FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. Announces Annual Meeting of Stockholders

TL;DR

<b>FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. will hold its annual stockholder meeting on June 27, 2024, to elect directors and ratify auditors.</b>

AI Summary

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY (FREVS) filed a Proxy Statement (DEF 14A) with the SEC on May 13, 2024. Annual meeting scheduled for June 27, 2024, at 11 a.m. EST in Hasbrouck Heights, NJ. Stockholders will vote on the election of three Directors for three-year terms. Ratification of EisnerAmper LLP as independent registered public accountants for fiscal year ending October 31, 2024. Record date for stockholders entitled to vote is May 8, 2024. The meeting will also address any other business properly brought before it.

Why It Matters

For investors and stakeholders tracking FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, this filing contains several important signals. This filing is a proxy statement (DEF 14A) detailing the agenda for the annual meeting, which is crucial for shareholder governance and oversight. The ratification of EisnerAmper LLP as auditors is a standard but important step in maintaining financial transparency and regulatory compliance.

Risk Assessment

Risk Level: low — FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY shows low risk based on this filing. The filing is a routine proxy statement for an annual meeting, with no immediate financial or operational changes indicated, thus posing low risk.

Analyst Insight

Review the director nominees and auditor ratification to make informed voting decisions before the June 27, 2024 meeting.

Key Numbers

• 3 — Directors (Number of directors to be elected for three-year terms.)
• 3 — Years (Term length for elected directors.)

Key Players & Entities

• FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. (company) — Registrant and filer of the proxy statement.
• EisnerAmper LLP (company) — Proposed independent registered public accountants.
• June 27, 2024 (date) — Date of the annual meeting of stockholders.
• May 8, 2024 (date) — Record date for stockholders entitled to vote.
• October 31, 2024 (date) — Fiscal year end for which EisnerAmper LLP will audit financial statements.
• 2014886400 (dollar_amount) — Business phone number.

FAQ

Risk Factors

• Compliance with SEC Filing Requirements [medium — regulatory]: Failure to comply with SEC regulations regarding proxy statements and annual meetings could result in penalties or sanctions.
• Effectiveness of Director Nominees [medium — operational]: The election of directors is critical for the strategic direction and oversight of the Trust; ineffective leadership could impact performance.
• Accuracy of Financial Statements [low — financial]: The ratification of the independent auditor is essential for ensuring the accuracy and reliability of the Trust's financial reporting.

Key Dates

• 2024-06-27: Annual Meeting of Stockholders — Key date for voting on directors and auditors.
• 2024-05-08: Record Date — Determines which stockholders are eligible to vote at the meeting.
• 2024-10-31: Fiscal Year End — End date for the fiscal year to be audited by EisnerAmper LLP.

Glossary

DEF 14A

Definitive Proxy Statement filed with the SEC. (This filing type indicates the formal communication to shareholders regarding an upcoming meeting and voting matters.)

Proxy Statement

A document providing information to shareholders about matters to be voted on at a meeting. (Essential for shareholders to understand the issues and make informed voting decisions.)

Independent Registered Public Accountants

An external audit firm hired to examine and report on a company's financial statements. (Ensures the credibility and accuracy of financial reporting.)

Filing Documents

• ea0204310-01.htm (DEF 14A) — 1004KB
• tbarchart_001.jpg (GRAPHIC) — 338KB
• tbarchart_002.jpg (GRAPHIC) — 353KB
• tlinechart_001.jpg (GRAPHIC) — 440KB
• tproxy_001.jpg (GRAPHIC) — 1024KB
• tproxy_002.jpg (GRAPHIC) — 1129KB
• 0001174947-24-000734.txt (&nbsp;) — 5530KB

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management The following table sets forth certain information regarding the beneficial ownership of Shares for (i)&#x00a0;each person who is a beneficial owner of 5% or more of FREIT&#x2019;s outstanding Shares, (ii)&#x00a0;each of FREIT&#x2019;s directors and executive officers and (iii)&#x00a0;all of FREIT&#x2019;s directors and executive officers as a group, each as of May&#x00a0;8, 2024 unless otherwise indicated in the table below. Amount and Nature of Beneficial Ownership Name of Beneficial Owner (1) &#x00a0; (A)&#x00a0; Aggregate Number of Shares Beneficially Owned (2)(3) &#x00a0; (B)&#x00a0; Number of Shares Acquirable within 60&#x00a0;Days (6) &#x00a0; (C)&#x00a0; Aggregate Number of Shares Deemed to be Beneficially Owned (Column A plus Column&#x00a0;B) &#x00a0; (D)&#x00a0; Percent of Class (4) Ronald J.&#x00a0;Artinian (5) &#x00a0; 545,387 &#x200b; (7) &#x00a0; 1,000 &#x00a0; 546,387 &#x200b; (7) &#x00a0; 7.3 % David F.&#x00a0;McBride, Esq. (5) &#x00a0; 80,318 &#x200b; (8) &#x00a0; &#x2014; &#x00a0; 80,318 &#x200b; (8) &#x00a0; 1.1 % Robert S.&#x00a0;Hekemian, Jr. (5)(9) &#x00a0; 367,108 &#x200b; (10) &#x00a0; &#x2014; &#x00a0; 367,108 &#x200b; (10) &#x00a0; 4.9 % John A.&#x00a0;Aiello, Esq. (5)(9) &#x00a0; 26,520 &#x00a0; &#x00a0; &#x2014; &#x00a0; 26,520 &#x00a0; &#x00a0; * &#x00a0; Justin F.&#x00a0;Meng (5) &#x00a0; 70,470 &#x200b; (11) &#x00a0; &#x2014; &#x00a0; 70,470 &#x200b; (11) &#x00a0; * &#x00a0; David B.&#x00a0;Hekemian (5) &#x00a0; 507,741 &#x200b; (12) &#x00a0; &#x2014; &#x00a0; 507,741 &#x200b; (12) &#x00a0; 6.8 % Richard J.&#x00a0;Aslanian (5) &#x00a0; 49,200 &#x00a0; &#x00a0; 3,800 &#x00a0; 53,000 &#x00a0; &#x00a0; * &#x00a0; Allan Tubin (9) &#x00a0; 13,662 &#x00a0; &#x00a0; &#x2014; &#x00a0; 13,662 &#x00a0; &#x0

&#x00a0;&#x2014;&#x00a0;ELECTION OF DIRECTORS

ITEM 1&#x00a0;&#x2014;&#x00a0;ELECTION OF DIRECTORS The Board of Directors governs the Trust. The Trust&#x2019;s Articles of Amendment and Restatement (&#x201c;Charter&#x201d;) provides that the Board of Directors will consist of seven Directors. The number of directors may be increased or decreased by the Board pursuant to the Trust&#x2019;s By -laws . The size of the Board of Directors is currently fixed at seven Directors. In order to allow the Board of Directors to strike a balance with respect to the number of Directors whose terms are expiring at each annual meeting of the Stockholders, the Charter authorizes the Board of Directors to designate whether the term of a nominee for Director shall either be two&#x00a0;years or three&#x00a0;years at the time a Director is nominated for election. The Trust has adopted a Governance Policy on Mandatory Retirement which provides for a standard retirement age of 75 for directors, subject to certain exceptions set forth below. It is the general policy of the Nominating Committee not to nominate candidates for re -election at any annual stockholder meeting to be held after he or she has attained the applicable retirement age. The Board, however, may waive the mandatory retirement age for a specific director in its sole discretion. Under the policy, a waiver requires the consent of the full Board. Other exceptions to the Governance Policy on Mandatory Retirement are as follows: (i)&#x00a0;in the event that any director shall reach the age of 75 during his or her term in office, the director shall be permitted to complete his or her then -current term; and (ii)&#x00a0;any director who was in office as a trustee of the Trust&#x2019;s predecessor, First Real Estate Investment Trust of New Jersey, as of November&#x00a0;1, 2018, may be nominated by the Board to serve as a director after he reaches age 75 and may serve in office until such director reaches the age of 79, upon which time such director shall be permitted to, at

View Full Filing

View this DEF 14A filing on SEC EDGAR