{"url_path":"/sec/frevs/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-12","source_url":"https://www.sec.gov/Archives/edgar/data/36840/0001174947-26-000661-index.html","accession_number":"0001174947-26-000661","cik":"0000036840","ticker":"FREVS","issuer_name":"FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/36840/0001174947-26-000661-index.html","primary_entity_key":"0000036840","primary_entity_name":"FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC."},"word_count":2028,"has_tables":true,"body_markdown":"frevs-20260430\n\n2\n\nP1Y\nNONE\n\nQ2\n--10-31\n0000036840\nfalse\nOn October 31, 2023, FREIT exercised its right, pursuant to the loan agreement held with Valley National Bank, to extend the term of its loan with a then outstanding balance of approximately $16.6 million and secured by the Westwood Plaza shopping center located in Westwood, New Jersey for one additional year from an initial maturity date of February 1, 2024 to a new maturity date of February 1, 2025. This loan extension was based on a fixed interest rate of 8.5% and was payable based on monthly installments of principal and interest of approximately $166,727. Additionally, FREIT funded the interest reserve escrow account for this loan (“Escrow”) with an additional $112,556, increasing the Escrow balance to $2,000,722, which represented the annualized principal and interest payments for one (1) year under this loan extension. Effective February 1, 2025, Valley National Bank extended this loan for 90 days from a maturity date of February 1, 2025 to a maturity date of May 1, 2025 under the same terms and conditions of the existing loan agreement.\n\nEffective May 1, 2025, FREIT entered into a loan extension and modification agreement with Valley National Bank and paid down this loan by approximately $5.7 million (including deferred interest of approximately $0.2 million) bringing the loan balance to $10 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan was extended for one year to May 1, 2026, the interest rate on the outstanding debt was based on a fixed interest Page 14\n\nrate of 8.5% and monthly installments of principal and interest of approximately $107,978 were required. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of $704,983. This Escrow is held at Valley National Bank and in the event of a default on this loan, the bank shall be permitted to use the proceeds from the Escrow to make monthly debt service payments on the loan. This loan has been further extended by Valley National Bank for an additional 90 days with a new maturity date of August 1, 2026 based on the same terms and conditions of the existing loan agreement.\n\nIncludes the following:\n\n(1) The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025 and was further extended. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through August 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Management expects this loan to be further modified and extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.\n\n \n\n(2) The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $9.6 million which has a maturity date of August 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.\n\n \n\n(3) The loan on the Westwood Hills property located in Westwood, New Jersey, in the amount of approximately $24.6 million which has a maturity date of September 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the Quarterly Period Ended April 30, 2026\n\nor\n\n \n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from __________________ to ____________________\n\n \n\nCommission File No. 000-25043\n\n \n\nFIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.\n\n(Exact name of registrant as specified in its charter)\n\n \n\nMaryland 22-1697095\n\n(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)\n\n   \n\n505 Main Street, Suite 400, Hackensack, New Jersey 07601\n\n(Address of principal executive offices) (Zip Code)\n\n \n\n(201) 488-6400\n\n(Registrant's telephone number, including area code)\n\n \n\n \n\n(Former name, former address and former fiscal year, if changed since last report)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class Trading\nSymbol(s) Name of each exchange on which registered\n\nCommon stock, par value $0.01 per share FREVS OTC Pink Limited Market\n\nPreferred Stock Purchase Rights (1)    \n\n \n\n(1) Registered pursuant to Section 12 (b) of the Act pursuant to a [form 8-A filed by the registrant on August 3, 2023](http://www.sec.gov/Archives/edgar/data/36840/000117494723000975/form8a12b-30580_frevs.htm). Until the Distribution Date (as defined in the registrant’s [Stockholder Rights Agreement dated July 31, 2023](https://www.sec.gov/Archives/edgar/data/36840/000117494723000975/ex4-1.htm) and [amended as of May 12, 2026](https://www.sec.gov/Archives/edgar/data/36840/000117494726000594/ex4-1.htm)) 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.\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):\n\n \n\nLarge Accelerated Filer ☐ Accelerated Filer ☐ Non-Accelerated Filer ☒ Smaller Reporting Company ☒\n\nEmerging growth company ☐      \n\n \n\n \n\nPage 2 \n\nIf 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. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nAs of June 12, 2026, the number of shares of common stock outstanding was 7,482,432.\n\n \n\n \n\nPage 3\n\nFIRST REAL ESTATE INVESTMENT TRUST OF NEW\nJERSEY, INC.\n\n \n\nINDEX\n\n \n\n[Part I:  Financial Information](#a_001)\n \n\n \n \n \n \nPage\n\n \n \n \n \n \n\n \n[Item 1:  Unaudited Condensed Consolidated Financial Statements](#a_002)\n \n\n \n \n \n \n \n\n \n \na.)\n[Condensed Consolidated Balance Sheets as of April 30, 2026 and October 31, 2025;](#a_003)\n4\n\n \n \n \n \n \n\n \n \nb.)\n[Condensed Consolidated Statements of Income for the Six and Three Months Ended April 30, 2026 and 2025;](#a_004)\n5\n\n \n \n \n \n \n\n \n \nc.)\n[Condensed Consolidated Statements of Comprehensive Income for the Six and Three Months Ended April 30, 2026 and 2025;](#a_005)\n6\n\n \n \n \n \n \n\n \n \nd.)\n[Condensed Consolidated Statements of Equity for the Six and Three Months Ended April 30, 2026 and 2025;](#a_006)\n7-8\n\n \n \n \n \n \n\n \n \ne.)\n[Condensed Consolidated Statements of Cash Flows for the Six Months Ended April 30, 2026 and 2025;](#a_007)\n9\n\n \n \n \n \n \n\n \n \nf.)\n[Notes to Condensed Consolidated Financial Statements.](#a_008)\n10\n\n \n \n \n \n \n\n \n[Item 2:  Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_009)\n19\n\n \n \n \n \n \n\n \n[Item 3:  Quantitative and Qualitative Disclosures About Market Risk](#a_010)\n32\n\n \n \n \n \n \n\n \n[Item 4:  Controls and Procedures](#a_011)\n32\n\n \n \n \n \n \n\n \n \n \n \n \n\n[Part II: Other Information](#a_012)\n \n\n \n \n \n \n \n\n \n[Item 1:  Legal Proceedings](#a_013)\n33\n\n \n \n \n \n \n\n \n[Item 1A:  Risk Factors](#a_014)\n33\n\n \n \n \n \n \n\n \n[Item 6:  Exhibits](#a_015)\n33\n\n \n \n \n \n \n\n \n[Signatures](#a_016)\n33\n\n \n\n \n\nPage 4\n\nPart I: Financial Information"}