First Real Estate Investment Trust of New Jersey Liquidation: $3.20 Declared, $24.44 to $30.03 Estimated

What the plan says

The board approved the Plan of Voluntary Liquidation unanimously on May 12, 2026 (8-K, accession 0001174947-26-000600). It calls for complete liquidation and dissolution under sections 331, 336 and 346(a) of the Internal Revenue Code and Maryland law. Once effective, the company may sell all remaining assets without another stockholder vote. The board may also move what is left into a liquidating trust and make the final distribution as in-kind interests in that trust.

The record date was July 31, 2026 and the meeting was held September 29, 2026 at 10 a.m. in Hasbrouck Heights, New Jersey. A second proposal, to adjourn if votes fell short, passed (4,871,887 for) but was not needed.

The estimate, line by line

The proxy builds the estimate from projections prepared in April 2026. The auditor has not reviewed them, and the proxy says so.

Jones Lang LaSalle Securities, the board's adviser, gave an opinion that the estimated range is reasonable from a financial point of view. Its own two methods implied $24.61 to $31.18 a share (direct capitalization, gross value $287 million to $338 million) and $26.30 to $32.23 (comparable sales, $300 million to $346 million). The opinion is not a recommendation on how to vote or act.

The key assumption sits in the risk factors: the company assumed it could find buyers for all assets “at amounts equal to or in excess of the low end of our estimated range of values for each asset.” A missed sale, a lower price, tenant defaults or unknown liabilities would delay or reduce payouts.

Price against the estimate

The only share prices in the filings are old. The press release that announced the plan gave a closing price of $15.25 on May 13, 2026. The July 31, 2026 10-Q gives $12.62 on March 12, 2026. We found no official closing price after the vote and do not quote a current one: FREVS trades over the counter and any figure we cite would need its own source and date.

Worked example (our arithmetic): 1,000 shares at $15.25 were worth $15,250 on May 13, 2026. At the company's range, the same 1,000 shares would receive $24,440 to $30,030 in total over time, of which $3,200 is the declared first payment. That is a gap on paper between a price and an estimate, not a forecast of what anyone will receive.

Distributions: what is declared and what is not

The press release says the stock transfer books “will remain open,” so shares keep trading and the right to later distributions goes with the shares. The proxy adds that if a liquidating trust is set up, its interests are not transferable except by will, intestate succession or operation of law. We found no filing confirming the October 29 payment; the next 10-K or a new 8-K should.

What has been sold and what is left

The proxy lists seven residential properties; the 10-Q segment note counts six. We could not tell from the filings which is right and show the proxy's list. Both Franklin Crossing and Westwood Plaza are sold to affiliates of Regency Centers Corporation. If the Westwood Plaza buyer takes the second due diligence period, it pays $50,000 a month for up to nine months, non-refundable and not credited to the price.

Debt at July 31, 2026

On the same date the company held $16.0 million of cash and $41.9 million of U.S. Treasury securities, with total assets of $165.5 million on its going-concern books (cost less depreciation, not liquidation value). The Westwood Plaza loan matures November 1, 2026 per the 10-Q table, so it is the one to watch in the next filing.

Who gets paid along the way

The external manager, Hekemian & Company, takes a 1.65% sale fee on each managed property sold and a termination fee of 2.5 times one year's base management fee, scaled to FREIT's ownership share. The chief executive, who is a shareholder and officer of the manager, gets a $1,000,000 cash bonus if all properties are sold or under contract within 18 months of stockholder approval and gross proceeds exceed $319.9 million. Eighteen months after September 29, 2026 is March 29, 2028 (our arithmetic). The proxy also raises each director's annual retainer from $60,000 to $120,000. Related parties also own the other 35% of Pierre Towers and large stakes in Wayne PSC and Westwood Hills, and share in those sale proceeds.

Timeline and what is not known

The proxy ties the tax treatment to completing the liquidation within 24 months of adopting the plan and says the company expects to do so. It does not give a calendar date, and the plan was adopted by the board on May 12, 2026 and approved by stockholders on September 29, 2026. Which date starts the clock is a question for a tax adviser. If the 24 months run from the stockholder vote, the end is September 29, 2028 (our arithmetic).

The vote in 2020 shows why timing is uncertain here. On January 14, 2020 the board adopted an earlier plan tied to a $266.5 million apartment portfolio sale. Holders approved it on April 21, 2020 (4,707,882 for, 9,700 against), but the Trust terminated the purchase agreement on April 30, 2020 and said the plan “will not become effective.” Unlike 2020, the plan as the proxy describes it lets the company sell assets without further stockholder approval, one property at a time.

Tax: what the proxy says

This is analysis of public documents, not investment, legal or tax advice.

What a reader can do with this

• Find your cost basis per block of shares. The proxy says basis is reduced by earlier distributions that were treated as reductions in basis. Your broker's records, not the company, show your numbers.
• Check the date and amount of the $3.20. Your brokerage statement should show it as a liquidating distribution, not a dividend. A wrong code is worth a question to the broker.
• Compare the range with your own plan, not the price. The range depends on sales that have not closed. Westwood Plaza, the unsold apartments and the land hold most of the remaining value.
• Watch the next filings for four items: whether Westwood Plaza closes, the next liquidating distribution declaration, whether the company moves to a liquidating trust, and the 10-K for the year ending October 31, 2026, which should be on the liquidation basis of accounting.
• Compare with other 2026 wind-downs. Read how Aimco (AIV) paid out in stages, how Elme Communities ended in a trust, and our page on Apollo Commercial Real Estate Finance (ARI).

FAQ

All figures are from SEC filings read on EDGAR on November 10, 2026. First Real Estate Investment Trust of New Jersey, Inc. (CIK 36840): definitive proxy statement DEFM14A of August 4, 2026 (accession 0002077096-26-000233); Form 10-Q for the quarter ended July 31, 2026 (0001174947-26-000858); Forms 8-K of September 30, 2026 (0001174947-26-000906), July 16, 2026 (0001174947-26-000690), July 9, 2026 (0002077096-26-000217), May 27, 2026 (0001174947-26-000621), May 14, 2026 (0001174947-26-000600), April 9 and 10, 2026 (0001174947-26-000467 and 0001174947-26-000475); and Forms 8-K of January 15, April 22 and May 1, 2020 (0001174947-20-000031, 0001174947-20-000583, 0001174947-20-000613). The last filing in the file at the time of writing was the September 30, 2026 8-K. Prices are company-reported closing prices; no later price was verified.