On February 7, 2019, Donald W. Barney retired and resigned as President, Chief Financial Officer, Treasurer and a Trustee of First Real Estate Investment Trust of New Jersey. Mr. Barney's retirement and resignation was not due to any disagreements with the Trust, its officers or the Board of Trustees of the Trust, including any disagreements on any matter relating to the Trust's operations, policies or practices. On February 7, 2019, the Board of Trustees appointed Allan Tubin as Chief Financial Officer and Treasurer of the Trust.

Mr. Tubin will serve as Chief Financial Officer and Treasurer of the Trust for a term to expire at such time as his successor is appointed and qualified. Mr. Tubin is the Chief Financial Officer of Hekemian & Co. Inc. As Chief Financial Officer of Hekemian & Co., Mr. Tubin is responsible for corporate and project finance, budgeting and tax planning, accounting, and SEC compliance for both Hekemian & Co.

and its affiliates. He is a member of Hekemian & Co.'s Acquisitions and Development Due Diligence Team, where he is responsible for financial forecasting and modeling. Mr. Tubin has over 25 years' experience in real estate finance.

Prior to joining Hekemian & Co. in 1996, he served as the Chief Financial Officer for the international real estate activities of the investment bank Donaldson, Lufkin & Jenrette, and served as a certified public accountant with Ernst & Young. There are no family relationships between Mr. Tubin and any executive officer or Trustee of the Trust.

Mr. Tubin has not served as a director of any other company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended. In addition, on February 7, 2019, the Board appointed Robert S. Hekemian, Jr. as President of the Trust. Mr. Hekemian is a Trustee of the Trust and the current Chief Executive Officer of the Trust, and Mr. Hekemian will continue to serve as Chief Executive Officer in addition to the office of President.