Monmouth Real Estate Investment Corporation Reports Three-Month Earnings

FREEHOLD, N.J., Feb. 8 /PRNewswire-FirstCall/ -- Monmouth Real Estate Investment Corporation (Nasdaq: MNRTA) reported net income applicable to common shareholders of $1,844,000 or $0.07 per common share for the three months ended December 31, 2009, as compared to net loss applicable to common shareholders of ($1,624,000) or ($0.07) per common share for the three months ended December 31, 2008.  Funds from operations (FFO) per share was $0.16 for the three months ended December 31, 2009 as compared to $0.03 for the three months ended December 31, 2008.  The three months ended December 31, 2008 reflected a securities related non-cash impairment charge of $0.13 per share.  

A summary of significant financial information for the three months ended December 31, 2009 and 2008 is as follows:

    
    
                                                   Three Months Ended 
                                                       December 31,
                                                    2009        2008
                                                    ----        ----
    Rental and Reimbursement Revenue            $10,689,000  $10,282,000
    Total Expenses                               $5,581,000   $5,113,000
    Interest and Dividend Income                   $632,000     $659,000
    Gain (Loss) on Securities Transactions, net    $329,238  $(3,245,000)
    Net Income (Loss) Applicable to Common
     Shareholders                                $1,844,000  $(1,624,000)
    Net Income (Loss) Applicable to Common
     Shareholders Per Common Share                     $.07        $(.07)
    FFO (1)                                      $4,332,000     $802,000
    FFO Per Common Share (1)                           $.16         $.03
    Weighted Avg. Common Shares Outstanding      27,388,000   24,611,000
    
    

A summary of significant balance sheet information as of December 31, 2009 and September 30, 2009 is as follows:

    
    
    
                                           December 31,        September 30,
                                              2009                 2009
                                              ----                 ----
    Total Real Estate Investments          $366,514,000        $345,881,000
    Securities Available for Sale           $26,740,000         $27,825,000
    Total Assets                           $418,294,000        $394,994,000
    Mortgage Notes Payable                 $204,461,000        $192,050,000
    Subordinated Convertible Debentures     $13,990,000         $13,990,000
    Loans Payable                           $16,667,000         $19,064,000
    Total Shareholders' Equity             $177,603,000        $164,891,000
    
    

Eugene W. Landy, President, commented on the results of the first quarter of fiscal year 2010,   "We are very pleased with the results of our first fiscal quarter of 2010 which saw strong growth in revenues, cash flow, and total assets. We raised $10.4 million in a common stock offering and continued our strategy of investing in net-leased industrial properties on long-term leases to investment grade tenants by purchasing two industrial properties representing 541,000 square feet, including a 450,000 square foot facility in Memphis, Tennessee for $14.6 million and a 91,000 square foot facility in Houston, Texas for $8.1 million.  Subsequent to quarter end, we closed on an additional 184,000 square foot industrial property in Dallas, Texas for $17.9 million.  We continue to see significant acquisition opportunities for additional growth in our key target markets and with our existing relationships."  

Monmouth Real Estate Investment Corporation will be hosting the Company's First Quarter 2010 Financial Results Webcast and Conference Call, where senior management will discuss quarterly results, current market conditions and future outlook on Wednesday, February 10, 2010, at 10:00 a.m. Eastern Time.

To participate in the webcast select the microphone icon at the top of the homepage on the Company's website at www.mreic.com.  Interested parties can also participate via conference call by calling toll free 800-860-2442 (domestically) or 412-858-4600 (internationally).  

The replay of the conference call will be available at 12:00 p.m. Eastern Time on Wednesday, February 10, 2010.  It will be available until February 25, 2010, and can be accessed by dialing toll free 877-344-7529 (domestically) or 412-317-0088 (internationally) and entering the passcode 437482.  A transcript of the call and the webcast replay will be available at the company's website, www.mreic.com.

Monmouth Real Estate Investment Corporation (MREIC or the Company), which was organized in 1968, is a publicly-owned real estate investment trust specializing in net-leased industrial properties.  The Company's portfolio consists of sixty-one industrial properties and one shopping center located in twenty-five states.  In addition, the Company owns a portfolio of REIT securities.