FREVS — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-06-12

• The economic and financial environment: The U.S. unemployment rate has remained relatively stable since January 2026 at 4.3%. Consumer price index (CPI) inflation increased from 2.4% in January 2026 to 3.8% in April 2026, representing the highest level in approximately three years. Mortgage rates on…

• Commercial Properties: The vacancy rates at the Westwood Plaza and Preakness shopping centers remain elevated. Additionally, the somewhat elevated interest rates could have an adverse impact on the operating and financial performance of our existing commercial tenants.

• Franklin Crossing Purchase and Sale Agreement: On April 8, 2026, FREIT (the “Seller”) entered into a Purchase and Sale Agreement (the “Franklin Crossing Agreement”) with an affiliate of Regency Centers Corporation (the “Purchaser”), pursuant to which the Seller will sell to the Purchaser 100% of Sel…

• The Franklin Crossing Agreement contains customary representations, warranties and indemnity provisions. The parties’ respective obligations under the Franklin Crossing Agreement are subject to certain customary conditions and termination rights, including the right of either the Seller or the Purch…

• The Board unanimously approved the Franklin Crossing Agreement and the transaction contemplated thereby which is expected to close in the third quarter of 2026. (See Note 12 to FREIT’s condensed consolidated financial statements for additional information.)

Text removed vs the prior filing · source: 10-Q · 2026-03-17

• The economic and financial environment: The U.S. unemployment and inflation rates eased in early 2026. The unemployment rate declined to 4.3% in January 2026, down from roughly 4.4% late in 2025, while CPI inflation slowed from 3.0% in October 2025 to 2.4% in January 2026. Mortgage rates on 30-year …

• Commercial Properties: While the Franklin Crossing and Glen Rock shopping centers continue to maintain higher occupancies and strong net operating incomes, the vacancy rates at the Westwood Plaza and Preakness shopping centers remain elevated. Management, along with third-party advisors, is actively…

• On August 1, 2025, the mortgage in the amount of $25,000,000, secured by the Preakness shopping center located in Wayne, New Jersey, reached its maturity date. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne…

• FREIT’s revolving line of credit provided by Provident Bank was renewed for a three-year term ending on October 31, 2026. Draws against the credit line can be used for working capital needs and standby letters of credit. Draws against the credit line are secured by mortgages on FREIT’s Franklin Cros…

• Real estate revenue for the three months ended January 31, 2026 (“Current Quarter”) increased 3.2% to $7,504,000 compared to $7,269,000 for the three months ended January 31, 2025 (“Prior Year’s Quarter”).