SEC Comment Letter for FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. (FREVS) (CIK 0000036840) (FREVS) — Jun 15, 2010
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. (FREVS) (CIK 0000036840)
Date: June 15, 2010 · CIK: 0000036840 · Accession: 0000000000-10-033337
AI Filing Summary & Sentiment
File numbers found in text: 000-25043
Referenced dates: April 13, 2010
Letter
June 15, 2010 Donald Barney Chief Financial Officer First Real Estate Investment Trust of New Jersey 505 Main Street Hackensack, New Jersey 07601
Re: First Real Estate Investment Trust of New Jersey Form 10-K for the Fiscal Year Ended October 31, 2009 Filed January 14, 2010 File No. 000-25043
Dear Mr. Barney:
We have reviewed your filing and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter within ten business days by amending your filing, by providing the requested information, or by advi sing us when you will provide the requested response. If you do not believe our comments apply to your fact s and circumstances or do not believe an amendment is appropriate, pl ease tell us why in your response. After reviewing any amendment to your filing and the information you provide in response to these comments, we ma y have additional comments.
DEFINITIVE PROXY STATEMENT
Executive Compensation, page 14
Fiscal 2009 Compensation, page 15 1. We note your response to comment 3 in our letter dated April 13, 2010 and the proposed revisions to your CD&A. We continue to believe that you should explain why the compensation paid by other real estate inve stment trusts, the named executive officers’ duties, responsibilities and time spent towa rds your business and your financial condition resulted in the compensation paid to each na med executive officer. This discussion should address each named executive officer indi vidually. To the extent that you are benchmarking, please disclose the names of the other real estate i nvestment trusts and discuss how you use these peer groups in be nchmarking compensation. Please provide us with sample disclosure and confirm that you will include similar disclosu re in future filings.
Donald Barney First Real Estate Investment Trust of New Jersey June 15, 2010 Page 2
We urge all persons who are responsible for th e accuracy and adequacy of the disclosure in the filing to be certain that the filing include s the information the Securities Exchange Act of 1934 and all applicable Exchange Act rules requir e. Since the company and its management are in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made. In responding to our comments, please provi de a written statement from the company acknowledging that: the company is responsible for the adequacy and accuracy of the disclo sure in the filing;
staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federa l securities laws of the United States. Please contact Erin E. Martin, Attorney-Advi sor, at (202) 551-3391 or me at (202) 551- 3401 with any other questions.
Sincerely,
Jennifer Gowetski Senior Counsel
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June 15, 2010 Donald Barney Chief Financial Officer First Real Estate Investment Trust of New Jersey 505 Main Street Hackensack, New Jersey 07601 Re: First Real Estate Investment Trust of New Jersey Form 10-K for the Fiscal Year Ended October 31, 2009 Filed January 14, 2010 File No. 000-25043 Dear Mr. Barney: We have reviewed your filing and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter within ten business days by amending your filing, by providing the requested information, or by advi sing us when you will provide the requested response. If you do not believe our comments apply to your fact s and circumstances or do not believe an amendment is appropriate, pl ease tell us why in your response. After reviewing any amendment to your filing and the information you provide in response to these comments, we ma y have additional comments. DEFINITIVE PROXY STATEMENT Executive Compensation, page 14 Fiscal 2009 Compensation, page 15 1. We note your response to comment 3 in our letter dated April 13, 2010 and the proposed revisions to your CD&A. We continue to believe that you should explain why the compensation paid by other real estate inve stment trusts, the named executive officers’ duties, responsibilities and time spent towa rds your business and your financial condition resulted in the compensation paid to each na med executive officer. This discussion should address each named executive officer indi vidually. To the extent that you are benchmarking, please disclose the names of the other real estate i nvestment trusts and discuss how you use these peer groups in be nchmarking compensation. Please provide us with sample disclosure and confirm that you will include similar disclosu re in future filings. Donald Barney First Real Estate Investment Trust of New Jersey June 15, 2010 Page 2 We urge all persons who are responsible for th e accuracy and adequacy of the disclosure in the filing to be certain that the filing include s the information the Securities Exchange Act of 1934 and all applicable Exchange Act rules requir e. Since the company and its management are in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made. In responding to our comments, please provi de a written statement from the company acknowledging that: the company is responsible for the adequacy and accuracy of the disclo sure in the filing; staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federa l securities laws of the United States. Please contact Erin E. Martin, Attorney-Advi sor, at (202) 551-3391 or me at (202) 551- 3401 with any other questions. Sincerely, Jennifer Gowetski Senior Counsel