Monmouth Real Estate Investment Corporation Announces Closing of Common Stock
Offering and Full Exercise of Option by Underwriters
FREEHOLD, N.J., May 28, 2014
FREEHOLD, N.J., May 28, 2014 /PRNewswire/ -- Monmouth Real Estate Investment
Corporation (NYSE: MNR) (the "Company"), a real estate investment trust (REIT)
specializing in net-leased industrial properties, today announced the closing
of its previously announced underwritten public offering of its common stock
(the "Common Stock"). A total of 8,050,000 shares of Common Stock was sold
(including 1,050,000 shares of Common Stock sold pursuant to the underwriters'
full exercise of their option to purchase additional shares) at a public
offering price of $8.50 per share, before underwriting discounts. The net
proceeds from the offering, after deducting underwriting discounts (before
other transaction costs), were approximately $65.3 million.
The Company intends to use the net proceeds from this offering to repay
borrowings outstanding under its unsecured revolving credit facility, to
purchase properties and fund expansions of existing properties in the ordinary
course of its business and for general corporate purposes.
BMO Capital Markets Corp. and J.P. Morgan are the joint book-running managers
for the offering. Wunderlich Securities, D.A. Davidson & Co. and CSCA are
co-managers for the offering.
The offering was made pursuant to the Company's currently effective shelf
registration statement filed with the Securities and Exchange Commission.
A copy of the prospectus supplement and accompanying prospectus relating to
these securities can be obtained by contacting BMO Capital Markets Corp. at 3
Times Square, New York, NY 10036, Attention: Equity Syndicate Department, or
emailing firstname.lastname@example.org; or J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or
This press release does not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
ABOUT MONMOUTH REAL ESTATE INVESTMENT CORPORATION
Monmouth Real Estate Investment Corporation, founded in 1968 and one of the
oldest public equity REITs in the U.S., specializes in net-leased industrial
properties subject to long-term leases primarily to investment grade tenants.
The Company is a fully integrated and self-managed real estate company, whose
property portfolio consists of eighty-one properties located in twenty-seven
states, containing a total of approximately 10.7 million rentable square feet.
In addition, the Company owns a portfolio of REIT securities.
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, Section 21E of the
Securities Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. Forward-looking statements provide the
Company's current expectations or forecasts of future events. Forward-looking
statements include statements about the Company's expectations, beliefs,
intentions, plans, objectives, goals, strategies, future events, performance
and underlying assumptions and other statements that are not historical facts,
including with regard to the Company's securities offering or the anticipated
use of proceeds. You can identify forward-looking statements by their use of
forward-looking words, such as "may," "will," "anticipate," "expect,"
"believe," "intend," "plan," "should," "seek" or comparable terms, or the
negative use of those words, but the absence of these words does not
necessarily mean that a statement is not forward-looking. The forward-looking
statements are based on the Company's beliefs, assumptions and expectations of
its future performance, taking into account all information currently
available to it. Forward-looking statements are not predictions of future
events. These beliefs, assumptions and expectations can change as a result of
many possible events or factors, not all of which are known to the Company.
Some of these factors are described under the headings "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" as included in the Company's Annual Report on Form 10-K for the
fiscal year ended September 30, 2013 and its other periodic reports filed with
the Securities and Exchange Commission, which are accessible on the Securities
and Exchange Commission's website at www.sec.gov. These factors should not be
construed as exhaustive and should be read in conjunction with other
cautionary statements that are included in the filings. These and other risks,
uncertainties and factors could cause the Company's actual results to differ
materially from those included in any forward-looking statements it makes. Any
forward-looking statement speaks only as of the date on which it is made. New
risks and uncertainties arise over time, and it is not possible for the
Company to predict those events or how they may affect it. Except as required
by law, the Company is not obligated to, and does not intend to, update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise. You should not place undue reliance on these
forward-looking statements, as events described or implied in such statements
may not occur.
SOURCE Monmouth Real Estate Investment Corporation
Contact: Susan M. Jordan, 732-577-9996
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