Form 4: Director Hekemian Awarded FREVS Shares
Statement of Changes in Beneficial Ownership (Form 4)
First Real Estate Investment Trust of New Jersey Director David Hekemian received an award of 1,584 shares of common stock under the company's Equity Incentive Plan.
Summary
- David Hekemian, a Director of First Real Estate Investment Trust of New Jersey, Inc. (FREVS), was awarded 1,584 shares of common stock.
- The award was made on March 12, 2026, under FREIT's Equity Incentive Plan of 1998.
- The award was approved by FREIT's Board of Directors upon the recommendation of the Compensation Committee.
- Following this transaction, Mr. Hekemian directly beneficially owns 217,636 shares of common stock.
- He also has indirect beneficial ownership of 147,316 shares through partnerships and LLCs, 22,506 shares through a trust for nephews (beneficial ownership disclaimed), 25,470 shares through a trust where he is a beneficiary (beneficial ownership disclaimed except for pecuniary interest), 88,940 shares through the Robert and Mary Jane Hekemian Foundation, Inc. (beneficial ownership disclaimed), 6,000 shares through a trust for his children (beneficial ownership disclaimed), and 2,750 shares through his spouse (beneficial ownership disclaimed).
Sentiment
Score: 6
Explanation: StockSavvy.ai views this as a neutral to slightly positive event, reflecting standard director compensation practices and aligning director interests with shareholders, but it is not a significant market-moving announcement.
Positives
- Director David Hekemian received an award of 1,584 shares of common stock, aligning his interests with shareholders.
- The award was made under an established Equity Incentive Plan, indicating a structured approach to executive compensation.
Future Outlook
The filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.
Industry Context
StockSavvy.ai notes that equity awards to directors are a standard practice in the real estate investment trust (REIT) sector, aiming to align management and director interests with those of shareholders. This particular award is a routine compensation event and does not indicate any specific broader industry trends or competitive shifts.
Comparison to Industry Standards
- Equity incentive plans are common across publicly traded companies, including REITs, as a means of executive and director compensation.
- While the specific number of shares awarded (1,584) is small in absolute terms, its significance would depend on Mr. Hekemian's overall compensation package and the company's market capitalization.
- Without details on comparable companies' director compensation structures or the total value of this award relative to industry benchmarks for REIT directors, a direct comparison of the award's size is not feasible from this filing alone.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Equity Incentive Plan Activity | Award of shares under FREIT's Equity Incentive Plan of 1998, approved by the Board of Directors upon recommendation of the Compensation Committee. | 03/12/2026 | Reinforces the company's established compensation framework for directors, aligning their interests with long-term shareholder value. |
| Corporate Structure | Reincorporation of FREIT from a New Jersey real estate investment trust to a Maryland corporation on July 1, 2021, converting shares of beneficial interest to common stock on a 1-for-1 basis. | 07/01/2021 | Standardized the company's corporate structure, aligning with common practices for REITs and potentially enhancing governance flexibility. |
Stakeholder Impact
- Shareholders: Minor dilution from the issuance of new shares under the incentive plan, but also improved alignment of director interests.
- Director (David Hekemian): Increased equity stake in the company as part of compensation.
Key Dates
| Date | Description |
|---|---|
| 07/01/2021 | Reincorporation of First Real Estate Investment Trust of New Jersey, Inc. from a New Jersey real estate investment trust to a Maryland corporation, converting beneficial interests to common stock on a 1-for-1 basis. |
| 03/12/2026 | Date of award of 1,584 shares of Common Stock to David Hekemian under FREIT's Equity Incentive Plan of 1998. |
| 03/13/2026 | Date of filing of the Form 4. |
Keywords
FREVS, First Real Estate Investment Trust of New Jersey, David Hekemian, Form 4, Insider Transaction, Equity Award, Director Compensation, Common Stock
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