UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended ~~April~~July 3031, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to ____________________

Commission File No. 000-25043

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

(Exact name of registrant as specified in its charter)

Maryland	22-1697095
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

505 Main Street, Suite 400, Hackensack, New Jersey	07601
(Address of principal executive offices)	(Zip Code)

(201) 488-6400

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	FREVS	~~OTC Pink Market~~OTCPK
Preferred Stock Purchase Rights (1)

(1)

Registered pursuant to Section 12 (b) of the Act pursuant to a form 8-A filed by the registrant on August 3, 2023. Until the Distribution Date (as defined in the registrant’s Stockholder Rights Agreement dated July 31, 2023) 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.

Indicate 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 ☐

Indicate 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 ☐

Indicate 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):

Large Accelerated Filer ☐	Accelerated Filer ☐	Non-Accelerated Filer ☒	Smaller Reporting Company ☒
Emerging growth company ☐

Page 2

If 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~June 10,~~September 12, 2025, the number of shares of common stock outstanding was 7,471,344.

Page 3

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

INDEX

Part I: Financial Information
				Page
	Item 1: Unaudited Condensed Consolidated Financial Statements
		a.)	Condensed Consolidated Balance Sheets as of ~~April~~July 3031, 2025 and October 31, 2024;	4
		b.)	Condensed Consolidated Statements of Income for the ~~Six~~Nine and Three Months Ended ~~April~~July 3031, 2025 and 2024;	5
		c.)	Condensed Consolidated Statements of Comprehensive Income ~~(Loss)~~ for the ~~Six~~Nine and Three Months Ended ~~April~~July 3031, 2025 and 2024;	6
		d.)	Condensed Consolidated Statements of Equity for the ~~Six~~Nine and Three Months Ended ~~April~~July 3031, 2025 and 2024;	7-8
		e.)	Condensed Consolidated Statements of Cash Flows for the ~~Six~~Nine Months Ended ~~April~~July 3031, 2025 and 2024;	9
		f.)	Notes to Condensed Consolidated Financial Statements.	10
	Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations			1819
	Item 3: Quantitative and Qualitative Disclosures About Market Risk			3031
	Item 4: Controls and Procedures			3031
Part II: Other Information
	Item 1: Legal Proceedings			3132
	Item 1A: Risk Factors			3132
	Item 6: Exhibits			3132
	Signatures			3132

Page 4

Part I: Financial Information

Item 1: Unaudited Condensed Consolidated Financial Statements

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	April 30,			October 31,
	July 31,			October 31,
	2025			2024
	(In Thousands, Except Share and Per Share Amounts)
ASSETS
Real estate, at cost, net of accumulated depreciation	$	90,~~606~~034		$	91,862
Construction in progress		958			944
Cash and cash equivalents		1114,~~435~~604			14,914
Investment in U.S. Treasury securities available-for-sale		2720,~~782~~478			29,259
Investment in tenancy-in-common		17,~~080~~044			17,512
Tenants' security accounts		~~888~~867			913
Receivables arising from straight-lining of rents		~~516~~489			572
Accounts receivable, net of allowance for doubtful accounts of $206 and $272 as of April 30, 2025 and October 31, 2024, respectively		711			498
Accounts receivable, net of allowance for doubtful accounts of $253 and $272 as of July 31, 2025 and October 31, 2024, respectively		307			498
Prepaid expenses and other assets		54,~~753~~895			5,007
Deferred charges, net		~~247~~256			277
Interest rate swap contracts		~~237~~299			506
Total Assets	$	~~156~~150,~~213~~231		$	162,264
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, including deferred interest of $222 as of April 30, 2025 and October 31, 2024	$	127,903		$	128,871
Mortgages payable, including deferred interest of $0 and $222 as of July 31, 2025 and October 31, 2024, respectively	$	121,755		$	128,871
Less unamortized debt issuance costs		~~668~~605			799
Mortgages payable, net		~~127~~121,~~235~~150			128,072
Accounts payable and accrued expenses		~~750~~665			857
Dividends payable		~~598~~748			5,224
Tenants' security deposits		1,~~166~~138			1,205
Deferred revenue		~~970~~979			722
Total Liabilities		~~130~~124,~~719~~680			136,080
Commitments and contingencies
Common Equity:
Preferred stock with par value of $0.01 per share: 5,000,000 and 0 shares authorized and issued, respectively		—			—
Common stock with par value of $0.01 per share: 20,000,000 shares authorized; 7,471,344 and 7,462,993 shares issued at April 30, 2025 and October 31, 2024, respectively		75			75
Common stock with par value of $0.01 per share: 20,000,000 shares authorized; 7,471,344 and 7,462,993 shares issuedat July 31, 2025 and October 31, 2024, respectively		75			75
Additional paid-in-capital		32,393			32,253
Retained earnings		~~854~~985			541
Accumulated other comprehensive income		~~219~~287			494
Total Common Equity		33,~~541~~740			33,363
Noncontrolling interests in subsidiaries		(8,~~047~~189	)		(7,179	)
Total Equity		25,~~494~~551			26,184
Total Liabilities and Equity	$	~~156~~150,~~213~~231		$	162,264

See Notes to Condensed Consolidated Financial Statements.

Page 5

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

~~SIX~~NINE AND THREE MONTHS ENDED ~~APRIL~~JULY 3031, 2025 AND 2024

(Unaudited)

	Six Months Ended April 30,						Three Months Ended April 30,
	Nine Months Ended July 31,						Three Months Ended July 31,
	2025			2024			2025			2024
	(In Thousands, Except Per Share Amounts)						(In Thousands, Except Per Share Amounts)
Revenue:
Rental income	$	1320,~~327~~085		$	1319,~~040~~608		$	6,~~735~~758		$	6,~~586~~568
Reimbursements		~~986~~1,383			1,~~034~~439			~~421~~397			~~576~~405
Sundry income		~~214~~303			~~200~~374			~~102~~89			~~113~~174
Total revenue		1421,~~527~~771			1421,~~274~~421			7,~~258~~244			7,~~275~~147
Expenses:
Operating expenses		57,~~222~~612			68,~~203~~608			2,~~457~~390			2,~~714~~405
Management fees		~~678~~1,036			~~667~~1,011			~~310~~358			~~331~~344
Real estate taxes		24,~~937~~415			34,~~001~~501			1,~~489~~478			1,~~509~~500
Depreciation		12,~~457~~195			12,~~514~~249			~~734~~738			~~789~~735
Total expenses		1015,~~294~~258			1116,~~385~~369			4,~~990~~964			54,~~343~~984
Investment income		~~750~~1,053			~~686~~1,082			~~350~~303			~~279~~396
Net loss on sale of Maryland properties		—			(171	)		—			(92	)
Litigation settlement, net of fees		—			15,711			—			15,711
Income (loss) on investment in tenancy-in-common		23			(47	)		14			62
Net loss on sale of Maryland properties		—			(171	)		—			—
Interest expense including amortization of deferred financing costs		(3,724	)		(3,624	)		(1,851	)		(1,782	)
Loss on investment in tenancy-in-common		(13	)		(143	)		(36	)		(96	)
Net income (loss)		1,282			(267	)		781			399
Interest expense including amortization of deferred financing costs		(5,532	)		(5,463	)		(1,808	)		(1,839	)
Net loss attributable to noncontrolling interests in subsidiaries		226			288			113			134
Net income		2,021			16,068			739			16,335
Net income attributable to common equity	$	1,508		$	21		$	894		$	533
Net loss (income) attributable to noncontrolling interests in subsidiaries		366			(1,256	)		140			(1,544	)
Net income attributable to common equity	$	2,387		$	14,812		$	879		$	14,791
Earnings per share:
Basic and diluted	$	0.2032		$	01.0099		$	0.12		$	01.0798
Weighted average shares outstanding:
Basic		7,~~466~~468			7,~~451~~454			7,~~469~~471			7,~~453~~458
Diluted		7,~~466~~468			7,~~455~~457			7,~~469~~471			7,~~457~~462

See Notes to Condensed Consolidated Financial Statements.

Page 6

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ~~(LOSS)~~

~~SIX~~NINE AND THREE MONTHS ENDED ~~APRIL~~JULY 3031, 2025 AND 2024

(Unaudited)

	Six Months Ended April 30,						Three Months Ended April 30,
	Nine Months Ended July 31,						Three Months Ended July 31,
	2025			2024			2025			2024
	(In Thousands of Dollars)						(In Thousands of Dollars)
Net income (loss)	$	1,282		$	(267	)	$	781		$	399
Net income	$	2,021		$	16,068		$	739		$	16,335
Other comprehensive income (loss):
Other comprehensive income:
Unrealized (loss) gain on interest rate swap contracts before reclassifications		(~~119~~4	)		~~107~~(134	)		~~(174~~115	)		~~446~~(241	)
Amount reclassified from accumulated other comprehensive income to interest expense		(~~150~~203	)		(~~380~~566	)		(53	)		(~~189~~186	)
Net unrealized (loss) gain on interest rate swap contracts		(~~269~~207	)		(~~273~~700	)		~~(227~~62	)		~~257~~(427	)
Unrealized loss on U.S. Treasury securities available-for-sale before reclassifications		(3	)		(19	)		(15	)		(13	)
Unrealized loss (gain) on U.S. Treasury securities available-for-sale before reclassifications		2			(20	)		5			(1	)
Amount reclassified from accumulated other comprehensive income to investment income		(32	)		(16	)		(41	)		—(5	)
Net unrealized loss on U.S. Treasury securities available-for-sale		(6	)		(20	)		(19	)		(13	)
Net unrealized (loss) gain on U.S. Treasury securities available-for-sale		—			(26	)		6			(6	)
Comprehensive income (loss)		1,007			(560	)		535			643
Comprehensive income		1,814			15,342			807			15,902
Comprehensive loss attributable to noncontrolling interests in subsidiaries		226			288			113			134
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries		366			(1,256	)		140			(1,544	)
Comprehensive income (loss) attributable to common equity	$	1,233		$	(272	)	$	648		$	777
Comprehensive income attributable to common equity	$	2,180		$	14,086		$	947		$	14,358

See Notes to Condensed Consolidated Financial Statements.

Page 7

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

~~SIX~~NINE AND THREE MONTHS ENDED ~~APRIL~~July 3031, 2025

(Unaudited)

	Common Equity
	Common Stock									Accumulated
	Shares		Amount		Additional Paid-In- Capital		Retained Earnings			Other Comprehensive Income			Total Common Equity			Noncontrolling Interests in Subsidiaries			Total Equity
	(In Thousands)
Balance at October 31, 2024		7,463	$	75	$	32,253	$	541		$	494		$	33,363		$	(7,179	)	$	26,184
Distributions to noncontrolling interests in subsidiaries														—			(440	)		(440	)
Net income (loss)								614						614			(113	)		501
Dividends declared								(597	)					(597	)		—			(597	)
Net unrealized loss on interest rate swap contracts											(42	)		(42	)		—			(42	)
Net unrealized gain on investment in U.S. Treasury securities available-for-sale											13			13			—			13
Balance at January 31, 2025		7,463		75		32,253		558			465			33,351			(7,732	)		25,619
Stock awards granted to directors		8		—		140								140			—			140
Distributions to noncontrolling interests in subsidiaries														—			(202	)		(202	)
Net income (loss)								894						894			(113	)		781
Dividends declared								(598	)					(598	)		—			(598	)
Net unrealized loss on interest rate swap contract											(227	)		(227	)		—			(227	)
Net unrealized loss on investment in U.S. Treasury securities available-for-sale											(19	)		(19	)		—			(19	)
Balance at April 30, 2025		7,471	$	75	$	32,393	$	854		$	219		$	33,541		$	(8,047	)	$	25,494
Distributions to noncontrolling interests in subsidiaries														—			(2	)		(2	)
Net income (loss)								879						879			(140	)		739
Dividends declared								(748	)					(748	)		—			(748	)
Net unrealized gain on interest rate swap contract											62			62			—			62
Net unrealized gain on investment in U.S. Treasury securities available-for-sale											6			6			—			6
Balance at July 31, 2025		7,471	$	75	$	32,393	$	985		$	287		$	33,740		$	(8,189	)	$	25,551

See Notes to Condensed Consolidated Financial Statements.

Page 8

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

~~SIX~~NINE AND THREE MONTHS ENDED ~~APRIL~~JULY 3031, 2024

(Unaudited)

	Common Equity
	Common Stock									Accumulated
	Shares		Amount		Additional Paid-In- Capital		(Accululated Deficit) Retained Earnings			Other Comprehensive Income			Total Common Equity			Noncontrolling Interests in Subsidiaries			Total Equity
	(In Thousands)
Balance at October 31, 2023		7,450	$	74	$	32,074	$	(8,968	)	$	1,336		$	24,516		$	(6,040	)	$	18,476
Stock based compensation expense						1								1			—			1
Distributions to noncontrolling interests in subsidiaries														—			(180	)		(180	)
Net loss								(512	)					(512	)		(154	)		(666	)
Dividends declared								(372	)					(372	)		—			(372	)
Net unrealized loss on interest rate swap contracts											(530	)		(530	)		—			(530	)
Net unrealized loss on investment in U.S. Treasury securities available-for-sale											(7	)		(7	)		—			(7	)
Balance at January 31, 2024		7,450		74		32,075		(9,852	)		799			23,096			(6,374	)		16,722
Stock awards granted to directors		8		1		140								141			—			141
Distributions to noncontrolling interests in subsidiaries														—			(600	)		(600	)
Net income (loss)								533						533			(134	)		399
Dividends declared								(373	)					(373	)		—			(373	)
Net unrealized gain on interest rate swap contracts											257			257			—			257
Net unrealized loss on investment in U.S. Treasury securities available-for-sale											(13	)		(13	)		—			(13	)
Balance at April 30, 2024		7,458	$	75	$	32,215	$	(9,692	)	$	1,043		$	23,641		$	(7,108	)	$	16,533
Distributions to noncontrolling interests in subsidiaries														—			(240	)		(240	)
Net income								14,791						14,791			1,544			16,335
Dividends declared								(373	)					(373	)					(373	)
Net unrealized loss on interest rate swap contracts											(427	)		(427	)		—			(427	)
Net unrealized loss on investment in U.S. Treasury securities available-for-sale											(6	)		(6	)		—			(6	)
Balance at July 31, 2024		7,458	$	75	$	32,215	$	4,726		$	610		$	37,626		$	(5,804	)	$	31,822

See Notes to Condensed Consolidated Financial Statements.

Page 9

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

~~SIX~~NINE MONTHS ENDED ~~APRIL~~JULY 3031, 2025 AND 2024

(Unaudited)

	Six Months Ended
	Nine Months Ended
	April 30,
	July 31,
	2025			2024
	(In Thousands of Dollars)
Operating activities:
Net income (loss)	$	1,282		$	(267	)
Net income	$	2,021		$	16,068
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net loss on sale of Maryland properties		—			171
Depreciation		12,~~457~~195			12,~~514~~249
Amortization		~~280~~431			~~345~~492
Stock based compensation expense		—			1
Stock awards granted to directors		140			141
(Income) loss on investment in tenancy-in-common		(23	)		47
Loss on investment in tenancy-in-common		13			143
Deferred rents - straight line rent		5683			5888
Bad debt expense		72119			~~123~~116
Accreted interest on investment in U.S. Treasury securities		(~~487~~666	)		(~~418~~595	)
Changes in operating assets and liabilities:
Tenants' security accounts		(3967	)		(2940	)
Accounts receivable, prepaid expenses and other assets		(~~785~~360	)		(27191	)
Accounts payable, accrued expenses and deferred director compensation payable		61			(195	)
Accounts payable and accrued expenses		(16	)		1,318
Deferred revenue		248			43
Deferred interest on mortgage		(222	)		—
Net cash provided by operating activities		2,262			1,507
Deferred revenue		257			21
Net cash provided by operating activities		3,928			19,982
Investing activities:
Cash outlays from sale of Maryland properties, net		—			(171	)
Purchase of U.S. Treasury securities		(2837,~~247~~414	)		(1926,~~135~~759	)
Proceeds from maturities of U.S. Treasury securities		3046,~~205~~861			2634,~~315~~002
Capital improvements - existing properties		(~~383~~557	)		(~~456~~697	)
Deferred leasing costs		(1546	)		(4988	)
Due from Pierre TIC for reimbursement of costs		—			(166	)
Distribution from investment in tenancy-in-common		455			455
Net cash provided by investing activities		29,~~015~~299			6,~~959~~576
Financing activities:
Repayment of mortgages		(~~968~~6,894	)		(8,~~423~~819	)
Deferred financing costs		(~~104~~170	)		(~~166~~207	)
Dividends paid		(56,~~821~~419	)		(~~744~~1,117	)
Distributions to noncontrolling interests in subsidiaries		(~~642~~644	)		(~~780~~1,020	)
Net cash used in financing activities		(714,~~535~~127	)		(1011,~~113~~163	)
Net decrease in cash, cash equivalents and restricted cash		(3,258	)		(1,647	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(900	)		15,395
Cash, cash equivalents and restricted cash, beginning of period		19,223			18,356
Cash, cash equivalents and restricted cash, end of period	$	1518,~~965~~323		$	1633,~~709~~751
Supplemental disclosure of cash flow data:
Interest paid	$	35,~~379~~390		$	35,~~343~~061
Supplemental schedule of non cash activities:
Investing activities:
Accrued capital expenditures, construction costs and pre-development costs	$	7264		$	61107
Financing activities:
Dividends declared but not paid	$	~~598~~748		$	373
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
Cash and cash equivalents	$	1114,~~435~~604		$	1229,~~220~~429
Tenants' security accounts		~~888~~867			~~937~~921
Funds held in post-closing escrow		—			189
Mortgage escrows (included in prepaid expenses and other assets)		32,~~642~~852			3,~~363~~212
Total cash, cash equivalents and restricted cash	$	1518,~~965~~323		$	1633,~~709~~751

See Notes to Condensed Consolidated Financial Statements.

Page 10

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 - Basis of presentation:

First Real Estate Investment Trust of New Jersey was organized on November 1, 1961 as a New Jersey Business Trust. On July 1, 2021, First Real Estate Investment Trust of New Jersey completed the change of its form of organization from a New Jersey real estate investment trust to a Maryland corporation. First Real Estate Investment Trust of New Jersey, Inc. (“FREIT”, “Trust”, “us”, “we”, “our” or the “Company”) is a Maryland corporation.

FREIT is organized and will continue to operate in such a manner as to qualify for taxation as a REIT under the Internal Revenue Code of 1986, as amended, and its stock is traded on the over-the-counter market under the trading symbol FREVS.

The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and pursuant to the rules of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnotes required by GAAP for complete financial statements have been omitted. It is the opinion of management that all adjustments considered necessary for a fair presentation have been included, and that all such adjustments are of a normal recurring nature.

The consolidated results of operations for the ~~six~~nine and three-month periods ended ~~April~~July 3031, 2025 are not necessarily indicative of the results to be expected for the full year or any other period. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in FREIT’s Annual Report on Form 10-K for the year ended October 31, 2024.

Note 2 – Recently issued accounting standards:

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) to improve reportable segment disclosure requirements, primarily through enhanced disclosure about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosure.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, “Income Statement – Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements.

Note 3 – Dividends and earnings per share:

The FREIT Board of Directors (“Board”) declared a dividend of approximately $~~598~~748,000 ($0.0810 per share) in the ~~second~~third quarter of Fiscal 2025, which will be paid on ~~June~~September 1312, ~~2025~~ 2025 to stockholders of record on ~~May~~August 3029, 2025.

Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributable to future services, are used to repurchase FREIT’s stock at the average market price during the period, thereby increasing the number of shares to be added in computing diluted earnings per share.

For the ~~six~~nine and three months ended ~~April~~July 3031, 2025, only basic earnings per share is presented since there are no outstanding stock options or other diluted securities. For ~~both~~ the ~~six and~~nine and three months ended ~~April~~July 3031, 2024, the outstanding stock options increased the average dilutive shares outstanding by approximately 3,000 and 4,000 shares, respectively, with no impact on earnings per share. ~~There were no anti-~~

Page 11

There were no anti-dilutive shares for the ~~six~~nine and three months ended ~~April~~July 3031, 2024. Anti-dilutive shares consisted of out-of-the money stock options under the Equity Incentive Plan (See Note 12).

Note 4 – Fair Value Measurements:

Financial assets that are measured at fair value on our condensed consolidated balance sheets consist of (i) investments in U.S. Treasury securities (classified as available for sale) and (ii) interest rate swap contracts.

In accordance with ASC Topic 320, “Investments – Debt Securities”, FREIT is accounting for the investments in U.S. Treasury securities classified as available for sale in the amount of approximately $2720,~~782~~478,000 and $29,259,000, as of ~~April~~July 3031, 2025 and October 31, 2024, respectively, at fair value. Since these available for sale securities are being issued at a discount, the discount is being accreted over the term of the U.S. Treasury securities and recognized as investment income on the condensed consolidated statements of income and reflected as accreted interest in the condensed consolidated statements of cash flows. For the ~~six~~nine months ended ~~April~~July 3031, 2025 and 2024, this amounted to approximately $~~487~~666,000 and $~~418~~595,000, respectively. Any changes in the value of these securities are recorded as an unrealized gain or loss in other comprehensive income ~~(loss)~~. Upon sale, the realized gain or loss related to these investments is recognized in investment income in the ~~condensed~~ condensed consolidated statements of income. For the ~~six~~nine and three months ended ~~April~~July 3031, 2025, FREIT recorded an unrealized ~~loss~~gain of approximately $~~6,000~~0 and $196,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair ~~value~~ value of these available for sale investments in U.S. Treasury securities during such periods. For the ~~six~~nine and three months ended ~~April 30,~~July 31, 2024, FREIT recorded an unrealized loss of approximately $2026,000 and $136,000, respectively, in the condensed consolidated statements of of comprehensive ~~(loss)~~ income representing the change in the fair value of these available for sale investments in U.S. Treasury securities ~~during~~ during such periods. The fair values are based on quoted market prices (level 1 in the fair value hierarchy as provided by authoritative guidance).

In accordance with “Accounting Standards Codification Topic 815, Derivatives and Hedging ("ASC 815")”, FREIT has been accounting for the FREIT Regency, LLC (“Regency”) and Station Place on Monmouth (“Station Place”) interest rate swap contracts as cash flow hedges marking these contracts to market, taking into account present interest rates compared to the contracted fixed rate over the life of the contract and recording the unrealized gain or loss on the swaps in comprehensive income ~~(loss)~~. On December 15, 2024, the Regency loan and its ~~corresponding~~ corresponding interest rate swap contract matured with no settlement due at maturity. (See Note 9 for further details.) For the ~~six~~nine and three months ended ~~April~~July 3031, 2025, FREIT recorded an unrealized loss of approximately $~~269~~207,000 and unrealized gain of $~~227~~62,000, respectively, in the ~~condensed~~ condensed consolidated statements of comprehensive income representing the change in the fair value of these cash flow hedges during such periods. For the ~~six~~nine and three months ended ~~April~~July 3031, 2024, FREIT recorded an unrealized loss of approximately $~~273~~700,000 and ~~unrealized gain of~~ $~~257~~427,000, respectively, in the condensed consolidated statements of comprehensive ~~(loss)~~ income representing the change in the fair value of these cash flow hedges during such periods. As of ~~April~~July 3031, 2025, there was an asset of approximately $~~237~~299,000 for the Station Place swap. As of October 31, 2024, there was an asset of approximately $54,000 for the Regency swap and $452,000 for the Station Place swap. The fair values are based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

Note 5 – Investment in tenancy-in-common:

On February 28, 2020, FREIT reorganized S and A Commercial Associates Limited Partnership (“S&A”) from a partnership into a tenancy-in-common form of ownership (“TIC”). Prior to this reorganization, FREIT owned a 65% partnership interest in S&A, which owned 100% of the Pierre Towers property located in Hackensack, New Jersey through its 100% interest in Pierre Towers, LLC. Pursuant to the TIC agreement, FREIT ultimately acquired a 65% undivided interest in the Pierre Towers property, which was formerly owned by S&A. While FREIT’s effective ownership percentage in the Pierre Towers property remained unchanged after the reorganization to a TIC, FREIT no longer has a controlling interest in the TIC as the TIC is now under joint control. Based on the guidance of ASC 810, “Consolidation”, FREIT’s investment in the TIC is accounted for under the equity method of accounting.

FREIT’s investment in the TIC was approximately $17.1 million and $17.5 million at ~~April~~July 3031, 2025 and October 31, 2024, respectively. For the ~~six~~nine and three months ended ~~April~~July 3031, 2025, FREIT recognized ~~income~~a ~~from~~loss ~~the~~on investment in TIC of approximately $2313,000 and $1436,000, respectively, in the accompanying condensed consolidated statements of income. For the ~~six~~nine and three months ended ~~April~~July 3031, 2024, FREIT recognized a loss on investment in TIC of approximately $47143,000 and ~~gain on investment of approximately~~ $6296,000, respectively, in the accompanying condensed consolidated statements of income.

Hekemian & Co., Inc. (“Hekemian & Co.”) manages the Pierre Towers property pursuant to a management agreement which renews for successive one (1) year terms unless either party gives written notice of termination to the other party at least sixty (60) days prior to the end of the then-current term. The management agreement expires on February 28, 2026.

The management agreement requires the payment of management fees equal to 5% of rents collected. Management fees, charged to operations, were approximately $~~216~~324,000 and $94108,000 for the ~~six~~nine and three months ended ~~April~~July 3031, 2025, respectively, and $~~210~~318,000 and $~~105~~108,000 for the ~~six~~nine and three months ended ~~April~~July 3031, 2024, respectively. The Pierre Towers property also uses the resources of the Hekemian & Co. insurance department to secure various insurance coverages for its property. Hekemian & Co. is paid a commission for these services. ~~There~~Such ~~were no such~~ commissions were charged to operations and amounted to approximately $62,000 for both the ~~six~~nine and three months ended ~~April~~July 3031, 2025 and $55,000 for both the nine and three months ended July 31, 2024.

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The following table summarizes the balance sheets of the Pierre Towers property as of ~~April~~July 3031, 2025 and October 31, 2024, accounted for by the equity method:

	April 30,		October 31,
	July 31,		October 31,
	2025		2024
	(In Thousands of Dollars)
Real estate, net	$	72,~~181~~201	$	72,707
Cash and cash equivalents		~~1,251~~532		1,442
Tenants' security accounts		~~526~~548		528
Receivables and other assets		~~698~~719		556
Total assets	$	74,~~656~~000	$	75,233
Mortgages payable, net of unamortized debt issuance costs	$	46,~~772~~473	$	47,362
Accounts payable and accrued expenses		~~915~~570		229
Tenants' security deposits		~~530~~547		529
Deferred revenue		~~162~~189		172
Equity		26,~~277~~221		26,941
Total liabilities & equity	$	74,~~656~~000	$	75,233
FREIT's investment in TIC (65% interest)	$	17,~~080~~044	$	17,512

The following table summarizes the statements of operations of the Pierre Towers property for the ~~six~~nine and three months ended ~~April~~July 3031, 2025 and 2024, accounted for by the equity method:

	Six Months Ended April 30,						Three Months Ended April 30,
	Nine Months Ended July 31,						Three Months Ended July 31,
	2025			2024			2025			2024
	(In Thousands of Dollars)						(In Thousands of Dollars)
Revenue	$	46,~~369~~537		$	46,~~243~~416		$	2,~~192~~168		$	2,~~128~~173
Operating expenses		23,~~478~~770			23,~~455~~685			1,~~241~~292			1,~~097~~230
Depreciation		1,~~126~~691			1,~~115~~674			~~564~~565			~~558~~559
Operating income		~~765~~1,076			~~673~~1,057			~~387~~311			~~473~~384
Interest income		3648			3759			1712			1222
Interest expense including amortization of deferred financing costs		(765	)		(782	)		(382	)		(390	)
Sinatra expenses due to FREIT		—			(166	)		—			(166	)
Net income (loss)	$	36		$	(72	)	$	22		$	95
Interest expense including amortization of deferred financing costs		(1,144	)		(1,170	)		(379	)		(388	)
FREIT's share of income (loss) on investment in TIC (65% interest)	$	23		$	(47	)	$	14		$	62
Net loss	$	(20	)	$	(220	)	$	(56	)	$	(148	)
FREIT's share of loss on investment in TIC (65% interest)	$	(13	)	$	(143	)	$	(36	)	$	(96	)

Note 6 – Termination of Purchase and Sale Agreement:

As FREIT previously reported, on June 26, 2024, a settlement was reached between FREIT and certain of its affiliates and Sinatra Properties, LLC (“Sinatra”) and Kushner Companies, LLC, (collectively the “Kushner Parties”) regarding previously reported ongoing litigation. The litigation involved a dispute between the parties related to a purchase and sale agreement entered into on January 14, 2020. All settlement payments have been received by FREIT and its affiliates.

Legal costs attributed to the legal proceeding between FREIT and certain of its affiliates and Sinatra have been incurred in the amount of approximately $1,000 and $0 for the ~~six~~nine and three months ended ~~April~~July 3031, 2025, respectively, and $~~512~~881,000 and $~~198~~369,000 for the ~~six~~nine and three months ended ~~April~~July 3031, 2024, respectively. These costs are included in operating expenses on the condensed consolidated statements of income.

~~Note~~The 7litigation –settlement, ~~Maryland~~offset ~~property~~by ~~dispositions~~certain adjustments and additional expenses, was included as income in “Litigation settlement, net of fees” on the accompanying condensed consolidated statements of income for the nine and three months ended July 31, 2024. The settlement triggered the following items:

On● ~~November~~A ~~22,~~transaction ~~2021,~~break-up ~~certain~~fee ~~affiliates~~due ~~(the “Maryland~~to ~~Sellers”) of FREIT entered into a Purchase and Sale Agreement (~~the ~~“Maryland~~originating ~~Purchase and Sale Agreement”) with MCB Acquisition Company, LLC (the “Maryland Purchaser”), a~~ third party, ~~pursuant~~broker ~~to which the Maryland Sellers agreed to sell three properties to the Maryland Purchaser. The properties consisted~~ of ~~retail~~approximately ~~and~~$605,000 ~~office space~~ and a ~~residential~~four-year ~~apartment~~litigation ~~community owned~~management byfee ~~Grande~~of ~~Rotunda~~$750,000 ~~LLC~~due ~~(the~~to ~~“Rotunda~~Hekemian ~~Property”),~~& ~~a shopping center owned by Damascus Centre, LLC (the “Damascus Property”), and a shopping center owned by WestFREIT Corp~~Co. ~~(the “Westridge Square Property”). FREIT owns 100% of its subsidiary~~, ~~WestFREIT Corp~~Inc. ~~(“WestFREIT”), a 60% interest in Grande~~

Page 13

~~Rotunda,~~● ~~LLC~~Reimbursement ~~(“Grande~~of ~~Rotunda”),~~costs ~~the~~in ~~joint venture~~connection ~~that~~with ~~owned~~this ~~the~~transaction ~~Rotunda~~of ~~Property~~$166,000 ~~and~~due ato ~~70%~~FREIT ~~interest~~from ~~in Damascus Centre, LLC (“Damascus Centre”),~~ the ~~joint~~Pierre ~~venture that owned the Damascus Property~~TIC.

~~The~~● ~~sale~~Approximately ~~of the Maryland Properties having a total net book value of~~ $~~172~~2.36 million ~~(as~~of ~~adjusted) was consummated by~~ the ~~Maryland~~litigation ~~Sellers and the Maryland Purchaser for a purchase price of $248~~settlement,~~750,269,~~ ~~after giving effect to the $15,526,731 escrow deposit (the “Maryland Purchaser Escrow Payment”). This sale resulted in~~ net ~~proceeds~~ of ~~approximately $58.7 million~~fees, ~~after~~comprising ~~payment of related mortgage debt in the amount of~~ $~~155~~4.85 million ~~and the corresponding swap breakage fees~~ of ~~approximately $213,000 related to~~ the ~~early~~gross ~~termination~~settlement ~~of the interest rate swap contracts on the Damascus Property loan~~income, ~~payment~~less oflitigation ~~loans (including interest) to each of the equity owners in Grande Rotunda in the amount of approximately $31 million~~ and certain ~~transactional~~transaction expenses ~~and~~totaling ~~transfer taxes including brokerage fees due to Hekemian & Co. of~~ approximately $61.49 million ~~(see Note 8 for additional details). As of April 30~~, ~~2025,~~was ~~approximately~~allocated ~~$7,087,000 of the Maryland Purchaser Escrow Payment has been released from escrow~~ to ~~the~~Westwood ~~Maryland~~Hills, ~~Sellers with no remaining funds held in post-closing escrow for rents anticipated to be released~~LLC. ~~The~~This ~~escrow~~allocation ~~and~~was ~~related~~based ~~gain~~ on ~~sale were reduced by approximately $171,000 and $92,000 for~~ the ~~six~~pro-rata ~~and~~share ~~three~~of ~~months ended April 30, 2024, respectively, due to a change in estimate related to a change in~~ the ~~timing~~contracted ofsales ~~anticipated~~prices ~~rent~~among ~~commencement dates for certain tenants, which reduced~~ the ~~escrowed~~selling ~~funds released to Grande Rotunda~~companies. ~~The~~Of ~~sale of~~ the ~~Maryland Properties resulted in a~~ net ~~gain~~amount, of approximately $~~67.4~~1 million ~~(as~~was ~~adjusted) (~~FREIT’s share isbased ~~approximately~~on ~~$44.8~~its ~~million)~~40% ~~which~~ownership ~~includes approximately $7.1 million~~ of ~~proceeds released~~Westwood ~~from funds held in escrow~~Hills, ~~a write-off of the straight-line rent receivable of approximately $2~~LLC.~~9 million and a write-off of unamortized lease commissions of approximately $1.7 million.~~

Note 7 – Maryland property dispositions:

On November 22, 2021, certain affiliates (the “Maryland Sellers”) of FREIT entered into a Purchase and Sale Agreement (the “Maryland Purchase and Sale Agreement”) with MCB Acquisition Company, LLC (the “Maryland Purchaser”), a third party, pursuant to which the Maryland Sellers agreed to sell three properties to the Maryland Purchaser. The properties consisted of retail and office space and a residential apartment community owned by Grande Rotunda, LLC (the “Rotunda Property”), a shopping center owned by Damascus Centre, LLC (the “Damascus Property”), and a shopping center owned by WestFREIT Corp. (the “Westridge Square Property”). FREIT owns 100% of its subsidiary, WestFREIT Corp. (“WestFREIT”), a 60% interest in Grande Rotunda, LLC (“Grande Rotunda”), the joint venture that owned the Rotunda Property, and a 70% interest in Damascus Centre, LLC (“Damascus Centre”), the joint venture that owned the Damascus Property.

The sale of the Maryland Properties having a total net book value of $172.3 million (as adjusted) was consummated by the Maryland Sellers and the Maryland Purchaser for a purchase price of $248,750,269, after giving effect to the $15,526,731 escrow deposit (the “Maryland Purchaser Escrow Payment”). This sale resulted in net proceeds of approximately $58.7 million, after payment of related mortgage debt in the amount of $155.8 million and the corresponding swap breakage fees of approximately $213,000 related to the early termination of the interest rate swap contracts on the Damascus Property loan, payment of loans (including interest) to each of the equity owners in Grande Rotunda in the amount of approximately $31 million and certain transactional expenses and transfer taxes including brokerage fees due to Hekemian & Co. of approximately $6.4 million (see Note 8 for additional details). As of July 31, 2025, approximately $7,087,000 of the Maryland Purchaser Escrow Payment has been released from escrow to the Maryland Sellers with no remaining funds held in post-closing escrow for rents anticipated to be released. The escrow and related gain on sale were reduced by approximately $171,000 and $0 for the nine and three months ended July 31, 2024, respectively, due to a change in estimate related to a change in the timing of anticipated rent commencement dates for certain tenants, which reduced the escrowed funds released to Grande Rotunda. The sale of the Maryland Properties resulted in a net gain of approximately $67.4 million (as adjusted) (FREIT’s share was approximately $44.8 million) which includes approximately $7.1 million of proceeds released from funds held in escrow, a write-off of the straight-line rent receivable of approximately $2.9 million and a write-off of unamortized lease commissions of approximately $1.7 million.

Note 8 - Management agreement, fees and transactions with related party:

Hekemian & Co. currently manages all of the properties owned by FREIT and its affiliates. The management agreement between FREIT and Hekemian & Co. dated as of November 1, 2001 (“Management Agreement”) has been renewed and will expire on October 31, ~~2025~~2027. ~~and~~The Management Agreement is automatically renewed for successive periods of two years unless either party gives not less than six (6) months prior notice of non-renewal.

The Management Agreement requires the payment of management fees equal to 4% to 5% of rents collected. Such fees charged to operations were approximately $~~678~~1,036,000 and $~~667~~1,011,000 ~~for~~ for the ~~six~~nine months ended ~~April~~July 3031, 2025 and 2024, respectively, and $~~310~~358,000 and $~~331~~344,000 for the three months ended ~~April~~July 3031, 2025 and 2024, respectively. In addition, the Management Agreement provides for the payment to Hekemian & Co. of leasing commissions, as well as as the reimbursement of certain operating expenses, such as payroll and insurance costs, incurred on behalf of FREIT. Such commissions ~~and~~ and reimbursements amounted to approximately $~~202~~312,000 and $~~315~~449,000 for the ~~six~~nine months ended ~~April~~July 3031, 2025 and 2024, respectively, and $~~109~~110,000 and $~~168~~133,000 for the three months ended ~~April~~July ~~30,~~31 2025 and 2024, respectively. FREIT also uses the resources of the Hekemian & Co. insurance department to secure various insurance coverages for its properties and subsidiaries. Hekemian & Co. is paid a commission for these services. Such commissions charged to operations were approximately $13181,000 and $59177,000 for the ~~six~~nine months ended ~~April~~July 3031, ~~2025~~ 2025 and 2024, respectively, and $4168,000 and $3117,000 for the three months ended ~~April~~July 3031, 2025 and 2024, respectively.

From time to time, FREIT engages Hekemian & Co., or certain affiliates of Hekemian & Co., to provide additional services, such as consulting services related to development, property sales and financing activities of FREIT. Separate fee arrangements are negotiated between Hekemian & Co. and FREIT with respect to such additional services. Such fees incurred were approximately $3560,000 and $89,~~400~~000, for the ~~six~~nine months ended ~~April~~July 3031, 2025 and 2024, respectively, and $025,000 and $760,~~000,~~ for the three months ended ~~April~~July 3031, 2025 and 2024, respectively. Fees incurred during Fiscal 2025 related to acommissions ~~commission~~ to Hekemian & Co. for the following: $35,000 for the modification and extension of the loan on the Regency property ~~which was accounted for as~~; ~~a deferred mortgage cost~~ and ~~included~~$25,000 infor the ~~unamortized~~extension ~~debt~~of ~~issuance~~the ~~costs~~loan inon the ~~accompanying~~Westwood ~~condensed~~Plaza ~~consolidated balance sheet as of April 30, 2025~~property. Fees incurred during Fiscal 2024 related to commissions to Hekemian & Co. for the following: $32,500 for the renewal of FREIT’s line of credit; $22,400 for the modification and extension of the loan on the Steuben Arms property; $21,000 for the extension of the loan on the Westwood Plaza property; and $13,400 for the additional proceeds received from the post-closing rent escrow for the sale of the Rotunda Property. The commissions for the renewal of FREIT’s line of credit and the modification and extension of the loans were accounted for as a deferred mortgage cost and included in the unamortized debt issuance costs in the accompanying condensed consolidated balance sheets as of April 30, 2025 and October 31, 2024. The commission related to the sale of the Rotunda Property was charged against the gain on sale of the Maryland Properties (See Note 7) in the accompanying condensed consolidated statement of income for the six months ended April 30, 2024.

Robert S. Hekemian, Jr., Chief Executive Officer, President and a Director of FREIT, is the Chief Executive Officer of Hekemian & Co. David B. Hekemian, a Director of FREIT, is the President of Hekemian & Co. Allan Tubin, Chief Financial Officer and Treasurer of FREIT, is the Chief Financial Officer of Hekemian & Co. Director fee expense and/or executive compensation (including stock awards – See Note 12 for additional details) incurred by FREIT for the six months ended April 30, 2025 and 2024 was approximately $350,000 and $350,000, respectively, for Robert S. Hekemian, Jr., $22,000 and $22,000, respectively, for Allan Tubin and $50,000 and $50,000, respectively, for David B. Hekemian. Director fee expense and/or executive compensation (including stock awards) incurred by FREIT for the three months ended April 30, 2025 and 2024 was approximately $185,000 and $185,000, respectively, for Robert S. Hekemian, Jr., $11,000 and $11,000, respectively, for Allan Tubin and $35,000 and $35,000, respectively, for David B. Hekemian. Such costs are included within operating expenses on the accompanying condensed consolidated statements of income.

Page 14

from the post-closing rent escrow for the sale of the Rotunda Property. The commissions for the renewal of FREIT’s line of credit and the modification and extension of the loans were accounted for as a deferred mortgage cost and included in the unamortized debt issuance costs in the accompanying condensed consolidated balance sheets as of July 31, 2025 and October 31, 2024. The commission related to the sale of the Rotunda Property was charged against the gain on sale of the Maryland Properties (See Note 7) in the accompanying condensed consolidated statement of income for the nine months ended July 31, 2024.

In connection with the litigation settlement received in the third quarter of Fiscal 2024, FREIT’s Board of Directors approved payment of a litigation management fee in the amount of $750,000 to Hekemian & Co. for its work performed related to this litigation over the past four years. Additionally, approximately $2.6 million, comprising $4.5 million of the settlement income less litigation and certain transaction expenses totaling approximately $1.9 million, was allocated to Westwood Hills, LLC. This allocation was based on the pro-rata share of the contracted sales prices between the companies. Of the net amount, approximately $1 million is FREIT’s share based on its 40% ownership of Westwood Hills, LLC. See Note 6 for additional details.

Robert S. Hekemian, Jr., Chief Executive Officer, President and a Director of FREIT, is the Chief Executive Officer of Hekemian & Co. David B. Hekemian, a Director of FREIT, is the President of Hekemian & Co. Allan Tubin, Chief Financial Officer and Treasurer of FREIT, is the Chief Financial Officer of Hekemian & Co. Director fee expense and/or executive compensation (including stock awards – See Note 12 for additional details) incurred by FREIT for the nine months ended July 31, 2025 and 2024 was approximately $515,000 and $515,000, respectively, for Robert S. Hekemian, Jr., $34,000 and $34,000, respectively, for Allan Tubin and $65,000 and $65,000, respectively, for David B. Hekemian. Director fee expense and/or executive compensation incurred by FREIT for the three months ended July 31, 2025 and 2024 was approximately $165,000 and $165,000, respectively, for Robert S. Hekemian, Jr., $11,000 and $11,000, respectively, for Allan Tubin and $15,000 and $15,000, respectively, for David B. Hekemian. Such costs are included within operating expenses on the accompanying condensed consolidated statements of income.

Note 9 – Mortgages payable and line of credit:

The following table is a summary of mortgages payable as of ~~April~~July 3031, 2025 and October 31, 2024:

			~~Interest Rate at~~		Interest Rate at		~~Mortgages Payable as of~~		Mortgages Payable as of
Mortgages Secured By:	Maturity		~~April 30, 2025~~		July 31, 2025		~~April 30, 2025~~		July 31, 2025		~~October 31, 2024~~		October 31, 2024
							~~(In Thousands of Dollars)~~		(In Thousands of Dollars)
Steuben Arms - River Edge, NJ (A)	~~5/31/2027~~	5/31/2027		~~6.75%~~		6.75%	$	~~8,762~~	$	8,739	$	~~8,811~~	$	8,811
Berdan Court - Wayne, NJ	~~8/31/2029~~	8/31/2029		~~3.54%~~		3.54%		~~28,457~~		28,324		~~28,728~~		28,728
Westwood Hills - Westwood, NJ	~~9/1/2026~~	9/1/2026		~~6.05%~~		6.05%		~~24,972~~		24,887		~~25,136~~		25,136
Regency Club - Middletown, NY (B)	~~12/15/2027~~	12/15/2027		~~6.05%~~		6.05%		~~13,836~~		13,794		~~13,920~~		13,920
Station Place - Red Bank, NJ	~~12/15/2027~~	12/15/2027		~~4.35%~~		4.35%		~~11,157~~		11,094		~~11,281~~		11,281
Westwood Plaza - Westwood, NJ (C)	~~5/1/2025~~	5/1/2026		~~8.50%~~		8.50%		~~15,719~~		9,917		~~15,995~~		15,995
Preakness S/C - Wayne, NJ	8/1/2025			5.00%				25,000				25,000
Preakness S/C - Wayne, NJ (D)		11/1/2025				5.00%				25,000				25,000
Total fixed rate mortgages payable								~~127,903~~		121,755		~~128,871~~		128,871
Total unamortized debt issuance costs								~~(668~~	)	(605	)	~~(799~~	)	(799	)
Total mortgages payable, net							$	~~127,235~~	$	121,150	$	~~128,072~~	$	128,072

(A)

On December 1, 2023, the mortgage secured by an apartment building located in River Edge, New Jersey came due. Provident Bank extended the initial maturity date of this loan for a 90-day period with a maturity date of March 1, 2024 and further extended this loan for another 60-day period with a maturity date of June 1, 2024, based on the same terms and conditions of the existing loan agreement. On May 1, 2024, FREIT entered into a loan extension and modification agreement with Provident Bank, effective June 1, 2024, with a then outstanding loan balance of approximately $8.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to May 31, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.75% and monthly installments of principal and interest of approximately $58,016 are required.

(B)

On December 15, 2024, the mortgage secured by an apartment building located in Middletown, New York and the corresponding interest rate swap contract on its underlying loan came due with no settlement of the swap contract due at maturity. Effective December 15, 2024, FREIT Regency, LLC entered into a loan extension and modification agreement with the lender of this loan, Provident Bank, with a then outstanding loan balance of approximately $13.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to December 15, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.05% and monthly installments of principal and interest of approximately $84,521 are required.

(C) Effective February 1, 2023, FREIT entered into a loan extension and modification agreement with Valley National Bank on its loan secured by the Westwood Plaza shopping center located in Westwood, New Jersey with a then outstanding balance of approximately $16.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of the loan was extended for a term of one (1) year from February 1, 2023 to February 1, 2024 with the option of FREIT to extend for one additional year from the extended maturity date, subject to certain provisions of the loan agreement. The loan was based on a fixed interest rate of 7.5% and was payable based on monthly installments of principal and interest of approximately $157,347. Additionally, FREIT funded an interest reserve escrow account for this loan (“Escrow”) at closing representing the annualized principal and interest payments for one (1) year, amounting to approximately $1,888,166. On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement, to extend the term of this loan 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 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.

Effective 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 is extended for one year to May 1, 2026, the interest rate on the outstanding debt is based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 are required. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of approximately $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.

Page 15

~~FREIT’s~~ ~~revolving~~maturity ~~line~~date of ~~credit~~the ~~provided~~loan ~~by Provident Bank~~ was ~~renewed~~extended for a ~~three-year~~ term ~~ending~~of onone ~~October~~(1) 31year from February 1, ~~2026.~~2023 ~~Draws~~to ~~against~~February 1, 2024 with the ~~credit~~option ~~line~~of ~~can~~FREIT beto ~~used~~extend for ~~working~~one additional ~~capital~~year ~~needs~~from ~~and~~the ~~standby~~extended ~~letters~~maturity ofdate, ~~credit.~~subject ~~Draws~~to ~~against~~certain provisions of the ~~credit~~loan ~~line~~agreement. ~~are~~The ~~secured~~loan bywas ~~mortgages~~based on ~~FREIT’s~~a ~~Franklin~~fixed ~~Crossing~~interest rate ~~shopping~~of ~~center~~7.5% inand ~~Franklin~~was ~~Lakes~~payable based on monthly installments of principal and interest of approximately $157,347. ~~New~~Additionally, ~~Jersey~~FREIT funded an interest reserve escrow account for this loan (“Escrow”) at closing representing the annualized principal and ~~retail~~interest payments ~~space~~for inone ~~Glen~~(1) ~~Rock~~year, ~~New~~amounting ~~Jersey~~to approximately $1,888,166. ~~The~~On ~~total~~October ~~line~~31, of2023, ~~credit~~FREIT isexercised ~~$13~~its ~~million~~right, ~~and~~pursuant to the loan ~~interest~~agreement, ~~rate~~to onextend the ~~amount~~term ~~outstanding~~of isthis loan 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 ~~floating~~fixed interest rate of ~~prime~~8.5% ~~minus~~and 25was ~~basis~~payable ~~points~~based ~~with~~on amonthly ~~floor~~installments of principal and interest of 6approximately $166,727.~~75%.~~ AsAdditionally, FREIT funded the Escrow with an additional $112,556, increasing the ofEscrow ~~April~~balance 30to $2,000,722, ~~2025~~which represented the annualized principal and ~~October~~interest 31payments for one (1) year under this loan extension. Effective February 1, ~~2024~~2025, ~~there~~Valley ~~was~~National noBank ~~amount~~extended ~~outstanding~~this ~~and~~loan ~~$13~~for ~~million~~90 ~~was~~days ~~available~~from a maturity date of February 1, 2025 to a maturity date of May 1, 2025 under the ~~line~~same terms and conditions of ~~credit~~the existing loan agreement.

Effective 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 is extended for one year to May 1, 2026, the interest rate on the outstanding debt is based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 are 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.

(D)

On August 1, 2025, the mortgage secured by the Preakness Shopping Center located in Wayne, New Jersey came due. Wayne PSC, LLC is working with the current lender of this loan, ConnectOne Bank, on a modification and extension of this loan for five (5) years with a potential pay down of approximately $5 million. While the bank is completing its due diligence, the bank has extended this loan for a 90-day period from a maturity date of August 1, 2025 to a maturity date of November 1, 2025 under the same terms and conditions of the existing loan agreement. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification and extension of this loan is entered into, there can be no assurance this loan will be modified and extended.

FREIT’s revolving line of credit provided by Provident Bank was renewed for a three-year term ending on October 31, 2026. Draws against the credit line can be used for working capital needs and standby letters of credit. Draws against the credit line are secured by mortgages on FREIT’s Franklin Crossing shopping center in Franklin Lakes, New Jersey and retail space in Glen Rock, New Jersey. The total line of credit is $13 million and the interest rate on the amount outstanding is based on a floating interest rate of prime minus 25 basis points with a floor of 6.75%. As of July 31, 2025 and October 31, 2024, there was no amount outstanding and $13 million was available under the line of credit.

While FREIT intends to renew or refinance its debt obligations as they become due, there can be no assurance that it will be successful or, if successful, that the new terms will be similar to the terms of its existing debt obligations or as favorable.

Principal amounts (in thousands of dollars) due under the above obligations in each of the next five years ending October 31, is as follows:

Year Ending October 31,		~~Amount~~		Amount
~~2025~~	2025	$	~~32,445~~	~~(a)(c)~~$	7,198
~~2026~~	2026		~~35,745~~	~~(b)~~	60,770	(a)
~~2027~~	2027		~~9,654~~		9,655
~~2028~~	2028		~~24,521~~		24,521
~~2029~~	2029		~~26,506~~		26,505

Includes the following:

(a) The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $~~5.7~~25 million, ~~(including~~which ~~deferred~~had ~~interest~~a maturity date of ~~approximately~~August $01, 2025.2 ~~million~~Wayne PSC, LLC is working with the current lender of this loan, ConnectOne Bank, on a modification and extension of this loan for five (5) years with a potential pay down of approximately $5 million. While the ~~loan~~bank onis completing its due diligence around this modification and extension, the ~~Westwood~~bank ~~Plaza~~has ~~shopping~~extended ~~center~~this ~~paid~~loan infor ~~May~~a ~~2025~~90-day ~~when~~period ~~FREIT~~from ~~entered~~a ~~into~~maturity date of August 1, 2025 to a ~~loan~~maturity ~~extension~~date of November 1, 2025 under the same terms and ~~modification~~conditions of the existing loan agreement. ~~with~~Management ~~Valley~~expects ~~National~~this ~~Bank~~loan to be further extended, however, until such time as a definitive agreement providing for a modification and extension of this loan is entered into, there can be no assurance this loan will be modified and extended.

~~(b)~~Page The $10 million remaining loan balance on the Westwood Plaza shopping center loan, which per the loan extension and modification agreement the maturity date of this loan is extended for one year to May 1, 2026.16

(c) The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of approximately $25 million, which has a maturity date of August 1, 2025. Management expects this loan to be extended, however, until such time as a definitive agreement providing for an extension of this loan is entered into, there can be no assurance this loan will be extended.

Fair value of long-term debt:

The following table shows the estimated fair value and net carrying value of FREIT’s long-term debt at ~~April~~July 3031, 2025 and October 31, 2024:

($ in Millions)	~~April~~July 3031, 2025	October 31, 2024
Fair Value	$~~124~~118.52	$124.7
Carrying Value, Net	$~~127~~121.2	$128.1

Fair values are estimated based on market interest rates at ~~April~~July 3031, 2025 and October 31, 2024 and on a discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value is based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

Note 10 - Segment information:

ASC 280-10, "Disclosures about Segments of an Enterprise and Related Information", establishes standards for reporting financial information about operating segments in interim and annual financial reports and provides for a "management approach" in identifying the reportable segments. FREIT has determined that it has two reportable segments: commercial properties and residential properties. These reportable segments offer different types of space, have different types of tenants, and are managed separately because each requires different operating strategies and management expertise. The commercial segment is comprised of five (5) properties and the residential segment is comprised of six (6) properties.

Page 16

The accounting policies of the segments are the same as those described in Note 1 in FREIT’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024. The chief operating and decision-making group responsible for oversight and strategic decisions of FREIT's commercial segment, residential segment and corporate/other is comprised of FREIT’s Board.

FREIT, through its chief operating and decision making group, assesses and measures segment operating results based on net operating income ("NOI"). NOI, a standard used by real estate professionals, is based on operating revenue and expenses directly associated with the operations of the real estate properties, but excludes: deferred rents (straight lining), depreciation, financing costs and other items. NOI is not a measure of operating results or cash flows from operating activities as measured by GAAP, and is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity.

Real estate rental revenue, operating expenses, NOI and recurring capital improvements for the reportable segments are summarized below and reconciled to condensed consolidated net income attributable to common equity for the ~~six~~nine and three months ended ~~April~~July 3031, 2025 and 2024. Asset information is not reported since FREIT does not use this measure to assess performance.

	Six Months Ended						Three Months Ended
	Nine Months Ended						Three Months Ended
	April 30,						April 30,
	July 31,						July 31,
	2025			2024			2025			2024
	(In Thousands of Dollars)						(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	35,~~780~~585		$	45,~~064~~921		$	1,~~846~~805		$	21,~~083~~857
Residential		1016,~~803~~269			1015,~~268~~588			5,~~440~~466			5,~~221~~320
Total real estate rental revenue		1421,~~583~~854			1421,~~332~~509			7,~~286~~271			7,~~304~~177
Real estate operating expenses:
Commercial		23,~~650~~923			23,~~593~~694			1,~~283~~273			1,~~266~~101
Residential		46,~~551~~880			46,~~455~~674			2,~~182~~329			2,~~273~~219
Total real estate operating expenses		710,~~201~~803			710,~~048~~368			3,~~465~~602			3,~~539~~320
Net operating income:
Commercial		1,~~130~~662			12,~~471~~227			~~563~~532			~~817~~756
Residential		69,~~252~~389			58,~~813~~914			3,~~258~~137			23,~~948~~101
Total net operating income	$	711,~~382~~051		$	711,~~284~~141		$	3,~~821~~669		$	3,~~765~~857
Recurring capital improvements - residential	$	(~~203~~357	)	$	(~~265~~483	)	$	(~~126~~154	)	$	(~~169~~218	)
Reconciliation to condensed consolidated net income attributable to common equity:
Segment NOI	$	711,~~382~~051		$	711,~~284~~141		$	3,~~821~~669		$	3,~~765~~857
Deferred rents - straight lining		(5683	)		(5888	)		(2827	)		(2930	)
Investment income		~~750~~1,053			~~686~~1,082			~~350~~303			~~279~~396
General and administrative expenses		(12,~~636~~260	)		(23,~~823~~752	)		(~~791~~624	)		(~~1,015~~929	)
Income (loss) on investment in tenancy-in-common		23			(47	)		14			62
Loss on investment in tenancy-in-common		(13	)		(143	)		(36	)		(96	)
Depreciation		(12,~~457~~195	)		(12,~~514~~249	)		(~~734~~738	)		(~~789~~735	)
Net loss on sale of Maryland properties		—			(171	)		—			(92	)
Litigation settlement, net of fees		—			15,711			—			15,711
Financing costs		(3,724	)		(3,624	)		(1,851	)		(1,782	)
Net loss on sale of Maryland properties		—			(171	)		—			—
Net income (loss)		1,282			(267	)		781			399
Financing costs		(5,532	)		(5,463	)		(1,808	)		(1,839	)
Net loss attributable to noncontrolling interests in subsidiaries		226			288			113			134
Net income		2,021			16,068			739			16,335
Net income attributable to common equity	$	1,508		$	21		$	894		$	533
Net loss (income) attributable to noncontrolling interests in subsidiaries		366			(1,256	)		140			(1,544	)
Net income attributable to common equity	$	2,387		$	14,812		$	879		$	14,791

Page 17

Note 11 – Income taxes:

FREIT has elected to be treated as a REIT for federal income tax purposes and as such intends to distribute at least 90% of its ordinary taxable income (to maintain its status as a REIT) to its stockholders as dividends for the fiscal year ending October 31, 2025. For the fiscal year ended October 31, 2024, FREIT has distributed 100% of its ordinary taxable income and 100% of its capital gain to its stockholders as dividends. Accordingly, no provision for federal or state income taxes was recorded in FREIT’s condensed consolidated financial statements for the ~~six~~nine and three months ended ~~April~~July 3031, 2025 and 2024.

As of ~~April~~July 3031, 2025, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, ~~2021~~2022 remain open to examination by the major taxing jurisdictions.

Note 12 – Equity Incentive Plan:

On February 20, 2025, in accordance with FREIT’s Equity Incentive Plan (the “Plan”), the Compensation Committee of FREIT’s Board recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2025, in lieu of cash compensation in the amount of $20,000, each director was awarded shares of Common Stock, $0.01 par value, (the “Shares”) in FREIT. Based on the closing price of FREIT’s Shares on February 21, 2025 of $16.76 per Share, the Board approved an award of 1,193 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,193 Shares were issued to each director on February 20, 2025 and upon issuance were deemed fully paid and non-assessable.

Page 17

in FREIT. Based on the closing price of FREIT’s Shares on February 21, 2025 of $16.76 per Share, the Board approved an award of 1,193 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,193 Shares were issued to each director on February 20, 2025 and upon issuance were deemed fully paid and non-assessable.

On March 22, 2024, in accordance with the Plan, the Compensation Committee of FREIT’s Board recommended to the Board and the Board approved that for services rendered and to be rendered in Fiscal 2024, in lieu of cash compensation in the amount of $20,000, each director was awarded Shares in FREIT. Based on the closing price of FREIT’s Shares on March 22, 2024 of $16.25 per Share, the Board approved an award of 1,230 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,230 Shares were issued to each director on March 22, 2024 and upon issuance were deemed fully paid and non-assessable.

As of ~~April~~July 3031, 2025, 419,709 shares are available for issuance under the Plan.

As of ~~April~~July 3031, 2025, all options have been fully vested and exercised with no remaining compensation cost to be recognized. For the ~~six~~nine months ended ~~April~~July 3031, 2025 and 2024, compensation expense related to stock options vested amounted to approximately $0 and $1,000, respectively. For the three months ended ~~April~~July 3031, 2025 and 2024, there was no compensation expense related to stock options vested.

The following table summarizes stock option activity for the ~~six~~nine and three months ended ~~April~~July 3031, 2024:

	Six and Three Months Ended April 30,
	Nine and Three Months Ended July 31,
	2024
	No. of Options		Weighted Average
	Outstanding		Price
Options outstanding at beginning of period		8,440	$	9.21
Options granted during period		—		—
Options forfeited/cancelled during period		—		—
Options exercised during period		—		—
Options outstanding at end of period		8,440	$	9.21
Options vested		8,440
Options exercisable at end of period		8,440

Note 13 – Rental Income:

Commercial tenants:

Fixed lease income under our commercial operating leases generally includes fixed minimum lease consideration, which is accrued on a straight-line basis over the terms of the leases. Variable lease income includes consideration based on sales, as well as reimbursements for real estate taxes, maintenance, insurance and certain other operating expenses of the properties.

Minimum fixed lease consideration (in thousands of dollars) under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration and rents from tenants for which collectability is deemed to be constrained, for the years ending October 31, as of ~~April~~July 3031, 2025, is as follows:

Year Ending October 31,	Amount
2025	$	4,~~857~~982
2026		45,~~880~~136
2027		34,~~907~~071
2028		2,~~940~~984
2029		2,~~728~~759
Thereafter		5,~~233~~359
Total	$	2425,~~545~~291

Page 18

The above amounts assume that all leases that expire are not renewed and, accordingly, neither month-to-month nor rentals from replacement tenants are included.

Minimum future rentals do not include contingent rentals, which may be received under certain leases on the basis of percentage of reported tenants' sales volume. Rental income that is contingent on future events is not included in income until the contingency is resolved. Contingent rentals included in income for the ~~six~~nine and three months ended ~~April~~July 3031, 2025 and 2024 were not material.

Residential tenants:

Lease terms for residential tenants are usually one to two years.

Page 1819

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Identifying Important Factors That Could Cause First Real Estate Investment Trust of New Jersey, Inc.’s (“FREIT”) Actual Results to Differ From Those Projected in Forward Looking Statements.

Readers of this discussion are advised that the discussion should be read in conjunction with the unaudited condensed consolidated financial statements of FREIT (including related notes thereto) appearing elsewhere in this Form 10-Q, and the consolidated financial statements included in FREIT’s most recently filed Form 10-K. Certain statements in this discussion may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect FREIT’s current expectations and are based on estimates, projections, beliefs, data, methods and assumptions of management of FREIT at the time of such statements regarding future results of operations, economic performance, financial condition and achievements of FREIT, and do not relate strictly to historical or current facts. These forward-looking statements are identified through the use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning. Forward-looking statements involve risks and uncertainties in predicting future results and conditions.

Although FREIT believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties. These and certain other uncertainties, factors and risks, including those risk factors set forth and further described in Part I, Item 1A entitled “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended October 31, 2024, and other risks described in our subsequent filings with the SEC, may cause our actual results to differ materially from those projected. Such factors include, but are not limited to, the following: general economic and business conditions, including the purchase of retail products over the Internet, which will, among other things, affect demand for rental space, the availability of prospective tenants, lease rents, the financial condition of tenants and the default rate on leases, operating and administrative expenses and the availability of financing; interest rate risk; adverse changes in FREIT’s real estate markets, including, among other things, competition with other real estate owners, competition confronted by tenants at FREIT’s commercial properties; governmental actions and initiatives; environmental/safety requirements; risks of real estate development and acquisitions; and public health crises, epidemics and pandemics. The risks with respect to the development of real estate include: increased construction costs, inability to obtain construction financing, or unfavorable terms of financing that may be available, unforeseen construction delays and the failure to complete construction within budget.

OVERVIEW

FREIT is an equity real estate investment trust (“REIT”) that is self-administered and externally managed. FREIT owns a portfolio of residential apartment and commercial properties. FREIT’s revenues consist primarily of rental income and other related revenues from its residential and commercial properties. FREIT’s properties are primarily located in northern New Jersey and New York.

The economic and financial environment: ~~While~~The ~~the~~ U.S. unemployment ~~rate~~and ~~has~~inflation rates have increased slightly from 4.1% and 2.6%, respectively, in October 2024 to 4.2% inand ~~April 2025, the U.S. inflation rate has decreased from~~ 2.67%, respectively, in ~~October~~July ~~2024 to 2~~2025.3% inWhile ~~April~~mortgage ~~2025,~~rates ~~which~~continue isto ~~the~~remain ~~lowest~~at ~~since~~an ~~February~~elevated ~~2021.~~level, ~~Mortgage~~they ~~rates~~are ~~continue~~not ~~to hold~~ at the ~~highest~~ peak levels inseen ~~more~~earlier this ~~than a decade~~year. After previously having lowered interest rates atby ~~three~~a ~~consecutive~~total ~~meetings~~of 1% in the latter half of 2024 from a previous interest rate of 5.5%, which was the highest rate level since 2001, the Federal Reserve has continued to hold the interest rate steady at 4.5%. The ~~slightly~~ somewhat elevated inflation rate, which is above the Federal Reserve’s 2% target, coupled with uncertainty around the tariffs and the potential impact on economic growth and inflation has resulted in the Federal Reserve not adjusting its interest rates atin ~~its~~2025. ~~meeting~~However, the Federal Reserve is signaling it may be ready to lower interest rates in ~~May~~the ~~2025~~latter part of this year but the pace and magnitude of these future cuts are still unclear, as they continue to balance inflation concerns against potential labor market downturns.

Residential Properties: Our residential portfolio continues to generate positive cash flow. While average rents on turned units (apartments which were vacated and then re-leased to new tenants) and existing tenant renewals continue to increase across most of the portfolio, the rates of these increases has indicated a slight softening of the market. These increases should meaningfully contribute to FREIT’s income over time but it is uncertain what impact elevated interest rates and tariffs may have on these properties over the next year.

Commercial Properties: While the Franklin Crossing and Glen Rock shopping centers continue to ~~attain~~maintain higher occupancies and ~~realize~~ stronger net operating incomes, the ~~vacancy~~ vacancy rates at the Westwood Plaza and ~~Wayne~~ Preakness shopping centers remain elevated. Management, along with third-party advisors, is actively working to attract quality tenants and explore redevelopment options to revitalize these spaces. Additionally, the elevated interest rates and uncertainty around tariffs could have an adverse impact on the operating and financial performance of our existing commercial tenants.

Debt Financing Availability: Financing has been available to FREIT and its affiliates. Certain recent refinancings and loan modifications/extensions have been at higher interest rates and for shorter terms. In accordance with certain loan agreements, FREIT may be required to meet or maintain certain financial covenants throughout the term of the loan.

OnPage December 15, 2024, the mortgage secured by an apartment building located in Middletown, New York and the corresponding interest rate swap contract on its underlying loan came due with no settlement of the swap contract due at maturity. Effective 20

~~Page~~On 19 December 15, 2024, the mortgage secured by an apartment building located in Middletown, New York and the corresponding interest rate swap contract on its underlying loan came due with no settlement of the swap contract due at maturity. Effective December 15, 2024, FREIT Regency, LLC entered into a loan extension and modification agreement with the lender of this loan, Provident Bank, with a then outstanding loan balance of approximately $13.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to December 15, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.05% and monthly installments of principal and interest of approximately $84,521 are required. (See Note 9 to FREIT’s condensed consolidated financial statements for further details.)

December 15, 2024, FREIT Regency, LLC entered into a loan extension and modification agreement with the lender of this loan, Provident Bank, with a then outstanding loan balance of approximately $13.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to December 15, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.05% and monthly installments of principal and interest of approximately $84,521 are required. (See Note 9 to FREIT’s condensed consolidated financial statements for further details.)

On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement, to extend the term of its loan 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 of its outstanding balance as of February 1, 2024 of approximately $16,458,000 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.

Effective 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 is extended for one year to May 1, 2026, the interest rate on the outstanding debt is based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 are required. The pay down of this loan will result in annual debt service savings of approximately $705,000. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of ~~approximately~~ $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. (See Note 9 to FREIT’s condensed consolidated financial statements for further details.)

~~FREIT’s~~On ~~revolving~~August ~~line~~1, of2025, ~~credit~~the ~~provided~~mortgage in the amount byof ~~Provident~~$25 ~~Bank~~million, ~~was~~secured ~~renewed~~by ~~for~~the aPreakness ~~three-year~~Shopping ~~term~~Center ~~ending~~located onin ~~October~~Wayne, 31New Jersey, ~~2026~~came due. ~~Draws~~Wayne ~~against~~PSC, LLC is working with the ~~credit~~current lender ~~line~~of ~~can~~this beloan, ~~used~~ConnectOne ~~for~~Bank, ~~working capital~~on ~~needs~~a modification and ~~standby~~extension ~~letters~~of this loan for five (5) years with a potential pay down of ~~credit~~approximately $5 million. ~~Draws~~While ~~against~~ the ~~credit~~bank ~~line~~is ~~are~~completing ~~secured~~its bydue ~~mortgages~~diligence, onthe ~~FREIT’s~~bank ~~Franklin~~has ~~Crossing shopping~~extended ~~center~~this inloan ~~Franklin~~for ~~Lakes,~~a ~~New~~90-day ~~Jersey~~period ~~and~~from ~~retail~~a ~~space~~maturity indate ~~Glen~~of August ~~Rock~~1, ~~New~~2025 ~~Jersey.~~to ~~The~~a ~~total~~maturity ~~line~~date of ~~credit~~November is1, ~~$13~~2025 ~~million~~under the same terms and conditions of the ~~interest~~ ~~rate~~existing onloan ~~the~~agreement. ~~amount~~Management ~~outstanding~~expects this isloan ~~based~~to onbe afurther ~~floating~~extended, ~~interest~~however, ~~rate~~until ofsuch ~~prime~~time ~~minus~~as 25a ~~basis~~definitive ~~points~~agreement ~~with~~providing for a ~~floor~~modification ofand ~~6.75%.~~extension As of ~~April~~this loan 30is entered into, ~~2025~~there ~~and~~can ~~October~~be ~~31,~~no ~~2024,~~assurance ~~there~~this ~~was~~loan nowill ~~amount~~be ~~outstanding~~modified and ~~$13~~extended. ~~million~~(See ~~was~~Note ~~available~~9 ~~under~~to ~~the~~FREIT’s ~~line~~condensed ofconsolidated financial ~~credit~~statements for further details.)

Operating Cash Flow: FREIT expects that cash provided by operating activities and cash reserves will be adequate to cover mandatory debt service payments (including payments of interest, but excluding balloon payments, which are expected to be refinanced and/or extended), real estate taxes, recurring capital improvements at its properties and other needs to maintain its status as a REIT for at least a period of one year from the date of filing of this quarterly report on Form 10-Q.

Page 2021

SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES

Pursuant to the SEC disclosure guidance for "Critical Accounting Policies," the SEC defines Critical Accounting Policies as those that require the application of management's most difficult, subjective, or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods.

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, the preparation of which takes into account estimates based on judgments and assumptions that affect certain amounts and disclosures. Accordingly, actual results could differ from these estimates. The accounting policies and estimates used, which are outlined in Note 1 to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024, have been applied consistently as of ~~April~~July 3031, 2025, and for the ~~six~~nine and three months ended ~~April~~July 3031, 2025 and 2024. We believe that the following accounting policies or estimates require the application of management's most difficult, subjective, or complex judgments.

Revenue Recognition: Base rents, additional rents based on tenants' sales volume and reimbursement of the tenants' share of certain operating expenses are generally recognized when earned from tenants. The straight-line basis is used to recognize base rents under leases if they provide for varying rents over the lease terms. Straight-line rents receivable represent unbilled rents receivable to the extent straight-line rents exceed current rents billed in accordance with lease agreements. Before FREIT can recognize revenue, it is required to assess, among other things, its collectability.

Valuation of Long-Lived Assets: FREIT assesses the carrying value of long-lived assets periodically, or whenever events or changes in circumstances indicate that the carrying amounts of certain assets may not be recoverable. When FREIT determines that the carrying value of long-lived assets may be impaired, the measurement of any impairment is based on a projected discounted cash flow method determined by FREIT's management. While we believe that our discounted cash flow methods are reasonable, different assumptions regarding such cash flows may significantly affect the measurement of impairment.

Real Estate Development Costs: It is FREIT’s policy to capitalize pre-development costs, which generally include legal and professional fees and other directly related third-party costs. Real estate taxes and interest costs incurred during the development and construction phases are also capitalized. FREIT ceases capitalization of these costs when the project or portion thereof becomes operational, or when construction has been postponed. In the event of postponement, capitalization of these costs will recommence once construction on the project resumes.

See Note 2 to FREIT’s condensed consolidated financial statements for recently issued accounting standards.

Page 21

RESULTS OF OPERATIONS

Real estate revenue for the six months ended April 30, 2025 (“Current Six Months”) increased 1.8% to $14,527,000 compared to $14,274,000 for the six months ended April 30, 2024 (“Prior Year’s Six Months”). Real estate revenue for the three months ended April 30, 2025 (“Current Quarter”) decreased 0.2% to $7,258,000 compared to $7,275,000 for the three months ended April 30, 2024 (“Prior Year’s Quarter”).

The increase in revenue of approximately $253,000 for the Current Six Months was primarily attributable to the following: (a) an increase from the residential segment of approximately $535,000 driven by an increase in base rents across most properties and an increase in the average occupancy from 95.9% in the Prior Year’s Six Months to 96.9% in the Current Six Months; offset by (b) a decrease from the commercial segment of approximately $282,000 primarily driven by a decline in revenue at the Westwood Plaza shopping center of approximately $206,000 resulting from TJ Maxx invoking in March of 2024 its one-year co-tenancy clause allowing for a reduction in its rent as a result of the termination of the K-Mart lease and a decline in revenue at the Preakness shopping center of approximately $155,000 attributed to a decline in the average occupancy from 45.2% in the Prior Year’s Six Months to 43.4% in the Current Six Months.

The decrease in revenue of approximately $17,000 for the Current Quarter was primarily attributable to the following: (a) a decrease from the commercial segment of approximately $237,000 driven by a decline in revenue at the Westwood Plaza shopping center of approximately $109,000 attributed to a decrease in the average occupancy from 36.5% in the Prior Year’s Quarter to 31.1% in the Current Quarter and TJ Maxx invoking in March of 2024 its one-year co-tenancy clause and a decline in revenue at the Preakness shopping center of approximately $109,000 attributed to a decline in the average occupancy from 45.0% in the Prior Year’s Quarter to 43.4% in the Current Quarter; offset by (b) an increase from the residential segment of approximately $220,000 driven by an increase in base rents across most properties and an increase in the average occupancy from 96.5% in the Prior Year’s Quarter to 97.1% in the Current Quarter.

Net income attributable to common equity (“net income-common equity”) for the Current Six Months and Current Quarter was $1,508,000 ($0.20 per share basic and diluted) and $894,000 ($0.12 per share basic and diluted), compared to $21,000 ($0.00 per share basic and diluted) and $533,000 ($0.07 per share basic and diluted), for the Prior Year’s comparable periods.

The schedule below provides a detailed analysis of the major changes that impacted net income-common equity for the six and three months ended April 30, 2025 and 2024:

NON-GAAP NET INCOME COMPONENTS	Six Months Ended									Three Months Ended
	April 30,									April 30,
	2025			2024			Change			2025			2024			Change
	(In Thousands of Dollars)									(In Thousands of Dollars)
Income from real estate operations:
Commercial properties	$	1,074		$	1,413		$	(339	)	$	535		$	788		$	(253	)
Residential properties		6,252			5,813			439			3,258			2,948			310
Total income from real estate operations		7,326			7,226			100			3,793			3,736			57
Financing costs:
Fixed rate mortgages		(3,489	)		(3,343	)		(146	)		(1,738	)		(1,656	)		(82	)
Mortgage cost amortization		(235	)		(281	)		46			(113	)		(126	)		13
Total financing costs		(3,724	)		(3,624	)		(100	)		(1,851	)		(1,782	)		(69	)
Investment income		750			686			64			350			279			71
General & administrative expenses:
Accounting fees		(220	)		(238	)		18			(102	)		(103	)		1
Legal and professional fees		(306	)		(621	)		315			(59	)		(246	)		187
Directors fees		(733	)		(734	)		1			(436	)		(437	)		1
Stock compensation expense		—			(1	)		1			—			—			—
Corporate expenses		(377	)		(1,229	)		852			(194	)		(229	)		35
Total general & administrative expenses		(1,636	)		(2,823	)		1,187			(791	)		(1,015	)		224
Depreciation		(1,457	)		(1,514	)		57			(734	)		(789	)		55
Income (loss) on investment in tenancy-in-common		23			(47	)		70			14			62			(48	)
Adjusted net income (loss)		1,282			(96	)		1,378			781			491			290
Net loss on sale of Maryland properties		—			(171	)		171			—			(92	)		92
Net income (loss)		1,282			(267	)		1,549			781			399			382
Net loss attributable to noncontrolling interests in subsidiaries		226			288			(62	)		113			134			(21	)
Net income attributable to common equity	$	1,508		$	21		$	1,487		$	894		$	533		$	361

Page 22

~~The~~RESULTS ~~condensed~~OF consolidated results of operations for the Current Six Months and Current Quarter are not necessarily indicative of the results to be expected for the full year or any other period. The table above includes income from real estate operations, which is a non-GAAP financial measure and is not a measure of operating results or cash flow as measured by GAAP, and is not necessarily indicative of cash available to fund cash needs.OPERATIONS

~~Adjusted~~Real ~~net~~estate ~~income~~revenue ~~(loss)~~ for the ~~Current~~nine ~~Six~~months ended ~~Months~~July ~~and~~31, 2025 (“Current ~~Quarter~~Nine ~~was~~Months”) ~~net~~increased ~~income of $~~1~~,282,000 ($0~~.176% ~~per~~to ~~share basic and diluted) and~~ $~~781~~21,771,000 ~~($0.10 per share basic and diluted)~~ compared to ~~net loss of~~ $9621,~~000 (($0.01) per share basic and diluted) and net income of $491~~421,000 ~~($0.07~~for ~~per~~the ~~share~~nine ~~basic~~months ~~and~~ended ~~diluted) for~~July ~~the~~31, 2024 (“Prior Year’s ~~comparable~~Nine ~~periods~~Months”). ~~Adjusted~~Real ~~net~~estate ~~income~~revenue ~~(loss)~~for isthe athree ~~non-GAAP~~months ~~measure,~~ended ~~which~~July ~~management~~31, ~~believes~~2025 ~~is a useful and~~(“Current ~~meaningful~~Quarter”) ~~gauge~~increased 1.4% to ~~investors~~$7,244,000 ofcompared ~~our~~to ~~operating performance~~$7,147,000 ~~since~~for ~~it excludes~~ the ~~impact~~three ofmonths ~~unusual~~ended ~~and~~July ~~infrequent~~31, ~~items~~2024 ~~specifically: a~~(“Prior ~~net loss on sale of Maryland Properties~~Year’s Quarter”).

The increase in ~~adjusted~~revenue ~~net income~~ of approximately $1350,~~378,~~000 for the Current ~~Six~~Nine Months was ~~primarily~~ attributable to ~~the~~an ~~following:~~increase ~~(a)~~from athe ~~decline~~residential insegment ~~general and administrative expenses (“G&A”)~~ of approximately $1700,~~187,~~000 driven primarily by an aincrease ~~decrease~~ in ~~corporate~~base ~~expenses~~rents ofacross ~~approximately~~most ~~$852,000~~properties ~~primarily~~while ~~related to~~the ~~costs~~average ~~incurred~~occupancy increased slightly from 96.2% in the Prior Year’s ~~Six~~ Nine Months ~~for~~to ~~work~~96.9% ~~performed~~in ~~for~~ the ~~Company~~Current byNine aMonths ~~financial~~offset ~~advisory~~by ~~firm and~~ a ~~decline~~decrease ~~in legal~~from ~~and~~the ~~professional~~commercial ~~expenses~~segment of approximately $~~315~~350,000;. ~~(b)~~The andecline ~~increase~~ in the ~~revenue~~commercial ofsegment ~~approximately~~was ~~$253,000~~primarily ~~(FREIT’s~~driven ~~share~~by ~~is approximately~~the ~~$222,000);~~following: ~~and~~ (ca) ana ~~increase~~decline in ~~income~~revenue ~~from~~at the ~~investment~~Preakness inand ~~the~~Westwood ~~Pierre~~Plaza ~~TIC~~shopping centers of approximately $70300,000; ~~offset~~and by$150,000, ~~(d)~~respectively, ~~an increase~~attributed into ~~interest~~a ~~expense~~decline ~~including~~in ~~amortization~~the ofaverage ~~deferred~~occupancy ~~financing~~from ~~costs~~45.9% ofand ~~approximately~~35.5%, ~~$146~~respectively,~~000~~ in ~~(FREIT~~the Prior Year’s ~~share~~Nine isMonths ~~approximately $153,000)~~to ~~primarily~~43.8% ~~resulting~~and ~~from~~29.8%, respectively, in the ~~extension~~Current ~~and~~Nine ~~modification~~Months; ofoffset ~~the~~by ~~loans~~(b) onan ~~the~~increase ~~Regency~~in ~~and~~revenue at ~~Steuben~~the ~~Arms~~Franklin ~~properties,~~Crossing ~~increasing the~~shopping ~~interest~~center ~~rates~~of ~~from~~approximately ~~3.75%~~$100,000 primarily attributed to ~~6.05%~~an ~~and~~increase ~~4.54%~~in torevenue ~~6.75%,~~from ~~respectively;~~common ~~and~~area ~~(e)~~maintenance costs due to an increase in ~~total~~the ~~operating~~reimbursable ~~expenses~~costs in the ~~residential segment~~Current ofNine ~~approximately~~Months ~~$96,000~~while ~~(FREIT’s~~the ~~share~~average isoccupancy ~~approximately~~declined ~~$71,000)~~slightly ~~primarily~~from ~~attributed~~97.2% in tothe anPrior ~~increase~~Year’s Nine Months to 96.9% in ~~snow~~the ~~removal~~Current ~~and utilities~~Nine ~~expenses~~Months.

The increase in ~~adjusted~~revenue ~~net income~~ of approximately $~~290~~100,000 for the Current Quarter was ~~primarily~~ attributable to the following: (a) ~~decline~~an increase from the residential segment of approximately $150,000 primarily driven by an increase in ~~G&A~~base rents across most properties while the average occupancy increased slightly from 96.8% in the Prior Year’s Quarter to 96.9% in the Current Quarter; offset by (b) a decrease from the commercial segment of approximately $~~224~~50,000. The decline in the commercial segment was primarily driven by the following: (a) a decline in ~~legal~~revenue at the Preakness shopping center of approximately ~~and~~$150,000 ~~professional~~attributed ~~expenses~~to a decline in the average occupancy from 47.4% in the Prior Year’s Quarter to 44.8% in the Current Quarter; offset by (b) an increase in revenue at the Westwood Plaza shopping center of approximately $100,000 primarily attributed to the expiration of TJ Maxx’s one-year co-tenancy clause in March 2025.

~~(Refer~~Net income attributable to ~~the~~common ~~segment~~equity ~~disclosure~~(“net income-common ~~below~~equity”) for athe ~~more~~Current Nine Months and Current Quarter was $2,387,000 ($0.32 per share basic and diluted) and $879,000 ~~detailed~~($0.12 ~~discussion~~per ofshare ~~the~~basic ~~financial~~and ~~performance~~diluted), ofcompared ~~FREIT’s~~to ~~commercial~~$14,812,000 ($1.99 per share basic and ~~residential~~diluted) ~~segments~~and $14,791,000 ($1.98 per share basic and diluted), for the Prior Year’s comparable periods.

The schedule below provides a detailed analysis of the major changes that impacted net income-common equity for the nine and three months ended July 31, 2025 and 2024:

NON-GAAP NET INCOME COMPONENTS	Nine Months Ended									Three Months Ended
	July 31,									July 31,
	2025			2024			Change			2025			2024			Change
	(In Thousands of Dollars)									(In Thousands of Dollars)
Income from real estate operations:
Commercial properties	$	1,579		$	2,139		$	(560	)	$	505		$	726		$	(221	)
Residential properties		9,389			8,914			475			3,137			3,101			36
Total income from real estate operations		10,968			11,053			(85	)		3,642			3,827			(185	)

Financing costs:
Fixed rate mortgages		(5,168	)		(5,061	)		(107	)		(1,679	)		(1,718	)		39
Mortgage cost amortization		(364	)		(402	)		38			(129	)		(121	)		(8	)
Total financing costs		(5,532	)		(5,463	)		(69	)		(1,808	)		(1,839	)		31

Investment income		1,053			1,082			(29	)		303			396			(93	)

General & administrative expenses:
Accounting fees		(324	)		(344	)		20			(104	)		(106	)		2
Legal and professional fees		(343	)		(1,024	)		681			(37	)		(403	)		366
Directors fees		(1,029	)		(1,031	)		2			(296	)		(297	)		1
Stock compensation expense		—			(1	)		1			—			—			—
Corporate expenses		(564	)		(1,352	)		788			(187	)		(123	)		(64	)
Total general & administrative expenses		(2,260	)		(3,752	)		1,492			(624	)		(929	)		305

Depreciation		(2,195	)		(2,249	)		54			(738	)		(735	)		(3	)
Loss on investment in tenancy-in-common		(13	)		(143	)		130			(36	)		(96	)		60
Adjusted net income		2,021			528			1,493			739			624			115

Litigation settlement, net of fees		—			15,711			(15,711	)		—			15,711			(15,711	)
Net loss on sale of Maryland properties		—			(171	)		171			—			—			—
Net income		2,021			16,068			(14,047	)		739			16,335			(15,596	)

Net loss (income) attributable to noncontrolling interests in subsidiaries		366			(1,256	)		1,622			140			(1,544	)		1,684

Net income attributable to common equity	$	2,387		$	14,812		$	(12,425	)	$	879		$	14,791		$	(13,912	)

Page 23

The condensed consolidated results of operations for the Current Nine Months and Current Quarter are not necessarily indicative of the results to be expected for the full year or any other period. The table above includes income from real estate operations, which is a non-GAAP financial measure and is not a measure of operating results or cash flow as measured by GAAP, and is not necessarily indicative of cash available to fund cash needs.

Adjusted net income for the Current Nine Months and Current Quarter was net income of $2,021,000 ($0.27 per share basic and diluted) and $739,000 ($0.10 per share basic and diluted) compared to $528,000 ($0.07 per share basic and diluted) and $624,000 ($0.08 per share basic and diluted) for the Prior Year’s comparable periods. Adjusted net income is a non-GAAP measure, which management believes is a useful and meaningful gauge to investors of our operating performance, since it excludes the impact of unusual and infrequent items specifically: the litigation settlement, net of fees and a net loss on sale of Maryland Properties.

The increase in adjusted net income of approximately $1,500,000 for the Current Nine Months was primarily attributable to the following: (a) a decline in general and administrative expenses (“G&A”) of approximately $1,500,000 driven by a decrease in corporate expenses of approximately $800,000 related to costs incurred in the Prior Year’s Nine Months for work performed for the Company by a financial advisory firm and a decline in legal and professional expenses of approximately $700,000 due to the settlement of the Sinatra litigation in the Prior Year’s Nine Months; (b) an increase in revenue of approximately $350,000; and (c) an increase in income from the investment in the Pierre TIC of approximately $150,000; offset by (d) an increase in repairs and maintenance costs of approximately $200,000 primarily attributed to parking lot repairs in the Current Nine Months; (e) an increase in insurance costs of approximately $200,000 (FREIT’s share is $100,000); and (f) an increase in interest expense including amortization of deferred financing costs of approximately $100,000 primarily resulting from the extension and modification of the loans on the Regency and Steuben Arms properties, increasing the interest rates from 3.75% to 6.05% and 4.54% to 6.75%, respectively.

The increase in adjusted net income of approximately $100,000 for the Current Quarter was primarily attributable to the following: (a) a decline in G&A of approximately $300,000 driven by a decline in legal and professional expenses due to the settlement of the Sinatra litigation in the Prior Year’s Quarter; (b) an increase in revenue of approximately $100,000; and (c) an increase in income from the investment in the Pierre TIC of approximately $100,000; offset by (d) an increase in repairs and maintenance costs of approximately $200,000 primarily attributed to parking lot repairs; (e) an increase in insurance costs of approximately $100,000; and (f) a decrease in investment income of approximately $100,000 due to less funds being invested in U.S. Treasury securities in the Current Quarter.

(Refer to the segment disclosure below for a more detailed discussion of the financial performance of FREIT’s commercial and residential segments.)

Page 24

SEGMENT INFORMATION

The following tables set forth comparative net operating income ("NOI") data for FREIT’s real estate segments and reconciles the NOI to condensed consolidated net income-common equity for the Current ~~Six~~Nine Months and Current Quarter as compared to the Prior Year’s comparable periods (see below for definition of NOI):

	Commercial									Residential									Combined
	Six Months Ended									Six Months Ended									Six Months Ended
	Nine Months Ended									Nine Months Ended									Nine Months Ended
	April 30,				Increase (Decrease)					April 30,					Increase (Decrease)				April 30,
	July 31,				Increase (Decrease)					July 31,					Increase (Decrease)				July 31,
	2025		2024		$			%		2025		2024			$		%		2025		2024
	(In Thousands)									(In Thousands)									(In Thousands)
Rental income	$	24,~~773~~179	$	24,~~991~~348	$	(~~218~~169	)		-7.3.9%	$	1015,~~610~~989	$	1015,~~107~~348		$	~~503~~641		54.02%	$	1320,~~383~~168	$	1319,~~098~~696
Reimbursements		~~980~~1,378		1,~~045~~448		(6570	)		-64.28%		65		(119	)		1714		~~154~~155.56%		~~986~~1,383		1,~~034~~439
Other		2728		28125		(197	)		-377.6%		~~187~~275		~~172~~249			1526		810.74%		~~214~~303		~~200~~374
Total revenue		35,~~780~~585		45,~~064~~921		(~~284~~336	)		-75.07%		1016,~~803~~269		1015,~~268~~588			~~535~~681		54.24%		1421,~~583~~854		1421,~~332~~509
Operating expenses		23,~~650~~923		23,~~593~~694		57229			26.2%		46,~~551~~880		46,~~455~~674			96206		23.21%		710,~~201~~803		710,~~048~~368
Net operating income	$	1,~~130~~662	$	12,~~471~~227	$	(~~341~~565	)		-2325.24%	$	69,~~252~~389	$	58,~~813~~914		$	~~439~~475		75.63%		711,~~382~~051		711,~~284~~141
Average Occupancy %		48.20%		50.49%					-2.29%		96.9%		9596.92%					1.0.7%

Reconciliation to condensed consolidated net income-common equity:
Deferred rents - straight lining		(5683	)		(5888	)
Investment income		~~750~~1,053			~~686~~1,082
Litigation settlement, net of fees		—			15,711
Net loss on sale of Maryland properties		—			(171	)
General and administrative expenses		(12,~~636~~260	)		(23,~~823~~752	)
Income (loss) on investment in tenancy-in-common		23			(47	)
Loss on investment in tenancy-in-common		(13	)		(143	)
Depreciation		(12,~~457~~195	)		(12,~~514~~249	)
Financing costs		(35,~~724~~532	)		(35,~~624~~463	)
Net income (loss)		1,282			(267	)
Net income		2,021			16,068
Net loss attributable to noncontrolling interests in subsidiaries		226			288
Net loss (income) attributable to noncontrolling interests in subsidiaries		366			(1,256	)
Net income attributable to common equity	$	12,~~508~~387		$	2114,812

	Commercial									Residential										Combined
	Three Months Ended									Three Months Ended										Three Months Ended
	April 30,				Increase (Decrease)					April 30,					Increase (Decrease)					April 30,
	July 31,				Increase (Decrease)					July 31,					Increase (Decrease)					July 31,
	2025		2024		$			%		2025			2024		$			%		2025		2024
	(In Thousands)									(In Thousands)										(In Thousands)
Rental income	$	1,~~423~~406	$	1,~~484~~357	$	~~(61~~49	)		-43.16%	$	5,~~340~~379		$	5,~~131~~241	$	~~209~~138			42.16%	$	6,~~763~~785	$	6,~~615~~598
Reimbursements		~~420~~398		~~572~~403		(~~152~~5	)		-261.62%		(1	)		42		(3	)		-75150.0%		~~421~~397		~~576~~405
Other		31		2797		(2496	)		-8899.90%		9988			8677		1311			1514.13%		~~102~~89		~~113~~174
Total revenue		1,~~846~~805		21,~~083~~857		(~~237~~52	)		-112.48%		5,~~440~~466			5,~~221~~320		~~219~~146			4.2.7%		7,~~286~~271		7,~~304~~177
Operating expenses		1,~~283~~273		1,~~266~~101		17172			115.36%		2,~~182~~329			2,~~273~~219		~~(91~~110	)		-45.0%		3,~~465~~602		3,~~539~~320
Net operating income	$	~~563~~532	$	~~817~~756	$	(~~254~~224	)		-3129.16%	$	3,~~258~~137		$	23,~~948~~101	$	~~310~~36			101.52%		3,~~821~~669		3,~~765~~857
Average Occupancy %		4847.26%		5051.78%					-24.52%		9796.19%			96.58%					0.61%

Reconciliation to condensed consolidated net income-common equity:
Deferred rents - straight lining		(2827	)		(2930	)
Investment income		~~350~~303			~~279~~396
Net loss on sale of Maryland properties		—			(92	)
Litigation settlement, net of fees		—			15,711
General and administrative expenses		(~~791~~624	)		(~~1,015~~929	)
Income on investment in tenancy-in-common		14			62
Loss on investment in tenancy-in-common		(36	)		(96	)
Depreciation		(~~734~~738	)		(~~789~~735	)
Financing costs		(1,~~851~~808	)		(1,~~782~~839	)
Net income		~~781~~739			~~399~~16,335
Net loss attributable to noncontrolling interests in subsidiaries		113			134
Net loss (income) attributable to noncontrolling interests in subsidiaries		140			(1,544	)
Net income attributable to common equity	$	~~894~~879		$	~~533~~14,791

NOI is based on operating revenue and expenses directly associated with the operations of the real estate properties, but excludes deferred rents (straight lining), depreciation, financing costs and other items. FREIT assesses and measures segment operating results based on NOI.

Same Property NOI: FREIT considers same property net operating income (“Same Property NOI”) to be a useful supplemental non-GAAP measure of its operating performance. FREIT defines same property within both the commercial and residential segments to be those properties that FREIT has owned and operated for both the current and prior periods presented, excluding those properties that FREIT acquired, sold or redeveloped during those periods. Any newly acquired property that has been in operation for less than a year, any property that is undergoing a major redevelopment but may still be in operation at less than full capacity, and/or any property that has been sold is not considered same property.

NOI and Same Property NOI are non-GAAP financial measures and are not measures of operating results or cash flow as measured by GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity.

Page 2425

COMMERCIAL SEGMENT

The commercial segment contains five (5) separate properties. Four of these properties are multi-tenanted retail centers and one is single tenanted on land located in Rockaway, New Jersey owned by FREIT from which it receives monthly rental income from a tenant who has built and operates a bank branch on the land.

As indicated in the tables above under the caption Segment Information, total revenue from FREIT’s commercial segment for the Current ~~Six~~Nine Months and Current Quarter decreased by 7 5.07% and 112.48%, respectively, and NOI decreased by 2325.24% and 3129.16%, respectively, as compared to the Prior Year’s comparable periods. Average occupancy for all commercial properties for the Current ~~Six~~Nine Months and Current Quarter decreased by 2.29% and 24.52%, respectively, as compared to the Prior Year’s comparable periods.

The decrease in revenue ~~and NOI~~ for the Current ~~Six~~ ~~Months~~Nine Months was primarily driven by a ~~$206,000~~ decline in revenue at the Preakness and Westwood Plaza shopping ~~center~~centers of approximately $300,000 and $150,000, respectively, attributed to TJa ~~Maxx~~decline ~~invoking~~ in ~~March~~the ofaverage ~~2024~~occupancy ~~its~~from ~~one-year~~45.9% ~~co-tenancy~~and ~~clause~~35.5%, ~~allowing~~respectively, ~~for~~in athe ~~reduction~~Prior inYear’s ~~its~~Nine ~~rent~~Months to as43.8% aand ~~result~~29.8%, ofrespectively, in the ~~termination~~Current ofNine Months; offset by an increase in revenue at the ~~K-Mart~~Franklin ~~lease~~Crossing shopping center ~~and~~of aapproximately $~~155~~100,000 ~~decline~~primarily attributed to an increase in revenue atfrom ~~the~~common ~~Preakness~~area ~~shopping~~maintenance ~~center~~costs ~~attributed~~due to aincreased ~~decline~~costs in the Current Nine Months while the average occupancy declined slightly from 4597.2% in the Prior Year’s ~~Six~~Nine Months to 4396.49% in the Current ~~Six~~Nine Months.

The decrease in ~~revenue and~~ NOI for the Current ~~Quarter~~ Nine Months was primarily ~~driven~~attributed byto ~~a $109,000 decline in revenue at~~ the ~~Westwood~~following: ~~Plaza~~(a) ~~shopping center attributed to~~ a decline in ~~the~~revenue ~~average occupancy~~of ~~from~~approximately ~~36.5%~~$350,000; in(b) ~~the~~an ~~Prior~~increase ~~Year’s Quarter to 31.1%~~ in ~~the~~repairs ~~Current Quarter~~ and TJmaintenance costs ~~Maxx invoking in March~~ of ~~2024~~approximately ~~its one-year co-tenancy clause and a~~ $~~109~~100,000 ~~decline~~primarily indue ~~revenue at the Preakness shopping center attributed~~ to aparking ~~decline~~lot inrepairs; ~~the~~and ~~average~~(c) ~~occupancy from~~an ~~45.0%~~increase in ~~the~~insurance ~~Prior~~costs ~~Year’s~~of ~~Quarter~~approximately $150,000 due to ~~43.4%~~increased inpolicy ~~the Current Quarter~~costs.

~~Same~~The ~~Property~~decrease ~~Operating~~in ~~Results:~~revenue ~~FREIT’s~~for the Current Quarter ~~commercial~~was ~~segment~~primarily ~~currently~~driven ~~contains~~by ~~five~~the following: (5a) ~~same~~a ~~properties.~~decline ~~(See~~in ~~definition~~revenue at the Preakness shopping center of ~~same~~approximately ~~property~~$150,000 ~~under~~attributed to ~~Segment~~a ~~Information~~decline ~~above~~in the average occupancy from 47.)4% ~~Since all~~in ofthe ~~FREIT~~Prior Year’s ~~commercial~~Quarter ~~properties~~to ~~are~~44.8% ~~considered~~in ~~same~~the ~~properties~~Current Quarter; offset by (b) an increase in revenue at the ~~current~~Westwood ~~fiscal~~Plaza ~~year~~shopping center of approximately $100,000 ~~refer~~primarily attributed to the ~~preceding~~expiration ~~paragraph for~~of ~~discussion~~TJ ofMaxx’s ~~changes~~one-year co-tenancy clause in ~~same~~March ~~property results~~2025.

~~Leasing:~~ The ~~following~~decrease ~~table~~in ~~reflects~~NOI ~~leasing activity~~for atthe ~~FREIT’s~~Current ~~commercial~~Quarter ~~properties~~was primarily ~~for~~driven ~~comparable~~by ~~leases~~the following: (~~leases~~a) ~~executed~~an ~~for~~increase ~~spaces~~ in ~~which~~insurance ~~there~~costs ~~was~~of aapproximately ~~tenant~~$100,000 atdue ~~some~~to increased policy costs; (b) a decline ~~point~~in ~~during~~revenue ~~the~~of ~~previous~~approximately ~~twelve-month~~$50,000; ~~period~~and (c) an increase in repairs and ~~non-comparable~~maintenance ~~leases~~costs ~~for~~of ~~the~~approximately ~~Current~~$50,000 ~~Six~~primarily ~~Months:~~due to parking lot repairs.

RETAIL:	Number of Leases		Lease Area (Sq. Ft.)		Weighted Average Lease Rate (per Sq. Ft.)		Weighted Average Prior Lease Rate (per Sq. Ft.)		% Increase (Decrease)		Tenant Improvement Allowance (per Sq. Ft.) (a)		Lease Commissions (per Sq. Ft.) (a)
Comparable leases (b)		8		106,188	$	17.69	$	17.34		2.0%	$	—	$	0.06
Non-comparable leases		—		—	$	—		N/A		N/A	$	—	$	—
Total leasing activity		8		106,188

Same Property Operating Results: FREIT’s commercial segment currently contains five (5) same properties. (See definition of same property under Segment Information above.) Since all of FREIT’s commercial properties are considered same properties in the current fiscal year, refer to the preceding paragraphs for discussion of changes in same property results.

Leasing: The following table reflects leasing activity at FREIT’s commercial properties for comparable leases (leases executed for spaces in which there was a tenant at some point during the previous twelve-month period) and non-comparable leases for the Current Nine Months:

RETAIL:	Number of Leases		Lease Area (Sq. Ft.)		Weighted Average Lease Rate (per Sq. Ft.)		Weighted Average Prior Lease Rate (per Sq. Ft.)		% Increase (Decrease)		Tenant Improvement Allowance (per Sq. Ft.) (a)		Lease Commissions (per Sq. Ft.) (a)

Comparable leases (b)		11		118,388	$	18.62	$	18.18		2.4%	$	—	$	0.14

Non-comparable leases		—		—	$	—		N/A		N/A	$	—	$	—

Total leasing activity		11		118,388

(a) These leasing costs are presented as annualized costs per square foot and are allocated uniformly over the lease term.

(b) This includes new tenant leases and/or modifications/extensions/renewals of existing tenant leases.

RESIDENTIAL SEGMENT

FREIT currently operates six (6) multi-family apartment buildings or complexes totaling 792 apartment units, excluding the Pierre Towers property, which was converted to a TIC (see Note 5 to FREIT’s condensed consolidated financial statements).

As indicated in the tables above under the caption Segment Information, total revenue from FREIT’s residential segment for the Current ~~Six~~Nine Months and Current Quarter increased by 54.24% and 4.2.7%, respectively, and NOI increased by 75.63% and 101.52%, respectively, as compared to the Prior Year’s comparable periods. Average occupancy for all residential properties for the Current ~~Six~~Nine Months and Current Quarter increased by 1.0.7% and 0.61%, respectively, as compared to the Prior Year’s comparable periods.

The increase in revenue for the Current ~~Six~~Nine Months was primarily attributable to an increase in base rents across most properties ~~and~~while ~~an increase in~~ the average ~~annual~~ occupancy increased slightly from 9596.92% in the Prior Year’s ~~Six~~Nine Months to 96.9% in the Current ~~Six~~Nine Months. The increase in NOI for the Current ~~Six~~Nine Months was primarily attributed to the following: (a) an increase in revenue of approximately $~~535~~700,000; offset by (b) an increase in ~~operating~~repairs ~~expenses~~and maintenance costs of approximately $96100,000; ~~resulting from~~(c) an in increase in ~~snow removal and utilities expenses.~~

~~The~~Page increase in revenue for the Current Quarter was primarily attributable to an increase in base rents across most properties and an increase in the average occupancy rate from 96.5% in the Prior Year’s Quarter to 97.1% in the Current Quarter. The increase in NOI for the Current Quarter was primarily attributed to the increase in revenue of approximately $219,000 in conjunction with a decline in operating expenses of approximately $91,000 resulting from a decrease in utilities expense.26

~~Same~~snow ~~Property~~removal ~~Operating~~costs ~~Results:~~of ~~FREIT’s residential~~approximately ~~segment~~$50,000; ~~currently~~and ~~contains six~~ (6d) ~~same~~an ~~properties.~~increase ~~(See definition~~ of ~~same~~insurance ~~property under Segment Information above.) Since~~costs ~~all~~ of ~~FREIT’s~~approximately ~~residential properties are considered same properties in the current fiscal year~~$50,000 ~~refer~~due to ~~the~~increased ~~preceding~~policy ~~paragraph for discussion of changes in same property results~~costs.

~~Page~~The 25 increase in revenue for the Current Quarter was primarily attributable to an increase in base rents across most properties while the average occupancy rate increased slightly from 96.8% in the Prior Year’s Quarter to 96.9% in the Current Quarter. The slight increase in NOI for the Current Quarter was primarily attributed to the following: (a) an increase in revenue of approximately $150,000; offset by (b) an increase in repairs and maintenance costs of approximately $130,000.

Same Property Operating Results: FREIT’s residential ~~revenue~~segment iscurrently ~~principally composed~~contains ofsix ~~monthly~~(6) ~~apartment~~same ~~rental income~~properties. ~~Total~~(See ~~rental~~definition ~~income is a factor~~ of ~~occupancy~~same ~~and~~property ~~monthly~~under ~~apartment~~Segment ~~rents~~Information above.) ~~Monthly average~~Since ~~residential~~all ~~rents at the end~~ of ~~the Current Quarter and the Prior Year~~FREIT’s ~~Quarter~~residential ~~were~~properties ~~$2,361~~are ~~and~~considered ~~$2,255,~~same ~~respectively.~~properties ~~A 1% decline~~ in ~~annual~~the ~~average occupancy, or a 1% decline in average rents from~~ current ~~levels~~fiscal year, ~~results~~refer into anthe ~~annual~~preceding ~~revenue~~paragraphs for ~~decline~~discussion of ~~approximately $224,000~~changes ~~and~~in ~~$218,000,~~same ~~respectively~~property results.

FREIT’s residential revenue is principally composed of monthly apartment rental income. Total rental income is a factor of occupancy and monthly apartment rents. Monthly average residential rents at the end of the Current Quarter and the Prior Year’s Quarter were $2,392 and $2,289, respectively. A 1% decline in annual average occupancy, or a 1% decline in average rents from current levels, results in an annual revenue decline of approximately $227,000 and $221,000, respectively.

Capital expenditures: FREIT tends to spend more in any given year on maintenance and capital improvements at its residential properties which were constructed more than 25 years ago (Steuben Arms, Berdan Court and Westwood Hills properties) than on its newer properties (Boulders, Regency and Station Place properties). Funds for these capital projects are available from cash flow from the property's operations and cash reserves.

INTEREST EXPENSE INCLUDING AMORTIZATION OF DEFERRED FINANCING COSTS (“NET FINANCING COSTS”)

Six Months Ended April 30,

Three Months Ended April 30,

Nine Months Ended July 31,

Three Months Ended July 31,

2025

2024

2025

2024

(In Thousands of Dollars)

Fixed rate mortgages (a):

1st Mortgages

Existing

35,~~489~~168

35,~~343~~061

1,~~738~~679

1,~~656~~718

New

—

Total gross financing costs

35,~~489~~168

35,~~343~~061

1,~~738~~679

1,~~656~~718

Amortization of deferred financing costs

~~235~~364

~~281~~402

~~113~~129

~~126~~121

Total net financing costs

35,~~724~~532

35,~~624~~463

1,~~851~~808

1,~~782~~839

(a) Includes the effect of interest rate swap contracts which effectively convert the floating interest rate to a fixed interest rate over the term of the loan.

Total net financing costs for the Current ~~Six~~Nine Months increased by approximately $~~100~~69,000 or 21.83%, compared to the Prior Year’s ~~Six~~Nine Months which was ~~primarily~~ primarily attributable to the following: (a) an increase of approximately $~~111~~190,000 resulting from the increase in the interest rate from 3.75% to 6.05% due to the extension and modification of the loan on the Regency property in December 2024; and (b) an increase of approximately $102,000 resulting from the increase in the interest rate from 4.54% to 6.75% due to the extension and modification of the loan on the Steuben Arms property in June 2024; offset by (c) a decrease of approximately $101,000 resulting from the $5.7 million pay down of the loan on the Westwood Plaza shopping center in May 2025; and (d) a decrease of approximately $86,000 resulting from the pay-off of the loan on the Boulders property in January 2024.

Total net financing costs for the Current Quarter ~~increased~~decreased by approximately $6931,000 or 31.97%, compared to the Prior Year’s Quarter which was primarily ~~attributable~~ attributable to the following: (a) ana ~~increase~~decrease of approximately $71102,000 resulting from the ~~increase in the interest rate from 3~~$5.~~75%~~7 tomillion ~~6.05%~~pay ~~due~~down ~~to the extension and modification~~ of the loan on the ~~Regency~~Westwood Plaza ~~property~~shopping center in ~~December~~May ~~2024~~2025; ~~and~~offset by (b) an increase of approximately $5278,000 resulting from the increase in the interest rate from 43.5475% to 6.7505% due to the extension and modification of the loan on the ~~Steuben~~Regency ~~Arms~~ property in ~~June~~December 2024.

INVESTMENT INCOME

Investment income for the Current ~~Six~~Nine Months and Current Quarter was approximately $~~750~~1,053,000 and $~~350~~303,000, respectively, compared to $~~686~~1,082,000 and $~~279~~396,000, respectively, for the Prior Year’s comparable periods. Investment income is principally derived from interest earned from cash on deposit in institutional money market funds and short-term U.S. treasury securities. ~~The increase in investment income was primarily driven by an increase in the cash balance compared to the Prior Year’s comparable periods.~~

Page 27

GENERAL AND ADMINISTRATIVE EXPENSES (“G&A”)

G&A for the Current ~~Six~~Nine Months and Current Quarter was approximately $12,~~636~~260,000 and $~~791~~624,000, respectively, compared to $23,~~823~~752,000 and $1929,~~015,~~000, respectively, for the Prior Year’s comparable periods. The primary components of G&A are legal and professional fees, directors’ fees, corporate expenses and accounting/auditing fees. The decrease in G&A for the Current ~~Six~~Nine Months was driven by a decline in ~~corporate~~ corporate expenses of approximately $~~852~~800,000 primarily related to costs incurred in the Prior Year’s ~~Six~~Nine Months for work performed for the Company by a financial advisory firm and a decline in legal and professional expenses of approximately $~~315~~700,000 due to the settlement of the Sinatra litigation in the Prior Year’s Nine Months. The decline in G&A for the Current Quarter was primarily driven by a decrease in legal and professional expenses due to the settlement of the Sinatra litigation in the Prior Year’s Quarter.

Page 26

DEPRECIATION

Depreciation expense for the Current ~~Six~~Nine Months and Current Quarter was approximately $12,~~457~~195,000 and $~~734~~738,000, respectively, compared to $12,~~514~~249,000 and $~~789~~735,000, respectively, for the Prior Year’s comparable periods.

LIQUIDITY AND CAPITAL RESOURCES

Net cash provided by operating activities was approximately $23,~~262~~928,000 for the Current ~~Six~~Nine Months as compared to approximately $119,~~507~~982,000 for the Prior Year’s ~~Six~~Nine Months. FREIT expects that cash provided by operating activities and cash reserves will be adequate to cover mandatory debt service payments (including payments of interest, but excluding balloon payments, which are expected to be refinanced and/or extended), real estate taxes, dividends, recurring capital improvements at its properties and other needs to maintain its status as a REIT for at least a period of one year from the date of filing of this quarterly report on Form 10-Q.

As of ~~April 30,~~July 31, 2025, FREIT had cash, cash equivalents and restricted cash totaling approximately $1518,~~965~~323,000, compared to approximately $19,223,000 at at October 31, 2024. The decrease in cash, cash equivalents and restricted cash in the Current ~~Six~~Nine Months of approximately $3900,~~258,~~000 ~~was~~ was primarily attributable to net cash used in financing activities of $714,~~535~~127,000, offset by net cash provided by investing activities of of approximately $29,~~015~~299,000 and net cash provided by operating activities of approximately $23,~~262~~928,000. The decrease in cash, cash equivalents and restricted cash was primarily attributed to the following: (a) the purchase of investments in U.S. Treasury securities of approximately $2837,~~247~~414,000; (b) repayment of mortgages of approximately $6,894,000 (which includes the pay down of the loan on the Westwood Plaza shopping center); (c) dividends paid in excess of cash provided by operating activities of approximately $52,~~821~~491,000; and (cd) ~~repayment~~distributions ofto ~~mortgages~~noncontrolling interests in subsidiaries of approximately $~~968~~644,000; offset by (de) proceeds received from maturities of U.S. Treasury securities of approximately $3046,~~205~~861,000.

Credit Line: FREIT’s revolving line of credit provided by Provident Bank was renewed for a three-year term ending on October 31, 2026. Draws against the credit line can be used for working capital needs and standby letters of credit. Draws against the credit line are secured by mortgages on FREIT’s Franklin Crossing shopping center in Franklin Lakes, New Jersey and retail space in Glen Rock, New Jersey. The total line of credit is $13 million and the interest rate on the amount outstanding is based on a floating interest rate of prime minus 25 basis points with a floor of 6.75%. As of ~~April~~July 3031, 2025 and October 31, 2024, there was no amount outstanding and $13 million was available under the line of credit.

Dividend: FREIT’s Board of Directors (“Board”) declared a dividend of approximately $~~598~~748,000 ($0.0810 per share) in the ~~second~~third quarter of Fiscal 2025, which will be paid on ~~June 13~~September 12, 2025 to stockholders of record on ~~May~~August 3029, 2025. FREIT’s Board will continue to evaluate the dividend on a quarterly basis.

AsPage of April 30, 2025, FREIT’s aggregate outstanding mortgage debt was $127.9 million, which bears a weighted average interest rate of 5.49% and an average life of approximately 1.9 years. FREIT’s mortgages are subject to amortization schedules that are longer than the terms of the mortgages. As such, balloon payments (unpaid principal amounts at the mortgage due date) for all mortgage debt will be required as follows:28

Fiscal Year	2025	2026	2027	2028	2029
($ in millions)
Mortgage "Balloon" Payments	$30.7 (A) (C)	$34.1 (B)	$8.6	$23.8	$26.0

As of July 31, 2025, FREIT’s aggregate outstanding mortgage debt was $121.8 million, which bears a weighted average interest rate of 5.35% and an average life of approximately 1.8 years. FREIT’s mortgages are subject to amortization schedules that are longer than the terms of the mortgages. As such, balloon payments (unpaid principal amounts at the mortgage due date) for all mortgage debt will be required as follows:

Fiscal Year	2025	2026	2027	2028	2029
($ in millions)
Mortgage "Balloon" Payments	$0.0	$59.1 (A)	$8.6	$23.8	$26.0

Includes the following:

(A) The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $~~5.7~~25 million ~~(including~~had ~~deferred~~a ~~interest~~maturity date of ~~approximately~~August $01, 2025.2 ~~million~~Wayne PSC, LLC is working with the current lender of this loan, ConnectOne Bank, on a modification and extension of this loan for five (5) years with a potential pay down of approximately $5 million. While the ~~loan~~bank onis completing its due diligence, the ~~Westwood~~bank ~~Plaza~~has ~~shopping~~extended ~~center~~this ~~paid~~loan infor ~~May~~a ~~2025~~90-day ~~when~~period ~~FREIT~~from ~~entered~~a ~~into~~maturity date of August 1, 2025 to a ~~loan~~maturity ~~extension~~date of November 1, 2025 under the same terms and ~~modification~~conditions of the existing loan agreement. ~~with~~Management ~~Valley~~expects ~~National~~this ~~Bank~~loan to be further extended, however, until such time as a definitive agreement providing for a modification and extension of this loan is entered into, there can be no assurance this loan will be modified and extended. (See Note 9 to FREIT's condensed consolidated financial statements for additional details.)

~~(B)~~ The ~~$10~~following ~~million~~table ~~remaining~~shows ~~loan balance on~~ the ~~Westwood~~estimated ~~Plaza~~fair ~~shopping center, which per the loan extension~~ value and ~~modification~~net ~~agreement~~carrying ~~the~~value ~~maturity date~~ of ~~this~~FREIT’s ~~loan~~long-term isdebt ~~extended~~at ~~for~~July ~~one~~31, ~~year~~2025 toand ~~May~~October 131, ~~2026. (See Note 9 to FREIT's condensed consolidated financial statements for additional details.)~~2024:

(C) The loan on the Preakness shopping center located in Wayne, New Jersey, in the amount of approximately $25 million which has a maturity date of August 1, 2025. Management expects this loan to be extended, however, until such time as a definitive agreement providing for an extension of this loan is entered into, there can be no assurance this loan will be extended. (See Note 9 to FREIT's condensed consolidated financial statements for additional details.)

($ in Millions)	July 31, 2025	October 31, 2024

Fair Value	$118.2	$124.7
Carrying Value, Net	$121.2	$128.1

~~Page~~Fair 27 values are estimated based on market interest rates at July 31, 2025 and October 31, 2024 and on a discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value is based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

~~The~~FREIT ~~following~~expects ~~table~~to ~~shows~~refinance the ~~estimated~~individual ~~fair~~mortgages with ~~value~~new mortgages or exercise extension options when their terms expire. To this extent, FREIT has exposure to interest rate risk. If interest rates, at the time any individual mortgage note is due, are higher than the current fixed interest rate, higher debt service may be required, and/or ~~net~~refinancing ~~carrying~~proceeds may be less than the amount of mortgage debt being retired. For example, at July 31, 2025, a 1% interest rate increase would reduce the fair value of FREIT’s ~~long-term~~ debt atby ~~April~~$2 30million, ~~2025~~ and ~~October~~a ~~31,~~1% ~~2024:~~decrease would increase the fair value by $2.1 million.

($ in Millions)	April 30, 2025	October 31, 2024
Fair Value	$124.5	$124.7
Carrying Value, Net	$127.2	$128.1

Fair values are estimated based on market interest rates at April 30, 2025 and October 31, 2024 and on a discounted cash flow analysis. Changes in assumptions or estimation methods may significantly affect these fair value estimates. The fair value is based on observable inputs (level 2 in the fair value hierarchy as provided by authoritative guidance).

FREIT expects to refinance the individual mortgages with new mortgages or exercise extension options when their terms expire. To this extent, FREIT has exposure to interest rate risk. If interest rates, at the time any individual mortgage note is due, are higher than the current fixed interest rate, higher debt service may be required, and/or refinancing proceeds may be less than the amount of mortgage debt being retired. For example, at April 30, 2025, a 1% interest rate increase would reduce the fair value of FREIT’s debt by $2.1 million, and a 1% decrease would increase the fair value by $2.2 million.

Page 29

Effective 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 is extended for one year to May 1, 2026, the interest rate on the outstanding debt is based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 are required. The pay down of this loan will result in annual debt service savings of approximately $705,000. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of ~~approximately~~ $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. (See Note 9 to FREIT’s condensed consolidated financial statements for further details.)

~~Interest~~On ~~rate~~August ~~swap~~1, ~~contracts:~~2025, Tothe ~~reduce~~mortgage ~~interest~~in the amount ~~rate~~of ~~volatility~~$25 million, ~~FREIT~~secured ~~uses~~by athe ~~“pay~~Preakness ~~fixed,~~Shopping ~~receive~~Center ~~floating”~~located ~~interest~~in ~~rate~~Wayne, ~~swap~~New toJersey, ~~convert~~came ~~floating~~due. ~~interest~~Wayne ~~rates~~PSC, toLLC ~~fixed interest~~is ~~rates~~working ~~over~~with the ~~term~~current lender of this loan, ConnectOne Bank, on a ~~certain~~modification ~~loan.~~and ~~FREIT~~extension ~~enters~~of ~~into~~this ~~these~~loan ~~interest~~for ~~rate~~five ~~swap~~(5) ~~contracts~~years with a ~~counterparty~~potential ~~that~~pay isdown ~~usually~~of approximately a$5 ~~high-quality~~million. ~~commercial~~While the bank. Inis ~~essence,~~completing ~~FREIT~~its ~~agrees~~due todiligence, ~~pay~~the ~~its~~bank ~~counterparties~~has aextended ~~fixed~~this ~~rate~~loan offor ~~interest~~a on90-day period from a ~~dollar~~maturity ~~amount~~date of ~~notional~~ ~~principal~~August ~~(which~~1, ~~generally~~2025 ~~corresponds~~ to ~~FREIT’s~~a ~~mortgage~~maturity ~~debt)~~date ~~over~~of aNovember ~~term~~1, ~~equal~~2025 tounder the ~~term~~same terms and conditions of the ~~mortgage~~existing ~~notes~~loan agreement. ~~FREIT’s~~Management expects ~~counterparties,~~this inloan ~~return~~to be further extended, ~~agree~~however, tountil ~~pay~~such ~~FREIT~~time as a ~~short-term~~definitive ~~rate~~agreement providing for a modification and extension of ~~interest~~this loan -is ~~generally~~entered ~~SOFR~~into, ~~(“Secured~~there ~~Overnight~~can ~~Financing~~be ~~Rate”) -~~no onassurance ~~that~~this ~~same~~loan ~~notional~~will ~~amount~~be ~~over~~modified ~~the~~and ~~same~~extended. ~~term~~(See asNote ~~the~~9 ~~mortgage~~to ~~notes~~FREIT’s condensed consolidated financial statements for further details.)

~~Page~~Interest 28 rate swap contract: To reduce interest rate volatility, FREIT uses a “pay fixed, receive floating” interest rate swap to convert floating interest rates to fixed interest rates over the term of a certain loan. FREIT enters into an interest rate swap contract with a counterparty that is usually a high-quality commercial bank. In essence, FREIT agrees to pay its counterparty a fixed rate of interest on a dollar amount of notional principal (which generally corresponds to FREIT’s mortgage debt) over a term equal to the term of the mortgage note. FREIT’s counterparty, in return, agrees to pay FREIT a short-term rate of interest - generally SOFR (“Secured Overnight Financing Rate”) - on that same notional amount over the same term as the mortgage note.

FREIT has a variable interest rate loan secured by its Station Place property. To reduce interest rate fluctuations, FREIT entered into an interest rate swap contract for this loan, which effectively converted variable interest rate payments to fixed interest rate payments. The interest rate swap contract was based on a notional amount of approximately $12,350,000 ($11,~~157~~094,000 at ~~April~~July 3031, 2025). FREIT had a variable interest rate loan secured by ~~its~~ its Regency property. On December 15, 2024, the Regency loan and its corresponding interest rate swap contract matured with no settlement due at maturity. (See Note 9 to FREIT’s condensed consolidated financial statements for further details.)

In accordance with ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities to Accounting Standards Codification Topic 815, Derivatives and Hedging ("ASC 815")”, FREIT marks-to-market its interest rate swap contract. As the floating interest rate varies from time-to-time over the term of the contract, the value of the contract will change upward or downward. If the floating rate is higher than the fixed rate, the value of the contract goes up and there is a gain and an asset. If the floating rate is less than the fixed rate, there is a loss and a liability. The interest rate swap contract is accounted for as a cash flow hedge with the corresponding gain or loss on this contract not affecting FREIT’s condensed consolidated statement of income; changes in the fair value of this cash flow hedge will be reported in other comprehensive income (loss) and appear in the equity section of the condensed consolidated balance sheet. This gain or loss represents the economic consequence of liquidating a fixed interest rate swap and replacing it with like-duration funding at current market rates, something we would likely never do. Periodic cash settlements of this contract will be accounted for as an adjustment to interest expense.

FREIT has the following derivative-related risks with its interest rate swap contract (“contract”): 1) early termination risk, and 2) counterparty credit risk.

Early Termination Risk: If FREIT wants to terminate its contract before maturity, it would be bought out or terminated at market value; i.e., the difference in the present value of the anticipated net cash flows from each of the contract’s parties. If current variable interest rates are significantly below FREIT’s fixed interest rate payments, this could be costly. Conversely, if interest rates rise above FREIT’s fixed interest payments and FREIT elected early termination, FREIT would realize a gain on termination. At ~~April~~July 3031, 2025, the contract for Station Place was in FREIT’s favor. If FREIT had terminated this contract at that date, it would have realized a gain of approximately $~~237~~299,000 for the Station Place swap, which amount has been included in FREIT’s condensed consolidated balance sheet as at ~~April~~July 3031, 2025. The change in the fair value for the contract (gain or loss) during such period has been included in comprehensive income (loss) and for the six and three months ended April 30, 2025 and 2024, FREIT recorded an unrealized loss of approximately $269,000 and $227,000, respectively, in the condensed consolidated statements of comprehensive income. For the six and three months ended April 30, 2024, FREIT recorded an unrealized loss of approximately $273,000 and an unrealized gain of $257,000, respectively, in the condensed consolidated statements of comprehensive (loss) income.

Page 30

the contract (gain or loss) during such period has been included in comprehensive income and for the nine and three months ended July 31, 2025, FREIT recorded an unrealized loss of approximately $207,000 and unrealized gain of approximately $62,000, respectively, in the condensed consolidated statements of comprehensive income. For the nine and three months ended July 31, 2024, FREIT recorded an unrealized loss of approximately $700,000 and $427,000, respectively, in the condensed consolidated statements of comprehensive income.

Counterparty Credit Risk: Each party to a contract bears the risk that its counterparty will default on its obligation to make a periodic payment. FREIT reduces this risk by entering into a contract only with major financial institutions that are experienced market makers in the derivatives market.

Page 29

FUNDS FROM OPERATIONS

Funds From Operations (“FFO”) is a non-GAAP measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”). FREIT does not include distributions from equity/debt/capital gain sources in its computation of FFO. Although many consider FFO as the standard measurement of a REIT’s performance, FREIT modified the NAREIT computation of FFO to include other adjustments to GAAP net income that are not considered by management to be the primary drivers of its decision making process. These adjustments to GAAP net income are straight-line rents and recurring capital improvements on FREIT’s residential apartments. The modified FFO computation is referred to as Adjusted Funds From Operations (“AFFO”). FREIT believes that AFFO is a superior measure of its operating performance. FREIT computes FFO and AFFO as follows:

	For the Six Months Ended April 30,						For the Three Months Ended April 30,
	For the Nine Months Ended July 31,						For the Three Months Ended July 31,
	2025			2024			2025			2024
	(In Thousands, Except Per Share)						(In Thousands Except Per Share)
Funds From Operations ("FFO") (a)
Net income (loss)	$	1,282		$	(267	)	$	781		$	399
Net income	$	2,021		$	16,068		$	739		$	16,335
Depreciation of consolidated properties		12,~~457~~195			12,~~514~~249			~~734~~738			~~789~~735
Amortization of deferred leasing costs		4567			6490			1922			3826
Distributions to non-controlling interests		(480	)(b)		(~~180~~420	)(c)		~~(120~~—	)(b)		—(240	(c)
Net loss on sale of Maryland properties		—			171			—			92
Litigation settlement, net of fees		—			(15,711	)		—			(15,711	)
Adjustment to loss on investment in tenancy-in-common for depreciation		732			725			367			363
Net loss on sale of Maryland properties		—			171			—			—
FFO	$	3,036		$	2,027		$	1,781		$	1,681
Adjustment to loss on investment in tenancy-in-common for depreciation		1,100			1,088			368			363
Per Share - Basic and Diluted	$	0.41		$	0.27		$	0.24		$	0.23
FFO	$	4,903		$	3,535		$	1,867		$	1,508
Per Share - Basic and Diluted	$	0.66		$	0.47		$	0.25		$	0.20
(a) As prescribed by NAREIT.
(b) FFO excludes the additional distribution of proceeds to non-controlling interests in the amount of approximately $163,000 and $80,000 for the six and three months ended April 30, 2025, respectively, related to the sale of the Rotunda and Damascus properties located in Maryland in a prior year.
(b) FFO excludes the additional distribution of proceeds to non-controlling interests in the amount of approximately $165,000 and $2,000 for the nine and three months ended July 31, 2025, respectively, related to the sale of the Rotunda and Damascus properties located in Maryland in a prior year.
(c) FFO excludes the additional distribution of proceeds to non-controlling interests in the amount of approximately $0.6 million for the six and three months ended April 30, 2024 related to the sale of the Rotunda property located in Maryland in a prior year.
(c) FFO excludes the additional distribution of proceeds to non-controlling interests in the amount of approximately $0.6 million for the nine months ended July 31, 2024 related to the sale of the Rotunda property located in Maryland in a prior year.
Adjusted Funds From Operations ("AFFO")
FFO	$	34,~~036~~903		$	23,~~027~~535		$	1,~~781~~867		$	1,~~681~~508
Deferred rents (Straight lining)		5683			5888			2827			2930
Capital Improvements - Apartments		(~~203~~357	)		(~~265~~483	)		(~~126~~154	)		(~~169~~218	)
AFFO	$	24,~~889~~629		$	13,~~820~~140		$	1,~~683~~740		$	1,~~541~~320
Per Share - Basic and Diluted	$	0.3962		$	0.2442		$	0.23		$	0.2118
Weighted Average Shares Outstanding:
Basic		7,~~466~~468			7,~~451~~454			7,~~469~~471			7,~~453~~458
Diluted		7,~~466~~468			7,~~455~~457			7,~~469~~471			7,~~457~~462

FFO and AFFO do not represent cash generated from operating activities in accordance with GAAP, and therefore should not be considered a substitute for net income as a measure of results of operations or for cash flow from operations as a measure of liquidity. Additionally, the application and calculation of FFO and AFFO by certain other REITs may vary materially from that of FREIT, and therefore FREIT’s FFO and AFFO may not be directly comparable to those of other REITs.

INFLATION

Inflation can impact the financial performance of FREIT in various ways. FREIT’s commercial tenant leases normally provide that the tenants bear all or a portion of most operating expenses, which can reduce the impact of inflationary increases on FREIT. ~~Apartment leases are normally for one to two-years in term, which may allow FREIT to seek increased rents as leases renew or when new tenants are obtained, subject to prevailing market conditions.~~

Page 3031

Apartment leases are normally for one to two-years in term, which may allow FREIT to seek increased rents as leases renew or when new tenants are obtained, subject to prevailing market conditions.

Item 3: Quantitative and Qualitative Disclosures About Market Risk

See “Commercial Segment”, “Residential Segment” and “Liquidity and Capital Resources” under Item 2 above for a detailed discussion of FREIT’s quantitative and qualitative market risk disclosures.

Item 4: Controls and Procedures

At the end of the period covered by this report, we carried out an evaluation of the effectiveness of the design and operation of FREIT’s disclosure controls and procedures. This evaluation was carried out under the supervision and with participation of FREIT’s management, including FREIT’s Chief Executive Officer and Chief Financial Officer, who concluded that FREIT’s disclosure controls and procedures are effective as of ~~April~~July 3031, 2025. There has been no change in FREIT’s internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, FREIT’s internal control over financial reporting.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in FREIT’s reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in FREIT’s reports filed under the Exchange Act is accumulated and communicated to management, including FREIT’s Chief Executive Officer and Chief Financial Officer as appropriate, to allow timely decisions regarding required disclosure.

Page 3132

Part II: Other Information

Item 1: Legal Proceedings

None.

Item 1A: Risk Factors

There were no material changes in any risk factors previously disclosed in FREIT’s Annual Report on Form 10-K for the year ended October 31, 2024, that was filed with the Securities and Exchange Commission on January 29, 2025.

Item 6: Exhibits

Exhibit Index

Exhibit 31.1 - Section 302 Certification of Chief Executive Officer

Exhibit 31.2 - Section 302 Certification of Chief Financial Officer

Exhibit 32.1 - Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350

Exhibit 32.2 - Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350

Exhibit 101 - The following materials from FREIT’s quarterly report on Form 10-Q for the period ended ~~April~~July 3031, 2025, are formatted in Inline Extensible Business Reporting Language (“iXBRL”): (i) condensed consolidated balance sheets; (ii) condensed consolidated statements of income; (iii) condensed consolidated statements of comprehensive income ~~(loss)~~; (iv) condensed consolidated statements of equity; (v) condensed consolidated statements of cash flows; and (vi) notes to condensed consolidated financial statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	FIRST REAL ESTATE INVESTMENT
	TRUST OF NEW JERSEY, INC.
	(Registrant)
Date: June 10, 2025
Date: September 12, 2025
	/s/ Robert S. Hekemian, Jr.
	(Signature)
	Robert S. Hekemian, Jr.
	President and Chief Executive Officer
	(Principal Executive Officer)
	/s/ Allan Tubin
	(Signature)
	Allan Tubin
	Chief Financial Officer and Treasurer
	(Principal Financial/Accounting Officer)

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NONE Effective February 1, 2023, FREIT entered into a loan extension and modification agreement with Valley National Bank on its loan secured by the Westwood Plaza shopping center located in Westwood, New Jersey with a then outstanding balance of approximately $16.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of the loan was extended for a term of one (1) year from February 1, 2023 to February 1, 2024 with the option of FREIT to extend for one additional year from the extended maturity date, subject to certain provisions of the loan agreement. The loan was based on a fixed interest rate of 7.5% and was payable based on monthly installments of principal and interest of approximately $157,347. Additionally, FREIT funded an interest reserve escrow account for this loan (“Escrow”) at closing representing the annualized principal and interest payments for one (1) year, amounting to approximately $1,888,166. On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement, to extend the term of this loan 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 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. Effective 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 is extended for one year to May 1, 2026, the interest rate on the outstanding debt is based on a fixed interest rate of 8.5% and monthly installments of principal and interest of approximately $107,978 are 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. 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. Wayne PSC, LLC is working with the current lender of this loan, ConnectOne Bank on a modification and extension of this loan for five (5) years with a potential pay down of approximately $5 million. While the bank is completing its due diligence around this modification and extension, the bank has extended this loan for a 90-day period from a maturity date of August 1, 2025 to a maturity date of November 1, 2025 under the same terms and conditions of the existing loan agreement. 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Filing Compare · FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.