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: August 14, 2002
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
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(Exact name of registrant as specified in its charter)
New Jersey 22-1697095
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(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
505 Main Street, P.O. Box 667, Hackensack, New Jersey 07602
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 201-488-6400
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Item 5. Other Events
As previously reported, Stop & Shop had closed its 28,000 sq. ft. supermarket in
Westwood Plaza Shopping Center and has continued fulfilling its rental
obligations with no plans to reopen the store. On July 31, 2002 (effective
August 14, 2002), FREIT and Stop & Shop entered into a Lease Termination
Agreement whereby, in return for the termination of this below-market-rent lease
at no cost to FREIT, FREIT has agreed to not lease or allow this space or any
other space in the Shopping Center to be used for a supermarket or for a store
using more than 15,000 sq.ft. for the sale of food or food products for
off-premises consumption. This use restriction shall expire on May 31, 2032,
which corresponds with the expiration of the final option period contained in
the Stop & Shop lease.
This 28,000 sq.ft. space is now vacant and not leased, but FREIT anticipates
leasing this space to a non-food retailer(s) at a rental rate which we feel will
be far in excess of the rent pursuant to the terminated Stop & Shop lease.
Disclosure Concerning Forward-Looking Statements
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Certain Statements in this Form 8-K may contain information that is, or
anticipate certain events that are, forward-looking within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Registrant cautions readers
that forward-looking statements, including, without limitation, those relating
to the Registrant's liquidity and capital resources, are subject to certain
risks and uncertainties. Actual results may differ materially from those
described in the forward-looking statements and will be affected by a variety of
risks and factors, including without limitation, the Registrant's future
financial performance; the availability of capital; general market conditions;
national and local economic conditions; particularly long-term interest rates;
the terms of federal, state and local governmental regulations that affect the
Registrant; and the competitive environment in which the Registrant operates,
including the availability of retail space and residential apartment units in
the areas where the Registrant's properties are located. In addition, the
Registrant's continued qualification as a real estate investment trust involves
the application of highly technical and complex rules of the Internal Revenue
Code. The forward-looking statements are made as of the date of this Form 8-K
and the Registrant assumes no obligation to update the forward-looking
statements or to update the reasons actual results could differ from those
projected in such forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY
By: /s/ Robert S. Hekemian
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Robert S. Hekemian
Chairman of the Board
DATED: August 21, 2002