MONMOUTH REAL ESTATE ANNOUNCES NEW ACQUISITION IN BURLINGTON, VT

Monmouth Real Estate Investment Corporation (NYSE:MNR) has completed the acquisition of a 143,794 square foot industrial building in S. Burlington, VT, for $54.8 million.

Rhea-AI Summary

Monmouth Real Estate Investment Corporation (NYSE:MNR) has completed the acquisition of a 143,794 square foot industrial building in S. Burlington, VT, for $54.8 million. The property, net-leased to FedEx Ground Packaging System for 15 years, spans approximately 43.4 acres near Burlington International Airport. This acquisition marks Monmouth's first investment in Vermont and offers substantial future expansion potential due to its land-to-building ratio of over 13 times. Currently, Monmouth holds a diverse portfolio of 121 properties across 32 states with an occupancy rate of 99.7%.

Positive

• Acquisition of a strategically located property for $54.8 million, net-leased for 15 years to FedEx, suggesting stable income.
• First acquisition in Vermont, enhancing geographical diversification.
• Future expansion potential due to a land-to-building ratio of over 13 times.

Negative

• None.

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Holmdel, New Jersey, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE:MNR) today announced that on July 29^th it completed the acquisition of a new 143,794 square foot industrial building located at 635 Community Drive, S. Burlington, VT for a purchase price of $54.8 million. The property is net-leased for 15 years to FedEx Ground Packaging System, Inc., a Delaware corporation. The building is situated on approximately 43.4 acres near the Burlington International Airport. The abundant land to building ratio of over 13 times, provides for substantial future expansion capacity. This acquisition represents our first in the State of Vermont.

Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. We specialize in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully integrated and self-managed real estate company, whose property portfolio consists of 121 properties, containing a total of approximately 24.7 million rentable square feet, geographically diversified across 32 states. Our occupancy rate as of this date is 99.7%.

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Contact: Becky Coleridge 732-577-9996

Attachment

• Monmouth Real Estate Investment Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the location and size of the new property acquired by MNR?

The new property acquired by Monmouth Real Estate is located at 635 Community Drive, S. Burlington, VT, and measures 143,794 square feet.

What was the purchase price for the acquisition by Monmouth Real Estate?

Monmouth Real Estate acquired the property for $54.8 million.

Who is the tenant of the newly acquired property?

The property is net-leased to FedEx Ground Packaging System, Inc.

How long is the lease term for the new acquisition?

The lease term for the new acquisition is 15 years.

What is Monmouth Real Estate's occupancy rate as of the acquisition date?

As of the acquisition date, Monmouth Real Estate's occupancy rate is 99.7%.