Key Developments For Monmouth Real Estate Investment Corporation
Monmouth Real Estate Investment Corporation (MNRTA.O) (Nasdaq)
Monmouth Real Estate Investment Corp Announces New Acquisition
Monmouth Real Estate Investment Corp announced the acquisition of a 450,000 square foot industrial building located at 5025 Tuggle Road, Shelby County, Memphis, Tennessee, at a purchase price of approximately $14,600,000. The property is triple-net-leased to FedEx Supply Chain Services, Inc., a subsidiary of FedEx Ground Package System, Inc., through May 31, 2019. The building was constructed in 1994 for use as a warehouse/distribution center. FedEx Supply has leased the building since 2005 from Harbin Enterprises, G.P., a Tennessee General Partnership, which was the seller in this transaction. Darren Sides, Porthaven Partners LLC, acted as broker to Monmouth for this acquisition.
Monmouth Real Estate Investment Corp Closes Offering of 1,730,200 Shares of Common Stock
Monmouth Real Estate Investment Corp announced the closing of a registered direct placement of 1,730,200 common shares at an offering price of $6.50. The Company received net proceeds from the offering of approximately $10.5 million. The Company intends to use the net proceeds from the offering to purchase additional properties in the ordinary course of business and for general corporate purposes. CSCA Capital Advisors, LLC acted as Placement Agent for the transaction.
Monmouth Real Estate Investment Corp Prices Offering of Approximately 1,700,000 Shares of Common Stock
Monmouth Real Estate Investment Corp announced the pricing of a registered direct placement of approximately 1,700,000 common shares at an offering price of $6.50. The Company expects to receive net proceeds from the offering of approximately $10 million and expects to close the transaction on or about October 20, 2009. The Company intends to use the net proceeds from the offering to purchase additional properties in the ordinary course of business and for general corporate purposes. CSCA Capital Advisors, LLC acted as Placement Agent for the transaction.
Monmouth Real Estate Investment Corp Declares Common And Preferred Dividends
Monmouth Real Estate Investment Corp announced that its Board of Directors has declared its quarterly cash dividend on the Company's common stock of $0.15 per share payable on December 15, 2009, to shareholders of record at the close of business on November 16, 2009. The Company's annual dividend rate on its Common Stock is $0.60 per share. The Board of Directors also declared a dividend for the period commencing September 1, 2009 and ending November 30, 2009, of $0.4766 per share on the Company's 7.625% Series A Cumulative Redeemable Preferred Stock payable December 15, 2009, to shareholders of record at the close of business on November 16, 2009. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $1.90625 per share.
Monmouth Real Estate Investment Corp Announces New Acquisition
Monmouth Real Estate Investment Corp announced the acquisition of a 40,000 square foot industrial building located in Forbes Field Industrial Park at 6700 SW Topeka Boulevard, Shawnee County, Topeka, Kansas, at a purchase price of approximately $4,100,000.
