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.
The Board of First Real Estate Investment Trust of New Jersey, Inc. is asking stockholders to approve a Plan of Liquidation at a special meeting on September 29, 2026. If approved, the Trust intends to wind up operations, transfer remaining assets possibly to a liquidating trust and make distributions to stockholders estimated at $24.44 to $30.03 per share. The record date for voting is July 31, 2026, with 7,482,432 Shares outstanding as of that date. The Board unanimously recommends a FOR vote and retained JLL as financial advisor; JLL delivered an opinion that the estimated per-share distribution range is reasonable as of May 12, 2026. The proxy statement discloses potential conflicts of interest related to the external manager Hekemian & Company, Inc., certain management bonuses and an increase in Board retainer. See the Risk Factors section for material uncertainties affecting timing and amounts.
First Real Estate Investment Trust of New Jersey has approved a Plan of Voluntary Liquidation that, if stockholders consent, will wind down the Trust through the sale of all assets and eventual dissolution. The Trust currently estimates total liquidating distributions of $24.44 to $30.03 per share, compared with a closing stock price of $15.25 on May 13, 2026.
The Board expects to seek stockholder approval at a special meeting in Fall 2026 and aims to complete asset sales within 24 months of approval. An amended management agreement provides Hekemian & Co. a termination fee equal to the Trust’s ownership percentage times 2.5 times one year’s Base Management Fee per property, plus a 1.65% sales fee on the Trust’s ownership share of each property’s sale price. CEO Robert S. Hekemian, Jr. may receive a $1,000,000 cash bonus if all properties are sold or under contract within 18 months after stockholder approval and aggregate gross proceeds exceed $319.9 million, with all sales closing.
First Real Estate Investment Trust of New Jersey, Inc. entered into a material definitive agreement to amend its existing Stockholder Rights Agreement. On May 12, 2026, the Trust and Computershare Trust Company, N.A., as Rights Agent, signed a First Amendment to this agreement.
The amendment extends the term and the Final Expiration Date of the Stockholder Rights Agreement from July 31, 2026 to July 31, 2029, lengthening the period during which the Trust’s stockholder rights plan remains in effect.
First Real Estate Investment Trust of New Jersey, Inc. declared a second quarter dividend of $0.10 per share on its common stock. The dividend will be paid on June 12, 2026 to shareholders of record at the close of business on May 29, 2026.
The Board stated it will continue evaluating the dividend on a quarterly basis and emphasized there is no assurance that dividends will be declared for any future period or that future dividend amounts will match this level. The filing also includes customary forward-looking statement cautions and references to risks affecting the Trust and its tenants.
First Real Estate Investment Trust of New Jersey, Inc. agreed to sell its Franklin Crossing shopping center in Franklin Lakes, New Jersey to an affiliate of Regency Centers Corporation for $27,000,000, under a Purchase and Sale Agreement signed on April 8, 2026.
The buyer placed a $1,000,000 initial deposit into escrow, refundable only during a 30‑day due diligence period ending May 8, 2026. If the buyer proceeds, it must add another $1,000,000 non‑refundable deposit, subject to limited termination rights. The transaction has no financing contingency and must close by August 15, 2026, subject to customary conditions. The Board unanimously approved the deal, which is expected to close in the third fiscal quarter of 2026.
First Real Estate Investment Trust of New Jersey reported stronger results for the fiscal quarter ended January 31, 2026. Total real estate revenue rose to about $7.5M from $7.3M, driven mainly by higher residential base rents despite a dip in average residential occupancy to 95.5% from 96.8%.
Net income attributable to common equity increased to roughly $943,000, or $0.13 per share, up from $0.08. FFO per share grew to $0.21 and AFFO per share to $0.20. The quarterly dividend was raised to $0.10 per share. The company is working with its lender on further extending or refinancing a $25M mortgage on the Preakness shopping center, currently extended through May 1, 2026.
First Real Estate Investment Trust of New Jersey reported higher earnings for the quarter ended January 31, 2026. Net income attributable to common equity rose to $943,000, or $0.13 per share, from $614,000, or $0.08 per share, helped by stronger residential rents and lower legal and professional fees.
Total revenue increased to $7.5 million from $7.3 million, with both commercial and residential segments posting higher net operating income. Cash, cash equivalents and restricted cash were $22.1 million, while mortgage debt stood at $120.8 million at a weighted average interest rate of 5.34%, with significant balloon maturities beginning in fiscal 2026. The trust declared a quarterly dividend of $0.10 per share, and reported Q1 2026 FFO of $0.21 per share and AFFO of $0.20 per share.