Attached files
file | filename |
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8-K - 8-K - MONMOUTH REAL ESTATE INVESTMENT CORP | d30018_8-k.htm |
Consolidated Balance Sheets |
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(unaudited) |
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| September 30, |
| September 30, |
ASSETS |
| 2012 |
| 2011 |
Real Estate Investments: |
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Land |
| $ 88,887,014 |
| $ 82,115,823 |
Buildings and Improvements |
| 459,425,689 |
| 394,815,902 |
Total Real Estate Investments |
| 548,312,703 |
| 476,931,725 |
Accumulated Depreciation |
| (79,345,279) |
| (67,908,169) |
Net Real Estate Investments |
| 468,967,424 |
| 409,023,556 |
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Real Estate Held for Sale |
| - |
| 2,561,727 |
Cash and Cash Equivalents |
| 24,650,858 |
| 6,376,808 |
Securities Available for Sale at Fair Value |
| 61,685,173 |
| 44,265,059 |
Tenant and Other Receivables |
| 1,116,825 |
| 1,018,733 |
Deferred Rent Receivable |
| 2,214,501 |
| 1,661,027 |
Loans Receivable, net |
| 87,916 |
| 187,384 |
Prepaid Expenses |
| 1,428,454 |
| 556,541 |
Financing Costs, net of Accumulated Amortization of |
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$2,546,806 and $2,122,218, respectively |
| 3,213,762 |
| 2,405,426 |
Lease Costs, net of Accumulated Amortization of |
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$1,156,699 and $825,709, respectively |
| 1,518,780 |
| 1,227,451 |
Intangible Assets, net of Accumulated Amortization of |
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$6,731,014 and $5,253,659, respectively |
| 7,635,026 |
| 5,757,880 |
Other Assets |
| 1,988,983 |
| 1,945,244 |
TOTAL ASSETS |
| $ 574,507,702 |
| $ 476,986,836 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Liabilities: |
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Mortgage Notes Payable |
| $ 237,943,911 |
| $ 211,614,170 |
Subordinated Convertible Debentures |
| 8,615,000 |
| 8,915,000 |
Loans Payable |
| 5,200,000 |
| 16,860,950 |
Accounts Payable and Accrued Expenses |
| 3,881,769 |
| 2,129,658 |
Other Liabilities |
| 3,179,883 |
| 2,952,974 |
Total Liabilities |
| 258,820,563 |
| 242,472,752 |
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Shareholders' Equity: |
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Series A - 7.625% Cumulative Redeemable Preferred Stock, |
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$0.01 Par Value Per Share; 2,139,750 Shares Authorized, |
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Issued and Outstanding as of September 30, 2012 and 2011 respectively |
| 53,493,750 |
| 53,493,750 |
Series B - 7.875% Cumulative Redeemable Preferred Stock, |
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$0.01 Par Value Per Share; 2,300,000 and -0- Shares Authorized, |
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Issued and Outstanding as of September 30, 2012 and 2011 respectively |
| 57,500,000 |
| - |
Common Stock $0.01 Par Value Per Share, 67,700,000 and 50,000,000 |
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Shares Authorized; 40,696,692 and 36,785,037 Shares Issued |
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and 40,696,692 and 36,780,037 Shares Outstanding as of |
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September 30, 2012 and 2011, respectively |
| 406,967 |
| 367,850 |
Excess Stock $0.01 Par Value per share, 5,000,000 Shares |
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Authorized; No Shares Issued or Outstanding |
| - |
| - |
Treasury Stock at Cost, -0- and 5,000 Shares as of |
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September 30, 2012 and 2011, respectively |
| - |
| (24,905) |
Additional Paid-In Capital |
| 198,902,485 |
| 179,392,039 |
Accumulated Other Comprehensive Income |
| 5,383,937 |
| 2,368,163 |
Loans to Officers, Directors and Key Employees |
| - |
| (1,082,813) |
Undistributed Income |
| - |
| - |
Total Shareholders' Equity |
| 315,687,139 |
| 234,514,084 |
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TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
| $ 574,507,702 |
| $ 476,986,836 |
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Consolidated Statements of Operations |
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(unaudited) |
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| Three Months Ended |
| Twelve Months Ended | ||||
| 9/30/2012 |
| 9/30/2011 |
| 9/30/2012 |
| 9/30/2011 |
INCOME: |
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Rental Revenue | $11,261,485 |
| $10,019,610 |
| $43,393,813 |
| $40,234,528 |
Reimbursement Revenue | 1,785,450 |
| 1,938,387 |
| 7,094,957 |
| 7,906,956 |
Lease Termination Income | - |
| - |
| 3,222,283 |
| - |
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TOTAL INCOME | 13,046,935 |
| 11,957,997 |
| 53,711,053 |
| 48,141,484 |
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EXPENSES: |
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Real Estate Taxes | 1,307,985 |
| 1,763,512 |
| 5,774,910 |
| 7,239,075 |
Operating Expenses | 906,739 |
| 608,665 |
| 3,133,774 |
| 2,469,312 |
General & Administrative Expense | 1,552,368 |
| 1,139,621 |
| 4,644,475 |
| 3,880,200 |
Acquisition Costs | 46,839 |
| 19,683 |
| 667,799 |
| 425,157 |
Severance Expense | - |
| - |
| 965,083 |
| 275,000 |
Depreciation | 3,019,163 |
| 2,649,489 |
| 11,471,070 |
| 10,312,807 |
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TOTAL EXPENSES | 6,833,094 |
| 6,180,970 |
| 26,657,111 |
| 24,601,551 |
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| - |
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OTHER INCOME (EXPENSE): |
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Interest and Dividend Income | 783,936 |
| 870,625 |
| 3,358,674 |
| 3,100,327 |
Amortization | (628,983) |
| (489,439) |
| (2,439,315) |
| (1,855,227) |
Gain on Securities Transactions, net | 366,282 |
| 146,918 |
| 6,044,065 |
| 5,238,203 |
Interest Expense | (3,909,897) |
| (3,613,903) |
| (15,352,499) |
| (14,870,906) |
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TOTAL OTHER INCOME (EXPENSE) | (3,388,662) |
| (3,085,799) |
| (8,389,075) |
| (8,387,603) |
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| - |
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INCOME FROM CONTINUING OPERATIONS | 2,825,179 |
| 2,691,228 |
| 18,664,867 |
| 15,152,330 |
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INCOME FROM DISCONTINUED OPERATIONS | - |
| 68,348 |
| 19,628 |
| 265,868 |
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NET INCOME | 2,825,179 |
| 2,759,576 |
| 18,684,495 |
| 15,418,198 |
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Less: Preferred Dividend | 2,151,837 |
| 1,019,805 |
| 5,513,126 |
| 4,079,219 |
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NET INCOME ATTRIBUTABLE TO |
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COMMON SHAREHOLDERS | $673,342 |
| $1,739,771 |
| $13,171,369 |
| $11,338,979 |
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Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 4 of 21
FFO and FAD Reconciliation |
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(unaudited) |
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| Three Months Ended |
| Twelve Months Ended | ||||||
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| 9/30/2012 |
| 9/30/2011 |
| 9/30/2012 |
| 9/30/2011 | ||
Revenues |
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| Rental and Reimbursement Revenue | $13,046,935 |
| $11,957,997 |
| $53,711,053 |
| $48,141,484 | ||
| Interest and Dividend Income | 783,938 |
| 870,625 |
| 3,358,674 |
| 3,100,327 | ||
| Total Revenue | 13,830,873 |
| 12,828,622 |
| 57,069,727 |
| 51,241,811 | ||
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Expenses |
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| Real Estate Taxes | 1,307,985 |
| 1,763,512 |
| 5,774,910 |
| 7,239,075 | ||
| Operating Expenses | 906,739 |
| 608,665 |
| 3,133,774 |
| 2,469,312 | ||
| Total Expenses | 2,214,724 |
| 2,372,177 |
| 8,908,684 |
| 9,708,387 | ||
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Net Operating Income from Discontinued Operations | - |
| 97,575 |
| 19,628 |
| 322,660 | |||
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Net Operating Income | 11,616,149 |
| 10,554,020 |
| 48,180,671 |
| 41,856,084 | |||
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| General & Administrative Expense | 1,552,368 |
| 1,139,621 |
| 4,644,475 |
| 3,880,200 | ||
| Severance Expense | - |
| - |
| 965,083 |
| 275,000 | ||
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EBITDA | 10,063,781 |
| 9,414,399 |
| 42,571,113 |
| 37,700,884 | |||
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| Interest Expense (including discontinued operations) | (3,909,897) |
| (3,631,573) |
| (15,352,499) |
| (14,876,623) | ||
| Gain on Securities Transactions, net | 366,282 |
| 146,918 |
| 6,044,065 |
| 5,238,203 | ||
| Acquisition Costs | (46,839) |
| (19,683) |
| (667,799) |
| (425,157) | ||
| Preferred Dividend | (2,151,837) |
| (1,019,805) |
| (5,513,126) |
| (4,079,219) | ||
| Other Amortization | (165,511) |
| (188,934) |
| (961,959) |
| (681,359) | ||
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Funds From Operations - FFO | 4,155,979 |
| 4,701,322 |
| 26,119,795 |
| 22,876,729 | |||
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| Depreciation Expense (including discontinued operations) | (3,019,163) |
| (2,661,046) |
| (11,471,070) |
| (10,351,358) | ||
| Amortization of In-Place Lease Intangible Assets | (463,474) |
| (300,505) |
| (1,477,356) |
| (1,186,392) | ||
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Net Income Attributable to Common Shareholders | 673,342 |
| 1,739,771 |
| 13,171,369 |
| 11,338,979 | |||
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Funds From Operations - FFO | 4,155,979 |
| 4,701,322 |
| 26,119,795 |
| 22,876,729 | |||
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| Acquisition Costs | 46,839 |
| 19,683 |
| 667,799 |
| 425,157 | ||
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Adjusted Funds From Operations - FFO | 4,202,818 |
| 4,721,005 |
| 26,787,594 |
| 23,301,886 | |||
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Funds From Operations - FFO | 4,155,979 |
| 4,701,322 |
| 26,119,795 |
| 22,876,729 | |||
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| Gain on Securities Transactions, net | (366,282) |
| (146,918) |
| (6,044,065) |
| (5,238,203) | ||
| Stock Compensation Expense | 271,096 |
| 65,964 |
| 593,811 |
| 163,150 | ||
| Other Amortization | 165,511 |
| 214,988 |
| 961,959 |
| 702,379 | ||
| Straight-lined Rents | (367,986) |
| (17,949) |
| (553,474) |
| (86,093) | ||
| Recurring Capital Expenditures | (489,564) |
| (303,779) |
| (846,138) |
| (815,922) | ||
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Funds Available for Distribution - FAD | 3,368,754 |
| 4,513,628 |
| 20,231,888 |
| 17,602,040 | |||
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EBITDA | 10,063,781 |
| 9,414,399 |
| 42,571,113 |
| 37,700,884 | |||
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| Interest Expense (includes discontinued operations) | (3,909,897) |
| (3,631,573) |
| (15,352,499) |
| (14,876,623) | ||
| Preferred Dividend | (2,151,837) |
| (1,019,805) |
| (5,513,126) |
| (4,079,219) | ||
| Stock Option Expense | 271,096 |
| 65,964 |
| 593,811 |
| 163,150 | ||
| Other Amortization | - |
| 26,054 |
| - |
| 21,020 | ||
| Acquisition Costs | (46,839) |
| (19,683) |
| (667,799) |
| (425,157) | ||
| Straight-lined Rents | (367,986) |
| (17,949) |
| (553,474) |
| (86,093) | ||
| Recurring Capital Expenditures | (489,564) |
| (303,779) |
| (846,138) |
| (815,922) | ||
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Funds Available for Distribution - FAD | $3,368,754 |
| $4,513,628 |
| $20,231,888 |
| 17,602,040 |
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 5 of 21
Financial Highlights |
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(unaudited) |
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| Three Months Ended |
| Twelve Months Ended | ||||
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| 9/30/2012 |
| 9/30/2011 |
| 9/30/2012 |
| 9/30/2011 |
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Weighted Average Shares Outstanding |
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| Basic | 40,455,190 |
| 36,520,012 |
| 39,660,692 |
| 35,083,457 |
| Diluted | 40,702,668 |
| 36,555,221 |
| 39,819,621 |
| 35,131,718 |
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Net Income Attributable to Common Shareholders | $673,342 |
| $1,739,771 |
| $13,171,369 |
| $11,338,979 | |
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| Basic | $0.02 |
| $0.05 |
| $0.33 |
| $0.32 |
| Diluted | 0.02 |
| 0.05 |
| 0.33 |
| 0.32 |
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Funds From Operations - FFO | $4,155,979 |
| $4,701,322 |
| $26,119,795 |
| $22,876,729 | |
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| Basic | $0.10 |
| $0.13 |
| $0.66 |
| $0.65 |
| Diluted | 0.10 |
| 0.13 |
| 0.66 |
| 0.65 |
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Adjusted Funds From Operations - FFO | $4,202,818 |
| $4,721,005 |
| $26,787,594 |
| $23,301,886 | |
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| Basic | $0.10 |
| $0.13 |
| $0.68 |
| $0.66 |
| Diluted | 0.10 |
| 0.13 |
| 0.67 |
| 0.66 |
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FFO Excluding Gains on Securities Transactions, net | $3,789,697 |
| $4,554,404 |
| $20,075,730 |
| $17,638,526 | |
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| Basic | $0.09 |
| $0.12 |
| $0.51 |
| $0.50 |
| Diluted | 0.09 |
| 0.12 |
| 0.50 |
| 0.50 |
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Funds Available for Distribution - FAD | $3,368,754 |
| $4,513,628 |
| $20,231,888 |
| $17,602,040 | |
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| Basic | $0.08 |
| $0.12 |
| $0.51 |
| $0.50 |
| Diluted | 0.08 |
| 0.12 |
| 0.51 |
| 0.50 |
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Dividends Declared per Common Share | $0.15 |
| $0.15 |
| $0.60 |
| $0.60 |
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 6 of 21
Consolidated Statements of Cash Flows |
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(unaudited) |
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| Twelve Months Ended | ||
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| 9/30/2012 |
| 9/30/2011 |
CASH FLOWS FROM OPERATING ACTIVITIES |
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Net Income |
| $18,684,495 |
| $15,418,198 |
Noncash Items Included in Net Income or Loss: |
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Depreciation & Amortization |
| 13,910,385 |
| 12,249,416 |
Stock Compensation Expense |
| 593,811 |
| 163,150 |
Gain on Securities Transactions, net |
| (6,044,065) |
| (5,238,203) |
Changes In: |
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Tenant, Deferred Rent and Other Receivables |
| (651,566) |
| (457,566) |
Prepaid Expenses & Other Assets |
| (1,366,452) |
| (382,622) |
Accounts Payable, Accrued Expenses and Other Liabilities |
| 1,682,213 |
| 374,446 |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
| $26,808,821 |
| $22,126,819 |
CASH FLOWS FROM INVESTING ACTIVITIES |
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Purchase of Real Estate & Intangible Assets |
| (68,903,045) |
| (18,841,546) |
Capital Improvements & Purchases of Equipment |
| (4,452,275) |
| (1,437,395) |
Proceeds on Sale of Real Estate |
| 2,553,507 |
| -0- |
Purchase of Noncontrolling Interests |
| -0- |
| (4,138,291) |
Deposits on Acquisitions of Real Estate |
| (1,577,418) |
| (1,722,850) |
Purchase of Securities Available for Sale |
| (32,718,667) |
| (20,347,387) |
Proceeds from Sale of Securities Available for Sale |
| 24,358,392 |
| 16,090,362 |
Collections on Loans Receivable |
| 99,468 |
| 31,189 |
NET CASH USED IN INVESTING ACTIVITIES |
| $(80,640,038) |
| $(30,365,918) |
CASH FLOWS FROM FINANCING ACTIVITIES |
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Proceeds from Mortgages |
| 56,033,000 |
| 7,800,000 |
Principal Payments on Mortgages |
| (29,703,259) |
| (17,341,678) |
Net Proceeds from (Payments on) Loans |
| (11,660,950) |
| 7,587,037 |
Repurchase of Subordinated Convertible Debentures |
| (150,000) |
| (5,075,000) |
Repayment of Employee Loan |
| 1,082,813 |
| 118,750 |
Financing Costs Paid on Debt |
| (1,439,305) |
| (419,089) |
Net Distributions to Noncontrolling Interests |
| (80,536) |
| (160,868) |
Proceeds from the Exercise of Stock Options |
| 2,558,842 |
| 2,181,484 |
Proceeds from Registered Direct Placement of Preferred Stock, |
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net of offering costs |
| -0- |
| 18,978,635 |
Proceeds from Underwritten Public Offering of Preferred |
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Stock, net of offering costs | 55,032,835 |
| -0- | |
Proceeds from Registered Direct Placement of Common |
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Stock, net of offering costs |
| 16,189,700 |
| -0- |
Proceeds from Issuance of Common Stock, net of reinvestments |
| 10,669,584 |
| 14,091,303 |
Preferred Dividends Paid |
| (5,135,783) |
| (4,079,219) |
Common Stock Distributions Paid, net of reinvestments |
| (21,291,674) |
| (15,880,001) |
NET CASH PROVIDED BY FINANCING ACTIVITIES |
| $72,105,267 |
| $7,801,354 |
NET INCREASE IN CASH AND CASH EQUIVALENTS |
| 18,274,050 |
| (437,745) |
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD |
| 6,376,808 |
| 6,814,553 |
CASH AND CASH EQUIVALENTS END OF PERIOD |
| $24,650,858 |
| $6,376,808 |
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 7 of 21
Capital Structure and Leverage Ratios |
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| As of |
| As of | |
(unaudited) |
|
| 9/30/2012 |
| 9/30/2011 | |
|
|
|
|
|
|
|
Mortgage Notes Payable |
|
| $237,943,911 |
| $211,614,170 | |
Loans Payable |
|
| 5,200,000 |
| 16,860,950 | |
Subordinated Convertible Debentures |
|
| 8,615,000 |
| 8,915,000 | |
| Total Debt |
|
| 251,758,911 |
| 237,390,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A - 7.625% Cumul. Redeemable Preferred |
|
| 53,493,750 |
| 53,493,750 | |
Series B - 7.875% Cumul. Redeemable Preferred |
|
| 57,500,000 |
| - | |
Common Stock, Paid-in-Capital & Other |
|
| 204,693,389 |
| 181,020,334 | |
| Total Shareholders' Equity |
|
| 315,687,139 |
| 234,514,084 |
|
|
|
|
|
|
|
| Total Book Capitalization |
|
| 567,446,050 |
| 471,904,204 |
|
|
|
|
|
|
|
| Accumulated Depreciation |
|
| 79,345,279 |
| 67,908,169 |
| Total Undepreciated Book Capitalization |
|
| $646,791,329 |
| $539,812,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares Outstanding |
|
| 40,696,692 |
| 36,780,037 | |
Market Price Per Share |
|
| $11.19 |
| $7.93 | |
|
|
|
|
|
|
|
Equity Market Capitalization |
|
| $455,395,983 |
| $291,665,693 | |
Total Debt |
|
| 251,758,911 |
| 237,390,120 | |
Preferred |
|
| 110,993,750 |
| 53,493,750 | |
| Total Market Capitalization |
|
| $818,148,644 |
| $582,549,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt |
|
| $251,758,911 |
| $237,390,120 | |
less: Cash and Cash Equivalents |
|
| 24,650,858 |
| 6,376,808 | |
| Net Debt |
|
| $227,108,053 |
| $231,013,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt / Undepreciated Book Capitalization |
|
| 35.1% |
| 42.8% | |
Net Debt / Total Market Capitalization |
|
| 27.8% |
| 39.7% | |
Net Debt + Preferred / Total Market Capitalization |
|
| 41.3% |
| 48.8% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year |
|
|
| Three Months Ended |
| Ended | |
|
|
| 9/30/2012 | 9/30/2011 |
| 9/30/2012 |
Net Income |
| $2,825,179 | $2,759,576 |
| $18,684,495 | |
plus: Depreciation & Amortization (includes Discontinued Operations) | 3,648,148 | 3,150,485 |
| 13,910,385 | ||
plus: Interest Expense (includes Discontinued Operations) | 3,909,897 | 3,631,573 |
| 15,352,499 | ||
plus: Acquisition Costs |
| 46,839 | 19,683 |
| 667,799 | |
less: Gain On Securities Transactions, net |
| (366,282) | (146,918) |
| (6,044,065) | |
| EBITDA |
| $10,063,781 | $9,414,399 |
| $42,571,113 |
|
|
|
|
|
|
|
Interest Expense (including discontinued operations) |
| $3,909,897 | $3,631,573 |
| $15,352,499 | |
Preferred Dividends Paid |
| 1,774,493 | 1,019,805 |
| 5,135,782 | |
| Total Fixed Charges |
| $5,684,390 | $4,651,378 |
| $20,488,281 |
|
|
|
|
|
|
|
Interest Coverage |
| 2.6 x | 2.6 x |
| 2.8 x | |
Fixed Charge Coverage |
| 1.8 x | 2.0 x |
| 2.1 x | |
|
|
|
|
|
|
|
Total Debt |
| $251,758,911 | $237,390,120 |
| $251,758,911 | |
Annualized EBITDA |
| 40,255,124 | 37,657,596 |
| 42,571,113 | |
|
|
|
|
|
|
|
Total Debt / EBITDA |
| 6.3 x | 6.3 x |
| 5.9 x |
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 8 of 21
|
|
| Convertible | Loans |
|
|
FY Year |
| Mortgages | Debentures | Payable | Total | % of Total |
|
|
|
|
|
|
|
2013 |
| 34,684,162 | - | - | 34,684,162 | 13.8% |
2014 |
| 18,538,092 | 3,620,000 | - | 22,158,092 | 8.8% |
2015 |
| 19,463,899 | 4,995,000 | 1,012,039 | 25,470,938 | 10.1% |
2016 |
| 30,929,525 | - | 1,270,162 | 32,199,687 | 12.8% |
2017 |
| 38,150,699 | - | 2,917,799 | 41,068,498 | 16.3% |
Thereafter |
| 96,177,534 | - | - | 96,177,534 | 38.2% |
|
|
|
|
|
|
|
Total as of 9/30/2012 |
| $237,943,911 | $8,615,000 | $5,200,000 | $251,758,911 | 100.0% |
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 9 of 21
Property Table by Tenant |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| Property | Square | % of Total | Annual | % of Total | Rent Per |
| Undepreciated |
| Mortgage |
Tenant |
| Count | Footage | Sq. Ft. | Rent | Ann. Rent | Sq. Ft. Occup. |
| Cost |
| Balance |
|
|
|
|
|
|
|
|
|
|
|
|
FedEx |
| 37 | 3,665,453 | 43.1% | $23,966,000 | 52.7% | $6.54 |
| $286,061,902 |
| $126,064,448 |
Woodstream |
| 1 | 388,671 | 4.6% | 896,000 | 2.0% | 3.50 |
| 13,116,870 |
| 3,041,207 |
CBOCS Distribution, Inc. |
| 1 | 381,240 | 4.5% | 1,371,000 | 3.0% | 3.60 |
| 14,215,126 |
| 8,364,855 |
Best Buy Warehousing Logistics, Inc. |
| 1 | 368,060 | 4.3% | 1,582,000 | 3.5% | 4.30 |
| 19,600,000 |
| 12,387,391 |
Various |
| 2 | 356,138 | 4.2% | 1,058,000 | 2.3% | 4.01 |
| 4,325,844 |
| - |
Coca Cola / Western Container |
| 2 | 323,358 | 3.8% | 1,564,000 | 3.4% | 4.84 |
| 18,839,339 |
| 7,426,238 |
Norton McNaughton of Squire, Inc. |
| 1 | 306,000 | 3.6% | 1,389,000 | 3.1% | 4.54 |
| 12,972,474 |
| 6,806,437 |
Carrier Sales |
| 2 | 244,317 | 2.9% | 1,841,000 | 4.0% | 7.54 |
| 22,110,915 |
| 10,426,352 |
Anda Pharmaceuticals, Inc |
| 1 | 234,660 | 2.8% | 1,181,000 | 2.6% | 5.03 |
| 14,550,000 |
| 10,807,516 |
Caterpillar Logistics Services, Inc. |
| 1 | 218,120 | 2.6% | 1,169,000 | 2.6% | 5.36 |
| 14,868,857 |
| 8,219,757 |
Anheuser-Busch, Inc. |
| 1 | 184,800 | 2.2% | 771,000 | 1.7% | 4.17 |
| 12,386,675 |
| 3,711,003 |
Carlisle Tire & Wheel Company |
| 1 | 179,280 | 2.1% | 689,000 | 1.5% | 3.84 |
| 7,025,401 |
| 2,184,083 |
Home Depot USA, Inc. |
| 1 | 171,200 | 2.0% | 883,000 | 1.9% | 5.16 |
| 11,298,367 |
| 5,149,186 |
Kellogg Company |
| 3 | 170,279 | 2.0% | 1,061,000 | 2.3% | 6.23 |
| 11,829,551 |
| 3,638,544 |
Vacant |
| 2 | 166,585 | 2.0% | - | - | - |
| 12,961,372 |
| 2,806,674 |
HD Supply, Inc. |
| 1 | 160,000 | 1.9% | 565,000 | 1.2% | 3.53 |
| 5,489,822 |
| 1,609,176 |
Maidenform, Inc. |
| 1 | 148,000 | 1.7% | 444,000 | 1.0% | 3.00 |
| 4,853,114 |
| 3,393,480 |
H.E.P. Direct |
| 1 | 106,507 | 1.3% | 302,000 | 0.7% | 2.84 |
| 6,898,426 |
| - |
Pittsburgh Glass Works |
| 1 | 102,135 | 1.2% | 427,000 | 0.9% | 4.18 |
| 3,900,602 |
| - |
National Oilwell |
| 1 | 91,295 | 1.1% | 728,000 | 1.6% | 7.97 |
| 8,069,652 |
| 4,597,844 |
Joseph T. Ryerson |
| 1 | 89,052 | 1.0% | 506,000 | 1.1% | 5.68 |
| 6,860,495 |
| 2,139,149 |
DHL |
| 1 | 83,000 | 1.0% | 621,000 | 1.4% | 7.48 |
| 6,815,697 |
| 3,617,193 |
Sherwin-Williams Company |
| 2 | 78,887 | 0.9% | 628,000 | 1.4% | 7.96 |
| 7,103,762 |
| 1,978,230 |
RGH Enterprises Inc. |
| 1 | 75,000 | 0.9% | 574,000 | 1.3% | 7.65 |
| 5,525,600 |
| 4,158,552 |
Macys East, Inc. |
| 1 | 59,400 | 0.7% | 460,000 | 1.0% | 7.74 |
| 4,839,501 |
| 2,442,483 |
Siemens |
| 1 | 51,130 | 0.6% | 452,000 | 1.0% | 8.83 |
| 4,416,000 |
| 2,974,113 |
Highways & Skyways, of NC Inc. |
| 1 | 40,560 | 0.5% | 108,000 | 0.2% | 4.32 |
| 2,195,346 |
| - |
Keystone Automotive |
| 1 | 36,270 | 0.4% | 135,000 | 0.3% | 3.72 |
| 2,161,895 |
| - |
Graybar Electric Company |
| 1 | 26,340 | 0.3% | 109,000 | 0.2% | 4.14 |
| 1,850,794 |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
Total as of 9/30/2012 |
| 72 | 8,505,737 | 100.0% | $45,480,000 | 100.0% | $5.62 |
| $547,143,399 |
| $237,943,911 |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions Subsequent to 9/30/12 |
|
|
|
|
|
|
|
|
|
|
|
Fedex Ground |
| 1 | 172,005 | 2.0% | 1,194,000 | 2.6% | 6.94 |
| 14,350,000 |
| 9,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Total |
| 73 | 8,677,742 | 100.0% | $46,674,000 | 100.0% | $5.64 |
| $561,493,399 |
| $247,443,911 |
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 10 of 21
Property Table by State |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| Property | Square | % of Total | Annual | % of Total | Rent Per |
| Undepreciated |
| Mortgage |
State |
| Count | Footage | Sq. Ft. | Rent | Ann. Rent | Sq. Ft. Occup. |
| Cost |
| Balance |
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee |
| 3 | 891,777 | 10.5% | $2,989,000 | 6.6% | $3.35 |
| $33,582,397 |
| $20,214,115 |
Florida |
| 9 | 781,425 | 9.2% | 4,820,000 | 10.6% | 6.76 |
| 67,087,860 |
| 36,182,905 |
Illinois |
| 7 | 720,439 | 8.5% | 4,689,000 | 10.3% | 6.51 |
| 61,153,681 |
| 17,769,823 |
Ohio |
| 5 | 684,762 | 8.1% | 3,599,000 | 7.9% | 5.26 |
| 43,906,299 |
| 25,938,433 |
Missouri |
| 4 | 654,073 | 7.7% | 1,673,000 | 3.7% | 3.95 |
| 29,110,344 |
| 6,055,691 |
Texas |
| 6 | 629,895 | 7.4% | 4,638,000 | 10.2% | 7.36 |
| 53,340,801 |
| 32,944,728 |
South Carolina |
| 3 | 510,560 | 6.0% | 3,088,000 | 6.8% | 6.05 |
| 32,294,144 |
| 12,768,088 |
North Carolina |
| 4 | 455,067 | 5.4% | 1,419,000 | 3.1% | 3.23 |
| 19,436,708 |
| 5,002,656 |
Georgia |
| 3 | 307,662 | 3.6% | 1,769,000 | 3.9% | 5.75 |
| 22,124,663 |
| 10,807,954 |
Virginia |
| 4 | 303,863 | 3.6% | 1,939,000 | 4.3% | 6.38 |
| 22,972,193 |
| 5,815,609 |
Mississippi |
| 3 | 297,000 | 3.5% | 1,430,000 | 3.1% | 4.81 |
| 17,878,794 |
| 10,807,516 |
Pennsylvania |
| 1 | 292,000 | 3.4% | 582,000 | 1.3% | 2.89 |
| 2,949,631 |
| - |
Arizona |
| 1 | 283,358 | 3.3% | 1,232,000 | 2.7% | 4.35 |
| 15,159,496 |
| 5,233,830 |
Michigan |
| 2 | 265,089 | 3.1% | 1,655,000 | 3.6% | 6.24 |
| 21,166,902 |
| 13,264,569 |
New York |
| 3 | 230,381 | 2.7% | 1,893,000 | 4.2% | 8.22 |
| 20,148,375 |
| 5,573,330 |
Kansas |
| 2 | 219,280 | 2.6% | 1,021,000 | 2.2% | 4.66 |
| 10,705,244 |
| 4,376,491 |
Maryland |
| 1 | 144,523 | 1.7% | 1,426,000 | 3.1% | 9.87 |
| 14,386,784 |
| 7,621,060 |
Wisconsin |
| 1 | 139,564 | 1.6% | 901,000 | 2.0% | 6.46 |
| 9,373,672 |
| 1,554,081 |
Colorado |
| 2 | 138,235 | 1.6% | 1,208,000 | 2.7% | 8.74 |
| 13,549,166 |
| 4,469,482 |
New Jersey |
| 2 | 123,538 | 1.5% | 936,000 | 2.1% | 7.69 |
| 6,215,714 |
| 2,442,483 |
Oklahoma |
| 1 | 119,912 | 1.4% | 700,000 | 1.5% | 5.84 |
| 9,453,000 |
| 6,134,146 |
Nebraska |
| 1 | 89,115 | 1.0% | 535,000 | 1.2% | 6.00 |
| 5,689,405 |
| 566,053 |
Alabama |
| 1 | 73,712 | 0.9% | 412,000 | 0.9% | 5.59 |
| 4,748,646 |
| 1,517,136 |
Minnesota |
| 1 | 59,425 | 0.7% | 433,000 | 1.0% | 7.29 |
| 5,157,126 |
| - |
Connecticut |
| 1 | 54,812 | 0.6% | 358,000 | 0.8% | 6.53 |
| 3,390,459 |
| 883,732 |
Iowa |
| 1 | 36,270 | 0.4% | 135,000 | 0.3% | 3.72 |
| 2,161,895 |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
Total as of 9/30/2012 |
| 72 | 8,505,737 | 100.0% | $45,480,000 | 100.0% | $5.62 |
| $547,143,399 |
| $237,943,911 |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions Subsequent to 9/30/12 |
|
|
|
|
|
|
|
|
|
| |
Texas |
| 1 | 172,005 | 2.0% | 1,194,000 | 2.6% | 6.94 |
| 14,350,000 |
| 9,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Total |
| 73 | 8,677,742 | 100.0% | $46,674,000 | 100.0% | $5.64 |
| $561,493,399 |
| $247,443,911 |
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 11 of 21
Lease Expirations |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Property | Square | % of Total | Annual | % of Total | Rent Per | Lease Exp. |
| Undepreciated |
| Mortgage |
Fiscal Year |
| Count | Footage | Sq. Ft. | Rent | Ann. Rent | Sq. Ft. Occup. | Term |
| Cost |
| Balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
| 1 | 40,560 | 0.5% | 108,000 | 0.2% | $4.32 | - |
| 2,195,346 |
| - |
2013 |
| 4 | 490,523 | 5.8% | 2,065,000 | 4.5% | 4.21 | 0.5 Yrs |
| 22,096,894 |
| 8,496,372 |
2014 |
| 5 | 289,727 | 3.4% | 1,846,000 | 4.1% | 6.37 | 1.3 Yrs |
| 19,088,083 |
| 3,892,268 |
2015 |
| 8 | 949,055 | 11.2% | 4,971,000 | 10.9% | 5.24 | 2.6 Yrs |
| 53,793,740 |
| 23,212,995 |
2016 |
| 2 | 244,800 | 2.9% | 1,077,000 | 2.4% | 4.40 | 3.7 Yrs |
| 16,757,590 |
| 3,711,003 |
2017 |
| 16 | 2,134,627 | 25.1% | 11,837,000 | 26.0% | 5.91 | 4.6 Yrs |
| 148,507,816 |
| 58,835,557 |
2018 |
| 10 | 826,048 | 9.7% | 5,647,000 | 12.4% | 6.84 | 5.6 Yrs |
| 69,583,626 |
| 27,875,458 |
2019 |
| 8 | 1,192,862 | 14.0% | 7,324,000 | 16.1% | 6.14 | 6.6 Yrs |
| 85,129,176 |
| 39,852,725 |
2021 |
| 4 | 271,768 | 3.2% | 1,750,000 | 3.8% | 6.44 | 8.9 Yrs |
| 20,341,956 |
| 12,586,185 |
2022 |
| 7 | 1,065,233 | 12.5% | 5,836,000 | 12.8% | 5.48 | 9.5 Yrs |
| 70,679,898 |
| 45,384,049 |
2023 |
| 1 | 30,184 | 0.4% | 123,000 | 0.3% | 4.08 | 10.2 Yrs |
| 1,926,932 |
| 1,075,398 |
2024 |
| 2 | 447,627 | 5.3% | 1,838,000 | 4.0% | 4.11 | 11.7 Yrs |
| 19,755,126 |
| 10,215,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Various |
| 2 | 356,138 | 4.2% | 1,058,000 | 2.3% | 4.01 | - |
| 4,325,844 |
| - |
Vacant |
| 2 | 166,585 | 2.0% | - | - | - | - |
| 12,961,372 |
| 2,806,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total as of 9/30/12 |
| 72 | 8,505,737 | 100.0% | $45,480,000 | 100.0% | $5.62 | 5.3 Yrs |
| $547,143,399 |
| $237,943,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions Subsequent to 9/30/12 |
|
|
|
|
|
|
|
|
| |||
2022 |
| 1 | 172,005 | 2.0% | 1,194,000 | 2.6% | 6.94 | 9.3 Yrs |
| 14,350,000 |
| 9,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Total |
| 73 | 8,677,742 | 100.0% | $46,674,000 | 100.0% | $5.64 | 5.5 Yrs |
| $561,493,399 |
| $247,443,911 |
Recent Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
| |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Fiscal Year | Square | Annual | Rent Per | Lease |
| Undepreciated |
| Mortgage |
No | Tenant | City | State |
| Acquisition | Footage | Rent | Sq. Ft. Occup. | Expiration |
| Cost |
| Balance |
1 | Fedex Ground | Waco | TX |
| 2012 | 102,594 | 659,000 | 6.42 | 5/29/2022 |
| 8,733,000 |
| 5,781,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of 9/30/12 |
|
|
|
| 102,594 | $659,000 | $6.42 |
|
| $8,733,000 |
| $5,781,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 | Fedex Ground | Livonia | MI |
| 2013 | 172,005 | 1,194,000 | 6.94 | 1/31/2022 |
| 14,350,000 |
| 9,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pro Forma Total |
|
|
|
| 274,599 | $1,853,000 | $6.75 |
|
| $23,083,000 |
| $15,281,464 |
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 12 of 21
Property Table |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
(unaudited) |
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| 1 | FedEx | Memphis | TN |
| 2010 | 100.0% | 449,900 | $1,296,000 | $2.88 | 6.7 Yrs |
| $14,600,000 |
| $9,478,694 | ||||
| 2 | Woodstream | St. Joseph | MO |
| 2001 | 65.9% | 388,671 | 896,000 | 3.50 | 5.0 Yrs |
| 13,116,870 |
| 3,041,207 | ||||
| 3 | CBOCS Distribution, Inc. | Lebanon | TN |
| 2011 | 100.0% | 381,240 | 1,371,000 | 3.60 | 11.8 Yrs |
| 14,215,126 |
| 8,364,855 | ||||
| 4 | Best Buy Warehousing Logistics, Inc. | Streetsboro | OH |
| 2012 | 100.0% | 368,060 | 1,582,000 | 4.30 | 9.3 Yrs |
| 19,600,000 |
| 12,387,391 | ||||
| 5 | Norton McNaughton of Squire, Inc. | Hanahan | SC |
| 2005 | 100.0% | 306,000 | 1,389,000 | 4.54 | 2.6 Yrs |
| 12,972,474 |
| 6,806,437 | ||||
| 6 | Various | Monaca | PA |
| 1997 | 69.0% | 292,000 | 582,000 | 2.89 | - |
| 2,949,631 |
| - | ||||
| 7 | Western Container Corp | Tolleson | AZ |
| 2003 | 100.0% | 283,358 | 1,232,000 | 4.35 | 4.6 Yrs |
| 15,159,496 |
| 5,233,830 | ||||
| 8 | Anda Pharmaceuticals, Inc | Olive Branch | MS |
| 2012 | 100.0% | 234,660 | 1,181,000 | 5.03 | 9.7 Yrs |
| 14,550,000 |
| 10,807,516 | ||||
| 9 | Caterpillar Logistics Services, Inc. | Griffin | GA |
| 2006 | 100.0% | 218,120 | 1,169,000 | 5.36 | 4.2 Yrs |
| 14,868,857 |
| 8,219,757 | ||||
| 10 | Fedex Ground Package System. Inc | Orion | MI |
| 2007 | 100.0% | 193,156 | 1,285,000 | 6.65 | 4.8 Yrs |
| 16,683,289 |
| 10,453,436 | ||||
| 11 | Anheuser-Busch, Inc. | Granite City | IL |
| 2001 | 100.0% | 184,800 | 771,000 | 4.17 | 3.7 Yrs |
| 12,386,675 |
| 3,711,003 | ||||
| 12 | Carrier Sales | Dallas | TX |
| 2010 | 100.0% | 184,317 | 1,535,000 | 8.33 | 6.3 Yrs |
| 17,740,000 |
| 10,426,352 | ||||
| 13 | Carlisle Tire & Wheel Company | Edwardsville | KS |
| 2003 | 100.0% | 179,280 | 689,000 | 3.84 | 0.7 Yrs |
| 7,025,401 |
| 2,184,083 | ||||
| 14 | Home Depot USA, Inc. | Montgomery | IL |
| 2007 | 100.0% | 171,200 | 883,000 | 5.16 | 2.7 Yrs |
| 11,298,367 |
| 5,149,186 | ||||
| 15 | Fedex Ground Package System. Inc | Tampa | FL |
| 2004 | 100.0% | 167,527 | 1,412,000 | 8.43 | 6.3 Yrs |
| 17,719,825 |
| 9,125,605 | ||||
| 16 | HD Supply, Inc. | Monroe | NC |
| 2001 | 100.0% | 160,000 | 565,000 | 3.53 | 4.1 Yrs |
| 5,489,822 |
| 1,609,176 | ||||
| 17 | Maidenform, Inc. | Fayetteville | NC |
| 1997 | 100.0% | 148,000 | 444,000 | 3.00 | 0.3 Yrs |
| 4,853,114 |
| 3,393,480 | ||||
| 18 | Fedex Ground Package System. Inc | Beltsville | MD |
| 2001 | 100.0% | 144,523 | 1,426,000 | 9.87 | 5.8 Yrs |
| 14,386,784 |
| 7,621,060 | ||||
| 19 | Fedex Ground Package System. Inc | Cudahy | WI |
| 2001 | 100.0% | 139,564 | 901,000 | 6.46 | 4.8 Yrs |
| 9,373,672 |
| 1,554,081 | ||||
| 20 | Federal Express Corporation | Wheeling | IL |
| 2007 | 100.0% | 123,000 | 1,386,000 | 11.27 | 4.7 Yrs |
| 18,536,743 |
| 4,792,255 | ||||
| 21 | Fedex Ground Package System. Inc | Oklahoma City | OK |
| 2012 | 100.0% | 119,912 | 700,000 | 5.84 | 9.5 Yrs |
| 9,453,000 |
| 6,134,146 | ||||
| 22 | Fedex Ground Package System. Inc | Edinburg | TX |
| 2011 | 100.0% | 113,582 | 598,000 | 5.26 | 8.9 Yrs |
| 7,414,000 |
| 4,569,920 | ||||
| 23 | Federal Express Corporation | Richmond | VA |
| 2001 | 100.0% | 112,799 | 677,000 | 6.00 | 2.1 Yrs |
| 7,713,063 |
| 1,692,150 | ||||
| 24 | Fedex Ground Package System. Inc | Ft. Mill | SC |
| 2010 | 100.0% | 112,784 | 1,024,000 | 9.08 | 7.0 Yrs |
| 11,715,000 |
| 3,881,926 | ||||
| 25 | Federal Express Corporation | Orlando | FL |
| 2008 | 100.0% | 110,638 | 659,000 | 5.96 | 5.2 Yrs |
| 8,492,904 |
| 5,172,705 | ||||
| 26 | H.E.P. Direct | Winston-Salem | NC |
| 2002 | 100.0% | 106,507 | 302,000 | 2.84 | 5.3 Yrs |
| 6,898,426 |
| - | ||||
| 27 | Fedex Ground Package System. Inc | Cheektowaga | NY |
| 2007 | 100.0% | 104,981 | 966,000 | 9.20 | 6.9 Yrs |
| 10,932,057 |
| 1,414,778 | ||||
| 28 | RPS Ground (FDX) | West Chester Twp | OH |
| 2000 | 100.0% | 103,818 | 499,000 | 4.81 | 0.9 Yrs |
| 5,061,253 |
| 2,918,809 | ||||
| 29 | Fedex Ground Package System. Inc | Waco | TX |
| 2012 | 100.0% | 102,594 | 659,000 | 6.42 | 9.7 Yrs |
| 8,733,000 |
| 5,781,464 | ||||
| 30 | Pittsburgh Glass Works | O' Fallon | MO |
| 1994 | 100.0% | 102,135 | 427,000 | 4.18 | 2.7 Yrs |
| 3,900,602 |
| - | ||||
| 31 | Vacant | Liberty | MO |
| 1998 | - | 98,200 | - | na | - |
| 7,344,498 |
| 259,672 | ||||
| 32 | Federal Express Corporation | Jacksonville | FL |
| 1999 | 100.0% | 95,883 | 530,000 | 5.53 | 6.7 Yrs |
| 6,155,500 |
| 2,551,257 | ||||
| 33 | Federal Express Corporation | Tampa | FL |
| 2006 | 100.0% | 95,662 | 603,000 | 6.30 | 5.0 Yrs |
| 7,565,717 |
| 4,755,184 | ||||
| 34 | Fedex Ground Package System. Inc | El Paso | TX |
| 2007 | 100.0% | 91,854 | 668,000 | 7.27 | 3.0 Yrs |
| 6,619,649 |
| 4,556,424 | ||||
| 35 | Fedex Ground Package System. Inc | Hanahan | SC |
| 2005 | 100.0% | 91,776 | 675,000 | 7.35 | 5.8 Yrs |
| 7,606,670 |
| 2,079,725 | ||||
| 36 | National Oilwell | Houston | TX |
| 2010 | 100.0% | 91,295 | 728,000 | 7.97 | 10.0 Yrs |
| 8,069,652 |
| 4,597,844 | ||||
| 37 | Federal Express Corporation | Omaha | NE |
| 1999 | 100.0% | 89,115 | 535,000 | 6.00 | 1.1 Yrs |
| 5,689,405 |
| 566,053 | ||||
| 38 | Fedex Ground Package System. Inc | Cocoa | FL |
| 2008 | 100.0% | 89,101 | 739,000 | 8.29 | 4.1 Yrs |
| 10,521,458 |
| 6,159,845 | ||||
| 39 | Joseph T. Ryerson | Elgin | IL |
| 2002 | 100.0% | 89,052 | 506,000 | 5.68 | 4.3 Yrs |
| 6,860,495 |
| 2,139,149 | ||||
| 40 | Fedex Ground Package System. Inc | Ft. Myers | FL |
| 2003 | 100.0% | 87,500 | 416,000 | 4.75 | 2.1 Yrs |
| 4,977,449 |
| 2,126,128 | ||||
| 41 | DHL | Roanoke | VA |
| 2007 | 100.0% | 83,000 | 621,000 | 7.48 | 4.2 Yrs |
| 6,815,697 |
| 3,617,193 | ||||
| 42 | Federal Express Corporation | Bedford Heights | OH |
| 2007 | 100.0% | 82,269 | 421,000 | 5.12 | 5.9 Yrs |
| 6,620,313 |
| 3,334,608 | ||||
| 43 | Fedex Ground Package System. Inc | Richfield | OH |
| 2006 | 100.0% | 79,485 | 645,000 | 8.11 | 4.1 Yrs |
| 8,208,733 |
| 4,323,512 | ||||
| 44 | RGH Enterprises Inc. | Halfmoon | NY |
| 2012 | 100.0% | 75,000 | 574,000 | 7.65 | 9.2 Yrs |
| 5,525,600 |
| 4,158,552 | ||||
| 45 | Fedex Ground Package System. Inc | Huntsville | AL |
| 2005 | 100.0% | 73,712 | 412,000 | 5.59 | 9.9 Yrs |
| 4,748,646 |
| 1,517,136 | ||||
| 46 | Federal Express Corporation | Schaumburg | IL |
| 1997 | 100.0% | 73,500 | 515,000 | 7.01 | 4.5 Yrs |
| 4,967,639 |
| - | ||||
| 47 | Federal Express Corporation | Romulus | MI |
| 1998 | 100.0% | 71,933 | 370,000 | 5.14 | 8.7 Yrs |
| 4,483,613 |
| 2,811,133 | ||||
| 48 | Fedex Ground Package System. Inc | Denver | CO |
| 2005 | 100.0% | 69,865 | 564,000 | 8.07 | 5.8 Yrs |
| 6,354,051 |
| 2,138,347 | ||||
| 49 | Vacant | Tampa | FL |
| 2007 | - | 68,385 | - | na | - |
| 5,616,874 |
| 2,547,002 | ||||
| 50 | Fedex Ground Package System. Inc | Colorado Springs | CO |
| 2006 | 100.0% | 68,370 | 644,000 | 9.42 | 6.0 Yrs |
| 7,195,115 |
| 2,331,135 | ||||
| 51 | Sherwin-Williams Company | Rockford | IL |
| 2011 | 100.0% | 66,387 | 467,000 | 7.03 | 11.3 Yrs |
| 5,540,000 |
| 1,850,372 | ||||
| 52 | Kellogg Sales Company | Kansas City | MO |
| 2007 | 100.0% | 65,067 | 350,000 | 5.38 | 2.8 Yrs |
| 4,748,374 |
| 2,754,812 | ||||
| 53 | Various | Somerset | NJ |
| 1970 | 97.1% | 64,138 | 476,000 | 7.64 | - |
| 1,376,213 |
| - |
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 13 of 21
Property Table |
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| Fiscal Year |
| Square | Annual | Rent Per | Lease Exp. |
| Undepreciated |
| Mortgage | |
| No | Tenant | City | State |
| Acquisition | Occup. | Footage | Rent | Sq. Ft. Occup. | Term |
| Cost |
| Balance | |
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| 54 | Federal Express Corporation | Chattanooga | TN |
| 2007 | 100.0% | 60,637 | 322,000 | 5.31 | 5.1 Yrs |
| 4,767,271 |
| 2,370,566 | |
| 55 | Carrier Sales | Richmond | VA |
| 2007 | 100.0% | 60,000 | 306,000 | 5.10 | 3.7 Yrs |
| 4,370,915 |
| - | |
| 56 | Federal Express Corporation | White Bear Lake | MN |
| 2007 | 100.0% | 59,425 | 433,000 | 7.29 | 0.2 Yrs |
| 5,157,126 |
| - | |
| 57 | Macys East, Inc. | Carlstadt | NJ |
| 2007 | 100.0% | 59,400 | 460,000 | 7.74 | 1.5 Yrs |
| 4,839,501 |
| 2,442,483 | |
| 58 | Fedex Ground Package System. Inc | Augusta | GA |
| 2005 | 100.0% | 59,358 | 477,000 | 8.04 | 5.8 Yrs |
| 5,328,874 |
| 1,512,799 | |
| 59 | Keebler Company | Newington | CT |
| 2001 | 100.0% | 54,812 | 358,000 | 6.53 | 1.4 Yrs |
| 3,390,459 |
| 883,732 | |
| 60 | Siemens | Lebanon | OH |
| 2012 | 100.0% | 51,130 | 452,000 | 8.84 | 6.6 Yrs |
| 4,416,000 |
| 2,974,113 | |
| 61 | Keebler Company | Orangeburg | NY |
| 1993 | 100.0% | 50,400 | 353,000 | 7.00 | 1.4 Yrs |
| 3,690,718 |
| - | |
| 62 | Federal Express Corporation | Charlottesville | VA |
| 1999 | 100.0% | 48,064 | 335,000 | 6.97 | 4.9 Yrs |
| 4,072,518 |
| 506,266 | |
| 63 | Fedex Ground Package System. Inc | Corpus Christi | TX |
| 2012 | 100.0% | 46,253 | 450,000 | 9.73 | 8.9 Yrs |
| 4,764,500 |
| 3,012,724 | |
| 64 | Highways & Skyways, of NC Inc. | Greensboro | NC |
| 1993 | 61.6% | 40,560 | 108,000 | 4.32 | - |
| 2,195,346 |
| - | |
| 65 | Coca Cola Enterprises, Inc. | Topeka | KS |
| 2009 | 100.0% | 40,000 | 332,000 | 8.30 | 9.0 Yrs |
| 3,679,843 |
| 2,192,408 | |
| 66 | Keystone Automotive | Urbandale | IA |
| 1994 | 100.0% | 36,270 | 135,000 | 3.72 | 4.5 Yrs |
| 2,161,895 |
| - | |
| 67 | Federal Express Corporation | Richland | MS |
| 1994 | 100.0% | 36,000 | 140,000 | 3.89 | 1.5 Yrs |
| 1,478,000 |
| - | |
| 68 | Federal Express Corporation | Punta Gorda | FL |
| 2007 | 100.0% | 34,624 | 304,000 | 8.78 | 4.8 Yrs |
| 4,104,915 |
| 2,430,666 | |
| 69 | Federal Express Corporation | Lakeland | FL |
| 2007 | 100.0% | 32,105 | 157,000 | 4.89 | 5.2 Yrs |
| 1,933,218 |
| 1,314,513 | |
| 70 | Federal Express Corporation | Augusta | GA |
| 2007 | 100.0% | 30,184 | 123,000 | 4.08 | 10.2 Yrs |
| 1,926,932 |
| 1,075,398 | |
| 71 | Graybar Electric Company | Jackson | MS |
| 1993 | 100.0% | 26,340 | 109,000 | 4.14 | 6.8 Yrs |
| 1,850,794 |
| - | |
| 72 | Sherwin-Williams Company | Burr Ridge | IL |
| 1997 | 100.0% | 12,500 | 161,000 | 12.88 | 2.1 Yrs |
| 1,563,762 |
| 127,858 | |
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| 95.2% | 8,505,737 | $45,480,000 | $5.62 | 5.3 Yrs |
| $547,143,399 |
| $237,943,911 | |
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| 73 | Fedex Ground Package System. Inc | Livonia | MI |
| 2013 | 100.0% | 172,005 | 1,194,000 | 6.94 | 9.3 Yrs |
| 14,350,000 |
| 9,500,000 | |
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| 95.3% | 8,677,742 | $46,674,000 | $5.64 | 5.5 Yrs |
| $561,493,399 |
| $247,443,911 |
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 14 of 21
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Investors and analysts following the real estate industry utilize funds from operations ("FFO"), adjusted funds from operations ("Adjusted FFO"), net operating income ("NOI"), earnings before interest, taxes, depreciation and amortization ("EBITDA") and funds available for distribution ("FAD"), variously defined, as supplemental performance measures. While the Company believes net income available to common stockholders, as defined by GAAP, is the most appropriate measure, it considers NOI, EBITDA, FFO, Adjusted FFO and FAD, given their wide use by and relevance to investors and analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets. Adjusted FFO reflects the same assumptions as FFO except that is also adjusts for the effects of acquisitions costs. NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. EBITDA provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other cash needs. FAD provides a tool to further evaluate ability to fund dividends. In addition, NOI, EBITDA, FFO and FAD are commonly used in various ratios, pricing multiples and yields and returns and valuation of calculations used to measure financial position, performance and value. | |||||||||
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As used herein, the Company calculates FFO to be equal to net income applicable to common stockholders plus depreciation and amortization on real estate minus accumulated depreciation and amortization on real estate sold. FFO includes gains and losses realized on securities investments. | |||||||||
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Adjusted FFO is calculated as FFO plus acquisition costs |
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NOI is calculated as revenues of the Company, minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses. NOI includes NOI from discontinued operations. NOI excludes realized gains (losses) on securities transactions. | |||||||||
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EBITDA is calculated as NOI minus general and administrative expenses. EBITDA includes EBITDA from discontinued operations. EBITDA excludes realized gains (losses) on securities transactions. | |||||||||
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FAD is calculated as EBITDA minus GAAP interest expense, minus preferred stock dividends, minus capital expenditures and straight-line rents plus non-real estate amortization. FAD excludes realized gains (losses) on securities transactions. | |||||||||
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NOI, EBITDA, FFO, Adjusted FFO and FAD do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt and payment of dividends and distributions. NOI, EBITDA, FFO Adjusted FFO and FAD should not be considered as substitutes for net income applicable to common stockholders (calculated in accordance with GAAP) as a measure of results of operations or cash flows (calculated in accordance with GAAP) as a measure of liquidity. NOI, EBITDA, FFO, Adjusted FFO and FAD as currently calculated by the Company may not be comparable to similarly titled, but variously calculated, measures of other REITs. | |||||||||
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 15 of 21
FOR IMMEDIATE RELEASE
December 12, 2012
Contact: Susan Jordan
732-577-9996
MONMOUTH REAL ESTATE INVESTMENT CORPORATION
REPORTS RESULTS FOR THE YEAR ENDED AND FOURTH QUARTER
SEPTEMBER 30, 2012
FREEHOLD, NJ, December 12, 2012........Monmouth Real Estate Investment
Corporation (NYSE/MNR) reported Funds from operations (FFO) of $26,120,000 or $0.66 per diluted share for the twelve months ended September 30, 2012 as compared to $22,877,000 or $0.65 per diluted share for the twelve months ended September 30, 2011. Adjusted FFO (which we define as FFO plus acquisition costs) for the full fiscal year 2012 was $26,788,000 versus $23,302,000 in 2011. On a diluted per share basis, Adjusted FFO was $0.67 per share in fiscal 2012 versus $0.66 per share in 2011. For the three months ended September 30, 2012, FFO was $4,156,000 or $0.10 per diluted share, as compared to $4,701,000 or $0.13 per diluted share for the comparable period a year ago. During our latest fiscal quarter, FFO was impacted by approximately $1,057,000 or $0.03 per diluted share of additional preferred dividends following our latest preferred stock offering and the subsequent deployment of our capital which is still ongoing.
A summary of significant financial information for the three and twelve months ended September 30, 2012 and 2011 is as follows:
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| Three- Months Ended September 30 | ||
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| 2012 |
| 2011 |
Rental Revenue | $ | 11,261,000 | $ | 10,020,000 |
Reimbursement Revenue | $ | 1,785,000 | $ | 1,938,000 |
Total Expenses | $ | 6,833,000 | $ | 6,181,000 |
Interest and Dividend Income | $ | 784,000 | $ | 871,000 |
Gain on Securities Transactions, net | $ | 366,000 | $ | 147,000 |
Income from Continuing Operations Income from Discontinued Operations | $ $ | 2,825,000 -0- | $ $ | 2,691,000 68,000 |
Net Income Attributable to Common Shareholders | $ | 673,000 | $ | 1,740,000 |
Net Income Attributable to Common Shareholders Per Common Share | $ | 0.02 | $ | 0.05 |
FFO (1) | $ | 4,156,000 | $ | 4,701,000 |
FFO Per Common Share (1) | $ | 0.10 | $ | 0.13 |
Weighted Avg. Diluted Common Shares Outstanding |
| 40,703,000 |
| 36,555,000 |
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(continued on next page)
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 16 of 21
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| Twelve Months Ended September 30, | ||
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| 2012 |
| 2011 |
Rental Revenue | $ | 43,394,000 | $ | 40,235,000 |
Reimbursement Revenue | $ | 7,095,000 | $ | 7,907,000 |
Lease Termination Income | $ | 3,222,000 | $ | -0- |
Total Expenses | $ | 26,657,000 | $ | 24,602,000 |
Interest and Dividend Income | $ | 3,359,000 | $ | 3,100,000 |
Gain on Securities Transactions, net | $ | 6,044,000 | $ | 5,238,000 |
Income from Continuing Operations Income from Discontinued Operations | $ $ | 18,665,000 20,000 | $ $ | 15,152,000 266,000 |
Net Income Attributable to Common Shareholders | $ | 13,171,000 | $ | 11,339,000 |
Net Income Attributable to Common Shareholders Per Common Share | $ | 0.33 | $ | 0.32 |
FFO (1) | $ | 26,120,000 | $ | 22,877,000 |
FFO Per Common Share (1) | $ | 0.66 | $ | 0.65 |
Weighted Avg. Diluted Common Shares Outstanding |
| 39,820,000 |
| 35,132,000 |
A summary of significant balance sheet information as of September 30, 2012 and 2011 is as follows:
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| September 30, 2012 |
| September 30, 2011 |
Net Real Estate Investments | $ | 468,967,000 | $ | 409,024,000 |
Securities Available for Sale | $ | 61,685,000 | $ | 44,265,000 |
Total Assets | $ | 574,508,000 | $ | 476,987,000 |
Mortgage Notes Payable | $ | 237,944,000 | $ | 211,614,000 |
Subordinated Convertible Debentures | $ | 8,615,000 | $ | 8,915,000 |
Loans Payable | $ | 5,200,000 | $ | 16,861,000 |
Total Shareholders Equity | $ | 315,687,000 | $ | 234,514,000 |
Eugene W. Landy, President, commented on the results of fiscal year 2012, "We continued to successfully expand our portfolio through the pursuit of selective high quality acquisitions and by opportunistically accessing the public capital markets. During 2012, the Company accomplished among the following:
· | Acquired 1.0 million square feet of high quality industrial space increasing gross leasable area by 13% and income from property operations by 17% |
· | Re-leased over 1.5 million square feet |
· | Raised approximately $85 million in common and preferred equity capital |
· | Entered into contracts to acquire 1.8 million square feet in new Class A build-to suits |
· | Contracted to add approximately 200,000 square feet in building expansions." |
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Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 17 of 21
Mr. Landy stated, "Our business model of investing in net-leased industrial properties on long-term leases to investment grade tenants continued to deliver solid performance despite weaknesses in the broader economy. During fiscal 2012, we successfully re-leased 11 of the 12 expiring leases as well as a building that was previously vacant, representing a total of 1.5 million square feet of new leases. 10 of these new leases totaling approximately 1.1 million square feet were renewals with existing tenants representing an overall 86% tenant retention rate. Our occupancy rate is currently 95%."
"In addition to the 1.0 million square feet representing $70.4 million in acquisitions in fiscal 2012, Monmouth has already added another 172,000 square feet in acquisitions since year end and has an acquisition pipeline of eight new Class A build-to-suit, industrial buildings totaling 1.8 million square feet that are currently being developed. The total purchase price for these eight properties is approximately $109.0 million.
We made significant progress in fiscal 2012 through a combination of opportunistic capital raises, including preferred and common equity that generated approximately $85 million in total proceeds. This includes $57.5 million in preferred equity that we raised this past June. We ended the year with net debt to total market capitalization at 28% and with $24.7 million in cash and cash equivalents reflecting yet to be spent proceeds from our recent preferred stock offering. Given our sizeable acquisition pipeline and our strong financial position, we are well positioned to continue to grow the Company going into 2013."
Monmouth Real Estate Investment Corporation, a real estate investment trust (REIT) specializing in net-leased industrial properties, will host its Fourth Quarter and Fiscal Year-End 2012 Financial Results Webcast and Conference Call. Senior management will discuss quarterly results, current market conditions and future outlook on Thursday, December 13, 2012 at 10:00 a.m. Eastern Time.
Monmouth Real Estates fourth quarter and fiscal year-end financial results and supplemental information herewith will be available on the company website at www.mreic.com in the Financial Information & Filings section.
To participate in the webcast select the microphone icon at the top of the homepage on the companys website at www.mreic.com. Interested parties can also participate via conference call by calling toll free 877-317-6789 (domestically) or 412-317-6789 (internationally).
The replay of the conference call will be available at 12:00 p.m. Eastern Time on Thursday, December 13, 2012. It will be available until January 31, 2013, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10019790. A transcript of the call and the webcast replay will be available at the companys website, www.mreic.com.
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Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 18 of 21
Formed in 1968, Monmouth Real Estate Investment Corporation is a publicly-owned real estate investment trust specializing in net-leased industrial properties subject to long-term leases primarily to investment grade tenants. The Company is a fully integrated and self-managed real estate company, whose property portfolio consists of seventy-two industrial properties and one shopping center located in twenty-six states. In addition, the Company owns a portfolio of REIT securities.
Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on the Companys current expectations and involve various risks and uncertainties. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in the Companys annual report on Form 10-K and described from time to time in the Companys other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
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Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 19 of 21
Notes:
(1) Non-GAAP Information: FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") as net income applicable to common shareholders, excluding gains or losses from sales of depreciable assets, plus real estate-related depreciation and amortization. Adjusted FFO is defined as FFO plus acquisition costs. FFO per common share is defined as FFO divided by weighted average diluted common shares outstanding. FFO and Adjusted FFO per common share should be considered as supplemental measures of operating performance used by real estate investment trusts (REITs). FFO and Adjusted FFO per common share exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have different cost basis. The items excluded from FFO and Adjusted FFO per common share are significant components in understanding the Companys financial performance.
FFO and Adjusted FFO per common share (A) do not represent cash flow from operations as defined by generally accepted accounting principles; (B) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (C) are not alternatives to cash flow as a measure of liquidity. FFO and Adjusted FFO per common share, as calculated by the Company, may not be comparable to similarly entitled measures reported by other REITs.
The Companys FFO and Adjusted FFO for the three and twelve months ended September 30, 2012 and 2011 is calculated as follows:
| Three Months Ended |
| Twelve Months Ended | ||||
| 9/30/2012 |
| 9/30/2011 |
| 9/30/2012 |
| 9/30/2011 |
|
|
|
|
|
|
|
|
Net Income Attributable to Common Shareholders | $673,000 |
| $1,740,000 |
| $13,171,000 |
| $11,339,000 |
Depreciation Expense | 3,019,000 |
| 2,649,000 |
| 11,471,000 |
| 10,313,000 |
Depreciation Related to Discontinued Operations |
-0- |
| 12,000 |
| -0- |
|
39,000 |
Amortization of In-Place Lease Intangible Assets | 464,000 |
|
300,000 |
|
1,478,000 |
|
1,186,000 |
FFO Attributable to Common Shareholders | $4,156,000 |
| $4,701,000 |
| $26,120,000 |
| $22,877,000 |
Acquisition Costs | 47,000 |
| 20,000 |
| 68,000 |
| 425,000 |
Adjusted FFO Attributable to Common Shareholders | $4,203,000 |
| $4,721,000 |
| $26,788,000 |
| $23,302,000 |
The following are the cash flows provided (used) by operating, investing and financing activities for the twelve months ended September 30, 2012 and 2011:
|
| ||
| Twelve Months Ended | ||
| 2012 |
| 2011 |
|
|
|
|
Operating Activities | $26,809,000 |
| $22,127,000 |
Investing Activities | (80,640,000) |
| (30,366,000) |
Financing Activities | 72,105,000 |
| 7,801,000 |
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Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 20 of 21
The following is the net income per common share for the three and twelve months ended September 30, 2012 and 2011:
| Three Months Ended | Twelve Months Ended | ||||||
| 9/30/12 |
| 9/30/11 |
| 9/30/12 |
| 9/30/11 | |
|
|
|
|
|
|
|
| |
BASIC INCOME PER SHARE |
|
|
|
|
|
| ||
Income from Continuing Operations | $0.07 |
| $0.07 |
| $0.47 |
| $0.43 | |
Income from Discontinued Operations | -0- |
| -0- |
| -0- |
| 0.01 | |
Net Income | 0.07 |
| 0.07 |
| 0.47 |
| 0.44 | |
Less: Preferred Dividend | (0.05) |
| (0.02) |
| (0.14) |
| (0.12) | |
Net Income Attributable to Common Shareholders - Basic | $0.02 |
| $0.05 |
| $0.33 |
| $0.32 | |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
DILUTED INCOME PER SHARE |
|
|
|
|
|
|
| |
Income from Continuing Operations | $0.07 |
| $0.07 |
| $0.47 |
| $0.43 | |
Income from Discontinued Operations | -0- |
| -0- |
| -0- |
| 0.01 | |
Net Income | 0.07 |
| 0.07 |
| 0.47 |
| 0.44 | |
Less: Preferred Dividend | (0.05) |
| (0.02) |
| (0.14) |
| (0.12) | |
Net Income Attributable to Common Shareholders - Diluted | $0.02 |
| $0.05 |
| $0.33 |
| $0.32 |
# # # # #
Fourth Quarter FY 2012 & FY 2012 Supplemental of Monmouth Real Estate Investment Corp. Page 21 of 21