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Last $9.58 USD
Change Today +0.09 / 0.95%
Volume 294.4K
MNR On Other Exchanges
Symbol
Exchange
New York
Frankfurt
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

monmouth real estate inv cor (MNR) Snapshot

Open
$9.46
Previous Close
$9.49
Day High
$9.65
Day Low
$9.43
52 Week High
01/26/15 - $12.07
52 Week Low
08/25/15 - $9.06
Market Cap
583.6M
Average Volume 10 Days
293.8K
EPS TTM
$0.21
Shares Outstanding
60.9M
EX-Date
08/13/15
P/E TM
45.6x
Dividend
$0.60
Dividend Yield
6.26%
Current Stock Chart for MONMOUTH REAL ESTATE INV COR (MNR)

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monmouth real estate inv cor (MNR) Details

Monmouth Real Estate Investment Corporation (MREIC) is a real estate investment trust. It owns, manages, and leases properties to investment-grade tenants on long-term leases. The firm invests in the public equity and real estate markets of the United States. It primarily invests in industrial properties and holds a portfolio of REIT securities. Monmouth Real Estate Investment Corporation was founded in 1968 and is based in Freehold, New Jersey.

13 Employees
Last Reported Date: 12/10/14
Founded in 1968

monmouth real estate inv cor (MNR) Top Compensated Officers

Chief Executive Officer, President, and Direc...
Total Annual Compensation: $642.5K
Founder and Chairman
Total Annual Compensation: $475.0K
Chief Financial and Accounting Officer
Total Annual Compensation: $295.8K
General Counsel
Total Annual Compensation: $305.2K
Compensation as of Fiscal Year 2014.

monmouth real estate inv cor (MNR) Key Developments

Monmouth Real Estate Investment Corporation Enters into a New $130 Million Unsecured Revolving Credit Facility

Monmouth Real Estate Investment Corp. announced that it has entered into an agreement to replace its existing $60 million unsecured revolving credit facility, which was set to mature in June 2016 with a new unsecured revolving credit facility. The Facility is syndicated with three banks led by BMO Capital Markets as sole lead arranger, sole book runner, and Bank of Montreal as administrative agent, and includes JPMorgan Chase Bank, N.A. and RBC Capital Markets as co-syndication agents. The Facility provides for up to $130 million in available borrowings with a $70 million accordion feature, bringing the total potential availability up to $200 million, subject to certain conditions. The Facility matures in August 2019 and has a one-year extension option. Availability under the Facility, through December 31, 2016, is based on 70% of the value of the borrowing base properties and is based on 60% of the value of the borrowing base properties, thereafter. The value of the borrowing base properties is determined by applying a 7.0% capitalization rate to the Net Operating Income generated by the Company's unencumbered, wholly-owned industrial properties. Borrowings under the Facility, up to the first 60% of the value of the borrowing base properties, will bear interest at LIBOR plus 140 basis points to 220 basis points, depending on the company's leverage ratio. Borrowings under the Facility in excess of 60% of the value of the borrowing base properties will bear interest at LIBOR plus 215 basis points to 295 basis points, depending on the company's leverage ratio. Based on the Company's current leverage ratio, borrowings under the Facility will bear interest at LIBOR plus 170 basis points, for borrowings up to 60% of the value of the borrowing base properties and LIBOR plus 245 basis points, for borrowings in excess of 60% of the value of the borrowing base properties. The former $60 million facility was limited to 60% of the value of the borrowing base properties whose value was determined by applying a 7.5% capitalization rate to the NOI generated by the Company's unencumbered properties. In addition, the former facility bore interest at LIBOR plus 175 basis points to 250 basis points depending on the Company's leverage ratio. Based on the Company's current leverage ratio, borrowings under the old facility bore interest at LIBOR plus 200 basis points.

Monmouth Real Estate Investment Corporation Announces New Acquisition Leased to Fedex Ground at the Fort Worth Alliance Airport

Monmouth Real Estate Investment Corporation announced the acquisition of a new 304,608 square foot industrial building located in the Fort Worth Alliance Airport at 2701 Texas Longhorn Way, Fort Worth, Texas at a purchase price of $35,300,832. The property is net-leased for 15 years to FedEx Ground Package System Inc. The building is situated on approximately 44.2 acres.

Monmouth Real Estate Investment Corp. Announces Earnings for the Third Quarter and Nine Months Ended June 30, 2015

Monmouth Real Estate Investment Corp. announced earnings for the third quarter and nine months ended June 30, 2015. For the quarter, the company reported rental revenue was $17,256,000 compared to $13,384,000 a year ago. Net operating income was $16,960,000 compared to $12,877,000 a year ago. Net income was $5,176,000 compared to $5,594,000 a year ago. Net income attributable to common shareholders was $3,024,000 or $0.05 per diluted share compared to $3,442,000 or $0.07 per diluted share a year ago. Core funds from operations (Core FFO) were $9,044,000 or $0.15 per diluted share as compared to $7,895,000 or $0.16 per diluted share for the three months ended June 30, 2015. Adjusted funds from operations (AFFO), was $8,884,000 or $0.15 per diluted share compared to $5,934,000 or $0.12 per diluted share for the three months ended June 30, 2015. For the nine months, the company reported rental revenue was $48,892,000 compared to $41,039,000 a year ago. Net operating income was $47,554,000 compared to $39,406,000 a year ago. Net income was $15,418,000 compared to $14,641,000 a year ago. Net income attributable to common shareholders was $8,963,000 or $0.15 per diluted share compared to $8,186,000 or $0.17 per diluted share a year ago. Core funds from operations (Core FFO) were $26,096,000 or $0.45 per diluted share as compared to $21,806,000 or $0.46 per diluted share a year ago. Adjusted funds from operations (AFFO), was $24,818,000 or $0.42 per diluted share compared to $19,112,000 or $0.40 per diluted share a year ago. Cash flows provided by operating activities was $28,282,000 compared to $28,866,000 a year ago.

 

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Industry Analysis

MNR

Industry Average

Valuation MNR Industry Range
Price/Earnings 46.3x
Price/Sales 7.7x
Price/Book 1.8x
Price/Cash Flow 14.9x
TEV/Sales 0.4x
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