FREIT Reports Q3 FY2026 GAAP EPS of $2.69 Driven by Sale of Franklin Crossing

First Real Estate Investment Trust of New Jersey, Inc. (FREIT) announced its operating results for the fiscal quarter ended July 31, 2026. The company reported GAAP earnings per share (EPS) of $2.69 for the third quarter of fiscal 2026, a significant increase from $0.12 per share in the prior year period. This increase was primarily driven by a net gain on the sale of the Franklin Crossing shopping center.

FREIT sold the Franklin Crossing shopping center on July 8, 2026, to an affiliate of Regency Centers Corporation for a purchase price of $27.0 million. The transaction resulted in net proceeds of approximately $25.4 million and a net gain of approximately $19.8 million. This gain was the primary factor contributing to the jump in net income, which totaled approximately $20.2 million for the quarter.

In addition to the sale, total real estate revenue increased by 4.0% to approximately $7.5 million for the quarter. This growth was attributed to an increase in residential revenue of approximately $230,000 due to higher base rents, as well as a $70,000 increase in commercial revenue. Despite the revenue growth, average residential occupancy decreased slightly from 96.9% to 96.3%.

For the nine months ended July 31, 2026, the company reported GAAP EPS of $2.90, compared to $0.32 in the prior year. Total real estate revenue for the nine months increased by 4.2% to approximately $22.7 million. The company also noted that commercial revenue increased due to additional rent from a TJ Maxx tenant at the Westwood Plaza shopping center following the expiration of a co-tenancy clause.

Separately, FREIT’s Board of Directors approved a Plan of Voluntary Liquidation on May 12, 2026. The plan provides for the complete liquidation and dissolution of the company under applicable tax and Maryland law. A special meeting is scheduled for September 29, 2026, to seek stockholder approval. The company has estimated that net proceeds distributed to stockholders will range between $24.44 and $30.03 per share.

The company also provided updates on its financing and dividend activities. A third-quarter dividend of $0.10 per share was declared, payable on September 14, 2026. The company extended a loan on the Westwood Plaza shopping center with Valley National Bank to a maturity date of November 1, 2026. Additionally, the company refinanced a mortgage on an apartment building in Westwood, New Jersey, with a new lender, ConnectOne Bank, for a loan amount of $25.0 million.