First Real Estate Investment Trust of New Jersey (FREIT) is a small, publicly traded REIT that owns and operates a portfolio of residential apartment communities and commercial shopping centers in New Jersey and New York. The residential portfolio consists of six multi-family apartment buildings totaling 792 units, plus a 65% interest in a 266-unit property in Hackensack, NJ. Properties are located in Westwood, Wayne, and Red Bank, NJ, and Middletown, NY. The commercial portfolio consists of five neighborhood and community shopping centers totaling approximately 589,000 sq ft, anchored by necessity-based retailers including Stop & Shop, TJ Maxx, and CVS. FREIT generates revenue by collecting rent from apartment residents and retail tenants, with financial performance driven by occupancy, rent levels, and debt service costs. FREIT carries approximately $121M in mortgage debt at a weighted average rate of around 5.34%, with an average remaining loan life of just 1.6 years, creating ongoing refinancing risk. A key near-term challenge is re-leasing roughly 84,000 sq ft at Westwood Plaza following a Kmart closure in late 2023, which also triggered co-tenancy clauses with other tenants. FREIT outsources all property management to Hekemian & Co., a related party whose principals also serve as FREIT's CEO and CFO. FREIT is structured as a REIT and distributes a portion of ordinary income to maintain its tax-exempt status.