FREIT settles litigation with Kushner Companies for $16.9M, receives $15M deposit

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

Total settlement of $16.9M: $15.0M deposit released plus $1.9M payment due by July 26, 2024.
$15.0M deposit already received by FREIT and its affiliates; remaining $1.9M due in July.
Litigation dismissed with prejudice; mutual releases exchanged, no admission of liability.
Dispute arose from a January 2020 purchase and sale agreement; lis pendens discharged.
Settlement concludes a multi-year legal dispute with Sinatra Properties and Kushner Companies.

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