FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

First Real Estate Investment Trust of New Jersey, now operating as FREIT, acquires, develops, constructs, and holds real estate properties for long-term investment rather than for resale. The company's long-range investment policy involves evaluating potential real estate acquisition opportunities that are expected to complement its existing portfolio, generate increased income and distributions for stockholders, and enhance the overall value of its portfolio. On July 1, 2021, First Real Estate Investment Trust of New Jersey completed a change of its organizational form from a New Jersey real estate investment trust to a Maryland corporation, which was approved by stockholders on May 6, 2021. This reincorporation shifted the applicable law governing the company's affairs from New Jersey law to Maryland law. This was achieved through the merger of First Real Estate Investment Trust of New Jersey into its wholly-owned subsidiary, First Real Estate Investment Trust of New Jersey, Inc., a Maryland corporation. As a result, FREIT succeeded to all the business, properties, assets, and liabilities of the former entity. Holders of shares in the original trust received one newly issued share of common stock of FREIT for each share owned. FREIT is organized to qualify for taxation as a REIT under the Internal Revenue Code of 1986, as amended, and its stock trades on the over-the-counter market under the symbol FREVS.