages  on FREIT's  Franklin
Crossing  Shopping  Center,  Franklin Lakes, NJ, single tenanted retail space in
Glen Rock, NJ,  Lakewood  Apartments,  Lakewood,  NJ, and Grandview  Apartments,
Hasbrouck  Heights,  NJ.  Interest  rates on draws will be at set at the time of
each draw, based on our choice of the prime rate or at 175 basis points over the
30, 60, or 90 day LIBOR rates at the time of the draws.

This line of credit increases FREIT's short-term liquidity giving it flexibility
to pursue additional property acquisitions or development  opportunities.  There
are no plans to utilize funds  available  under the credit line in the near term
other than for  Letters-of-Credit  required from time-to-time in connection with
FREIT's construction activities in Rockaway, NJ.

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.

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., Inc. 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 and  approval.  If the  due-diligence  review
proves  satisfactory,  the  purchase  will  close  during  this  calendar  year.
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.

Item 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See "Liquidity and Capital Resources" above.

                                     #######



<PAGE>


PART II Other Information

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

        Exhibit Index

      The following reports on Form 8-K are incorporated herein by reference

        Exhibit 99.1.   Certification
        -----------------------------

     (a)  On June 7, 2002, FREIT filed a report on Form 8-K that included a copy
          of the press release that was sent to shareholders  reporting  FREIT's
          operating  results for the quarter  ended April 30, 2002 and announced
          the dividend for the second quarter.

     (b)  On June 16, 2002,  FREIT filed a report on Form 8-K which reported the
          finalization  of a two-year  revolving  credit line with the Provident
          Bank.

Exhibit 10. Line of Credit

Exhibit 99.1 Certification

                                   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: September 13, 2002


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



<PAGE>