Note 12 – 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 Seller’s ownership interests in the Franklin Crossing shopping center located in Franklin Lakes, New Jersey, (“Franklin Crossing”) in exchange for the purchase price of $27,000,000, subject to the terms and conditions of the Franklin Crossing Agreement. Upon signing the Franklin Crossing Agreement, the Purchaser delivered into escrow held by the title company a deposit in the amount of $1,000,000 (the “Initial Franklin Crossing Deposit”), which was only refundable during the 30-day due diligence period immediately following the signing. After the expiration of this period on May 8, 2026, the Initial Franklin Crossing Deposit became non-refundable except in connection with certain rights to terminate the Agreement, and the Purchaser deposited into escrow held by the title company an additional amount of $1,000,000, which is non-refundable except in connection with certain rights to terminate the Franklin Crossing Agreement.

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 Purchaser to terminate the Agreement if the closing has not occurred on or before August 15, 2026. There is no financing contingency under the Franklin Crossing Agreement.

The Board unanimously approved the Franklin Crossing Agreement and the transaction contemplated thereby which is expected to close in the third quarter of 2026.