Current Report Filing (8-k)
2017年4月27日 - 5:02AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported):
April 25, 2017
FIRST REAL
ESTATE INVESTMENT TRUST OF NEW JERSEY
(Exact name of registrant as specified
in charter)
New Jersey
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000-25043
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22-1697095
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(State or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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505 Main Street, Hackensack, New Jersey
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07601
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including
area code: (201) 488-6400
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))
Section 8 – Other Events
Item 8.01 Other Events
Wayne PSC, LLC (“Wayne PSC”), a
40% owned affiliate of First Real Estate Investment Trust of New Jersey (“FREIT”), owns and operates the Preakness
Shopping Center in Wayne, New Jersey. Macy’s operated an 81,160 square foot store in the shopping center under a long-term
lease and was paying annual rent of $234,000 (approximately $2.88 per square foot) with no future rent escalations for the remaining
term of the lease and any renewal periods. On April 25, 2017, Wayne PSC announced it had agreed to a termination of Macy’s
lease effective as of April 15, 2017. To terminate the lease and take possession of the space, Wayne PSC paid Macy’s a termination
fee of $620,000. Wayne PSC expects to re-position this space and re-lease to a new tenant (or multiple tenants) at market rents,
which are currently higher than the rent provided for under the terminated Macy’s lease. FREIT’s operating results
will be adversely affected as a result of the vacancy until such time as the space is fully re-leased. FREIT anticipates increased
revenue from the space when it is fully re-leased.
The statements in this report that
relate to future earnings or performance are forward-looking. Actual results might differ materially and be adversely affected
by such factors as longer than anticipated lease-up periods or the inability of tenants to pay increased rents. Additional information
about these factors is contained in the Trust’s filings with the SEC including the Trust’s most recently filed reports
on Form 10-K and Form 10-Q.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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FIRST REAL ESTATE INVESTMENT TRUST OF
NEW JERSEY
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(Registrant)
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By:
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/s/ Robert S. Hekemian
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Robert S. Hekemian
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Chairman of the Board
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Date: April 26, 2017
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