MONMOUTH REAL ESTATE ANNOUNCES NEW ACQUISITION IN THE COLUMBUS, OH MSA

Monmouth Real Estate Investment Corporation (NYSE:MNR) has acquired a 487,900 square foot industrial property in Plain City, OH, for $73.3 million.

Rhea-AI Summary

Monmouth Real Estate Investment Corporation (NYSE:MNR) has acquired a 487,900 square foot industrial property in Plain City, OH, for $73.3 million. The property, net-leased to FedEx Ground for 15 years, is located on approximately 100 acres and is strategically positioned near Interstate 270. This acquisition aligns with the company's focus on the growing e-commerce sector, which has seen accelerated demand due to the Covid-19 pandemic. Additionally, MNR's occupancy rate increased from 99.4% to 99.6% after leasing a vacant building to an investment-grade tenant.

Positive

• Acquisition of a 487,900 square foot industrial property for $73.3 million.
• Property net-leased to FedEx Ground for 15 years, ensuring steady cash flow.
• Increasing occupancy rate from 99.4% to 99.6% following a successful lease agreement.
• Continued strong demand for e-commerce-related properties due to the Covid-19 pandemic.

Negative

• None.

Argus Session date unavailable

-0.53% session move Open Argus

Details

News Market Reaction – MNR

The recorded move for MNR in the trading session of this news was -0.53%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Holmdel, New Jersey, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE:MNR) today announced the acquisition of a new 487,900 square foot industrial building located at 8341 Industrial Parkway, Plain City, OH at a purchase price of $73.3 million. The property is net-leased for 15 years to FedEx Ground Packaging System, Inc., a Delaware corporation. The building is situated on approximately 100 acres.

Michael P. Landy, President and CEO, commented, “We are very pleased to announce this high-quality acquisition. This large 100-acre site has ample expansion capacity and is situated near Interstate 270. Monmouth’s portfolio is closely tied to the rampant growth in ecommerce. For many years, our tenants have been experiencing strong demand for their services and this trend has greatly accelerated due to the Covid-19 Pandemic.”

“In addition, we recently leased one of our two vacant buildings to an investment-grade tenant for 10.3 years. This successful leasing increases our occupancy rate from 99.4% to 99.6%. We are now in our sixth consecutive year with over 98.9% occupancy We look forward to announcing continued qualitative growth throughout fiscal 2021.”

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 120 properties, containing a total of approximately 23.9 million rentable square feet, geographically diversified across 31 states. Our occupancy rate as of this date is 99.6%.

Contact: Becky Coleridge
732-577-9996
EMAIL: mreic@mreic.com
www.mreic.reit

FAQ

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

What did Monmouth Real Estate acquire on December 17, 2020?

Monmouth Real Estate acquired a 487,900 square foot industrial building in Plain City, OH, for $73.3 million.

Who is the tenant of the new industrial property acquired by MNR?

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

What is the expected impact of the acquisition on MNR's occupancy rate?

The acquisition has increased MNR's occupancy rate from 99.4% to 99.6%.

How does Monmouth Real Estate's acquisition align with market trends?

The acquisition aligns with the growing demand in the e-commerce sector, which has accelerated during the Covid-19 pandemic.

What is the strategic importance of the acquired property?

The property is situated on approximately 100 acres with ample expansion capacity, enhancing MNR's portfolio.