First Real Estate Investment Trust of New Jersey, Inc. stockholders approved the Plan of Voluntary Liquidation at a special meeting on September 29, 2026, and the board declared an initial liquidating distribution of $3.20 per share on September 30, payable October 29, 2026 to holders of record October 14, 2026. The plan provides for winding up and complete liquidation, including selling assets or transferring assets to a liquidating trust and dissolving the company. There were 5,085,293 votes for the plan, 6,503 against and 22,260 abstentions; approximately 68.0% of outstanding shares voted in favor, exceeding the required approval threshold.
The company intends to sell remaining assets, satisfy or reserve for liabilities, and distribute net proceeds. It expects the initial distribution to be funded from asset-sale proceeds and available cash resources. Its current estimate of aggregate liquidating distributions is $24.44 to $30.03 per share, including the initial distribution. That estimate is subject to assumptions and uncertainties involving asset-sale timing and value, operating performance, market conditions, expenses and liabilities; the company states there is no assurance as to the amount or timing of future distributions.
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. (FREVS) reported higher revenue and a large one-time gain for the nine months ended July 31, 2026, and advanced its plan to liquidate the company. Real estate revenue rose 4.2% to $22.7 million, driven mainly by higher residential rents and improved commercial recoveries.
Net income attributable to common equity jumped to $21.7 million (basic and diluted $2.90 per share) from $2.4 million, largely due to a $19.8 million gain on the July 8 sale of the Franklin Crossing shopping center for a $27.0 million purchase price and net proceeds of about $25.4 million. Segment NOI was stable at $11.5 million versus $11.1 million, while non-GAAP adjusted net income declined to $1.4 million from $2.0 million.
The Board approved a Plan of Voluntary Liquidation, to be voted on September 29, 2026, and a $0.10 per-share third-quarter dividend (about $748,000). FREIT also signed a $28.8 million sale agreement for the Westwood Plaza shopping center, expanded its revolving credit facility to $20 million, refinanced and extended several mortgages, and remains committed to distributing at least 90% of ordinary taxable income and 100% of the Franklin Crossing capital gain as dividends for fiscal 2026.
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. (FREVS) reported strong GAAP results for the fiscal quarter ended July 31, 2026, driven by a major asset sale and a planned liquidation. Total real estate revenue for the quarter rose 4.0% to approximately $7.5 million, while net income attributable to common equity jumped to about $20.2 million, or $2.69 per share, from $0.9 million, or $0.12 per share, largely due to a roughly $19.8 million gain on the sale of the Franklin Crossing shopping center for $27.0 million.
For the nine months ended July 31, 2026, total real estate revenue increased 4.2% to about $22.7 million and net income attributable to common equity rose to approximately $21.7 million, or $2.90 per share, from $2.4 million, or $0.32 per share. However, cash-flow-based metrics softened, with FFO per share declining to $0.16 from $0.25 for the quarter and AFFO per share to $0.14 from $0.23. The board unanimously approved a Plan of Voluntary Liquidation, estimating net distributions to stockholders in a range of $24.44 to $30.03 per share, compared with a closing share price of $15.25 on May 13, 2026, and declared a $0.10 third-quarter dividend.
First Real Estate Investment Trust of New Jersey, Inc. held its annual meeting of stockholders on August 6, 2026. Stockholders elected Robert S. Hekemian, Jr. with 4,685,462 votes for and 47,802 withheld, and David F. McBride with 4,533,303 votes for and 199,961 withheld, plus 1,894,924 broker non-votes for each.
Stockholders approved, on an advisory basis, the compensation of the Trust’s executive officers, with 4,390,728 votes for, 250,750 against and 91,786 abstentions, alongside 1,894,924 broker non-votes. They also ratified the appointment of EisnerAmper LLP as independent registered public accountants for the fiscal year ending October 31, 2026, by a vote of 6,507,037 for, 118,284 against and 2,867 abstentions.
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.