MONMOUTH REAL ESTATE DECLARES COMMON AND PREFERRED DIVIDENDS
July 01 2021 - 4:15PM
On July 1, 2021, the Board of Directors of Monmouth Real Estate
Investment Corporation (NYSE:MNR) declared its quarterly cash
dividend on the Company’s Common Stock of $0.18 per share. The
common stock dividend will be payable to shareholders of record at
the close of business on August 16, 2021 and will be paid on
September 15, 2021, except that if the Company’s pending merger
with Equity Commonwealth is completed prior to September 15, 2021,
the dividend payment will be accelerated and paid immediately prior
to the effective time of the merger.
Also on July 1, 2021, the Board of Directors
declared a dividend on the Company’s 6.125% Series C Cumulative
Redeemable Preferred Stock. The preferred stock dividend will cover
the period from June 1, 2021 to August 31, 2021 unless the pending
merger with Equity Commonwealth closes prior to August 31, 2021. If
the merger is completed prior to August 31, 2021, then the
preferred stock dividend period will end on, but not include, the
closing date of the merger and the dividend will be paid
immediately prior to the effective time of the merger. If the
merger is not completed prior to August 31, 2021, the preferred
dividend will be paid on August 31, 2021. The quarterly preferred
stock dividend payment of $0.3828125 per share will be prorated if
the merger is completed prior to August 31, 2021. Regardless of
whether the merger closes prior to August 31, 2021, the preferred
stock dividend will be payable to shareholders of record as of the
close of business on August 16, 2021.
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 120 properties
containing a total of approximately 24.5 million rentable square
feet, geographically diversified across 31 states. The Company’s
occupancy rate as of this date is 99.7%.
Participants in the Solicitation
Monmouth Real Estate Investment Corporation
(“Monmouth” or the “Company”) and certain of its directors and
executive officers and other employees may be deemed to be
participants in the solicitation of proxies from Monmouth’s
stockholders in connection with the proposed merger with Equity
Commonwealth under the rules of the U.S. Securities and Exchange
Commission (“SEC”). Investors may obtain information regarding the
names, affiliations and interests of directors and executive
officers of Monmouth in Monmouth’s Annual Report on Form 10-K for
Monmouth’s fiscal year ended September 30, 2020, which was filed
with the SEC on November 23, 2020, as well as in Monmouth’s other
filings with the SEC. Other information regarding the participants
in the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, will be
contained in the proxy statement/prospectus and other relevant
proxy materials to be filed with the SEC in respect of the proposed
merger when they become available.
No Offer or Solicitation
This communication is not intended to and shall
not constitute an offer to buy or sell or the solicitation of an
offer to buy or sell any securities, or a solicitation of any
proxy, vote or approval, nor shall there be any sale of 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. No offering of securities
shall be made, except by means of a prospectus meeting the
requirements of Section 10 of the U.S. Securities Act of 1933, as
amended.
Additional Information and Where to Find
It
In connection with the proposed merger, Monmouth
and Equity Commonwealth intend to file a proxy statement/prospectus
with the SEC, which will be sent to the common stockholders of
Monmouth seeking their approval of the Merger and the common
stockholders of Equity Commonwealth seeking their approval of the
issuance of Equity Commonwealth common stock in connection with the
merger. Monmouth and Equity Commonwealth may also file other
documents regarding the proposed merger with the SEC. This
communication is not intended to be, and is not, a substitute for
such filings or for any other document that Monmouth and/or Equity
Commonwealth may file with the SEC in connection with the Merger.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND
SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE ENTIRE PROXY
STATEMENT/PROSPECTUS, WHEN IT BECOMES AVAILABLE, AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MONMOUTH,
EQUITY COMMONWEALTH, AND THE PROPOSED MERGER. Investors and
security holders will be able to obtain free copies of the proxy
statement/prospectus and other documents filed with the SEC by
Monmouth, when they become available, through the website
maintained by the SEC at www.sec.gov. In addition, investors
and security holders will be able to obtain free copies of the
proxy statement/prospectus and other documents filed with the SEC
on Monmouth’s website at www.mreic.reit.
Contact: Becky
Coleridge732-577-9996
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