First Real Estate Investment Trust of New Jersey Inc (FREVS) is a real estate investment trust that owns and operates residential apartment communities and commercial shopping center properties in New Jersey and New York. Revenue comes from tenant leases across both segments: residential rents and commercial rents from anchor tenants and satellite retailers. For the fiscal year ended October 31, 2025, total real estate revenues were $29.3 million, split between residential properties at $21.8 million (74%) and commercial properties at $7.5 million (26%). The residential portfolio comprised 792 apartment units across six properties in New Jersey and New York as of October 31, 2025, with average occupancy rates ranging from 95.9% to 97.5%. The commercial portfolio included three shopping centers in Franklin Lakes, Westwood, and Wayne, New Jersey, totaling approximately 584,000 square feet of net leasable space. The trust is externally managed by Hekemian & Co., Inc. under a management agreement. Total assets were $149.9 million as of October 31, 2025.
- Revenue model
- Rental income from long-term leases on residential apartment units and commercial shopping center space. Commercial revenue depends on anchor tenants such as Stop & Shop Supermarket Co. and TJ Maxx, plus satellite tenants. Residential revenue is generated from 792 apartment units across six communities.
- Products and services
- Residential apartment communities: Berdan Court (176 units, Wayne, NJ), Regency Club (132 units, Middletown, NY), Steuben Arms (100 units, River Edge, NJ), Westwood Hills (210 units, Westwood, NJ), Boulders (129 units, Rockaway, NJ), Station Place (45 units, Red Bank, NJ). Commercial shopping centers: Franklin Crossing (87,659 sq ft, Franklin Lakes, NJ), Westwood Plaza (174,275 sq ft, Westwood, NJ), Preakness Center (322,142 sq ft, Wayne, NJ). All data as of October 31, 2025.
- Customers and end markets
- Residential tenants in northern New Jersey and southeastern New York. Commercial tenants include anchor stores Stop & Shop Supermarket Co. (13.2% of fixed commercial revenue at Preakness Center) and TJ Maxx at Westwood Plaza, plus satellite retail tenants. Commercial properties operate in the neighborhood and community shopping center segment.
- Value-chain role
- Property owner and landlord. External property management provided by Hekemian & Co., Inc. under a management agreement dated April 10, 2002. The trust holds direct ownership interests and interests through subsidiaries and tenancy-in-common arrangements.
- Geographic exposure
- Properties concentrated in northern New Jersey (Wayne, Franklin Lakes, Westwood, River Edge, Rockaway) and one property in Middletown, New York, and one in Red Bank, New Jersey. No disclosed international exposure.
