First Real Estate Investment Trust Of New Jersey, Inc.

First Real Estate Investment Trust of New Jersey, Inc. is a U.S. real estate investment trust that owns and operates a portfolio of residential apartment communities and commercial retail properties, primarily in New Jersey. Its business is driven by rental income, occupancy levels, tenant mix, and ongoing maintenance and capital improvements across older and newer properties.

61,8 %

12,0 %

+2,2 %

— First Real Estate Investment Trust Of New Jersey, Inc.
%
Residential apartments70% Monthly apartment rentals across FREIT's residential communities, with revenue driven by occupancy and rent levels.
Commercial retail centers25% Leasing income from multi-tenant shopping centers and related tenant reimbursements in New Jersey.
Single-tenant land lease5% Rental income from land leased to a bank branch operator in Rockaway, New Jersey.

FREIT's customers are primarily residential tenants seeking apartment housing in New Jersey and retail tenants leasing...

  • Residential apartment tenantsprimary

    Households renting units in FREIT's apartment communities; they buy housing and drive the majority of recurring rental revenue.

  • Retail shopping center tenantsprimary

    Merchants and service tenants in multi-tenant centers who lease space for customer access and local market presence.

  • Single-tenant land lease customersecondary

    A bank branch operator leasing land in Rockaway, New Jersey for a long-duration site use.

FREIT's portfolio is concentrated in New Jersey, with commercial properties in places such as Rockaway, Westwood,...

  • •Operations are concentrated in New Jersey real estate markets
  • •Commercial assets include Rockaway, Westwood, Preakness and Franklin Crossing
  • •Residential communities are also located in New Jersey suburbs
  • •Prior Maryland property sales still affect non-controlling interest items
  • •Local occupancy and rent trends drive most revenue variability

FREIT's near-term focus is maintaining occupancy, protecting rental income, and funding recurring capital improvements...

01
Protect residential occupancy and rent levelsshort-term

Residential revenue is the main earnings driver, so small changes in occupancy or rent have a direct impact on cash flow.

02
Control capital spending on aging assetsmedium-term

Older apartment properties require more maintenance and capital improvements, which affects free cash flow and reported AFFO.

03
Address commercial occupancy weaknessshort-term

Lower occupancy at shopping centers reduces rental income and NOI, especially where tenant departures or co-tenancy clauses reduce rent.

04
Manage debt and refinancing exposuremedium-term

Mortgage maturities and fixed-rate financing costs influence liquidity and the ability to sustain distributions and operations.

FREIT is exposed to occupancy and rent volatility in both residential and commercial properties, with commercial...

high

Residential occupancy and rent sensitivity

Apartment revenue depends on occupancy and monthly rent levels, so small changes directly affect revenue and cash flow.

Scope
Residential portfolio
Materiality
high
high

Commercial tenant turnover and co-tenancy clauses

Retail revenue can fall when anchor tenants leave or when tenants invoke contractual rent reductions.

Scope
Westwood Plaza and other shopping centers
Materiality
high
high

Refinancing and interest rate exposure

Mortgage maturities and financing costs affect cash needs, and higher rates can increase refinancing pressure.

Scope
Secured mortgage debt
Materiality
high
medium

Capital expenditure burden on aging assets

Older apartment communities need more maintenance and improvements, which can reduce AFFO and liquidity.

Scope
Steuben Arms, Berdan Court, Westwood Hills
Materiality
medium
medium

Asset impairment risk

If projected cash flows weaken, management may need to test long-lived assets for impairment.

Scope
Real estate portfolio
Materiality
medium
Revenue recognition and straight-line rent
Can shift revenue between periods and affect comparability
Collectability assessment
Affects reported rental income and receivables quality
AFFO adjustments
Important for evaluating cash generation versus GAAP earnings
Long-lived asset impairment
Can lead to write-downs if occupancy or cash flows weaken
Capitalized real estate development costs
Affects reported expenses, asset balances, and future depreciation

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: 28.4.2026