First Real Estate Investment Trust of New Jersey, Inc. (FREIT) announced that its stockholders have approved the company's voluntary Plan of Liquidation at a special meeting held on September 29, 2026. The plan provides for the winding up and complete liquidation of the Trust, including the sale of all assets or their transfer to a liquidating trust, followed by the dissolution of the entity.
The voting results indicate that 5,085,293 shares were voted in favor of the Plan, with 6,503 shares voted against and 22,260 abstentions. This represents approximately 68.0% of the outstanding shares, exceeding the approval threshold required under applicable law and the company's governing documents.
On September 30, 2026, following the approval, the Board of Directors declared an initial liquidating distribution of $3.20 per share. This payment is scheduled for October 29, 2026, to stockholders of record as of October 14, 2026. The company stated that this initial distribution represents the first return of capital to stockholders under the Plan and is expected to be funded from asset sale proceeds and available cash resources.
FREIT estimates that stockholders may receive aggregate liquidating distributions between $24.44 and $30.03 per share, inclusive of the initial $3.20 distribution. The company noted that the timing and number of future distributions will depend on factors including asset sale proceeds, operating results, market conditions, and the resolution of liabilities.
