GTJ REIT Review 2026: Three Prices for One Share — $29.10 NAV, $26.19 to Redeem, $22.35 for the Equity Plan

What GTJ is, and why its holders are who they are

The name comes from buses. On March 29, 2007, the company completed a merger with "Triboro Coach Corp., Jamaica Central Railways, Inc., and Green Bus Lines, Inc.", the private bus operators it grew out of; some of its properties are former bus-depot sites. In January 2013 it added a portfolio of 25 industrial buildings from Wu/Lighthouse Portfolio, LLC in exchange for units of its operating partnership; those units are 17.04% of the partnership today.

What it owns now is a steady industrial landlord: 51 properties, about 6.7 million square feet, 95% leased to 63 tenants, with a weighted-average remaining lease term of 6.6 years. It is also concentrated. "Approximately 37% of our 2026 contractual rental income is derived from four leases with the City of New York, six leases with Federal Express, and one lease with Avis Rent-A-Car Systems." New York City properties alone carry 41% of 2026 contractual rent. The City's leases were renewed in 2025: "Each of the Lease Agreements has been renewed for a 14-year renewal term, commencing in 2027 and ending in 2041."

Three prices for one share

The NAV is the bottom of the range, by choice. The board "unanimously agreed upon the estimated NAV per share for the Common Stock of $29.10, the low-range NAV per share." Its reason: "In establishing the estimated per share value below the mid-range, the Board considered multiple factors, including inflation, interest rates, international conflicts, unfavorable market conditions and leasing risk associated with certain assets in the Registrant's portfolio." And the appraisal was not a market test: "Kroll did not, and was not requested to, solicit third-party indications of interest for the Common Stock." A conservative NAV is not bad news for a holder in itself. It does set the redemption price, which is 90% of it.

The equity plan uses a fourth number. "The Board of Directors has determined the value of a share of common stock at December 31, 2025 to be $22.35." That figure, 23% below the NAV, is what the company uses inside its own house. On June 18, 2026 it withheld 37,881 of its insiders' shares for taxes "at a price of $22.35 per share", and in April it approved a cash settlement of the executives' 2016 options for "a total cash outlay of approximately $2.4 million." It cuts both ways for insiders: a low value means more shares per dollar of stock award and less cash per cashed-out option. For an outside holder the point is simpler. The company itself does not value its stock at $29.10 when the counterparty is its own plan.

Ten years of NAV

That is about 8.5% a year over nine years before dividends (our calculation). The value has been roughly flat since 2023. In the latest appraisal, property rose from $922.4 million to $963.0 million, but the debt counted against it rose from $471.6 million to $514.2 million.

The exit: real, small, and full by June

The redemption program is the only door. It pays 90% of NAV, it has an annual cap of about $2 million, and the 10-K says that "the Company received redemption requests during each year exceeding the Program's annual limit" since it began in 2017, except 2020, when it was suspended from May 1, 2020 to June 1, 2021. In practice the cap is used up in the first of the year's two windows. On June 3, 2026 the company redeemed 76,365 shares for $1,999,999.35 and said: "Because this limit has been met for the 2026 calendar year, the Company will not redeem any Shares during the next semi-annual period (June 1, 2026 to November 30, 2026)." Then: "The Company will resume redemptions under the Program for the semi-annual period running from December 1, 2026 to May 31, 2027."

That is about 0.6% of the 13.3 million shares outstanding each year (our calculation). If you want out, you queue for the December window and take $26.19 on whatever part of your request fits.

Who has offered to buy, and at what

In 2018 the company called MacKenzie's offer "a predatory attempt to purchase Shares at a deeply discounted price" and answered with its own. Every one of these offers was priced far below the NAV of its day; the 2021 one was set at about 80% of the $17.52 NAV then in force. We found no tender offer for GTJ shares after 2021 on EDGAR. Offers for less than 5% of the shares do not have to be filed, so that is an absence in the record, not proof there were none.

Income: modest, covered, and partly paid once a year

GTJ pays $0.12 a share each quarter and a supplemental dividend in the spring: $0.85 with respect to 2025, paid in April 2026. For 2025 that adds up to $1.33 a share, about 4.6% of the NAV (our calculation). Coverage is comfortable: common dividends paid in 2025 were $17.8 million against $24.8 million of AFFO and $28.5 million of cash from operations. The 10-K adds that "We have determined for income tax purposes that the 2025 regular dividends were considered ordinary dividend distributions."

Debt: mostly long, fixed and insured, with one short piece

The floating-rate Key Bank debt was extended on August 3 "from August 5, 2026 to August 5, 2027." Cash was $15.0 million at June 30 and total liquidity about $20.1 million. The company is candid about what comes next: "As it relates to maturing debt, we may not have sufficient liquidity on hand to repay such indebtedness," so it expects to refinance. Its policy caps debt at 75% of the gross fair value of its properties; the NAV build puts it at about 53% (our calculation).

Who runs it and what they are paid

GTJ is run by Paul Cooper (Chairman and CEO) and Louis Sheinker (President and COO). Executive officers and directors own 13.1% of the stock. The board is staggered, and "Paul Cooper is the cousin of Douglas Cooper," another director. In 2025 the Summary Compensation Table shows $3,083,232 for Cooper, $3,116,315 for Sheinker and $1,492,068 for the CFO, $7.7 million together, about 31% of AFFO (our calculation). Their employment agreements pay "three years of his then current salary" plus a bonus multiple on a qualifying termination.

The related-party note is worth reading in full. "Paul Cooper and Louis Sheinker each own fifty percent (50%) of the interests in GHM," a brokerage firm that has been paid commissions on GTJ's own transactions, including payments of $600,000, $574,000 and $349,800. All of it is disclosed. It is also income that flows to the two people who decide when, and whether, the rest of the holders get a liquidity event. The 10-K says "We have no current plans to list our common stock on any securities exchange", and we found no plan to sell or liquidate.

The decision in front of a holder

If you own GTJ, you own a well-run industrial portfolio at a conservative value, paid about 4.6% a year, with an exit that fits roughly $2 million of requests a year at 90% of NAV. The realistic choices are to hold and collect, or to queue for the December window at $26.19. Whether to redeem, hold, or answer the next outside offer depends on your position, your basis and what you need the money for, and it is the kind of question a Forensic Filing Read answers in writing from the filings before you act.

FAQ

Verdict

GTJ REIT earns 2.8 out of 5. Judged as a property company it would score higher: its NAV has more than doubled in nine years, its dividend is covered, its biggest tenant is the City of New York on leases running to 2041, and its board values the shares at the cautious end of the appraisal. Judged as an investment its holders can actually use, it scores lower: about $2 million a year of redemptions for a company worth about $467 million at its own low-end NAV, a separate lower price the company uses for its own plan, and a management team paid well from a structure that gives nobody else a way out. The filings are clear on both. What they do not contain is any sign of when that changes.

Sources

SEC EDGAR, GTJ REIT, Inc., CIK 1368757:

• Form 10-K for 2025, filed March 19, 2026, accession 0001193125-26-115837: business, history, tenants, redemption program, equity-plan value, results, compensation, related parties
• Form 10-Q for the quarter ended June 30, 2026, accession 0001193125-26-339762: occupancy, debt, cash, liquidity, option settlement, tax withholding
• Form 8-K filed March 12, 2026, accession 0001193125-26-104058: 2025 NAV, range and build
• Form 8-K filed June 3, 2026, accession 0001193125-26-254894: 2026 redemption
• Form 8-K filed August 3, 2026, accession 0001193125-26-330213: Key Bank extension
• Form 8-K filed April 11, 2025, accession 0000950170-25-053189: City of New York lease renewals
• NAV 8-Ks 2017-2025: 0001564590-17-011095, 0001564590-18-006843, 0001564590-19-008940, 0001564590-20-011451, 0001564590-21-013827, 0001564590-22-011661, 0000950170-23-009493, 0000950170-24-034045, 0000950170-25-040087
• Tender offers: SC TO-T 0001550913-18-000004 (MacKenzie); SC TO-I 0000950123-18-000476, 0000950123-19-002392, 0000950123-20-001941, 0000950123-21-008487 and their final amendments

Retrieved September 12, 2026.