Note 12 – Property disposition:

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 would 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.

On July 8, 2026, the sale of Franklin Crossing, which had a net book value of approximately $5.6 million, was consummated for a purchase price of $27,000,000. FREIT received net proceeds from the sale of approximately $25.4 million after payment of certain transactional expenses and transfer taxes including a brokerage fee due to Hekemian & Co. of approximately $446,000 (See Note 6). The sale of Franklin Crossing resulted in a net gain of approximately $19.8 million which includes a write-off of the straight-line rent receivable of approximately $0.2 million and a write-off of unamortized lease commissions of approximately $0.1 million.