FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. SEC Filings

First Real Estate Investment Trust of New Jersey, Inc. is asking stockholders to approve a Plan of Liquidation at a September 29, 2026 special meeting. Approval, by a majority of all votes entitled to be cast, would authorize the orderly wind‑up, sale or transfer of all assets (potentially into a liquidating trust), payment of liabilities and dissolution.

The Trust currently estimates aggregate liquidating distributions will range from $24.44 to $30.03 per share, but emphasizes that actual amounts and timing depend on sale prices, taxes, transaction costs, reserves for claims and how long the process takes. There were 7,482,432 shares outstanding as of July 31, 2026; directors and executive officers hold about 1,568,979 shares (21%) and state they intend to vote FOR the proposals.

Jones Lang LaSalle Securities, LLC delivered a financial opinion that this estimated distribution range is reasonable from a financial point of view. The proxy details conflicts: Hekemian & Company, Inc., owned in part by directors, earns 1.65% sales fees and termination fees of 2.5× one year’s base management fee per property, and the CEO may receive a $1,000,000 bonus if all properties are sold within 18 months and proceeds exceed $319.9 million. Stockholders have no appraisal rights and are urged to review extensive risk factors, including tax impacts, uncertain proceeds and possible delays.

First Real Estate Investment Trust of New Jersey, Inc. declared a third quarter fiscal 2026 cash dividend of $0.10 per share on its common stock. The dividend is payable on September 14, 2026 to shareholders of record at the close of business on August 31, 2026.

The board states it will evaluate dividends on a quarterly basis and makes no assurance that any future dividends will be declared or that future amounts will match this level. Management also includes forward-looking statements language noting that actual performance may differ due to real estate market conditions, tenant performance, economic factors and other risks described in its SEC reports.

First Real Estate Investment Trust of New Jersey, Inc. completed the sale of its Franklin Crossing shopping center in Franklin Lakes, New Jersey. The property was sold for a purchase price of $27,000,000, generating net proceeds of approximately $25,400,000 at closing and a net gain of about $19,500,000.

The company presents this deal as part of its strategy to maximize asset value and create value for stockholders. Management also reminds investors that future results can be affected by market conditions, leasing timelines, and tenants’ ability to pay rent, as described in its recent 10-K and 10-Q filings.

First Real Estate Investment Trust of New Jersey, Inc. reported real estate revenue of $15.1 million for the six months ended April 30, 2026, up 4.2% from a year earlier, and net income attributable to common equity of $1.6 million, or $0.21 per share. Residential and commercial properties both contributed to higher rental income, despite slightly lower average occupancy and higher snow removal and utility costs. The Board declared a second-quarter dividend of $0.10 per share.

The company’s Board unanimously approved a Plan of Voluntary Liquidation, to be submitted to stockholders for approval, which would authorize the sale of all remaining assets and potential use of a liquidating trust. FREIT also signed agreements to sell the Franklin Crossing shopping center for $27.0 million and Westwood Plaza for $28.8 million, both to an affiliate of Regency Centers Corporation, subject to customary conditions and outside closing dates in 2026 and 2027. In addition, FREIT replaced its $13 million revolving credit facility with a new $20 million facility maturing in 2029.

First Real Estate Investment Trust of New Jersey, Inc. reported modest growth in real estate revenue while advancing a full liquidation strategy. For the quarter ended April 30, 2026, total real estate revenue rose 5.2% to about $7.6 million, but GAAP earnings per share declined to $0.08 from $0.12 as operating and other expenses increased.

For the six months, revenue grew 4.2% to about $15.1 million and net income attributable to common equity was approximately $1.6 million, or $0.21 per share, up from $0.20. FFO and AFFO per share fell to $0.19 and $0.16 from $0.24 and $0.23. The Board unanimously approved a Plan of Voluntary Liquidation, with expected stockholder approval sought in Fall 2026 and estimated net distributions of $24.44–$30.03 per share versus a $15.25 closing price on May 13, 2026. FREIT agreed to sell Franklin Crossing for $27.0 million (expected to close in Q3 2026) and Westwood Plaza for $28.8 million (expected to close in early 2027), declared a $0.10 quarterly dividend, extended key property loans to August 1, 2026, and replaced a $13 million facility with an undrawn $20 million line of credit maturing October 31, 2029.

First Real Estate Investment Trust of New Jersey, Inc. is calling an annual stockholder meeting on August 6, 2026 in Hasbrouck Heights, NJ. Holders of 7,482,432 common shares outstanding as of May 29, 2026 may vote.

Stockholders will elect two directors to three‑year terms, cast an advisory vote on executive compensation, and vote on ratifying EisnerAmper LLP as independent auditors for the fiscal year ending October 31, 2026. The board recommends voting for all three proposals.

The proxy details governance practices, board and committee composition, and an externally managed structure through Hekemian & Co. It discloses 21% combined insider ownership, fixed‑salary executive pay with modest equity awards, a CEO pay ratio of 12.60, and pay‑versus‑performance data linking compensation levels to net income and total shareholder return trends.

First Real Estate Investment Trust of New Jersey, Inc. is asking holders to approve a Plan of Liquidation that would wind up and dissolve the Trust and distribute estimated proceeds of $24.44 to $30.03 per share if approved.

The special meeting is set for September 29, 2026 with a record date of July 31, 2026. There were 7,482,432 Shares outstanding as of the record date and directors and officers hold an aggregate 1,568,979 Shares (about 21%). The Board and its financial advisor JLL have delivered opinions supporting the reasonableness of the estimated per‑share liquidation range. Material terms disclosed include a $1,000,000 CEO sale bonus tied to aggregate proceeds > $319.9 million and manager termination/sales fees (including 1.65% of sales price and a termination fee formula) payable to Hekemian & Company, Inc.

First Real Estate Investment Trust of New Jersey, Inc. entered into a Purchase and Sale Agreement to sell its Westwood Plaza shopping center in Westwood, New Jersey to an affiliate of Regency Centers Corporation for $28,800,000, subject to customary conditions.

The purchaser has deposited $1,200,000 into escrow, refundable during a 120-day due diligence period ending on September 23, 2026. If the purchaser proceeds, it must add a further $1,000,000 non-refundable deposit and may extend diligence for up to nine additional months by paying $50,000 per month, which is not credited to the purchase price.

The Agreement includes standard representations, warranties, indemnities and termination rights, including a right for either party to terminate if closing has not occurred by August 15, 2027, and it has no financing contingency. The Trust’s Board of Directors unanimously approved the transaction.