FREEHOLD, N.J., Oct. 4, 2018 /PRNewswire/ -- Monmouth Real
Estate Investment Corporation (NYSE:MNR) (the "Company"), a real
estate investment trust (REIT) specializing in net-leased
industrial properties, today announced that it has priced a public
offering of 8,000,000 shares of its common stock (the "Common
Stock") at a public offering price of $15.00 per share, before underwriting discounts.
The offering is subject to customary closing conditions and is
expected to close on or about October 9,
2018.
In connection with the offering, the Company has granted the
underwriters an option for 30 days to purchase up to 1,200,000
additional shares of Common Stock at the public offering price,
less the underwriting discount. The Company estimates that the net
proceeds from this offering, after deducting underwriting discounts
(before other transaction costs), will be approximately
$115.2 million, or $132.5 million if the underwriters exercise in
full their option to purchase additional shares.
The Company intends to use the net proceeds from this offering
to purchase properties and fund expansions of existing properties
in the ordinary course of its business, to repay borrowings
outstanding under its unsecured revolving credit facility, and for
general corporate purposes.
BMO Capital Markets, J.P. Morgan, and RBC Capital Markets are
the joint book-running managers for the offering. B. Riley FBR,
D.A. Davidson & Co., Janney Montgomery
Scott and CSCA Capital Advisors, LLC are the co-managers for
the offering.
The offering will be made pursuant to the Company's currently
effective shelf registration statement filed with the Securities
and Exchange Commission.
The offering of these securities will be made only by means of a
prospectus and a related prospectus supplement, copies of which may
be obtained, when available, by contacting BMO Capital Markets
Corp., Attention: Syndicate Department, 3 Times Square, 25th Floor,
New York, New York 10036 or by
telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com,
J.P. Morgan Securities LLC, Attention: Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866)
803-9204, or by email at prospectus-eq_fi@jpmchase.com, or RBC
Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey
Street, 8th Floor, New York, New
York 10281, or by telephone at (877) 822-4089, or by email
at equityprospectus@rbccm.com.
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
jurisdiction.
ABOUT MONMOUTH REAL ESTATE
INVESTMENT CORPORATION
Monmouth Real Estate Investment Corporation, founded in 1968, is
one of the oldest public equity REITs in the world. 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 111 properties containing a total of approximately 21.2
million rentable square feet, geographically diversified across 30
states. In addition, the Company owns a portfolio of REIT
securities.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. 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," "might,"
"anticipate," "estimate," "project," "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, 2017, its Quarterly Reports on Form
10-Q for the quarterly periods ended December 31, 2017, March
31, 2018, and June 30, 2018,
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.
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SOURCE Monmouth Real Estate Investment Corporation