P1Y NONE 2 Q1 --10-31 0000036840 false (a)Includes the following: (1)The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025 and was further extended. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through May 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached. (2)The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $9.6 million which has a maturity date of May 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached. (3)The loan on the Westwood Hills property located in Westwood, New Jersey, in the amount of approximately $24.5 million which has a maturity date of September 1, 2026. 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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 ~~July~~January 31, ~~2025~~2026

☐	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	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 ~~September 12~~March 17, ~~2025~~2026, the number of shares of common stock outstanding was 7,~~471~~482,~~344~~432.

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 ~~July~~January 31, ~~2025~~2026 and October 31, ~~2024~~2025;	4
		b.)	Condensed Consolidated Statements of Income for the ~~Nine and~~ Three Months Ended ~~July~~January 31, ~~2025~~2026 and ~~2024~~2025;	5
		c.)	Condensed Consolidated Statements of Comprehensive Income for the ~~Nine and~~ Three Months Ended ~~July~~January 31, ~~2025~~2026 and ~~2024~~2025;	6
		d.)	Condensed Consolidated Statements of Equity for the ~~Nine and~~ Three Months Ended ~~July~~January 31, ~~2025~~2026 and ~~2024~~2025;	7-8
		e.)	Condensed Consolidated Statements of Cash Flows for the ~~Nine~~Three Months Ended ~~July~~January 31, ~~2025~~2026 and ~~2024~~2025;	9
		f.)	Notes to Condensed Consolidated Financial Statements.	10
	Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations			1918
	Item 3: Quantitative and Qualitative Disclosures About Market Risk			3129
	Item 4: Controls and Procedures			3129
Part II: Other Information
	Item 1: Legal Proceedings			3230
	Item 1A: Risk Factors			3230
	Item 6: Exhibits			3230
	Signatures			3230

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)

	July 31,			October 31,
	January 31,			October 31,
	2025			2024
	2026			2025
	(In Thousands, Except Share and Per Share Amounts)
ASSETS
Real estate, at cost, net of accumulated depreciation	$	9088,~~034~~788		$	9189,~~862~~419
Construction in progress		~~958~~969			~~944~~968
Cash and cash equivalents		1418,~~604~~503			1417,~~914~~926
Investment in U.S. Treasury securities available-for-sale		2017,~~478~~292			2918,~~259~~174
Investment in tenancy-in-common		1716,~~044~~921			1716,~~512~~922
Tenants' security accounts		~~867~~810			~~913~~833
Receivables arising from straight-lining of rents		~~489~~463			~~572~~472
Accounts receivable, net of allowance for doubtful accounts of $253 and $272 as of July 31, 2025 and October 31, 2024, respectively		307			498
Accounts receivable, net of allowance for doubtful accounts of $257 and $258 as of January 31, 2026 and October 31, 2025, respectively		243			201
Prepaid expenses and other assets		4,~~895~~573			54,~~007~~511
Deferred charges, net		~~256~~255			~~277~~238
Interest rate swap contracts		299			506
Interest rate swap contract		180			210
Total Assets	$	~~150~~148,~~231~~997		$	~~162~~149,~~264~~874
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, including deferred interest of $0 and $222 as of July 31, 2025 and October 31, 2024, respectively	$	121,755		$	128,871
Mortgages payable	$	120,837		$	121,300
Less unamortized debt issuance costs		~~605~~426			~~799~~516
Mortgages payable, net		~~121~~120,~~150~~411			~~128~~120,~~072~~784
Accounts payable and accrued expenses		~~665~~717			~~857~~665
Dividends payable		~~748~~747			~~5,224~~747
Tenants' security deposits		1,~~138~~145			1,~~205~~132
Deferred revenue		~~979~~609			~~722~~843
Total Liabilities		~~124~~123,~~680~~629			~~136~~124,~~080~~171
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 issuedat July 31, 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 shares issued at January 31, 2026 and October 31, 2025		75			75
Additional paid-in-capital		32,393			32,~~253~~393
Retained earnings		~~985~~1,556			~~541~~1,360
Accumulated other comprehensive income		~~287~~181			~~494~~211
Total Common Equity		3334,~~740~~205			3334,~~363~~039
Noncontrolling interests in subsidiaries		(8,~~189~~837	)		(78,~~179~~336	)
Total Equity		25,~~551~~368			2625,~~184~~703
Total Liabilities and Equity	$	~~150~~148,~~231~~997		$	~~162~~149,~~264~~874

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

~~NINE AND~~ THREE MONTHS ENDED ~~JULY~~JANUARY 31, ~~2025~~2026 AND ~~2024~~2025

(Unaudited)

	Nine Months Ended July 31,						Three Months Ended July 31,
	Three Months Ended January 31,
	2025			2024			2025			2024
	2026			2025
	(In Thousands, Except Per Share Amounts)						~~(In Thousands, Except Per Share Amounts)~~
Revenue:
Rental income	$	206,~~085~~851		$	196,~~608~~592		$	~~6,758~~		$	~~6,568~~
Reimbursements		~~1,383~~553			~~1,439~~565			~~397~~			~~405~~
Sundry income		~~303~~100			~~374~~112			89			~~174~~
Total revenue		217,~~771~~504			217,~~421~~269			~~7,244~~			~~7,147~~
Expenses:
Operating expenses		72,~~612~~560			82,~~608~~765			~~2,390~~			~~2,405~~
Management fees		~~1,036~~345			~~1,011~~368			~~358~~			~~344~~
Real estate taxes		41,~~415~~498			41,~~501~~448			~~1,478~~			~~1,500~~
Depreciation		~~2,195~~721			~~2,249~~723			~~738~~			~~735~~
Total expenses		155,~~258~~124			165,~~369~~304			~~4,964~~			~~4,984~~
Investment income		~~1,053~~284			~~1,082~~400			~~303~~			~~396~~
Litigation settlement, net of fees		—			15,711			—			15,711
(Loss) income on investment in tenancy-in-common		(1	)		9
Net loss on sale of Maryland properties		—			(171	)		—			—
Interest expense including amortization of deferred financing costs		(1,861	)		(1,873	)
Loss on investment in tenancy-in-common		(13	)		(143	)		(36	)		(96	)
Net income		802			501
Interest expense including amortization of deferred financing costs		(5,532	)		(5,463	)		(1,808	)		(1,839	)
Net loss attributable to noncontrolling interests in subsidiaries		141			113
Net income		2,021			16,068			739			16,335
Net income attributable to common equity	$	943		$	614
Net loss (income) attributable to noncontrolling interests in subsidiaries		366			(1,256	)		140			(1,544	)
Earnings per share:
Net income attributable to common equity	$	2,387		$	14,812		$	879		$	14,791
Basic and diluted	$	0.13		$	0.08
Earnings per share:
Weighted average shares outstanding:
Basic and diluted	$	~~0.32~~7,471		$	~~1.99~~7,463		$	~~0.12~~		$	~~1.98~~
Weighted average shares outstanding:
Basic		7,468			7,454			7,471			7,458
Diluted		7,468			7,457			7,471			7,462

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

~~NINE AND~~ THREE MONTHS ENDED ~~JULY~~JANUARY 31, ~~2025~~2026 AND ~~2024~~2025

(Unaudited)

	Nine Months Ended July 31,						Three Months Ended July 31,
	Three Months Ended January 31,
	2025			2024			2025			2024
	2026			2025
	(In Thousands of Dollars)						~~(In Thousands of Dollars)~~
Net income	$	~~2,021~~802		$	~~16,068~~501		$	~~739~~		$	~~16,335~~
Other comprehensive income:
Unrealized (loss) gain on interest rate swap contracts before reclassifications		(4	)		(134	)		115			(241	)
Unrealized gain on interest rate swap contract before reclassifications		11			55
Amount reclassified from accumulated other comprehensive income to interest expense		(~~203~~41	)		(~~566~~97	)		~~(53~~	)		~~(186~~	)
Net unrealized (loss) gain on interest rate swap contracts		(207	)		(700	)		62			(427	)
Net unrealized loss on interest rate swap contract		(30	)		(42	)
Unrealized loss (gain) on U.S. Treasury securities available-for-sale before reclassifications		2			(20	)		5			(1	)
Unrealized gain on U.S. Treasury securities available-for-sale before reclassifications		1			12
Amount reclassified from accumulated other comprehensive income to investment income		(21	)		(61	)		1			(5	)
Net unrealized (loss) gain on U.S. Treasury securities available-for-sale		—			(26	)		6			(6	)
Net unrealized gain on U.S. Treasury securities available-for-sale		—			13
Comprehensive income		~~1,814~~772			~~15,342~~472			~~807~~			~~15,902~~
Comprehensive loss (income) attributable to noncontrolling interests in subsidiaries		366			(1,256	)		140			(1,544	)
Comprehensive loss attributable to noncontrolling interests in subsidiaries		141			113
Comprehensive income attributable to common equity	$	~~2,180~~913		$	~~14,086~~585		$	~~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~~STATEMENT OF EQUITY

~~NINE AND~~ THREE MONTHS ENDED ~~July~~JANUARY 31, ~~2025~~2026

(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
					Additional Paid-In-		Retained			Other Comprehensive			Total Common			Noncontrolling Interests			Total
	Shares		Amount		Capital		Earnings			Income			Equity			in Subsidiaries			Equity
	(In Thousands)
Balance at October 31, 2024		7,463	$	75	$	32,253	$	541		$	494		$	33,363		$	(7,179	)	$	26,184
Balance at October 31, 2025		7,471	$	75	$	32,393	$	1,360		$	211		$	34,039		$	(8,336	)	$	25,703
Distributions to noncontrolling interests in subsidiaries														—			(~~440~~360	)		(~~440~~360	)
Net income (loss)								~~614~~943						~~614~~943			(~~113~~141	)		~~501~~802
Dividends declared								(~~597~~747	)					(~~597~~747	)		—			(~~597~~747	)
Net unrealized loss on interest rate swap contracts											(42	)		(42	)		—			(42	)
Net unrealized loss on interest rate swap contract											(30	)		(30	)		—			(30	)
Net unrealized gain on investment in U.S. Treasury securities available-for-sale											13			13			—			13
Balance at January 31, 2026		7,471	$	75	$	32,393	$	1,556		$	181		$	34,205		$	(8,837	)	$	25,368
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~~STATEMENT OF EQUITY

~~NINE AND~~ THREE MONTHS ENDED ~~JULY~~JANUARY 31, ~~2024~~2025

(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
					Additional Paid-In-		Retained			Other Comprehensive			Total Common			Noncontrolling Interests			Total
	Shares		Amount		Capital		Earnings			Income			Equity			in Subsidiaries			Equity
	(In Thousands)
Balance at October 31, 2023		7,450	$	74	$	32,074	$	(8,968	)	$	1,336		$	24,516		$	(6,040	)	$	18,476
Balance at October 31, 2024		7,463	$	75	$	32,253	$	541		$	494		$	33,363		$	(7,179	)	$	26,184
Stock based compensation expense						1								1						1
Distributions to noncontrolling interests in subsidiaries														—			(440	)		(440	)
Distributions to noncontrolling interests in subsidiaries														—			(180	)		(180	)
Net income (loss)								614						614			(113	)		501
Net loss								(512	)					(512	)		(154	)		(666	)
Dividends declared								(597	)					(597	)					(597	)
Dividends declared								(372	)					(372	)					(372	)
Net unrealized loss on interest rate swap contract											(42	)		(42	)		—			(42	)
Net unrealized loss on interest rate swap contracts											(530	)		(530	)		—			(530	)
Net unrealized gain on investment in U.S. Treasury securities available-for-sale											13			13			—			13
Net unrealized loss on investment in U.S. Treasury securities available-for-sale											(7	)		(7	)		—			(7	)
Balance at January 31, 2025		7,463	$	75	$	32,253	$	558		$	465		$	33,351		$	(7,732	)	$	25,619
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

~~NINE~~THREE MONTHS ENDED ~~JULY~~JANUARY 31, ~~2025~~2026 AND ~~2024~~2025

(Unaudited)

	Nine Months Ended
	Three Months Ended
	July 31,
	January 31,
	2025			2024
	2026			2025
	(In Thousands of Dollars)
Operating activities:
Net income	$	~~2,021~~802		$	~~16,068~~501
Adjustments to reconcile net income to net cash provided by operating activities:
Net loss on sale of Maryland properties		—			171
Depreciation		721			723
Depreciation		2,195			2,249
Amortization		232			148
Amortization		431			492
Loss (income) on investment in tenancy-in-common		1			(9	)
Stock based compensation expense		—			1
Deferred rents - straight line rent		9			28
Stock awards granted to directors		140			141
Bad debt expense		4			26
Loss on investment in tenancy-in-common		13			143
Accreted interest on investment in U.S. Treasury securities		(138	)		(257	)
Deferred rents - straight line rent		83			88
Bad debt expense		119			116
Accreted interest on investment in U.S. Treasury securities		(666	)		(595	)
Changes in operating assets and liabilities:
Tenants' security accounts		~~(67~~13	)		(4021	)
Accounts receivable, prepaid expenses and other assets		(~~360~~97	)		(~~191~~122	)
Accounts payable and accrued expenses		~~(16~~33	)		~~1,318~~463
Deferred interest on mortgage		(222	)		—
Deferred revenue		(234	)		39
Deferred revenue		257			21
Net cash provided by operating activities		1,346			1,519
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		(11,356	)		(11,511	)
Purchase of U.S. Treasury securities		(37,414	)		(26,759	)
Proceeds from maturities of U.S. Treasury securities		12,376			13,543
Proceeds from maturities of U.S. Treasury securities		46,861			34,002
Capital improvements - existing properties		(72	)		(299	)
Capital improvements - existing properties		(557	)		(697	)
Deferred leasing costs		(37	)		(12	)
Deferred leasing costs		(46	)		(88	)
Distribution from investment in tenancy-in-common		—			130
Due from Pierre TIC for reimbursement of costs		—			(166	)
Net cash provided by investing activities		911			1,851
Distribution from investment in tenancy-in-common		455			455
Net cash provided by investing activities		9,299			6,576
Financing activities:
Repayment of mortgages		(~~6,894~~463	)		(~~8,819~~494	)
Deferred financing costs		(~~170~~122	)		(~~207~~88	)
Dividends paid		(~~6,419~~747	)		(15,~~117~~224	)
Distributions to noncontrolling interests in subsidiaries		(~~644~~360	)		(~~1,020~~440	)
Net cash used in financing activities		(141,~~127~~692	)		(116,~~163~~246	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(900	)		15,395
Net increase (decrease) in cash, cash equivalents and restricted cash		565			(2,876	)
Cash, cash equivalents and restricted cash, beginning of period		1921,~~223~~528			1819,~~356~~223
Cash, cash equivalents and restricted cash, end of period	$	1822,~~323~~093		$	3316,~~751~~347
Supplemental disclosure of cash flow data:
Interest paid	$	51,~~390~~649		$	51,~~061~~751
Supplemental schedule of non cash activities:
Investing activities:
Accrued capital expenditures, construction costs and pre-development costs	$	6446		$	~~107~~30
Financing activities:
Dividends declared but not paid	$	~~748~~747		$	~~373~~597
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
Cash and cash equivalents	$	1418,~~604~~503		$	2911,~~429~~900
Tenants' security accounts		~~867~~810			~~921~~902
Funds held in post-closing escrow		—			189
Mortgage escrows (included in prepaid expenses and other assets)		2,780			3,545
Mortgage escrows (included in prepaid expenses and other assets)		2,852			3,212
Total cash, cash equivalents and restricted cash	$	22,093		$	16,347
Total cash, cash equivalents and restricted cash	$	18,323		$	33,751

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 ~~nine~~ ~~and~~ three-month ~~periods~~period ended ~~July~~January 31, ~~2025~~2026 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~~2025.

Note 2 – Recently issued accounting standards:

In ~~November~~December 2023, the Financial Accounting Standards Board (“FASB”) issued ~~Accounting Standard Update (“~~ASU”) ~~No.~~ 2023-0709, “~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures” (“ASU 2023-0709”). toASU ~~improve~~2023-09 ~~reportable~~requires ~~segment~~entities ~~disclosure~~to ~~requirements, primarily~~disclose ~~through~~additional ~~enhanced~~information ~~disclosure~~with ~~about~~respect ~~significant~~to ~~segment~~the ~~expenses.~~effective ~~ASU~~tax ~~2023-07~~rate isreconciliation ~~effective~~and ~~for~~to ~~fiscal~~disclose ~~years~~the ~~beginning~~disaggregation ~~after~~by ~~December 15,~~jurisdiction ~~2023,~~of income tax expense and ~~interim~~income ~~periods~~taxes ~~within~~paid. ~~fiscal~~This ~~years~~update is effective for annual periods beginning after December 15, 2024. ~~Early~~The adoption isof ~~permitted.~~this ~~The~~standard ~~Company~~will isonly ~~currently evaluating the~~ impact ~~that~~disclosures ~~the~~and ~~updated standard~~ will have no material impact on ~~its~~the ~~financial~~Company’s ~~statement~~consolidated ~~disclosure~~financial statements.

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~~ On January 15, 2026, FREIT’s Board of Directors (“Board”) declared a dividend of approximately $~~748~~747,000 ($0.10 per share on the common stock of FREIT) infor the ~~third~~first quarter of Fiscal ~~2025~~2026, which ~~will~~was be paid on ~~September~~March 1213, ~~2025~~ 2026 to stockholders of record at the close of business on ~~August~~February 2927, ~~2025~~2026.

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 ~~nine and~~ three months ended ~~July~~January 31, 2026 and 2025, only basic earnings per share is presented since there are no outstanding stock options or other diluted securities. For the nine and three months ended July 31, 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.

Page 11

There were no anti-dilutive shares for the nine and three months ended July 31, 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) an interest rate swap ~~contracts~~contract.

InPage 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 $20,478,000 and $29,259,000, as of July 31, 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 nine months ended July 31, 2025 and 2024, this amounted to approximately $666,000 and $595,000, respectively. Any changes in the value of these securities are recorded as an unrealized gain or loss in other comprehensive income. Upon sale, the realized gain or loss related to these investments is recognized in investment income in the condensed consolidated statements of income. For the nine and three months ended July 31, 2025, FREIT recorded an unrealized gain of approximately $0 and $6,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair value of these available for sale investments in U.S. Treasury securities during such periods. For the nine and three months ended July 31, 2024, FREIT recorded an unrealized loss of approximately $26,000 and $6,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair value of these available for sale investments in U.S. Treasury securities during such periods. The fair values are based on quoted market prices (level 1 in the fair value hierarchy as provided by authoritative guidance).11

In accordance with ~~“Accounting~~ASC ~~Standards Codification~~ Topic ~~815~~320, ~~Derivatives~~“Investments ~~and~~– ~~Hedging~~Debt ~~("ASC 815")~~Securities”, FREIT ~~has~~is ~~been~~ accounting for the ~~FREIT~~investments ~~Regency,~~in ~~LLC (“Regency”)~~U.S. ~~and~~Treasury ~~Station~~securities ~~Place~~classified onas ~~Monmouth~~available ~~(“Station~~for ~~Place”)~~sale ~~interest~~in ~~rate~~the ~~swap~~amount ~~contracts~~of asapproximately ~~cash~~$17,292,000 ~~flow~~and ~~hedges~~$18,174,000, ~~marking these~~as ~~contracts~~of toJanuary ~~market~~31, ~~taking~~2026 ~~into~~and ~~account~~October ~~present~~31, ~~interest~~2025, ~~rates~~respectively, ~~compared~~at tofair ~~the~~value. ~~contracted~~Since ~~fixed~~these ~~rate~~available ~~over~~for ~~the~~sale ~~life~~securities ofare ~~the~~being ~~contract and~~issued ~~recording~~at a discount, the ~~unrealized~~discount ~~gain~~is orbeing ~~loss~~accreted onover the ~~swaps~~term inof ~~comprehensive~~the ~~income~~U.S. OnTreasury ~~December~~securities ~~15,~~and ~~2024,~~recognized ~~the~~as ~~Regency~~investment ~~loan~~income ~~and~~on ~~its~~the ~~corresponding interest~~condensed ~~rate~~consolidated ~~swap~~statements ~~contract~~of ~~matured~~income ~~with~~and noreflected ~~settlement~~as ~~due~~accreted atinterest ~~maturity.~~in ~~(See~~the ~~Note~~condensed 9consolidated ~~for~~statements ~~further~~of ~~details~~cash flows.) For the ~~nine and~~ three months ended ~~July~~January 31, 2026 and 2025, ~~FREIT~~this ~~recorded~~amounted anto ~~unrealized loss of~~ approximately $~~207~~138,000 and ~~unrealized gain of~~ $62257,000, respectively,. Any changes in the ~~condensed~~ ~~consolidated~~value ~~statements~~ of these securities are recorded as an unrealized gain or loss in other comprehensive income. ~~representing~~Upon sale, the ~~change~~realized ingain ~~the~~or ~~fair~~loss ~~value~~related ofto these ~~cash~~investments ~~flow~~is ~~hedges~~recognized ~~during~~in ~~such periods.~~investment ~~For~~income in the ~~nine~~condensed ~~and~~consolidated statements of income. For the three months ended ~~July~~January 31, ~~2024~~2026 and 2025, FREIT recorded an unrealized ~~loss~~gain of approximately $~~700,000~~0 and $~~427~~13,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair value of these ~~cash flow~~available ~~hedges during such periods. As of July 31, 2025, there was an asset of approximately $299,000~~ for ~~the~~sale ~~Station~~investments ~~Place~~in ~~swap~~U.S. AsTreasury ofsecurities ~~October 31,~~during ~~2024,~~such ~~there was an asset of approximately $54,000 for the Regency swap and $452,000 for the Station Place swap~~periods. The fair values are based on ~~observable~~quoted ~~inputs~~market prices (level 21 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. On December 15, 2024, the Regency loan and its corresponding interest rate swap contract matured with no settlement due at maturity. (See Note 7 for further details.) For the three months ended January 31, 2026 and 2025, FREIT recorded an unrealized loss of approximately $30,000 and $42,000, respectively, in the condensed consolidated statements of comprehensive income representing the change in the fair value of these cash flow hedges during such periods. As of January 31, 2026 and October 31, 2025, there was an asset of approximately $180,000 and $210,000, respectively 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~~has ~~acquired~~ a 65% undivided interest in the Pierre Towers property~~, which was formerly owned by S&A~~. ~~While~~ FREIT’s ~~effective~~does ~~ownership~~not ~~percentage in~~have ~~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~~ ~~million and~~ $1716.59 million at ~~July~~both January 31, ~~2025~~2026 and October 31, ~~2024, respectively~~2025. For the ~~nine and~~ three months ended ~~July~~January 31, 2026 and 2025, FREIT recognized a loss on investment in TIC of approximately $131,000 and ~~$36,000, respectively, in the accompanying condensed consolidated statements of~~ income. ~~For the nine and three months ended July 31, 2024, FREIT recognized a loss on investment in TIC~~ of approximately ~~$143,000~~ ~~and~~ $969,000, respectively, in the accompanying condensed consolidated statements of income.

Hekemian & Co., Inc. (“Hekemian & Co.”) manages the Pierre Towers property pursuant to a management agreement between the owners of the TIC and Hekemian & Co. dated as of February 28, 2020, 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~~2027.

The management agreement requires the payment of management fees equal to 5% of rents collected. Management fees, charged to operations, were approximately $~~324~~107,000 and $~~108~~122,000 for the ~~nine and~~ three months ended ~~July~~January 31, ~~2025,~~2026 ~~respectively,~~ and ~~$318~~2025,~~000~~ ~~and $108,000 for the nine and three months ended July 31, 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. ~~Such~~There ~~commissions~~ were ~~charged~~no tosuch ~~operations~~commissions ~~and amounted~~charged to ~~approximately~~operations ~~$62,000~~ for ~~both~~ the ~~nine and~~ three months ended ~~July~~January 31, ~~2025~~2026 and ~~$55,000 for both the nine and three months ended July 31, 2024~~2025.

Page 12

The following table summarizes the balance sheets of the Pierre Towers property as of ~~July~~January 31, ~~2025~~2026 and October 31, ~~2024~~2025, accounted for by the equity method:

	July 31,		October 31,
	January 31,		October 31,
	2025		2024
	2026		2025
	(In Thousands of Dollars)
Real estate, net	$	7271,~~201~~654	$	7271,~~707~~928
Cash and cash equivalents		~~532~~464		~~1,442~~335
Tenants' security accounts		~~548~~593		~~528~~563
Receivables and other assets		~~719~~486		~~556~~575
Total assets	$	7473,~~000~~197	$	7573,~~233~~401
Mortgages payable, net of unamortized debt issuance costs	$	4645,~~473~~870	$	4746,~~362~~173
Accounts payable and accrued expenses		~~570~~581		~~229~~480
Tenants' security deposits		~~547~~590		~~529~~562
Deferred revenue		~~189~~124		~~172~~152
Equity		26,~~221~~032		26,~~941~~034
Total liabilities & equity	$	7473,~~000~~197	$	7573,~~233~~401
FREIT's investment in TIC (65% interest)	$	1716,~~044~~921	$	1716,~~512~~922

The following table summarizes the statements of operations of the Pierre Towers property for the ~~nine and~~ three months ended ~~July~~January 31, ~~2025~~2026 and ~~2024~~2025, accounted for by the equity method:

	Nine Months Ended July 31,						Three Months Ended July 31,
	Three Months Ended January 31,
	2025			2024			2025			2024
	2026			2025
	(In Thousands of Dollars)						~~(In Thousands of Dollars)~~
Revenue	$	62,~~537~~217		$	62,~~416~~177		$	~~2,168~~		$	~~2,173~~
Operating expenses		31,~~770~~248			31,~~685~~237			~~1,292~~			~~1,230~~
Depreciation		~~1,691~~603			~~1,674~~562			~~565~~			~~559~~
Operating income		~~1,076~~366			~~1,057~~378			~~311~~			~~384~~
Interest income		486			5919			12			22
Sinatra expenses due to FREIT		—			(166	)		—			(166	)
Interest expense including amortization of deferred financing costs		(374	)		(383	)
Interest expense including amortization of deferred financing costs		(1,144	)		(1,170	)		(379	)		(388	)
Net (loss) income	$	(2	)	$	14
Net loss	$	(20	)	$	(220	)	$	(56	)	$	(148	)
FREIT's share of (loss) income on investment in TIC (65% interest)	$	(1	)	$	9
FREIT's share of loss on investment in TIC (65% interest)	$	(13	)	$	(143	)	$	(36	)	$	(96	)

Note 6 –- ~~Termination~~Management ofagreement, ~~Purchase~~fees and ~~Sale Agreement~~transactions with related party:

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 nine and three months ended July 31, 2025, respectively, and $881,000 and $369,000 for the nine and three months ended July 31, 2024, respectively. These costs are included in operating expenses on the condensed consolidated statements of income.

The litigation settlement, offset by 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:

● A transaction break-up fee due to the originating third party broker of approximately $605,000 and a four-year litigation management fee of $750,000 due to Hekemian & Co., Inc.

Page 13

● Reimbursement of costs in connection with this transaction of $166,000 due to FREIT from the Pierre TIC.

● Approximately $2.6 million of the litigation settlement, net of fees, comprising $4.5 million of the gross 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 among the selling companies. Of the net amount, approximately $1 million was FREIT’s share based on its 40% ownership of Westwood Hills, LLC.

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, 2027. 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 $1345,~~036,~~000 and $1368,~~011,~~000 ~~for~~ ~~the nine months ended July 31, 2025 and 2024, respectively, and $358,000 and $344,000~~ for the three months ended ~~July~~January 31, ~~2025~~2026 and ~~2024~~ 2025, respectively. In addition, the Management Agreement provides for the payment to Hekemian & Co. of leasing commissions, as well as the reimbursement of certain operating expenses, such as payroll and insurance costs, incurred on behalf of FREIT. Such commissions and reimbursements amounted to approximately $~~312~~130,000 and $~~449~~93,000 for the ~~nine~~three months ended ~~July~~January 31, ~~2025~~2026 and ~~2024, respectively, and $110,000 and $133,000 for the three months ended July 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 $~~181~~34,000 and $~~177~~9,000 for the ~~nine months ended July 31, 2025 and 2024, respectively, and $168,000 and $117,000 for the~~ three months ended ~~July~~January 31, ~~2025~~2026 and ~~2024~~2025, 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 $60,000 and $89,000, for the nine months ended July 31, 2025 and 2024, respectively, and $25,000 and $0, for the three months ended July 31, 2025 and 2024, respectively. Fees incurred during Fiscal 2025 related to commissions to Hekemian & Co. for the following: $35,000 for the modification and extension of the loan on the Regency property; and $25,000 for the extension of the loan on the Westwood Plaza 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

Page 1413

~~from~~ ~~the~~negotiated ~~post-closing~~between ~~rent~~Hekemian ~~escrow~~& ~~for~~Co. ~~the~~and ~~sale~~FREIT ofwith ~~the~~respect ~~Rotunda~~to ~~Property~~such additional services. ~~The~~Such ~~commissions~~fees incurred for the ~~renewal~~three ofmonths ~~FREIT’s line~~ended ofJanuary ~~credit~~31, ~~and~~2026 ~~the modification~~ and ~~extension~~2025 ~~of the loans~~ were ~~accounted~~approximately ~~for~~$0 ~~as a deferred mortgage cost~~ and ~~included~~$35,000, inrespectively. ~~the~~Fees ~~unamortized debt~~incurred ~~issuance~~during ~~costs in~~ the ~~accompanying~~three ~~condensed~~months ~~consolidated~~ended ~~balance~~January ~~sheets as of July~~ 31, 2025 ~~and~~related ~~October~~to ~~31,~~a ~~2024. The~~ commission ~~related~~ to ~~the~~Hekemian ~~sale~~& ofCo. for the ~~Rotunda~~modification ~~Property~~and ~~was~~extension ~~charged~~of ~~against~~ the ~~gain~~loan on ~~sale~~the ofRegency ~~the~~which ~~Maryland~~was ~~Properties~~included ~~(See~~in ~~Note~~the 7)unamortized debt issuance costs in the accompanying condensed consolidated ~~statement~~balance ofsheets ~~income~~as ~~for~~of ~~the~~January ~~nine~~31, ~~months~~2026 ~~ended~~and ~~July~~October 31, ~~2024~~2025.

In ~~connection~~Robert ~~with~~S. ~~the~~Hekemian, ~~litigation~~Jr., ~~settlement~~Chief ~~received in~~Executive ~~the~~Officer, ~~third~~President ~~quarter~~and ofa ~~Fiscal~~Director ~~2024,~~of FREIT’s, ~~Board~~is ofthe ~~Directors~~Chief ~~approved~~Executive ~~payment~~Officer of aHekemian ~~litigation~~& ~~management~~Co. ~~fee~~David inB. ~~the~~Hekemian, ~~amount~~a Director of ~~$750~~ FREIT,~~000~~ tois the President of Hekemian & Co. ~~for~~Allan ~~its~~Tubin, ~~work~~Chief ~~performed~~Financial ~~related~~Officer toand ~~this~~Treasurer ~~litigation~~of ~~over~~FREIT, is the ~~past~~Chief ~~four~~Financial ~~years.~~Officer ~~Additionally,~~of ~~approximately $2.6~~Hekemian ~~million,~~& ~~comprising $4~~Co.5 ~~million~~Director offee ~~the~~expense ~~settlement~~and/or ~~income~~executive ~~less~~compensation ~~litigation~~incurred ~~and~~by ~~certain~~FREIT ~~transaction~~for ~~expenses~~the ~~totaling~~three ~~approximately $1.9~~months ~~million,~~ended ~~was~~January ~~allocated~~31, to2026 ~~Westwood~~and ~~Hills,~~2025 ~~LLC.~~was ~~This~~approximately ~~allocation~~$165,000 ~~was~~and ~~based~~$165,000, onrespectively, ~~the~~for ~~pro-rata~~Robert ~~share~~S. ofHekemian, ~~the~~Jr., ~~contracted~~$11,000 ~~sales~~and ~~prices~~$11,000, ~~between the~~respectively, ~~companies.~~for OfAllan ~~the~~Tubin ~~net~~and ~~amount~~$15,000 ~~approximately~~and $115,000, ~~million~~respectively, isfor ~~FREIT’s~~David ~~share~~B. ~~based~~Hekemian. onSuch ~~its~~costs ~~40%~~are ~~ownership~~included ofwithin ~~Westwood~~operating ~~Hills,~~expenses ~~LLC.~~on ~~See Note~~the 6accompanying ~~for~~condensed ~~additional~~consolidated ~~details~~statements of income.

~~Robert~~Note S.7 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~~Mortgages ~~Note~~payable ~~12 for additional details) incurred by FREIT for the nine months ended July 31, 2025~~ and ~~2024~~line 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.~~credit:

~~Note~~The 9following –table ~~Mortgages~~is a summary of mortgages payable as of January 31, 2026 and ~~line~~October of31, ~~credit~~2025:

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

		Interest Rate at		Mortgages Payable as of
Mortgages Secured By:	Maturity	January 31, 2026		January 31, 2026			October 31, 2025
				(In Thousands of Dollars)
Steuben Arms - River Edge, NJ	5/31/2027		6.75%	$	8,691		$	8,715
Berdan Court - Wayne, NJ	9/1/2029		3.54%		28,054			28,190
Westwood Hills - Westwood, NJ	9/1/2026		6.05%		24,717			24,803
Regency Club - Middletown, NY (A)	12/15/2027		6.05%		13,712			13,754
Station Place - Red Bank, NJ	12/15/2027		4.35%		10,966			11,030
Westwood Plaza - Westwood, NJ (B)	5/1/2026		8.50%		9,697			9,808
Preakness S/C - Wayne, NJ (C)	5/1/2026		5.00%		25,000			25,000
Total fixed rate mortgages payable					120,837			121,300
Total unamortized debt issuance costs					(426	)		(516	)
Total mortgages payable, net				$	120,411		$	120,784

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

(A)

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.

(AB) On ~~December~~October 131, 2023, ~~the~~FREIT ~~mortgage~~exercised ~~secured~~its byright, anpursuant ~~apartment~~to ~~building~~the ~~located~~loan inagreement ~~River~~held ~~Edge,~~with ~~New~~Valley ~~Jersey~~National ~~came due. Provident~~ Bank, ~~extended~~to extend the ~~initial~~term ~~maturity date~~ of ~~this~~its loan ~~for~~with a ~~90-day~~then ~~period~~outstanding ~~with~~balance aof ~~maturity~~approximately ~~date~~$16.6 ofmillion ~~March~~and 1,secured ~~2024~~by ~~and~~the ~~further~~Westwood ~~extended~~Plaza ~~this~~shopping ~~loan~~center located in Westwood, New Jersey for ~~another~~one ~~60-day~~additional ~~period~~year ~~with~~from aan initial maturity date of ~~June~~February 1, 2024, ~~based~~to ona ~~the~~new ~~same~~maturity ~~terms~~date ~~and conditions~~ of ~~the~~February ~~existing~~1, ~~loan agreement~~2025. OnThis ~~May~~loan 1,extension ~~2024,~~was ~~FREIT~~based ~~entered~~on ~~into~~ a ~~loan~~fixed ~~extension~~interest ~~and~~rate ~~modification~~of ~~agreement~~8.5% ~~with~~and ~~Provident~~was ~~Bank,~~payable ~~effective~~based ~~June~~on 1,monthly ~~2024,~~installments ~~with~~of aprincipal ~~then~~and ~~outstanding~~interest ~~loan balance~~ of approximately $8166,727.9 ~~million.~~Additionally, ~~Under~~FREIT funded the ~~terms~~interest ~~and~~reserve ~~conditions~~escrow ofaccount for this loan ~~extension~~(“Escrow”) ~~and~~with ~~modification~~an additional $112,556, increasing the ~~maturity~~Escrow ~~date~~balance ofto ~~this~~$2,000,722, ~~loan~~which isrepresented ~~extended~~the annualized principal and interest payments for ~~three~~one ~~years~~(1) toyear ~~May~~under 31this loan extension. Effective February 1, ~~2027~~2025, ~~the~~Valley ~~interest~~National ~~rate~~Bank onextended ~~the~~this ~~outstanding~~loan ~~debt~~for is90 ~~based~~days onfrom a ~~fixed~~maturity ~~interest~~date ~~rate~~ of ~~6.75%~~February ~~and~~1, ~~monthly~~2025 ~~installments~~to a maturity date of ~~principal~~May 1, 2025 under the same terms and ~~interest~~conditions of ~~approximately~~the ~~$58,016~~existing ~~are~~loan ~~required~~agreement.

(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

Page 15

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.

(DC) On August 1, 2025, the mortgage secured by the Preakness Shopping ~~Center~~center located in Wayne, New Jersey, ~~came~~reached ~~due~~its maturity date. Wayne PSC, LLC iscontinues ~~working~~to work 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~~Page 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.14

and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through May 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

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 January 31, 2026 and October 31, 2025, 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			$	7,198
2026		$	60,618	(a)
	2026				60,770	(a)
2027			9,655
	2027				9,655
2028			24,521
	2028				24,521
2029			26,506
	2029				26,505
2030			—

(a) Includes the following:

(a1) The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025 and was further extended. Wayne PSC, LLC iscontinues ~~working~~to work with the current lender ~~of this loan~~, ConnectOne Bank, on a potential modification and extension of ~~this~~the loan. ~~for~~ConnectOne ~~five~~Bank ~~(5)~~has ~~years~~issued ~~with~~several aextensions ~~potential~~of ~~pay~~the ~~down~~loan’s ofmaturity ~~approximately~~date, $5with ~~million.~~the ~~While~~most ~~the~~recent ~~bank~~extension isthrough ~~completing~~May ~~its~~1, ~~due~~2026, ~~diligence~~while ~~around~~discussions ~~this~~are ~~modification~~ongoing. ~~and~~Each extension, ~~the bank~~ has ~~extended~~been ~~this~~made ~~loan~~under ~~for~~the asame ~~90-day~~terms ~~period~~and ~~from~~conditions ~~a maturity date~~ of ~~August~~the 1,existing ~~2025~~loan toagreement. aWayne ~~maturity~~PSC, ~~date~~LLC ofcontinues ~~November~~to 1,evaluate ~~2025~~all ~~under~~options ~~the~~for ~~same~~refinancing ~~terms~~or ~~and~~replacing ~~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 or replacement of this loan is entered into, there can be no assurance ~~this~~that ~~loan~~such an agreement will be ~~modified and extended~~reached.

~~Page~~(2) 16 The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $9.6 million which has a maturity date of May 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

(3)

The loan on the Westwood Hills property located in Westwood, New Jersey, in the amount of approximately $24.5 million which has a maturity date of September 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.

Page 15

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 ~~July~~January 31, ~~2025~~2026 and October 31, ~~2024~~2025:

($ in Millions)	~~July~~January 31, ~~2025~~2026	October 31, ~~2024~~2025
Fair Value	$~~118~~117.28	$~~124~~118.74
Carrying Value, Net	$~~121~~120.24	$~~128~~120.18

Fair values are estimated based on market interest rates at ~~July~~January 31, ~~2025~~2026 and October 31, ~~2024~~2025 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 108 - 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.

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~~2025. 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 ~~nine and~~ three months ended ~~July~~January 31, ~~2025~~2026 and ~~2024~~2025. Asset information is not reported since FREIT does not use this measure to assess performance.

	Nine Months Ended						Three Months Ended
	July 31,						July 31,
	2025			2024			2025			2024
	(In Thousands of Dollars)						(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	5,585		$	5,921		$	1,805		$	1,857
Residential		16,269			15,588			5,466			5,320
Total real estate rental revenue		21,854			21,509			7,271			7,177
Real estate operating expenses:
Commercial		3,923			3,694			1,273			1,101
Residential		6,880			6,674			2,329			2,219
Total real estate operating expenses		10,803			10,368			3,602			3,320
Net operating income:
Commercial		1,662			2,227			532			756
Residential		9,389			8,914			3,137			3,101
Total net operating income	$	11,051		$	11,141		$	3,669		$	3,857
Recurring capital improvements - residential	$	(357	)	$	(483	)	$	(154	)	$	(218	)
Reconciliation to condensed consolidated net income attributable to common equity:
Segment NOI	$	11,051		$	11,141		$	3,669		$	3,857
Deferred rents - straight lining		(83	)		(88	)		(27	)		(30	)
Investment income		1,053			1,082			303			396
General and administrative expenses		(2,260	)		(3,752	)		(624	)		(929	)
Loss on investment in tenancy-in-common		(13	)		(143	)		(36	)		(96	)
Depreciation		(2,195	)		(2,249	)		(738	)		(735	)
Litigation settlement, net of fees		—			15,711			—			15,711
Net loss on sale of Maryland properties		—			(171	)		—			—
Financing costs		(5,532	)		(5,463	)		(1,808	)		(1,839	)
Net income		2,021			16,068			739			16,335
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 16

Page 17

	Three Months Ended
	January 31,
	2026			2025
	(In Thousands of Dollars)
Real estate rental revenue:
Commercial	$	1,958		$	1,934
Residential		5,555			5,363
Total real estate rental revenue		7,513			7,297

Real estate operating expenses:
Commercial		1,349			1,367
Residential		2,341			2,369
Total real estate operating expenses		3,690			3,736

Net operating income:
Commercial		609			567
Residential		3,214			2,994
Total net operating income	$	3,823		$	3,561


Recurring capital improvements - residential	$	(62	)	$	(77	)


Reconciliation to condensed consolidated net income attributable to common equity:
Segment NOI	$	3,823		$	3,561
Deferred rents - straight lining		(9	)		(28	)
Investment income		284			400
General and administrative expenses		(713	)		(845	)
(Loss) income on investment in tenancy-in-common		(1	)		9
Depreciation		(721	)		(723	)
Financing costs		(1,861	)		(1,873	)
Net income		802			501
Net loss attributable to noncontrolling interests in subsidiaries		141			113
Net income attributable to common equity	$	943		$	614

Note 119 – 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~~2026. For the fiscal year ended October 31, ~~2024~~2025, 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 ~~nine and~~ three months ended ~~July~~January 31, ~~2025~~2026 and ~~2024~~2025.

As of ~~July~~January 31, ~~2025~~2026, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2022 remain open to examination by the major taxing jurisdictions.

Note 1210 – 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.

On March 2212, ~~2024~~2026, 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~~2026, 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 March 2212, ~~2024~~2026 of $1612.2562 per Share, the Board approved an award of 1,~~230~~584 Shares of FREIT to each director serving on FREIT’s Board. As such, 1,~~230~~584 Shares were issued to each director on March 2212, ~~2024~~2026 and upon issuance were deemed fully paid and non-assessable.

As of ~~July~~January 31, ~~2025~~2026, 419,709 shares are available for issuance under the Plan.

AsPage of July 31, 2025, all options have been fully vested and exercised with no remaining compensation cost to be recognized. For the nine months ended July 31, 2025 and 2024, compensation expense related to stock options vested amounted to approximately $0 and $1,000, respectively. For the three months ended July 31, 2025 and 2024, there was no compensation expense related to stock options vested.17

~~The~~Note ~~following~~11 ~~table~~– ~~summarizes~~Rental ~~stock option activity for the nine and three months ended July 31, 2024~~Income:

	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 ~~July~~January 31, ~~2025~~2026, is as follows:

Year Ending October 31,	Amount
2025	$	4,982
2026	$	5,334
2026		5,136
2027		4,435
2027		4,071
2028		3,307
2028		2,984
2029		3,019
2029		2,759
2030		2,837
Thereafter		53,~~359~~653
Total	$	2522,~~291~~585

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 ~~nine~~ ~~and~~ three months ended ~~July~~January 31, ~~2025~~2026 and ~~2024~~2025 were not material.

Residential tenants:

Lease terms for residential tenants are ~~usually~~ generally for one to two years in term.

Page 1918

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~~2025, 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: The U.S. unemployment and inflation rates ~~have~~eased ~~increased~~in ~~slightly~~early ~~from 4~~2026.1% ~~and~~The ~~2.6%,~~unemployment ~~respectively,~~rate indeclined ~~October 2024~~ to 4.23% ~~and~~in ~~2.7%~~January 2026, ~~respectively,~~ indown ~~July~~from ~~2025~~roughly 4.4% ~~While~~late ~~mortgage~~in ~~rates~~2025, ~~continue~~while toCPI ~~remain~~inflation atslowed anfrom ~~elevated~~3.0% ~~level,~~in ~~they~~October ~~are~~2025 ~~not~~to at2.4% ~~the~~in ~~peak~~January ~~levels~~2026. ~~seen~~Mortgage ~~earlier this~~rates on 30-year. ~~After~~fixed ~~previously~~rate loans, ~~having~~though ~~lowered~~still ~~interest~~elevated ~~rates~~compared byto apre-2022 ~~total~~norms, ofhave 1%eased ininto the ~~latter~~low ~~half~~6% ofrange, ~~2024~~offering ~~from~~slightly aimproved ~~previous~~affordability. ~~interest~~The broader ~~rate~~economy ~~of 5.5%,~~showed ~~which~~resilience ~~was~~over the ~~highest rate level since 2001~~summer, ~~the~~with ~~Federal~~real ~~Reserve~~GDP ~~has~~growth ~~continued~~reaching toan ~~hold~~annualized ~~the interest rate steady at~~ 4.54%. ~~The~~in ~~somewhat elevated~~the ~~inflation~~third ~~rate~~quarter of 2025, which is ~~above~~ the ~~Federal~~fastest ~~Reserve’s~~pace 2%in ~~target,~~two ~~coupled~~years. ~~with~~However, ~~uncertainty~~growth ~~around~~slowed ~~the~~to ~~tariffs~~1.4% ~~and~~in the ~~potential impact~~fourth onquarter ~~economic~~of ~~growth~~2025, ~~and~~reflecting ~~inflation~~softer ~~has~~consumer ~~resulted~~spending, a pullback in ~~the~~government ~~Federal~~outlays ~~Reserve~~tied ~~not~~to ~~adjusting~~the ~~its~~Fall ~~interest~~shutdown ~~rates~~and a decline in ~~2025~~exports. ~~However,~~Given the ~~Federal Reserve~~economic isenvironment, ~~signaling~~the itFederal ~~may~~Reserve held bethe ~~ready~~federal tofunds ~~lower~~rate ~~interest~~at ~~rates~~3.50%–3.75% inat ~~the~~its ~~latter~~January ~~part~~2026 ofmeeting, ~~this~~marking ~~year~~a ~~but~~pause ~~the~~after ~~pace~~three ~~and~~consecutive ~~magnitude~~cuts ofin ~~these~~late ~~future~~2025. ~~cuts~~Uncertainty ~~are~~surrounding ~~still~~tariffs ~~unclear,~~and astheir ~~they~~broader ~~continue~~economic toimpact ~~balance~~remains ~~inflation~~a ~~concerns~~notable ~~against potential labor market downturns~~risk.

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~~remain togenerally ~~increase~~ stable across ~~most~~much of the portfolio, ~~the~~we ~~rates~~are ofseeing ~~these~~a ~~increases~~modest ~~has~~but ~~indicated a~~noticeable ~~slight~~easing ~~softening~~in ofmarket ~~the~~strength ~~market.~~compared ~~These~~to ~~increases~~prior quarters. The stability 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 maintain higher occupancies and ~~stronger~~strong net operating incomes, the vacancy rates at the Westwood Plaza and 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 somewhat 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.

Page 2019

On ~~December~~October 1531, ~~2024~~2023, ~~the~~FREIT ~~mortgage~~exercised ~~secured~~its byright, anpursuant ~~apartment~~to ~~building~~the ~~located~~loan inagreement ~~Middletown,~~held ~~New~~with ~~York~~Valley ~~and~~National Bank, to extend the ~~corresponding~~term ~~interest~~of ~~rate~~its ~~swap~~loan ~~contract~~secured onby ~~its~~the ~~underlying~~Westwood ~~loan~~Plaza ~~came~~shopping ~~due~~center located in Westwood, New Jersey, with noa ~~settlement~~then outstanding balance of ~~the~~approximately ~~swap~~$16.6 ~~contract~~million, ~~due~~for atone additional year from an initial maturity. ~~Effective~~date ~~December~~of 15February 1, 2024, ~~FREIT~~to ~~Regency,~~a ~~LLC~~new ~~entered~~maturity ~~into~~date aof February 1, 2025. This loan extension ~~and~~ ~~modification~~was ~~agreement~~based ~~with~~on ~~the~~a ~~lender~~fixed interest rate of 8.5% ~~this~~and ~~loan,~~was ~~Provident~~payable ~~Bank,~~based ~~with~~on amonthly ~~then~~installments ~~outstanding~~of ~~loan~~principal ~~balance~~and interest of approximately $13166,727.9 ~~million. Under~~Additionally, FREIT funded the interest ~~terms~~reserve ~~and~~escrow ~~conditions~~account offor this loan ~~extension~~(“Escrow”) ~~and~~with ~~modification~~an additional $112,556, increasing the ~~maturity~~Escrow ~~date~~balance ofto ~~this~~$2,000,722, which ~~loan~~represented isthe ~~extended~~annualized principal and interest payments for ~~three~~one ~~years~~(1) ~~to December~~year 15under this loan extension. Effective February 1, ~~2027~~2025, Valley ~~the~~National ~~interest~~Bank ~~rate~~extended onthis ~~the~~loan ~~outstanding~~for ~~debt~~90 isdays ~~based~~from on a ~~fixed~~maturity ~~interest~~date ~~rate~~ of ~~6.05%~~February ~~and~~1, ~~monthly~~2025 ~~installments~~to ofa ~~principal and~~maturity ~~interest~~date of ~~approximately~~May ~~$84~~1,~~521~~ ~~are~~2025 ~~required.~~under ~~(See~~the same ~~Note~~terms 9and toconditions ~~FREIT’s~~of ~~condensed~~the ~~consolidated~~existing ~~financial~~loan ~~statements for further details~~agreement.)

OnEffective ~~December~~May 1, ~~2023~~2025, ~~the~~FREIT ~~mortgage~~entered ~~secured~~into bya anloan ~~apartment~~extension ~~building~~and ~~located~~modification inagreement ~~River~~with ~~Edge,~~Valley ~~New~~National ~~Jersey~~Bank ~~came~~and ~~due.~~paid ~~Provident~~down ~~Bank~~this ~~extended~~loan ~~the~~by ~~initial~~approximately ~~maturity~~$5.7 ~~date~~million (including deferred interest of ~~this~~approximately ~~loan~~$0.2 ~~for~~million) abringing ~~90-day period~~the ~~with~~loan abalance ~~maturity~~to ~~date~~$10 ofmillion. ~~March~~Under 1,the ~~2024~~terms and ~~further~~conditions ~~extended~~of this loan ~~for~~extension and ~~another~~modification, ~~60-day~~the ~~period with a~~ maturity date of ~~June~~this loan is extended for one year to May 1, ~~2024~~ 2026, ~~based~~the interest rate on the ~~same~~outstanding ~~terms~~debt ~~and~~is based ~~conditions~~on ofa ~~the~~fixed ~~existing~~interest ~~loan~~rate ~~agreement~~of 8.5% Onand ~~May~~monthly 1,installments ~~2024,~~of ~~FREIT~~principal ~~entered~~and ~~into~~interest aof ~~loan~~approximately ~~extension~~$107,978 ~~and~~are ~~modification~~required. The ~~agreement~~pay ~~with~~down ~~Provident~~of ~~Bank,~~this ~~effective~~loan ~~June~~has 1,resulted ~~2024,~~in ~~with~~annual adebt ~~then~~service ~~outstanding~~savings ~~loan balance~~ of approximately $8705,000.9 ~~million.~~Additionally, ~~Under~~ the ~~terms and~~Escrow ~~conditions~~balance ofwas ~~this~~reduced from ~~loan~~$2,000,722 ~~extension~~to ~~and modification~~$1,295,739 ~~the~~resulting ~~maturity~~in ~~date~~a refund to FREIT of ~~this~~$704,983. ~~loan~~This Escrow is ~~extended~~held ~~for~~at ~~three~~Valley ~~years~~National toBank ~~May~~and ~~31,~~in ~~2027,~~ the event ~~interest~~of ~~rate~~a default on ~~the~~this ~~outstanding~~loan, ~~debt~~the isbank ~~based~~shall onbe apermitted ~~fixed~~to ~~interest~~use ~~rate~~the ofproceeds ~~6.75%~~from ~~and~~the ~~monthly~~Escrow ~~installments~~to ofmake ~~principal~~monthly ~~and~~debt ~~interest~~service ~~of approximately~~payments ~~$58,016~~on ~~are required~~the loan. (See Note 97 to FREIT’s condensed consolidated financial statements for further details.)

On ~~October~~December 3115, ~~2023~~2024, ~~FREIT exercised its right, pursuant to~~ the ~~loan~~mortgage ~~agreement, to extend the term of its loan~~ secured by an ~~the~~apartment ~~Westwood~~building ~~Plaza shopping center~~ located in ~~Westwood~~Middletown, New ~~Jersey~~ ~~for~~York ~~one~~and ~~additional~~the ~~year~~corresponding ~~from~~interest anrate ~~initial~~swap ~~maturity~~contract ~~date~~on ofits ~~February~~underlying 1,loan ~~2024~~came todue with ano ~~new~~settlement ~~maturity date~~ of ~~February~~the 1,swap ~~2025.~~contract ~~This~~due ~~loan extension~~at ofmaturity. ~~its~~Effective ~~outstanding~~December ~~balance~~15, as2024, ofFREIT ~~February 1~~Regency, ~~2024~~LLC ofentered ~~approximately~~into ~~$16,458,000~~a ~~was~~loan ~~based~~extension and onmodification aagreement ~~fixed~~with ~~interest~~the ~~rate~~lender of ~~8.5%~~this ~~and was~~loan, ~~payable~~Provident ~~based~~Bank, onwith ~~monthly~~a ~~installments~~then ofoutstanding ~~principal~~loan ~~and~~balance ~~interest~~ of approximately $~~166,727~~13.9 ~~Additionally,~~million. Under ~~FREIT funded~~ the ~~interest reserve~~terms ~~escrow~~and ~~account~~conditions ~~for~~of this loan ~~(“Escrow”)~~extension ~~with~~and ~~an additional $112~~modification,~~556~~ ~~increasing~~ the ~~Escrow~~maturity ~~balance~~date toof ~~$2,000,722,~~this ~~which represented~~loan ~~the~~is ~~annualized~~extended ~~principal and interest payments~~ for ~~one~~three ~~(1)~~years ~~year~~to December ~~under this loan extension. Effective February 1~~15, ~~2025~~2027, ~~Valley National~~the ~~Bank~~interest ~~extended~~rate ~~this~~on ~~loan~~the ~~for~~outstanding 90debt ~~days~~is ~~from~~based on a ~~maturity~~fixed ~~date~~interest rate of ~~February~~6.05% 1,and ~~2025~~monthly toinstallments aof ~~maturity~~principal and ~~date~~interest of ~~May~~approximately 1$84,521 ~~2025~~are ~~under~~required. ~~the~~(See ~~same terms~~Note ~~and~~7 ~~conditions~~to ofFREIT’s ~~the~~condensed ~~existing~~consolidated ~~loan~~financial ~~agreement~~statements for further details.)

~~Effective~~On ~~May~~August 1, 2025, ~~FREIT~~the ~~entered~~mortgage ~~into~~in athe ~~loan~~amount ~~extension~~of ~~and~~$25,000,000, ~~modification~~secured ~~agreement~~by ~~with~~the ~~Valley~~Preakness ~~National~~shopping ~~Bank~~center ~~and~~located ~~paid~~in ~~down~~Wayne, ~~this~~New ~~loan~~Jersey, byreached ~~approximately~~its $5maturity date.7 ~~million~~Wayne ~~(including~~PSC, ~~deferred~~LLC continues ~~interest~~to ofwork ~~approximately~~with ~~$0.2 million) bringing~~ the ~~loan~~current ~~balance~~lender, toConnectOne ~~$10~~Bank, ~~million.~~on ~~Under~~a ~~the~~potential ~~terms~~modification and ~~conditions~~extension of ~~this~~the loan. ~~extension and~~ConnectOne ~~modification,~~Bank ~~the~~has ~~maturity~~issued ~~date~~several extensions of ~~this~~the loan’s ismaturity ~~extended~~date, ~~for~~with ~~one~~the ~~year~~most torecent extension through May 1, 2026, ~~the~~while ~~interest~~discussions ~~rate~~are onongoing. ~~the outstanding debt is~~Each ~~based~~extension onhas abeen ~~fixed~~made ~~interest~~under ~~rate~~the ofsame ~~8.5%~~terms and ~~monthly~~conditions ~~installments~~ of ~~principal~~the ~~and~~existing ~~interest~~loan ofagreement. ~~approximately~~Wayne ~~$107~~PSC,~~978~~ ~~are~~LLC ~~required.~~continues ~~The pay~~to ~~down~~evaluate ofall ~~this~~options for ~~loan~~refinancing ~~will~~or ~~result~~replacing inthe ~~annual~~loan. ~~debt~~Management ~~service~~expects ~~savings~~this ofloan ~~approximately~~to ~~$705,000.~~be ~~Additionally~~further extended, ~~the Escrow balance was reduced from $2~~however,~~000,722~~ tountil ~~$1,295,739~~such ~~resulting~~time inas a ~~refund~~definitive toagreement providing ~~FREIT~~for ofa ~~$704~~modification,~~983.~~ ~~This~~extension ~~Escrow~~or isreplacement ~~held at Valley National Bank and in the event~~ of athis ~~default~~loan onis ~~this~~entered ~~loan~~into, ~~the~~there ~~bank~~can ~~shall~~ be ~~permitted~~no toassurance ~~use~~that ~~the~~such ~~proceeds~~an ~~from~~agreement will ~~the~~be ~~Escrow to make monthly debt service payments on the loan~~reached. (See Note 97 to FREIT’s condensed consolidated financial statements for further details.)

OnFREIT’s ~~August~~revolving 1,line ~~2025,~~of ~~the~~credit ~~mortgage in the amount~~provided ofby ~~$25~~Provident ~~million,~~Bank ~~secured~~was byrenewed ~~the~~for ~~Preakness~~a ~~Shopping~~three-year ~~Center~~term ~~located~~ending inon ~~Wayne,~~October ~~New Jersey~~31, ~~came due~~2026. ~~Wayne~~Draws ~~PSC,~~against ~~LLC is working with~~ the ~~current lender~~credit ofline ~~this~~can ~~loan,~~be ~~ConnectOne~~used ~~Bank,~~for onworking capital aneeds ~~modification~~ and ~~extension~~standby ofletters ~~this loan for five (5) years with a potential pay down~~ of ~~approximately $5 million~~credit. ~~While~~Draws against the ~~bank~~credit isline ~~completing~~are ~~its~~secured ~~due~~by ~~diligence,~~mortgages ~~the~~on ~~bank~~FREIT’s ~~has~~Franklin ~~extended~~Crossing shopping ~~this~~center ~~loan~~in ~~for~~Franklin aLakes, ~~90-day~~New ~~period~~Jersey ~~from~~and aretail ~~maturity~~space ~~date~~in ~~of August~~Glen 1Rock, ~~2025~~New toJersey. aThe ~~maturity~~total ~~date~~line of ~~November~~credit 1,is ~~2025~~$13 ~~under~~million ~~the same terms~~ and ~~conditions of~~ the interest ~~existing~~rate ~~loan~~on ~~agreement.~~the ~~Management~~amount ~~expects this~~outstanding ~~loan~~is tobased beon ~~further~~a ~~extended,~~floating ~~however,~~interest ~~until~~rate ~~such~~of ~~time~~prime asminus a25 ~~definitive~~basis ~~agreement~~points ~~providing~~with ~~for~~ a ~~modification~~floor ~~and~~of ~~extension~~6.75%. As of ~~this loan~~January ~~is entered into~~31, ~~there~~2026 ~~can~~and beOctober no31, ~~assurance~~2025, ~~this~~there ~~loan~~was ~~will~~no beamount ~~modified~~outstanding and ~~extended.~~$13 ~~(See~~million ~~Note~~was 9available tounder ~~FREIT’s~~the ~~condensed~~line ~~consolidated financial~~of ~~statements for further details~~credit.)

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.

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 2120

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~~2025, have been applied consistently as of ~~July~~January 31, ~~2025~~2026, and for the ~~nine and~~ three months ended ~~July~~January 31, ~~2025~~2026 and ~~2024~~2025. 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 2221

RESULTS OF OPERATIONS

Real estate revenue for the ~~nine~~three months ended ~~July~~January 31, ~~2025~~2026 (“Current Nine Months”) increased 1.6% to $21,771,000 compared to $21,421,000 for the nine months ended July 31, 2024 (“Prior Year’s Nine Months”). Real estate revenue for the three months ended July 31, 2025 (“Current Quarter”) increased 13.42% to $7,~~244~~504,000 compared to $7,~~147~~269,000 for the three months ended ~~July~~ January 31, ~~2024~~2025 (“Prior Year’s Quarter”).

The increase in revenue of approximately $~~350~~235,000 for the Current ~~Nine~~Quarter ~~Months~~ was primarily attributable to ~~an increase from~~ the residential segment ~~of approximately $700,000~~ driven ~~primarily~~ by an ~~increase~~higher in base rents across ~~most~~all properties while the average occupancy ~~increased~~decreased ~~slightly~~ from 96.28% in the Prior Year’s ~~Nine Months~~Quarter to 9695.9% in the Current Nine Months offset by a decrease from the commercial segment of approximately $350,000. The decline in the commercial segment was primarily driven by the following: (a) a decline in revenue at the Preakness and Westwood Plaza shopping centers of approximately $300,000 and $150,000, respectively, attributed to a decline in the average occupancy from 45.9% and 35.5%, ~~respectively,~~ in the ~~Prior Year’s Nine Months to 43.8% and 29.8%, respectively, in the~~ Current Nine Months; offset by (b) an increase in revenue at the Franklin Crossing shopping center of approximately $100,000 primarily attributed to an increase in revenue from common area maintenance costs due to an increase in the reimbursable costs in the Current Nine Months while the average occupancy declined slightly from 97Quarter.~~2% in the Prior Year’s Nine Months to 96.9% in the Current Nine Months.~~

The ~~increase~~schedule inbelow ~~revenue~~provides ~~of approximately $100,000 for the Current Quarter was attributable to the following: (~~a) andetailed ~~increase from the residential segment of approximately $150,000 primarily~~analysis driven by an increase in 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 $50,000. The decline in~~ the ~~commercial~~major ~~segment~~changes ~~was~~that ~~primarily~~impacted ~~driven~~net byincome-common ~~the~~equity ~~following:~~for ~~(a) a decline in revenue at~~ the ~~Preakness~~three ~~shopping~~months ~~center~~ended ofJanuary ~~approximately $150~~31,~~000~~ ~~attributed~~2026 toand 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.:

Net income attributable to common equity (“net income-common equity”) for the Current Nine Months and Current Quarter was $2,387,000 ($0.32 per share basic and diluted) and $879,000 ($0.12 per share basic and diluted), compared to $14,812,000 ($1.99 per share basic and diluted) and $14,791,000 ($1.98 per share basic and diluted), for the Prior Year’s comparable periods.

	Three Months Ended
	January 31,
	2026			2025			Change
	(In Thousands of Dollars)
Income from real estate operations:
Commercial properties	$	600		$	539		$	61
Residential properties		3,214			2,994			220
Total income from real estate operations		3,814			3,533			281

Financing costs:
Fixed rate mortgages		(1,649	)		(1,751	)		102
Mortgage cost amortization		(212	)		(122	)		(90	)
Total financing costs		(1,861	)		(1,873	)		12

Investment income		284			400			(116	)

General & administrative expenses:
Accounting fees		(105	)		(118	)		13
Legal and professional fees		(71	)		(247	)		176
Directors fees		(297	)		(297	)		—
Corporate expenses		(240	)		(183	)		(57	)
Total general & administrative expenses		(713	)		(845	)		132

Depreciation		(721	)		(723	)		2
(Loss) income on investment in tenancy-in-common		(1	)		9			(10	)
Net income		802			501			301

Net loss attributable to noncontrolling interests in subsidiaries		141			113			28

Net income attributable to common equity	$	943		$	614		$	329

The ~~schedule~~condensed ~~below~~consolidated ~~provides~~results aof ~~detailed analysis~~operations offor the ~~major~~Current ~~changes~~Quarter ~~that~~is ~~impacted~~not ~~net~~necessarily ~~income-common~~indicative ~~equity~~of the results to be expected for the ~~nine~~full ~~and~~year ~~three~~or ~~months~~any ~~ended~~other ~~July~~period. 31The table above includes income from real estate operations, ~~2025~~which is a non-GAAP financial measure and ~~2024:~~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.

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	)

Net income-common equity for the Current Quarter was $943,000 ($0.13 per share basic and diluted) compared to $614,000 ($0.08 per share basic and diluted) for the Prior Year’s Quarter.

~~Page~~The 23 increase in net income-common equity of approximately $329,000 for the Current Quarter was primarily attributable to the following: (a) an increase in revenue of approximately $235,000 (FREIT’s share was $194,000); (b) a decline in legal and professional expenses of approximately $176,000 primarily due to advisory fee costs incurred in the Prior Year’s Quarter; partially offset by (c) a decrease in investment income of approximately $116,000. The decrease in investment income was primarily attributable to a $4.8 million decline in the combined average balance of cash and cash equivalents (including U.S. Treasury securities available for sale) as compared to the Prior Year’s Quarter.

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 2422

SEGMENT INFORMATION

The following ~~tables~~table ~~set~~sets 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 ~~Nine Months and Current~~ Quarter as compared to the Prior Year’s ~~comparable~~Quarter ~~periods~~ (see below for definition of NOI):

	Commercial									Residential											Combined
	Nine Months Ended									Nine Months Ended											Nine Months Ended
	Three Months Ended									Three Months Ended											Three Months Ended
	July 31,				Increase (Decrease)					July 31,						Increase (Decrease)					July 31,
	January 31,				Increase (Decrease)					January 31,						Increase (Decrease)					January 31,
	2025		2024		$			%		2025			2024			$			%		2025		2024
	2026		2025		$			%		2026			2025			$			%		2026		2025
	(In Thousands)									(In Thousands)											(In Thousands)
Rental income	$	41,~~179~~397	$	41,~~348~~350	$	~~(169~~47	)		-3.95%	$	155,~~989~~463		$	155,~~348~~270		$	~~641~~193			43.27%	$	206,~~168~~860	$	196,~~696~~620
Reimbursements		~~1,378~~554		~~1,448~~560		(706	)		-41.81%		5(1	)		(95	)		14(6	)		~~155~~-120.60%		~~1,383~~553		~~1,439~~565
Other		287		~~125~~24		(9717	)		-7770.68%		~~275~~93			~~249~~88			265			105.47%		~~303~~100		~~374~~112
Total revenue		51,~~585~~958		51,~~921~~934		~~(336~~24	)		-51.72%		165,~~269~~555			155,~~588~~363			~~681~~192			43.46%		217,~~854~~513		217,~~509~~297
Operating expenses		31,~~923~~349		31,~~694~~367		~~229~~(18	)		6-1.23%		62,~~880~~341			62,~~674~~369			~~206~~(28	)		3.-1.2%		103,~~803~~690		103,~~368~~736
Net operating income	$	~~1,662~~609	$	~~2,227~~567	$	~~(565~~42	)		~~-25~~7.4%	$	93,~~389~~214		$	82,~~914~~994		$	~~475~~220			57.3%		113,~~051~~823		113,~~141~~561
Average Occupancy %		4847.05%		5048.92%					-20.97%		9695.95%			96.28%						0-1.73%

Reconciliation to condensed consolidated net income-common equity:
Deferred rents - straight lining		(839	)		(8828	)
Investment income		~~1,053~~284			~~1,082~~400
Litigation settlement, net of fees		—			15,711
General and administrative expenses		(713	)		(845	)
Net loss on sale of Maryland properties		—			(171	)
(Loss) income on investment in tenancy-in-common		(1	)		9
General and administrative expenses		(2,260	)		(3,752	)
Depreciation		(721	)		(723	)
Loss on investment in tenancy-in-common		(13	)		(143	)
Financing costs		(1,861	)		(1,873	)
Depreciation		(2,195	)		(2,249	)
Net income		802			501
Financing costs		(5,532	)		(5,463	)
Net loss attributable to noncontrolling interests in subsidiaries		141			113
Net income		2,021			16,068
Net income attributable to common equity	$	943		$	614
Net loss (income) attributable to noncontrolling interests in subsidiaries		366			(1,256	)
Net income attributable to common equity	$	2,387		$	14,812

	Commercial									Residential										Combined
	Three Months Ended									Three Months Ended										Three Months Ended
	July 31,				Increase (Decrease)					July 31,					Increase (Decrease)					July 31,
	2025		2024		$			%		2025			2024		$			%		2025		2024
	(In Thousands)									(In Thousands)										(In Thousands)
Rental income	$	1,406	$	1,357	$	49			3.6%	$	5,379		$	5,241	$	138			2.6%	$	6,785	$	6,598
Reimbursements		398		403		(5	)		-1.2%		(1	)		2		(3	)		-150.0%		397		405
Other		1		97		(96	)		-99.0%		88			77		11			14.3%		89		174
Total revenue		1,805		1,857		(52	)		-2.8%		5,466			5,320		146			2.7%		7,271		7,177
Operating expenses		1,273		1,101		172			15.6%		2,329			2,219		110			5.0%		3,602		3,320
Net operating income	$	532	$	756	$	(224	)		-29.6%	$	3,137		$	3,101	$	36			1.2%		3,669		3,857
Average Occupancy %		47.6%		51.8%					-4.2%		96.9%			96.8%					0.1%

Reconciliation to condensed consolidated net income-common equity:
Deferred rents - straight lining		(27	)		(30	)
Investment income		303			396
Litigation settlement, net of fees		—			15,711
General and administrative expenses		(624	)		(929	)
Loss on investment in tenancy-in-common		(36	)		(96	)
Depreciation		(738	)		(735	)
Financing costs		(1,808	)		(1,839	)
Net income		739			16,335
Net loss (income) attributable to noncontrolling interests in subsidiaries		140			(1,544	)
Net income attributable to common equity	$	879		$	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 25

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~~table above under the caption Segment Information, total revenue and NOI from FREIT’s commercial segment for the Current ~~Nine Months and Current~~ Quarter ~~decreased~~increased by ~~5.7%~~ ~~and 2~~1.82%, ~~respectively,~~ and ~~NOI decreased by 25~~7.4% ~~and 29.6%~~, respectively, as compared to the Prior Year’s ~~comparable periods~~Quarter. Average occupancy for all commercial properties for the Current ~~Nine Months and Current~~ Quarter decreased by 20.97% ~~and 4.2%, respectively,~~ as compared to the Prior Year’s ~~comparable periods~~Quarter.

The ~~decrease~~increase in revenue and NOI for the Current ~~Nine Months~~ Quarter was primarily driven by aan ~~decline~~increase in revenue at the ~~Preakness and~~ Westwood Plaza shopping ~~centers~~center ~~of approximately $300,000 and $150,000, respectively,~~ attributed to aan ~~decline~~increase in the ~~average~~base ~~occupancy from 45.9% and 35.5%, respectively, in the Prior Year’s Nine Months~~rental toincome ~~43.8%~~received ~~and~~from ~~29.8%,~~TJ ~~respectively,~~Maxx in the Current ~~Nine~~Quarter ~~Months; offset by an increase in revenue at the Franklin Crossing shopping center of approximately $100,000 primarily attributed to an increase in revenue from common area maintenance costs~~ due to ~~increased costs in~~ the ~~Current~~expiration ~~Nine~~of ~~Months~~TJ ~~while the average occupancy declined slightly from 97.2% in the Prior Year~~Maxx’s ~~Nine~~one-year ~~Months~~co-tenancy toclause ~~96.9%~~ in ~~the Current~~March ~~Nine Months~~2025.

The decrease in NOI for the Current Nine Months was primarily attributed to the following: (a) a decline in revenue of approximately $350,000; (b) an increase in repairs and maintenance costs of approximately $100,000 primarily due to parking lot repairs; and (c) an increase in insurance costs of approximately $150,000 due to increased policy costs.

The decrease in revenue for the Current Quarter was primarily driven by the following: (a) a decline in revenue at the Preakness shopping center of approximately $150,000 attributed 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.

The decrease in NOI for the Current Quarter was primarily driven by the following: (a) an increase in insurance costs of approximately $100,000 due to increased policy costs; (b) a decline in revenue of approximately $50,000; and (c) an increase in repairs and maintenance costs of approximately $50,000 primarily due to parking lot repairs.

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:~~Page 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:23

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

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 Quarter:

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

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)		2		4,642	$	24.40	$	24.40		0.0%	$	—	$	—

Non-comparable leases		1		8,000	$	18.90		N/A		N/A	$	—	$	0.95

Total leasing activity		3		12,642

(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~~table above under the caption Segment Information, total revenue and NOI from FREIT’s residential segment for the Current ~~Nine Months and Current~~ Quarter increased by ~~4.4%~~ ~~and 2~~3.76%, ~~respectively,~~ and ~~NOI increased by 5~~7.3% ~~and 1.2%~~, respectively, as compared to the Prior Year’s ~~comparable periods~~Quarter. Average occupancy for all residential properties for the Current ~~Nine Months and Current~~ Quarter ~~increased~~ decreased by 01.73% ~~and 0.1%, respectively, as~~ compared to the Prior Year’s ~~comparable periods~~Quarter.

The increase in revenue and NOI for the Current ~~Nine Months~~ Quarter was primarily attributable to an increase in base rents across ~~most~~all properties while the average occupancy ~~increased~~rate ~~slightly~~decreased from 96.28% in the Prior Year’s ~~Nine~~Quarter ~~Months~~ to 9695.95% in the Current ~~Nine Months~~Quarter. The increase in NOI for the Current Nine Months was primarily attributed to the following: (a) an increase in revenue of approximately $700,000; offset by (b) an increase in repairs and maintenance costs of approximately $100,000; (c) an increase in

Page 26

snow removal costs of approximately $50,000; and (d) an increase of insurance costs of approximately $50,000 due to increased policy costs.

The 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 segment currently contains six (6) same properties. (See definition of same property under Segment Information above.) Since all of FREIT’s residential properties are considered same properties in the current fiscal year, refer to the preceding paragraphs for discussion of changes in same 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~~433 and $2,~~289~~341, 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~~231,000 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”)

Nine Months Ended July 31,

Three Months Ended July 31,

Three Months Ended January 31,

2025

2024

2025

2024

2026

2025

(In Thousands of Dollars)

~~(In Thousands of Dollars)~~

Fixed rate mortgages (a):

1st Mortgages

Existing

51,~~168~~649

51,~~061~~751

~~1,679~~

~~1,718~~

New

—

Total gross financing costs

51,~~168~~649

51,~~061~~751

~~1,679~~

~~1,718~~

Amortization of deferred financing costs

~~364~~212

~~402~~122

~~129~~

~~121~~

Total net financing costs

51,~~532~~861

51,~~463~~873

~~1,808~~

~~1,839~~

(a) Includes the effect of an interest rate swap contract which effectively converts the floating interest rate to a fixed interest rate over the term of the loan.

~~(a)~~Total ~~Includes~~net financing costs for the ~~effect of~~Current ~~interest~~Quarter ~~rate~~decreased ~~swap~~by ~~contracts~~approximately ~~which~~$12,000 ~~effectively~~or ~~convert~~0.6%, compared to the ~~floating~~Prior ~~interest~~Year’s ~~rate~~Quarter which was primarily attributable to the following: (a) ~~fixed~~a ~~interest~~decrease ~~rate~~of ~~over~~approximately ~~the~~$124,000 ~~term~~resulting offrom the ~~loan~~$5. 7 million pay

~~Total~~Page net financing costs for the Current Nine Months increased by approximately $69,000 or 1.3%, compared to the Prior Year’s Nine Months which was primarily attributable to the following: (a) an increase of approximately $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 2024.24

Total net financing costs for the Current Quarter decreased by approximately $31,000 or 1.7%, compared to the Prior Year’s Quarter which was primarily attributable to the following: (a) a decrease of approximately $102,000 resulting from the $5.7 million pay down of the loan on the Westwood Plaza shopping center in May 2025; offset by (b) an increase of approximately $7883,000 resulting from the ~~increase~~extension infee ~~the~~paid ~~interest rate from 3.75%~~ to ~~6.05% due to~~ extend the ~~extension and modification of the~~ loan on the ~~Regency~~Preakness ~~property~~shopping center in ~~December~~the ~~2024~~Current Quarter.

INVESTMENT INCOME

Investment income for the Current ~~Nine Months and Current~~ Quarter was approximately $1284,~~053,~~000 ~~and $303,000, respectively,~~ compared to $1400,~~082,~~000 ~~and $396,000, respectively,~~ for the Prior Year’s ~~comparable periods~~Quarter. 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 decrease in investment income by approximately $116,000 or 29% was primarily due to a $4.8 million decline in the average balance of cash and cash equivalents (including US Treasury securities available for sale) as compared to the Prior Year’s Quarter.

Page 27

GENERAL AND ADMINISTRATIVE EXPENSES (“G&A”)

G&A for the Current ~~Nine Months and Current~~ Quarter was approximately $2713,~~260,~~000 ~~and $624,000, respectively,~~ compared to $3845,~~752,~~000 ~~and $929,000, respectively,~~ for the Prior Year’s ~~comparable periods~~Quarter. The primary components of G&A are legal and professional fees, directors’ fees, corporate expenses and accounting/auditing fees. The ~~decrease~~decline in G&A ~~for the Current Nine Months was driven by a decline in corporate expenses~~ of approximately $~~800~~132,000 ~~primarily~~or ~~related~~15.6% tofor ~~costs incurred in~~ the ~~Prior~~Current ~~Year’s~~Quarter ~~Nine~~was ~~Months~~primarily ~~for~~driven ~~work performed for the Company~~ by a ~~financial advisory firm and a~~ decline in legal and professional expenses of approximately $~~700~~176,000 ~~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~~advisory ~~settlement~~fee ofcosts ~~the~~incurred ~~Sinatra litigation~~ in the Prior Year’s Quarter.

DEPRECIATION

Depreciation expense for the Current ~~Nine Months and Current~~ Quarter was approximately $2721,~~195,~~000 ~~and $738,000, respectively,~~ compared to $2723,~~249,~~000 ~~and~~ ~~$735,000, respectively,~~ for the Prior Year’s ~~comparable periods~~Quarter.

Page 25

LIQUIDITY AND CAPITAL RESOURCES

Net cash provided by operating activities was approximately $31,~~928~~346,000 for the Current ~~Nine~~Quarter ~~Months as~~ compared to approximately $191,~~982~~519,000 for the Prior Year’s ~~Nine Months~~ Quarter. 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 ~~July~~ January 31, ~~2025~~ 2026, FREIT had cash, cash equivalents and restricted cash totaling approximately $1822,~~323~~093,000, compared to approximately $1921,~~223~~528,000 at at October 31, ~~2024~~2025. The ~~decrease~~increase in cash, cash equivalents and restricted cash in the Current ~~Nine~~Quarter ~~Months~~ of approximately $~~900~~565,000 was ~~primarily~~ primarily attributable to net cash ~~used~~provided inby ~~financing~~operating activities of approximately $141,~~127~~346,000, ~~offset~~and by net cash provided by investing activities of approximately $9911,~~299,~~000 ~~and~~offset by net cash ~~provided~~used byin ~~operating~~financing activities of approximately $31,~~928~~692,000. The ~~decrease~~increase in cash, cash equivalents and restricted cash was primarily attributed to the following: (a) ~~the~~proceeds ~~purchase~~received offrom ~~investments~~maturities inof U.S. Treasury securities of approximately $3712,~~414~~376,000; (b) ~~repayment~~cash provided by operating activities net of ~~mortgages~~dividends paid of approximately $6599,~~894,~~000; ~~(which~~offset ~~includes~~by (c) the ~~pay~~purchase ~~down~~ of investments ~~the~~in ~~loan~~U.S. onTreasury ~~the~~securities ~~Westwood~~of ~~Plaza~~approximately ~~shopping center)~~$11,356,000; (cd) ~~dividends~~repayment ~~paid in excess~~ of ~~cash~~mortgages ~~provided by operating activities~~ of approximately $2463,~~491,~~000; ~~and~~ (de) distributions to noncontrolling interests in subsidiaries of approximately $~~644~~360,000; ~~offset~~and by (ef) ~~proceeds~~deferred ~~received~~financing ~~from~~costs ~~maturities~~ of ~~U.S.~~approximately ~~Treasury~~$122,000 ~~securities~~paid in the Current Quarter for the extension of ~~approximately $46,861,000~~the loan on the Preakness shopping center.

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 ~~July~~January 31, ~~2025~~2026 and October 31, ~~2024~~2025, there was no amount outstanding and $13 million was available under the line of credit.

Dividend: On January 15, 2026, FREIT’s Board of Directors (“Board”) declared a dividend of approximately $~~748~~747,000 ($0.10 per share) inon the ~~third~~common stock of FREIT) for the first quarter of Fiscal ~~2025~~2026, which ~~will~~was be paid on ~~September 12~~March 13, ~~2025~~2026 to stockholders of record at the close of business on ~~August~~February 2927, ~~2025~~2026. FREIT’s Board will continue to evaluate the dividend on a quarterly basis and there can be no assurance that dividends will be declared for any future period. In addition, the amount of the dividend declared on January 15, 2026 is not necessarily indicative of the amount of any dividends that may be declared in the future.

~~Page~~As 28 of January 31, 2026, FREIT’s aggregate outstanding mortgage debt was $120.8 million, which bears a weighted average interest rate of 5.34% and an average life of approximately 1.4 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:

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

Fiscal Year		2025	2026	2027	2028	2029
	(A)	Includes the following:
($ in millions)
	(1)	The loan on the Preakness shopping center located in Wayne, New Jersey in the amount of $25 million, which had a maturity date of August 1, 2025. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through May 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached. (See Note 7 to FREIT's condensed consolidated financial statements for additional details.)
Mortgage "Balloon" Payments		$0.0	$59.1 (A)	$8.6	$23.8	$26.0
	(2)	The loan on the Westwood Plaza shopping center located in Westwood, New Jersey, in the amount of approximately $9.6 million which has a maturity date of May 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached. (See Note 7 to FREIT's condensed consolidated financial statements for additional details.)
	(3)	The loan on the Westwood Hills property located in Westwood, New Jersey, in the amount of approximately $24.5 million which has a maturity date of September 1, 2026. Management expects this loan to be extended/refinanced, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached. (See Note 7 to FREIT's condensed consolidated financial statements for additional details.)

~~Includes~~Page ~~the following:~~26

~~(A)~~ The ~~loan~~following ontable ~~the~~shows ~~Preakness shopping center located in Wayne, New Jersey in~~ the ~~amount~~estimated offair ~~$25 million 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~~ value and ~~extension~~net ofcarrying ~~this~~value ~~loan for five (5) years with a potential pay down~~ of ~~approximately~~FREIT’s ~~$5 million. While the bank is completing its due diligence, the bank has extended this loan for a 90~~long-~~day~~term ~~period~~debt ~~from~~at aJanuary ~~maturity date of August 1~~31, ~~2025~~2026 ~~to a maturity date of November 1, 2025 under the same terms~~ and ~~conditions~~October ~~of the existing loan agreement. Management expects this loan to be further extended~~31, 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.)2025:

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

($ in Millions)	January 31, 2026	October 31, 2025

Fair Value	$117.8	$118.4
Carrying Value, Net	$120.4	$120.8

($ in Millions)	July 31, 2025	October 31, 2024
Fair Value	$118.2	$124.7
Carrying Value, Net	$121.2	$128.1

Fair values are estimated based on market interest rates at January 31, 2026 and October 31, 2025 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).

~~Fair~~FREIT ~~values~~expects ~~are~~to ~~estimated~~refinance ~~based~~the onindividual ~~market~~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 ~~July~~the ~~31,~~time ~~2025~~any ~~and~~individual ~~October~~mortgage 31note is due, ~~2024~~are ~~and~~higher onthan athe ~~discounted~~current ~~cash~~fixed ~~flow~~interest ~~analysis.~~rate, ~~Changes~~higher indebt ~~assumptions~~service may be required, and/or ~~estimation~~refinancing ~~methods~~proceeds may ~~significantly affect~~be ~~these~~less ~~fair~~than ~~value~~the ~~estimates~~amount of mortgage debt being retired. ~~The~~For ~~fair~~example, ~~value~~at isJanuary ~~based~~31, on2026, a ~~observable~~1% ~~inputs~~interest ~~(level~~rate 2increase inwould reduce the fair value ~~hierarchy~~of asFREIT’s ~~provided~~debt by ~~authoritative~~$1.6 million, and a 1% decrease would increase the fair ~~guidance)~~value by $1.7 million.

On October 31, 2023, FREIT ~~expects~~exercised toits ~~refinance~~right, pursuant to the ~~individual~~loan ~~mortgages~~ agreement held with ~~new~~Valley ~~mortgages~~National orBank, ~~exercise~~to ~~extension~~extend ~~options~~the ~~when~~term ~~their~~of ~~terms~~its ~~expire~~loan with a then outstanding balance of approximately $16.6 Tomillion ~~this~~and ~~extent~~secured by the Westwood Plaza shopping center located in Westwood, ~~FREIT~~New ~~has~~Jersey ~~exposure~~for toone ~~interest~~additional ~~rate~~year ~~risk.~~from Ifan initial ~~interest~~maturity ~~rates~~date of February 1, at2024 ~~the~~to ~~time~~a ~~any~~new ~~individual~~maturity ~~mortgage~~date ~~note~~of isFebruary ~~due~~1, ~~are~~2025. ~~higher~~This ~~than~~loan ~~the~~extension ~~current~~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. ~~higher~~Additionally, ~~debt~~FREIT ~~service~~funded the ~~may~~interest bereserve ~~required~~escrow account for this loan (“Escrow”) with an additional $112,556, ~~and/or~~increasing ~~refinancing~~the ~~proceeds~~Escrow ~~may~~balance beto ~~less~~$2,000,722, which ~~than~~represented the ~~amount~~annualized ofprincipal ~~mortgage~~and ~~debt~~interest ~~being~~payments ~~retired.~~for ~~For~~one ~~example,~~(1) atyear ~~July~~under 31this loan extension. Effective February 1, 2025, aValley 1%National ~~interest~~Bank ~~rate~~extended ~~increase~~this ~~would~~loan ~~reduce~~for ~~the~~90 ~~fair~~days ~~value~~from ofa ~~FREIT’s~~maturity ~~debt~~date byof $2February ~~million~~1, ~~and~~2025 to a maturity date of May 1%, ~~decrease~~2025 ~~would~~under ~~increase~~the same terms and conditions of the ~~fair value~~existing byloan $2agreement.~~1 million.~~

OnEffective ~~December~~May 151, ~~2024~~2025, ~~the~~FREIT ~~mortgage~~entered ~~secured~~into bya loan anextension ~~apartment~~and ~~building~~modification ~~located~~agreement inwith ~~Middletown,~~Valley ~~New~~National ~~York~~Bank and ~~the~~paid ~~corresponding~~down ~~interest~~this ~~rate~~loan ~~swap~~by ~~contract~~approximately on$5.7 ~~its~~million ~~underlying~~(including ~~loan came due~~deferred ~~with~~interest ~~no settlement~~ of ~~the~~approximately ~~swap contract due at maturity~~$0.2 ~~Effective~~million) ~~December~~bringing ~~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 ofto ~~approximately~~ $~~13.9~~10 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for ~~three~~one ~~years~~year to ~~December~~ 15May 1, ~~2027~~2026, the interest rate on the outstanding debt is based on a fixed interest rate of 68.055% and monthly installments of principal and interest of approximately $84107,~~521~~978 are required. The pay down of this loan has resulted 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 $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 97 to FREIT’s condensed consolidated financial statements for further details.)

On December 115, ~~2023~~2024, the mortgage secured by an an apartment building located in ~~River Edge~~Middletown, New ~~Jersey~~York ~~came~~and ~~due.~~the ~~Provident~~corresponding ~~Bank~~interest ~~extended~~rate ~~the~~swap ~~initial~~contract ~~maturity~~on ~~date~~its ofunderlying ~~this~~ loan ~~for~~came ~~a 90-day~~due ~~period~~ with ano ~~maturity~~settlement ~~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~~swap ~~terms~~contract ~~and~~due ~~conditions~~at ~~of the existing loan agreement~~maturity. OnEffective ~~May~~December 115, 2024, FREIT Regency, LLC entered into a loan extension and modification agreement with ~~Provident~~the ~~Bank,~~lender ~~effective~~of ~~June~~this 1loan, ~~2024~~Provident Bank, with a then outstanding loan balance of approximately $813.9 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 ~~May 31~~15, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.7505% and monthly installments of principal and interest of approximately $5884,~~016~~521 are required. (See Note 97 to FREIT’s condensed consolidated financial statements for further details.)

~~Page~~On 29 August 1, 2025, the mortgage in the amount of $25,000,000, secured by the Preakness shopping center located in Wayne, New Jersey, reached its maturity date. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through May 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Wayne PSC, LLC continues to evaluate all options for refinancing or replacing the loan. Management expects this loan to be further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached. (See Note 7 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 $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.)

On August 1, 2025, the mortgage in the amount of $25 million, 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. (See Note 9 to FREIT’s condensed consolidated financial statements for further details.)

Interest 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 ($1110,~~094~~966,000 at ~~July~~January 31, ~~2025~~2026). FREIT had a variable interest rate loan secured by 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.)

InPage 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.27

FREIT had a variable interest rate loan secured by 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 7 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 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~~ 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 ~~July~~January 31, ~~2025~~ 2026, 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 $~~299~~180,000 for the Station Place swap, which amount has been included as an asset in FREIT’s condensed consolidated balance sheet as at ~~July~~January 31, ~~2025~~2026. The change in the fair value for the contract (gain or loss) during such period has been included in comprehensive income and for the three months ended January 31, 2026 and 2025, FREIT recorded an unrealized loss of approximately $30,000 and $42,000, respectively, in the condensed consolidated statements of comprehensive 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 28

FUNDS FROM OPERATIONS

Funds From Operations (“FFO”) is a a non-GAAP measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”). FREIT does not include ~~distributions~~ 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~~supplements 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 Nine Months Ended July 31,						For the Three Months Ended July 31,
	For the Three Months Ended January 31,
	2025			2024			2025			2024
	2026			2025
	(In Thousands, Except Per Share)						~~(In Thousands Except Per Share)~~
Funds From Operations ("FFO") (a)
Net income	$	~~2,021~~802		$	~~16,068~~501		$	~~739~~		$	~~16,335~~
Depreciation of consolidated properties		~~2,195~~721			~~2,249~~723			~~738~~			~~735~~
Amortization of deferred leasing costs		6720			9026			22			26
Distributions to non-controlling interests		(~~480~~360	)~~(b)~~		(~~420~~360	)(cb)		—	~~(b)~~		~~(240~~	)
Litigation settlement, net of fees		—			(15,711	)		—			(15,711	)
Adjustment to loss on investment in tenancy-in-common for depreciation		392			365
Net loss on sale of Maryland properties		—			171			—			—
FFO	$	1,575		$	1,255
Adjustment to loss on investment in tenancy-in-common for depreciation		1,100			1,088			368			363
Per Share - Basic and Diluted	$	0.21		$	0.17
FFO	$	4,903		$	3,535		$	1,867		$	1,508
(a) As prescribed by NAREIT.
Per Share - Basic and Diluted	$	0.66		$	0.47		$	0.25		$	0.20
(b) FFO excludes the additional distribution of proceeds to non-controlling interests in the amount of approximately $0.1 million related to the sale of the Rotunda property located in Maryland in a prior year.
(a) As prescribed by NAREIT.
Adjusted Funds From Operations ("AFFO")
(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.
FFO	$	1,575		$	1,255
(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.
Deferred rents (Straight lining)		9			28
Adjusted Funds From Operations ("AFFO")
Capital Improvements - Apartments		(62	)		(77	)
FFO	$	4,903		$	3,535		$	1,867		$	1,508
AFFO	$	1,522		$	1,206
Deferred rents (Straight lining)		83			88			27			30
Per Share - Basic and Diluted	$	0.20		$	0.16
Capital Improvements - Apartments		(357	)		(483	)		(154	)		(218	)
Weighted Average Shares Outstanding:
AFFO	$	4,629		$	3,140		$	1,740		$	1,320
Basic and Diluted		7,471			7,463
Per Share - Basic and Diluted	$	0.62		$	0.42		$	0.23		$	0.18
Weighted Average Shares Outstanding:
Basic		7,468			7,454			7,471			7,458
Diluted		7,468			7,457			7,471			7,462

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~~generally 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 generally 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 3129

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 ~~July~~January 31, ~~2025~~2026. 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 3230

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~~2025, that was filed with the Securities and Exchange Commission on January 29, ~~2025~~2026.

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 ~~July~~January 31, ~~2025~~2026, 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; (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: September 12, 2025
Date: March 17, 2026
	/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)

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.