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  4. [8-K] FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. Reports Material Event

Franklin Crossing sale brings $25.4M to FREIT (OTC: FREVS)

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

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.

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Insights

FREIT crystallizes value with a sizable gain from a shopping center sale.

FREIT has closed the sale of its Franklin Crossing shopping center for $27,000,000, producing net proceeds of about $25,400,000 and a net gain near $19,500,000. Turning a single asset into cash and a realized gain can reshape a REIT’s balance of properties and liquidity.

The filing emphasizes a focus on maximizing asset value and executing its business strategy, but does not detail how the cash will be used. Actual benefits depend on redeployment of proceeds, debt management, and future property performance, all influenced by market and economic conditions mentioned in the forward-looking caution.

Subsequent periodic reports, such as the next Form 10-Q or 10-K, will likely show how this transaction affects earnings, funds from operations, and portfolio mix, and how the company is using the net proceeds within its broader strategy.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Franklin Crossing sale price $27,000,000 Agreed-upon purchase price for Franklin Crossing shopping center
Net proceeds from sale $25,400,000 Net cash proceeds at closing from Franklin Crossing sale
Net gain on sale $19,500,000 Approximate net gain recognized on Franklin Crossing transaction
Material Definitive Agreement regulatory
"Item 1.01 Entry into a Material Definitive Agreement."
A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.
net proceeds financial
"resulting in net proceeds to FREIT of approximately $25,400,000"
The amount of money a company actually keeps from a sale or fundraising after paying all direct costs and fees, similar to take-home pay after taxes and deductions. Investors care because net proceeds determine how much cash is available for things that affect value—paying debt, funding projects, buying assets, or returning money to shareholders—so it influences future growth potential and financial health.
net gain financial
"along with a net gain of approximately $19,500,000"
forward-looking regulatory
"The statements in this report, which relate to future earnings or performance, are forward-looking."
Forward-looking describes statements, estimates or projections about a company’s future performance, plans or expectations rather than past results. Like a weather forecast for a business, these predictions help investors form expectations and decide whether to buy, hold or sell, but they are not guarantees and can change if conditions differ from assumptions. Investors use them to gauge management’s strategy and potential risks and rewards.
Purchase and Sale Agreement financial
"it entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”)"
A purchase and sale agreement is a legally binding contract that spells out exactly what is being bought or sold, the price, who must do what, the timeline, and any conditions that must be met before the deal closes — like a detailed recipe and checklist for a transaction. Investors care because this document determines when ownership or assets change hands, what risks or obligations remain, and which conditions (financing, approvals, inspections) could delay, alter, or void the deal and therefore affect a company’s value and stock price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What transaction did FREIT (FREVS) announce regarding Franklin Crossing?
First Real Estate Investment Trust of New Jersey, Inc. completed the sale of its Franklin Crossing shopping center in Franklin Lakes, New Jersey for a purchase price of $27,000,000, converting the asset into cash and a realized gain.

How much cash did FREIT (FREVS) receive from the Franklin Crossing sale?
The sale generated net proceeds of approximately $25,400,000 at closing. Net proceeds represent the cash FREIT received after transaction-related costs, and this amount can be used for debt reduction, reinvestment, or other corporate purposes as later disclosed.

What gain did FREIT (FREVS) report on the Franklin Crossing shopping center sale?
FREIT reported a net gain of approximately $19,500,000 from the Franklin Crossing sale. This gain reflects the difference between the property’s carrying value and the net proceeds received, and will be reflected in the company’s future financial statements.

How does the Franklin Crossing sale align with FREIT (FREVS) strategy?
The company states that completing the Franklin Crossing sale reflects an ongoing commitment to maximizing asset value, executing its business strategy, and creating value for stockholders, by monetizing a shopping center at a price that generated a substantial net gain.

What risks did FREIT (FREVS) highlight in connection with future performance?
FREIT cautioned that future earnings or performance may differ due to market and economic conditions, longer-than-expected lease-up periods, or tenants being unable to pay rents, and referred investors to its most recent Form 10-K and Form 10-Q for more detail.

Where is FREIT’s (FREVS) property portfolio primarily located?
FREIT’s portfolio of residential and commercial properties is located in New Jersey and New York, with the largest concentration in northern New Jersey, consistent with its identity as a regional real estate investment trust focused on those markets.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K


CURRENT REPORT

 

Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

 

July 8, 2026

 

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

(Exact name of registrant as specified in charter)

 

Maryland   000-25043   22-1697095
(State or other jurisdiction of
incorporation)		   (Commission
File Number)		   (IRS Employer
Identification No.)

 

505 Main Street, Suite 400, Hackensack, New Jersey   07601
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (201) 488-6400

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock, par value $0.01 per share Preferred Stock Purchase Rights(1)   FREVS   OTC Pink Limited Market

 

(1)Registered pursuant to Section 12 (b) of the Act pursuant to a form 8-A filed by the registrant on August 3, 2023. Until the Distribution Date (as defined in the registrant’s Stockholder Rights Agreement dated July 31, 2023 and amended as of May 12, 2026) the Preferred Stock Purchase Rights will be transferred with and only with the shares of the registrant’s Common Stock to which the Preferred Stock Purchase Rights are attached.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Section 1 – Registrant’s Business and Operations

 

Item 1.01 Entry into a Material Definitive Agreement.

 

First Real Estate Investment Trust of New Jersey, Inc. (“FREIT”) previously reported that on April 8, 2026 it entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) with an affiliate of Regency Centers Corporation for the sale of 100% of its ownership interests in the Franklin Crossing shopping center located in Franklin Lakes, New Jersey, in exchange for a purchase price of $27,000,000. On July 8, 2026, the sale of the Franklin Crossing shopping center pursuant to the Purchase and Sale Agreement was consummated, resulting in net proceeds to FREIT of approximately $25,400,000, along with a net gain of approximately $19,500,000.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

99.1 Registrant’s press release dated July 9, 2026

 

The statements in this report, which relate to future earnings or performance, are forward-looking. Actual results may differ materially and be adversely affected by such factors as market and economic conditions, longer than anticipated lease-up periods or the inability of certain tenants to pay rents. Additional information about these factors is contained in the Company’s filings with the SEC including the Company’s most recently filed reports on Form 10-K and Form 10-Q.

 

1

 

SIGNATURES

 

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

 

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.
 (Registrant)

 

  By: /s/ Robert S. Hekemian, Jr. 
    Robert S. Hekemian, Jr.
    President and Chief Executive Officer

 

Date: July 9, 2026

 

2

 

EXHIBIT INDEX

 

Exhibit Number   Description
99.1   Press Release – FREIT Closes on Sale of Franklin Crossing Shopping Center
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

3

 

 

Exhibit 99.1

 

 

 

FREIT Closes on Sale of Franklin Crossing Shopping Center

 

 

HACKENSACK, NJ, July 9, 2026 – First Real Estate Investment Trust of New Jersey, Inc. (“FREIT”) is pleased to announce the successful completion of the sale of its Franklin Crossing shopping center in Franklin Lakes, New Jersey, for an agreed-upon purchase price of $27,000,000.

 

The transaction generated net proceeds of approximately $25,400,000 at closing, along with a net gain of approximately $19,500,000.

 

The completion of this transaction reflects FREIT’s ongoing commitment to maximizing asset value, executing its business strategy, and creating value for stockholders.

 

 

The statements in this report, which relate to future earnings or performance, are forward-looking. Actual results may differ materially and be adversely affected by such factors as market and economic conditions, longer than anticipated lease-up periods or the inability of certain tenants to pay rents. Additional information about these factors is contained in the Company’s filings with the SEC including the Company’s most recently filed reports on Form 10-K and Form 10-Q.

 

First Real Estate Investment Trust of New Jersey, Inc. is a publicly traded (over-the-counter – symbol FREVS) REIT organized in 1961. Its portfolio of residential and commercial properties is located in New Jersey and New York, with the largest concentration in northern New Jersey.

 

For additional information, contact Investor Relations at (201) 488-6400.

Visit us on the web: www.freitnj.com

Source: View Original Filing on SEC EDGAR

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