FirstRealEstateInvestmentTrustofNewJerseyInc_OTC_FREVS_2021.pdf

1、Annual Report 2021 We are encouraged to report that the period since our last report has proven to be beneficial for First Real Estate Investment Trust of New Jersey,Inc.(“FREIT”or the“Trust”).We say this because,despite the numerous challenges that continue to confront us,we have,indeed,accomplishe

2、d much.These achievements give us even greater optimism about our company and,specifically,the direction in which it is heading.For the majority of the past 60 years,FREIT has been very focused on accumulating,through acquisition and development,a portfolio of quality real estate comprised,principal

3、ly of apart-ments,shopping centers and mixed-use properties.This portfolio has enabled FREIT to develop a strong balance sheet which continues to benefit FREIT and,therefore,stockholder value.Reflections on Our Most Recent Period Our long-term investment strategy has,once again,handsomely favored FR

4、EITs stockholders with the very timely sale of our Maryland Portfolio:The Grande Rotunda,The Icon Apartments,Damascus Centre,and Westridge Square Shopping Center.This sale was completed in late December 2021 and early January 2022.The initial purchase price received from this extraordinary transacti

5、on was$248.8 million,of which,$161.3 million was the Trusts proportionate share.The above-mentioned amounts are prior to transaction costs and the retirement of the first mortgage debt on these properties.During the next few months,we expect to receive additional amounts which are currently held in

6、escrow.The escrow was established,at the time of closing on the sale of the Maryland properties,to guarantee certain aspects of the transaction to the buyer primarily for pending leases,tenant improvement costs and real estate commissions.FREITs long-standing strategy of owning high quality assets i