FREIT board approves voluntary liquidation; estimates distribution of $24.44-$30.03 per share

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

Board unanimously approved Plan of Voluntary Liquidation; requires stockholder approval at special meeting expected in Fall 2026.
Estimated net proceeds to stockholders range $24.44-$30.03 per share, vs. recent close of $15.25 on May 13, 2026.
CEO Robert Hekemian Jr. eligible for $1M cash bonus if all properties sold within 18 months for gross proceeds >$319.9M.
Hekemian & Co. gets 1.65% sales fee on property sales plus 2.5x annual base mgmt fee termination fee.
FREIT portfolio: 7 residential, 5 commercial properties, 3 vacant parcels; expects to sell within 24 months of stockholder approval.

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