FREEHOLD, N.J., April 23 /PRNewswire-FirstCall/ -- Monmouth Real
Estate Investment Corporation (Nasdaq: MNRTA) (the "Company") today
announced the closing of its sale of 4,000,000 common shares at a
price of $7.50 per share. The
Company received net proceeds of approximately $28.3 million which it intends to use to purchase
additional properties in the ordinary course of business and for
general corporate purposes.
Michael P. Landy, Executive Vice
President of the Company, stated, "We are pleased to announce the
closing of this successful transaction. The transaction
represents a further step toward our goal of increasing
institutional visibility and sponsorship of our company and
broadening our access to growth capital. We anticipate using the
proceeds from this offering to continue to take advantage of
attractive acquisition opportunities we see in our target
markets."
CSCA Capital Advisors, LLC acted as Placement Agent for the
transaction. The common shares were issued pursuant to a
prospectus supplement and accompanying prospectus filed as part of
an existing effective shelf registration statement filed with the
Securities and Exchange Commission on Form S-3. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale or offer to buy
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction. Copies of the prospectus supplement and
accompanying prospectus can be obtained by contacting CSCA Capital
Advisors, LLC at 280 Park Avenue, 10th Floor, New York, NY 10017 or (212) 446-9177.
Monmouth Real Estate Investment Corporation, 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.
SOURCE Monmouth Real Estate Investment Corporation