Monmouth Real Estate Investment Corp [Acquired] | REIT Profile

Symbol: MNR new symbol: ILPT
CIK: 67625
Exchange: NYSE
Founded: 1968
HQ: Freehold Township, NJ, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Mid-Cap
REIT Sector: Industrial

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About Monmouth Real Estate Investment Corp [Acquired]

Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the U.S. The Company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate Investment Corporation is a fully integrated and self-managed real estate company, whose property portfolio consists of 108 properties containing a total of approximately 18.8 million rentable square feet, geographically diversified across 30 states. In addition, the Company owns a portfolio of REIT securities.

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Related Information

Material Source Description
Industrial Logistics Properties Trust Completes Acquisition of Monmouth Real Estate Investment Corporation (2022-02-28) BUSINESS WIRE NEWTON, Mass.--(BUSINESS WIRE)-- Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced that it has completed its acquisition of Monmouth Real Estate Investment Corporation (NYSE: MNR) for $21.00 per share in an all-cash transaction, valued at approximately $4.0 billion, including committed MNR acquisitions, transaction costs and the assumption of approximately $323 million of debt. This transaction was approved by MNR’s shareholders on February 17, 2022 and closed on February 25, 2022. The MNR portfolio includes 126 Class A, single tenant, net leased, e-commerce focused industrial properties containing over 26 million square feet of space with a weighted average lease term of approximately eight years that was 99.7% occupied and over 80.0% leased to investment grade rated tenants as of February 25, 2022. ILPT expects the MNR portfolio to generate annualized rental revenues of approximately $175 million in 2022 and expects the transaction to be accretive to normalized funds from operations, or Normalized FFO, per share.

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Last updated: 2023-12-05 - v4.8