Consolidated Balance Sheets |
|
|
|
|
|
|
March 31, |
|
September 30, |
ASSETS |
|
2015 |
|
2014 |
|
|
(unaudited) |
|
|
Real Estate Investments: |
|
|
|
|
Land |
|
$ 123,409,364 |
|
$ 109,858,989 |
Buildings and Improvements |
|
738,170,634 |
|
634,068,423 |
Total Real Estate Investments |
|
861,579,998 |
|
743,927,412 |
Accumulated Depreciation |
|
(116,274,401) |
|
(107,004,184) |
Net Real Estate Investments |
|
745,305,597 |
|
636,923,228 |
|
|
|
|
|
Cash and Cash Equivalents |
|
25,501,314 |
|
20,474,661 |
Securities Available for Sale at Fair Value |
|
52,506,095 |
|
59,311,403 |
Tenant and Other Receivables |
|
1,118,394 |
|
1,312,975 |
Deferred Rent Receivable |
|
4,622,657 |
|
3,759,031 |
Prepaid Expenses |
|
5,428,984 |
|
2,764,795 |
Financing Costs, net of Accumulated Amortization of |
|
|
|
|
$4,113,033 and $3,710,149, respectively |
|
5,167,972 |
|
4,356,264 |
Capitalized Lease Costs, net of Accumulated Amortization of |
|
|
|
|
$2,189,932 and $1,886,457, respectively |
|
3,566,605 |
|
2,741,414 |
Intangible Assets, net of Accumulated Amortization of |
|
|
|
|
$10,493,808 and $9,740,983, respectively |
|
6,725,180 |
|
6,490,881 |
Other Assets |
|
5,477,622 |
|
5,622,048 |
TOTAL ASSETS |
|
$ 855,420,420 |
|
$ 743,756,700 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
Mortgage Notes Payable |
|
$ 347,168,540 |
|
$ 287,796,006 |
Loans Payable |
|
65,161,669 |
|
25,200,000 |
Accounts Payable and Accrued Expenses |
|
3,650,804 |
|
4,930,041 |
Other Liabilities |
|
8,613,580 |
|
5,199,571 |
Total Liabilities |
|
424,594,593 |
|
323,125,618 |
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
Series A – 7.625% Cumulative Redeemable Preferred Stock, |
|
|
|
|
$0.01 Par Value Per Share: 2,139,750 Shares |
|
|
|
|
Authorized, Issued and Outstanding as of March 31, 2015 |
|
53,493,750 |
|
53,493,750 |
and September 30, 2014 |
|
|
|
|
Series B – 7.875% Cumulative Redeemable Preferred Stock, |
|
|
|
|
$0.01 Par Value Per Share: 2,300,000 Shares Authorized, |
|
|
|
|
Issued and Outstanding as of March 31, 2015 |
|
57,500,000 |
|
57,500,000 |
and September 30, 2014 |
|
|
|
|
Common Stock – $0.01 Par Value Per Share: 200,000,000 Shares |
|
|
|
|
Authorized as of March 31, 2015 and September 30, 2014; |
|
|
|
|
58,937,495 and 57,008,754 Shares Issued and Outstanding as of |
|
|
|
|
March 31, 2015 and September 30, 2014, respectively |
|
589,375 |
|
570,088 |
Excess Stock – $0.01 Par Value Per Share: 200,000,000 Shares |
|
|
|
|
Authorized as of March 31, 2015 and September 30, 2014; |
|
|
|
|
No Shares Issued or Outstanding as of March 31, 2015 and |
|
|
|
|
September 30, 2014 |
|
-0- |
|
-0- |
Additional Paid-In Capital |
|
317,963,809 |
|
308,945,888 |
Accumulated Other Comprehensive Income |
|
1,278,893 |
|
121,356 |
Undistributed Income |
|
-0- |
|
-0- |
Total Shareholders' Equity |
|
430,825,827 |
|
420,631,082 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
|
$ 855,420,420 |
|
$ 743,756,700 |
|
|
|
|
|
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 3 of 21
Consolidated Statements of Income |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
3/31/15 |
|
3/31/14 |
|
3/31/15 |
|
3/31/14 |
INCOME: |
|
|
|
|
|
|
|
Rental Revenue |
$16,205,524 |
|
$14,085,029 |
|
$31,635,739 |
|
27,655,751 |
Reimbursement Revenue |
2,653,072 |
|
2,260,276 |
|
4,900,387 |
|
4,350,709 |
Lease Termination Income |
-0- |
|
-0- |
|
238,625 |
|
-0- |
TOTAL INCOME |
18,858,596 |
|
16,345,305 |
|
36,774,751 |
|
32,006,460 |
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
Real Estate Taxes |
1,951,451 |
|
1,771,802 |
|
3,940,194 |
|
3,628,857 |
Operating Expenses |
999,614 |
|
1,129,543 |
|
2,001,862 |
|
1,848,980 |
General & Administrative Expenses |
1,567,725 |
|
1,328,256 |
|
2,808,310 |
|
2,448,719 |
Acquisition Costs |
471,115 |
|
-0- |
|
862,684 |
|
462,864 |
Depreciation |
4,785,948 |
|
3,975,112 |
|
9,270,216 |
|
7,788,358 |
Amortization of Capitalized Lease Costs and Intangible Assets |
529,820 |
|
451,459 |
|
1,005,315 |
|
894,685 |
TOTAL EXPENSES |
10,305,673 |
|
8,656,172 |
|
19,888,581 |
|
17,072,463 |
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
Interest and Dividend Income |
962,948 |
|
996,794 |
|
1,998,405 |
|
1,935,562 |
Gain on Sale of Securities Transactions, net |
-0- |
|
425,349 |
|
377,087 |
|
576,074 |
Interest Expense |
(4,493,933) |
|
(4,185,372) |
|
(8,623,498) |
|
(8,060,513) |
Amortization of Financing Costs |
(203,258) |
|
(168,662) |
|
(395,832) |
|
(337,680) |
TOTAL OTHER INCOME (EXPENSE) |
(3,734,243) |
|
(2,931,891) |
|
(6,643,838) |
|
(5,886,557) |
|
|
|
|
|
|
|
|
NET INCOME |
4,818,680 |
|
4,757,242 |
|
10,242,332 |
|
9,047,440 |
|
|
|
|
|
|
|
|
Less: Preferred Dividend |
2,151,758 |
|
2,151,758 |
|
4,303,516 |
|
4,303,516 |
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
COMMON SHAREHOLDERS |
$2,666,922 |
|
$2,605,484 |
|
$5,938,816 |
|
$4,743,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 4 of 21
NOI, EBITDA, FFO, Core FFO and AFFO Reconciliations |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
3/31/15 |
|
3/31/14 |
|
3/31/15 |
|
3/31/14 |
Revenues |
|
|
|
|
|
|
|
|
Rental Revenue |
$16,205,524 |
|
$14,085,029 |
|
$31,635,739 |
|
$27,655,751 |
|
Reimbursement Revenue |
2,653,072 |
|
2,260,276 |
|
4,900,387 |
|
4,350,709 |
|
Total Rental and Reimbursement Revenue |
18,858,596 |
|
16,345,305 |
|
36,536,126 |
|
32,006,460 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Real Estate Taxes |
1,951,451 |
|
1,771,802 |
|
3,940,194 |
|
3,628,857 |
|
Operating Expenses |
999,614 |
|
1,129,543 |
|
2,001,862 |
|
1,848,980 |
|
Total Expenses |
2,951,065 |
|
2,901,345 |
|
5,942,056 |
|
5,477,837 |
|
|
|
|
|
|
|
|
|
Net Operating Income - NOI |
15,907,531 |
|
13,443,960 |
|
30,594,070 |
|
26,528,623 |
|
|
|
|
|
|
|
|
|
|
Lease Termination Income |
-0- |
|
-0- |
|
238,625 |
|
-0- |
|
Interest and Dividend Income |
962,948 |
|
996,794 |
|
1,998,405 |
|
1,935,562 |
|
Net Amortization of Acquired Above and Below Market Lease Revenue |
(1,883) |
|
10,650 |
|
8,767 |
|
21,300 |
|
General & Administrative Expenses |
(1,567,725) |
|
(1,328,256) |
|
(2,808,310) |
|
(2,448,719) |
|
|
|
|
|
|
|
|
|
EBITDA |
15,300,871 |
|
13,123,148 |
|
30,031,557 |
|
26,036,766 |
|
|
|
|
|
|
|
|
|
|
Interest Expense |
(4,493,933) |
|
(4,185,372) |
|
(8,623,498) |
|
(8,060,513) |
|
Gain on Sale of Securities Transactions, net |
-0- |
|
425,349 |
|
377,087 |
|
576,074 |
|
Acquisition Costs |
(471,115) |
|
-0- |
|
(862,684) |
|
(462,864) |
|
Preferred Dividend |
(2,151,758) |
|
(2,151,758) |
|
(4,303,516) |
|
(4,303,516) |
|
Depreciation of Corporate Office Tenant Improvements |
(33,511) |
|
-0- |
|
(33,511) |
|
-0- |
|
Amortization of Financing Costs |
(203,258) |
|
(168,662) |
|
(395,832) |
|
(337,680) |
|
|
|
|
|
|
|
|
|
Funds From Operations - FFO |
7,947,296 |
|
7,042,705 |
|
16,189,603 |
|
13,448,267 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
(4,752,437) |
|
(3,975,112) |
|
(9,236,705) |
|
(7,788,358) |
|
Amortization of Capitalized Lease Costs and Intangible Assets |
(527,937) |
|
(462,109) |
|
(1,014,082) |
|
(915,985) |
|
|
|
|
|
|
|
|
Net Income Attributable to Common Shareholders |
2,666,922 |
|
2,605,484 |
|
5,938,816 |
|
4,743,924 |
|
|
|
|
|
|
|
|
|
Funds From Operations - FFO |
7,947,296 |
|
7,042,705 |
|
16,189,603 |
|
13,448,267 |
|
|
|
|
|
|
|
|
|
|
Acquisition Costs |
471,115 |
|
-0- |
|
862,684 |
|
462,864 |
|
|
|
|
|
|
|
|
|
Core Funds From Operations - Core FFO |
8,418,411 |
|
7,042,705 |
|
17,052,287 |
|
13,911,131 |
|
|
|
|
|
|
|
|
|
|
Lease Termination Income |
-0- |
|
-0- |
|
(238,625) |
|
-0- |
|
Gain on Sale of Securities Transactions, net |
-0- |
|
(425,349) |
|
(377,087) |
|
(576,074) |
|
Stock Compensation Expense |
96,673 |
|
85,137 |
|
186,905 |
|
171,634 |
|
Depreciation of Corporate Office Tenant Improvements |
33,511 |
|
-0- |
|
33,511 |
|
-0- |
|
Amortization of Financing Costs |
203,258 |
|
168,662 |
|
395,832 |
|
337,680 |
|
U.S. GAAP Straight-lined Rent Adjustment |
(531,647) |
|
(183,635) |
|
(863,626) |
|
(374,696) |
|
Recurring Capital Expenditures |
(82,297) |
|
(212,437) |
|
(255,797) |
|
(292,370) |
|
|
|
|
|
|
|
|
|
Adjusted Funds From Operations - AFFO |
8,137,909 |
|
6,475,083 |
|
15,933,400 |
|
13,177,305 |
|
|
|
|
|
|
|
|
|
EBITDA |
15,300,871 |
|
13,123,148 |
|
30,031,557 |
|
26,036,766 |
|
|
|
|
|
|
|
|
|
|
Lease Termination Income |
-0- |
|
-0- |
|
(238,625) |
|
-0- |
|
Interest Expense |
(4,493,933) |
|
(4,185,372) |
|
(8,623,498) |
|
(8,060,513) |
|
Preferred Dividend |
(2,151,758) |
|
(2,151,758) |
|
(4,303,516) |
|
(4,303,516) |
|
Stock Compensation Expense |
96,673 |
|
85,137 |
|
186,905 |
|
171,634 |
|
U.S. GAAP Straight-lined Rent Adjustment |
(531,647) |
|
(183,635) |
|
(863,626) |
|
(374,696) |
|
Recurring Capital Expenditures |
(82,297) |
|
(212,437) |
|
(255,797) |
|
(292,370) |
|
|
|
|
|
|
|
|
|
Adjusted Funds From Operations - AFFO |
$8,137,909 |
|
$6,475,083 |
|
$15,933,400 |
|
$13,177,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 5 of 21
Financial Highlights |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
3/31/15 |
|
3/31/14 |
|
3/31/15 |
|
3/31/14 |
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
Basic |
58,308,728 |
|
46,739,035 |
|
57,793,469 |
|
45,982,937 |
|
Diluted |
58,462,729 |
|
46,845,472 |
|
57,936,743 |
|
46,080,826 |
|
|
|
|
|
|
|
|
|
Net Operating Income - NOI |
$15,907,531 |
|
$13,443,960 |
|
$30,594,070 |
|
$26,528,623 |
|
|
|
|
|
|
|
|
|
|
Basic |
$0.27 |
|
$0.29 |
|
$0.53 |
|
$0.58 |
|
Diluted |
0.27 |
|
0.29 |
|
0.53 |
|
0.58 |
|
|
|
|
|
|
|
|
|
Net Income Attributable to Common Shareholders |
$2,666,922 |
|
$2,605,484 |
|
$5,938,816 |
|
$4,743,924 |
|
|
|
|
|
|
|
|
|
|
Basic |
$0.04 |
|
$0.05 |
|
$0.10 |
|
$0.10 |
|
Diluted |
0.04 |
|
0.05 |
|
0.10 |
|
0.10 |
|
|
|
|
|
|
|
|
|
Funds From Operations - FFO |
$7,947,296 |
|
$7,042,705 |
|
$16,189,603 |
|
$13,448,267 |
|
|
|
|
|
|
|
|
|
|
Basic |
$0.14 |
|
$0.15 |
|
$0.28 |
|
$0.29 |
|
Diluted |
0.14 |
|
0.15 |
|
0.28 |
|
0.29 |
|
|
|
|
|
|
|
|
|
Core Funds From Operations - Core FFO |
$8,418,411 |
|
$7,042,705 |
|
$17,052,287 |
|
$13,911,131 |
|
|
|
|
|
|
|
|
|
|
Basic |
$0.14 |
|
$0.15 |
|
$0.29 |
|
$0.30 |
|
Diluted |
0.14 |
|
0.15 |
|
0.29 |
|
0.30 |
|
|
|
|
|
|
|
|
|
Core FFO Excluding Gains on Securities Transactions, net |
$8,418,411 |
|
$6,617,356 |
|
$16,675,200 |
|
$13,335,057 |
|
|
|
|
|
|
|
|
|
|
Basic |
$0.14 |
|
$0.14 |
|
$0.29 |
|
$0.29 |
|
Diluted |
0.14 |
|
0.14 |
|
0.29 |
|
0.29 |
|
|
|
|
|
|
|
|
|
Core FFO Excluding Lease Termination Income, net |
$8,418,411 |
|
$7,042,705 |
|
$16,813,662 |
|
$13,911,131 |
|
|
|
|
|
|
|
|
|
|
Basic |
$0.14 |
|
$0.15 |
|
$0.29 |
|
$0.30 |
|
Diluted |
0.14 |
|
0.15 |
|
0.29 |
|
0.30 |
|
|
|
|
|
|
|
|
|
Adjusted Funds From Operations - AFFO |
$8,137,909 |
|
$6,475,083 |
|
$15,933,400 |
|
$13,177,305 |
|
|
|
|
|
|
|
|
|
|
Basic |
$0.14 |
|
$0.14 |
|
$0.28 |
|
$0.29 |
|
Diluted |
0.14 |
|
0.14 |
|
0.28 |
|
0.29 |
|
|
|
|
|
|
|
|
|
Dividends Declared per Common Share |
$0.15 |
|
$0.15 |
|
$0.30 |
|
$0.30 |
|
|
|
|
|
|
|
|
|
|
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 6 of 21
Same Store Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
3/31/2015 |
|
|
|
3/31/2014 |
|
Change |
Change % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Square Feet / Total Properties |
|
12,952,617 |
/ |
89 |
|
|
|
10,708,419 |
/ |
81 |
|
2,244,198 |
21.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy Percentage at Quarter End |
|
97.5% |
|
|
|
|
|
95.4% |
|
|
|
|
2.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Square Feet / Same Store Properties |
|
|
|
|
8,949,427 |
/ |
76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Occupancy Percentage at Quarter End |
|
96.3% |
|
|
|
|
|
94.5% |
|
|
|
|
1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Net Operating Income (NOI) |
|
$ 12,563,973 |
|
|
|
|
|
$ 12,114,718 |
|
|
|
$ 449,255 |
3.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal of U.S. GAAP Straight-Line Rent Adjustment |
|
(321,695) |
|
|
|
|
|
(183,635) |
|
|
|
(138,060) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Cash NOI |
|
$ 12,242,278 |
|
|
|
|
|
$ 11,931,083 |
|
|
|
$ 311,195 |
2.6% |
Same Store Statistics include all properties owned during
the entire periods presented with the exclusion of properties expanded during the periods presented.
For the three months ended March 31, 2015, Same Store NOI
and Same Store Properties excludes $2,173,425 of NOI from nine properties acquired subsequent to January 1, 2014 and $1,170,133
of NOI from four properties that have been expanded subsequent to January 1, 2014.
For the three months ended March 31, 2014, Same Store NOI
and Same Store Properties excludes $277,108 of NOI from one property acquired subsequent to January 1, 2014 and $1,052,134 of NOI
from four properties that have been expanded subsequent to January 1, 2014.
Same Store Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
|
3/31/2015 |
|
|
|
3/31/2014 |
|
Change |
Change % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Square Feet / Total Properties |
|
12,952,617 |
/ |
89 |
|
|
|
10,708,419 |
/ |
81 |
|
2,244,198 |
21.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy Percentage at Quarter End |
|
97.5% |
|
|
|
|
|
95.4% |
|
|
|
|
2.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Square Feet / Same Store Properties |
|
|
|
|
8,949,427 |
/ |
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Occupancy Percentage at Quarter End |
|
96.3% |
|
|
|
|
|
94.5% |
|
|
|
|
1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Net Operating Income (NOI) |
|
$ 21,700,944 |
|
|
|
|
|
$ 21,733,253 |
|
|
|
$ (32,309) |
(0.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal of U.S. GAAP Straight-Line Rent Adjustment |
|
(429,241) |
|
|
|
|
|
(172,365) |
|
|
|
(256,876) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Cash NOI |
|
$ 21,271,703 |
|
|
|
|
|
$ 21,560,888 |
|
|
|
$ (289,185) |
(1.3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Statistics include all properties owned during
the entire periods presented with the exclusion of properties expanded during the periods presented.
For the six months ended March 31, 2015, Same Store NOI and
Same Store Properties excludes $5,843,268 of NOI from thirteen properties acquired subsequent to October 1, 2013 and $3,049,858
of NOI from five properties that have been expanded subsequent to October 1, 2013.
For the six months ended March 31, 2014, Same Store NOI and
Same Store Properties excludes $2,259,138 of NOI from five properties acquired subsequent to October 1, 2013 and $2,536,232 of
NOI from five properties that have been expanded subsequent to October 1, 2013.
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 7 of 21
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
Six Months Ended |
|
|
3/31/15 |
|
3/31/14 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Net Income |
|
$10,242,332 |
|
$9,047,440 |
Noncash Items Included in Net Income: |
|
|
|
|
Depreciation & Amortization |
|
10,678,415 |
|
9,020,723 |
Stock Compensation Expense |
|
186,905 |
|
171,634 |
Gain on Sale of Securities Transactions, net |
|
(377,087) |
|
(576,074) |
Changes In: |
|
|
|
|
Tenant, Deferred Rent and Other Receivables |
|
(618,061) |
|
(113,398) |
Prepaid Expenses |
|
(2,664,189) |
|
(2,238,111) |
Other Assets and Capitalized Lease Costs |
|
(892,206) |
|
(340,780) |
Accounts Payable, Accrued Expenses and Other Liabilities |
|
1,297,741 |
|
2,961,796 |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
17,853,850 |
|
17,933,230 |
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
Purchase of Real Estate and Intangible Assets |
|
(112,400,079) |
|
(73,860,759) |
Capital and Land Site Improvements |
|
(5,394,632) |
|
(8,295,926) |
Return of Deposits on Real Estate |
|
1,900,000 |
|
1,800,000 |
Deposits Paid on Acquisitions of Real Estate |
|
(2,000,000) |
|
(700,000) |
Proceeds from Sale of Securities Available for Sale |
|
9,584,512 |
|
7,080,741 |
Purchase of Securities Available for Sale |
|
(1,244,580) |
|
(13,258,470) |
NET CASH USED IN INVESTING ACTIVITIES |
|
(109,554,779) |
|
(87,234,414) |
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
Net Proceeds from Loans Payable |
|
39,961,669 |
|
25,231,597 |
Proceeds from Mortgage Notes Payable |
|
73,186,828 |
|
48,905,000 |
Principal Payments on Mortgage Notes Payable |
|
(13,814,294) |
|
(12,309,941) |
Financing Costs Paid on Debt |
|
(1,214,592) |
|
(474,594) |
Proceeds from the Exercise of Stock Options |
|
612,409 |
|
-0- |
Proceeds from Issuance of Common Stock in the DRIP, |
|
|
|
|
net of Reinvestments |
|
15,531,409 |
|
20,725,762 |
Preferred Dividends Paid |
|
(4,303,516) |
|
(4,303,516) |
Common Dividends Paid, net of Reinvestments |
|
(13,232,331) |
|
(10,174,731) |
NET CASH PROVIDED BY FINANCING ACTIVITIES |
|
96,727,582 |
|
67,599,577 |
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
5,026,653 |
|
(1,701,607) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD |
|
20,474,661 |
|
12,404,512 |
CASH AND CASH EQUIVALENTS - END OF PERIOD |
|
$25,501,314 |
|
$10,702,905 |
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 8 of 21
Capital Structure and Leverage Ratios |
|
As of |
|
As of |
|
As of |
(unaudited) |
|
3/31/15 |
|
3/31/14 |
|
9/30/2014 |
|
|
|
|
|
|
|
|
Mortgage Notes Payable |
|
$347,168,540 |
|
$286,688,441 |
|
$287,796,006 |
Loans Payable |
|
65,161,669 |
|
47,431,597 |
|
25,200,000 |
|
Total Debt |
|
412,330,209 |
|
334,120,038 |
|
312,996,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A - 7.625% Cumul. Redeemable Preferred |
|
53,493,750 |
|
53,493,750 |
|
53,493,750 |
Series B - 7.875% Cumul. Redeemable Preferred |
|
57,500,000 |
|
57,500,000 |
|
57,500,000 |
|
Total Preferred Stock |
|
110,993,750 |
|
110,993,750 |
|
110,993,750 |
|
|
|
|
|
|
|
|
Common Stock, Paid-In-Capital & Other |
|
319,832,077 |
|
241,648,039 |
|
309,637,332 |
|
Total Shareholders' Equity |
|
430,825,827 |
|
352,641,789 |
|
420,631,082 |
|
|
|
|
|
|
|
|
|
Total Book Capitalization |
|
843,156,036 |
|
686,761,827 |
|
733,627,088 |
|
|
|
|
|
|
|
|
|
Accumulated Depreciation |
|
116,274,401 |
|
98,883,773 |
|
107,004,184 |
|
Total Undepreciated Book Capitalization |
|
$959,430,437 |
|
$785,645,600 |
|
$840,631,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares Outstanding |
|
58,937,495 |
|
47,313,212 |
|
57,008,754 |
Market Price Per Share |
|
$11.11 |
|
$9.54 |
|
$10.12 |
|
|
|
|
|
|
|
|
Equity Market Capitalization |
|
$654,795,569 |
|
$451,368,042 |
|
$576,928,590 |
Total Debt |
|
412,330,209 |
|
334,120,038 |
|
312,996,006 |
Preferred |
|
110,993,750 |
|
110,993,750 |
|
110,993,750 |
|
Total Market Capitalization |
|
$1,178,119,528 |
|
$896,481,830 |
|
$1,000,918,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt |
|
$412,330,209 |
|
$334,120,038 |
|
$312,996,006 |
less: Cash and Cash Equivalents |
|
25,501,314 |
|
10,702,905 |
|
20,474,661 |
|
Net Debt |
|
$386,828,895 |
|
$323,417,133 |
|
$292,521,345 |
less: Securities Available for Sale at Fair Value (Securities) |
|
52,506,095 |
|
53,465,772 |
|
59,311,403 |
|
Net Debt Less Securities |
|
$334,322,800 |
|
$269,951,361 |
|
$233,209,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt / Undepreciated Book Capitalization |
|
40.3% |
|
41.2% |
|
34.8% |
Net Debt / Total Market Capitalization |
|
32.8% |
|
36.1% |
|
29.2% |
Net Debt + Preferred / Total Market Capitalization |
|
42.3% |
|
48.5% |
|
40.3% |
Net Debt Less Securities / Undepreciated Book Capitalization |
|
34.8% |
|
34.4% |
|
27.7% |
Net Debt Less Securities / Total Market Capitalization |
|
28.4% |
|
30.1% |
|
23.3% |
Net Debt Less Securities + Preferred / Total Market Capitalization |
|
37.8% |
|
42.5% |
|
34.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Interest Rate on Fixed Rate Debt |
|
5.0% |
|
5.3% |
|
5.2% |
|
|
|
|
|
|
|
|
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 9 of 21
Capital Structure and Leverage Ratios continued |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year |
|
|
Three Months Ended |
|
Six Months Ended |
|
Ended |
|
|
3/31/15 |
|
3/31/14 |
|
3/31/15 |
|
3/31/14 |
|
9/30/2014 |
Net Income |
$4,818,680 |
|
$4,757,242 |
|
$10,242,332 |
|
$9,047,440 |
|
$19,845,294 |
plus: Depreciation & Amortization |
5,519,026 |
|
4,595,233 |
|
10,671,363 |
|
9,020,723 |
|
18,445,326 |
plus: Interest Expense |
4,493,933 |
|
4,185,372 |
|
8,623,498 |
|
8,060,513 |
|
16,104,678 |
plus: Acquisition Costs |
471,115 |
|
-0- |
|
862,684 |
|
462,864 |
|
481,880 |
plus: Net Amortization of Acquired Above and
Below Market Lease Revenue |
(1,883) |
|
10,650 |
|
8,767 |
|
21,300 |
|
10,650 |
less: Gain on Sale of Securities Transactions, net |
-0- |
|
(425,349) |
|
(377,087) |
|
(576,074) |
|
(2,166,766) |
|
EBITDA |
$15,300,871 |
|
$13,123,148 |
|
$30,031,557 |
|
$26,036,766 |
|
$52,721,062 |
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
$4,493,933 |
|
$4,185,372 |
|
$8,623,498 |
|
$8,060,513 |
|
$16,104,678 |
Preferred Dividends Paid |
2,151,758 |
|
2,151,758 |
|
4,303,516 |
|
4,303,516 |
|
8,607,032 |
|
Total Fixed Charges |
$6,645,691 |
|
$6,337,130 |
|
$12,927,014 |
|
$12,364,029 |
|
$24,711,710 |
|
|
|
|
|
|
|
|
|
|
|
Interest Coverage |
3.4 x |
|
3.1 x |
|
3.5 x |
|
3.2 x |
|
3.3 x |
Fixed Charge Coverage |
2.3 x |
|
2.1 x |
|
2.3 x |
|
2.1 x |
|
2.1 x |
|
|
|
|
|
|
|
|
|
|
|
Net Debt |
$386,828,895 |
|
$323,417,133 |
|
$386,828,895 |
|
$323,417,133 |
|
$292,521,345 |
Net Debt Less Securities |
334,322,800 |
|
269,951,361 |
|
334,322,800 |
|
269,951,361 |
|
233,209,942 |
Annualized EBITDA |
61,203,484 |
|
52,492,592 |
|
60,063,114 |
|
52,073,532 |
|
52,721,062 |
|
|
|
|
|
|
|
|
|
|
|
Net Debt / EBITDA |
6.3 x |
|
6.2 x |
|
6.4 x |
|
6.2 x |
|
5.5 x |
Net Debt Less Securities / EBITDA |
5.5 x |
|
5.1 x |
|
5.6 x |
|
5.2 x |
|
4.4 x |
Net Debt + Preferred / EBITDA |
8.1 x |
|
8.3 x |
|
8.3 x |
|
8.3 x |
|
7.7 x |
Net Debt Less Securities + Preferred / EBITDA |
7.3 x |
|
7.3 x |
|
7.4 x |
|
7.3 x |
|
6.5 x |
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 10 of 21
|
|
|
Loans |
|
|
% of |
Fiscal Year Ended |
|
Mortgages |
Payable (1) |
|
Total (1) |
Total |
|
|
|
|
|
|
|
2015 |
|
12,914,139 |
57,336 |
|
12,971,475 |
3.1% |
2016 |
|
40,106,152 |
60,119,724 |
(1) |
100,225,876 |
24.3% |
2017 |
|
48,540,008 |
4,984,609 |
|
53,524,617 |
13.1% |
2018 |
|
38,972,339 |
-0- |
|
38,972,339 |
9.5% |
2019 |
|
33,978,115 |
-0- |
|
33,978,115 |
8.2% |
Thereafter |
|
172,657,787 |
-0- |
|
172,657,787 |
41.8% |
|
|
|
|
|
|
|
Total as of 3/31/15 |
|
$347,168,540 |
$65,161,669 |
|
$412,330,209 |
100.0% |
|
|
|
|
|
|
|
|
Notes: (1)
Includes a $60 million Line of Credit due June 2016, which has a
one year extension option.
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 11 of 21
Property Table by Tenant |
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
Square |
Occupied Square |
% of Total |
Annual |
% of Total |
Rent Per |
|
Undepreciated |
|
Mortgage |
Tenant |
|
Count |
|
Footage |
Footage |
Sq. Ft. |
Rent |
Ann. Rent |
Sq. Ft. Occup. |
|
Cost |
|
Balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FedEx Ground Package System, Inc. |
|
30 |
|
3,859,933 |
3,859,933 |
29.8% |
$28,062,000 |
41.0% |
$7.27 |
|
$347,412,443 |
|
$141,502,320 |
FedEx Corporation |
|
14 |
|
973,413 |
973,413 |
7.5% |
5,407,000 |
7.9% |
5.55 |
|
71,490,778 |
|
20,140,961 |
FedEx Supply Chain Services, Inc. |
|
1 |
|
449,900 |
449,900 |
3.5% |
1,327,000 |
1.9% |
2.95 |
|
14,620,887 |
|
7,781,524 |
FedEx SmartPost, Inc. |
|
1 |
|
327,822 |
327,822 |
2.5% |
1,533,000 |
2.3% |
4.68 |
|
23,946,000 |
|
13,585,139 |
Total FedEx |
|
46 |
|
5,611,068 |
5,611,068 |
43.3% |
36,329,000 |
53.1% |
6.47 |
|
457,470,108 |
|
183,009,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Milwaukee Electric Tool Corporation |
|
1 |
|
615,305 |
615,305 |
4.8% |
1,995,000 |
2.9% |
3.24 |
|
27,368,816 |
|
14,874,449 |
Jim Beam Brands Company |
|
1 |
|
599,840 |
599,840 |
4.6% |
1,989,000 |
2.9% |
3.32 |
|
28,000,000 |
|
19,428,147 |
Ralcorp Holdings, Inc. (a subsidiary of ConAgra Foods, Inc.) |
|
1 |
|
558,600 |
558,600 |
4.3% |
2,146,000 |
3.1% |
3.84 |
|
26,633,125 |
|
17,663,396 |
CBOCS Distribution, Inc. (a subsidiary of Cracker Barrel Old Country Store, Inc.) |
|
1 |
|
381,240 |
381,240 |
2.9% |
1,406,000 |
2.1% |
3.69 |
|
14,215,126 |
|
7,949,102 |
Best Buy Warehousing Logistics, Inc. |
|
1 |
|
368,060 |
368,060 |
2.8% |
1,626,000 |
2.4% |
4.42 |
|
19,600,000 |
|
11,225,267 |
The Coca-Cola Company/Western Container Corp. (a subsidiary
of
The Coca-Cola Company) |
|
2 |
|
323,358 |
323,358 |
2.5% |
1,602,000 |
2.3% |
4.95 |
|
18,848,429 |
|
8,104,493 |
Science Applications International |
|
1 |
|
302,400 |
302,400 |
2.3% |
1,412,000 |
2.1% |
4.67 |
|
12,972,474 |
|
6,097,626 |
International Paper Company |
|
1 |
|
280,000 |
280,000 |
2.2% |
1,314,000 |
1.9% |
4.69 |
|
18,145,548 |
|
11,678,094 |
Woodstream Corporation |
(C) |
1 |
|
256,000 |
256,000 |
2.0% |
896,000 |
1.3% |
3.50 |
|
8,810,594 |
|
601,841 |
United Technologies Corporation |
|
2 |
|
244,317 |
244,317 |
1.9% |
1,888,000 |
2.8% |
7.73 |
|
22,500,769 |
|
8,963,925 |
Anda Pharmaceuticals, Inc. (a subsidiary of Actavis, Inc.) |
|
1 |
|
234,660 |
234,660 |
1.8% |
1,191,000 |
1.7% |
5.08 |
|
14,550,000 |
|
9,568,327 |
UGN, Inc. |
|
1 |
|
232,200 |
232,200 |
1.8% |
1,045,000 |
1.5% |
4.50 |
|
12,937,000 |
|
8,700,000 |
Caterpillar Logistics Services, Inc. |
|
1 |
|
218,120 |
218,120 |
1.7% |
1,169,000 |
1.7% |
5.36 |
|
14,868,857 |
|
7,241,712 |
Anheuser-Busch, Inc. |
|
1 |
|
184,800 |
184,800 |
1.4% |
792,000 |
1.2% |
4.29 |
|
12,386,675 |
|
1,617,001 |
Carlisle Tire & Wheel Company |
|
1 |
|
179,280 |
179,280 |
1.4% |
774,000 |
1.1% |
4.32 |
|
7,225,401 |
|
1,129,699 |
NF&M International Inc. |
(B) |
1 |
|
174,802 |
174,802 |
1.3% |
820,000 |
1.2% |
4.69 |
|
5,140,408 |
|
-0- |
Home Depot USA, Inc. |
|
1 |
|
171,200 |
171,200 |
1.3% |
966,000 |
1.4% |
5.64 |
|
11,298,367 |
|
-0- |
Kellogg Sales Company |
|
3 |
|
170,279 |
170,279 |
1.3% |
991,000 |
1.4% |
5.82 |
|
12,107,873 |
|
2,448,894 |
Charlotte Pipe and Foundry Company |
|
1 |
|
160,000 |
160,000 |
1.2% |
572,000 |
0.8% |
3.58 |
|
5,500,697 |
|
721,728 |
Bunzl Distribution Midcentral, Inc. |
|
1 |
|
158,417 |
158,417 |
1.2% |
736,000 |
1.1% |
4.65 |
|
9,600,000 |
|
7,178,008 |
Altec Industries, Inc. |
(C) |
1 |
|
126,880 |
126,880 |
1.0% |
349,000 |
0.5% |
2.75 |
|
4,366,751 |
|
298,287 |
Pittsburgh Glass Works LLC. (a subsidiary of PPG Industries, Inc.) |
|
1 |
|
102,135 |
102,135 |
0.8% |
427,000 |
0.6% |
4.18 |
|
3,943,460 |
|
-0- |
Holland 1916 Inc. |
|
1 |
|
95,898 |
95,898 |
0.7% |
337,000 |
0.5% |
3.51 |
|
7,371,118 |
|
-0- |
National Oilwell Varco, Inc. |
|
1 |
|
91,295 |
91,295 |
0.7% |
741,000 |
1.1% |
8.12 |
|
8,083,107 |
|
3,725,059 |
Joseph T. Ryerson and Son, Inc. |
|
1 |
|
89,052 |
89,052 |
0.7% |
506,000 |
0.7% |
5.68 |
|
6,900,151 |
|
1,079,600 |
CHEP USA, Inc. |
|
1 |
|
83,000 |
83,000 |
0.6% |
473,000 |
0.7% |
5.70 |
|
7,467,055 |
|
2,962,871 |
Datatel Resources Corporation |
(B) |
1 |
|
80,856 |
80,856 |
0.6% |
232,000 |
0.3% |
2.87 |
|
2,377,735 |
|
-0- |
Sherwin-Williams Company |
|
2 |
|
78,887 |
78,887 |
0.6% |
635,000 |
0.9% |
8.05 |
|
7,229,773 |
|
-0- |
RGH Enterprises, Inc. (a subsidiary of Cardinal Health, Inc.) |
|
1 |
|
75,000 |
75,000 |
0.6% |
590,000 |
0.9% |
7.87 |
|
5,525,600 |
|
3,933,919 |
Tampa Bay Grand Prix |
|
1 |
|
68,385 |
68,385 |
0.5% |
285,000 |
0.4% |
4.17 |
|
5,651,066 |
|
-0- |
Various Tenants at Retail Shopping Center |
|
1 |
|
64,138 |
50,202 |
0.4% |
372,000 |
0.5% |
7.41 |
|
2,647,055 |
|
-0- |
SOFIVE, Inc. |
|
1 |
|
60,400 |
60,400 |
0.5% |
512,000 |
0.7% |
8.48 |
|
4,889,712 |
|
2,115,776 |
Siemens Real Estate (a division of Siemens Corporation) |
|
1 |
|
51,130 |
51,130 |
0.4% |
467,000 |
0.7% |
9.13 |
|
4,416,000 |
|
2,744,911 |
The American Bottling Company (a subsidiary of Dr Pepper
Snapple Group, Inc.) |
|
1 |
|
46,240 |
46,240 |
0.4% |
255,000 |
0.4% |
5.51 |
|
3,700,000 |
|
2,106,464 |
B/E Aerospace, Inc. |
|
1 |
|
38,833 |
38,833 |
0.4% |
359,000 |
0.5% |
9.24 |
|
5,100,000 |
|
-0- |
Keystone Automotive Industries MN, Inc. |
|
1 |
|
36,270 |
36,270 |
0.3% |
139,000 |
0.3% |
3.83 |
|
2,161,895 |
|
-0- |
Graybar Electric Company |
|
1 |
|
26,340 |
26,340 |
0.3% |
109,000 |
0.3% |
4.14 |
|
1,850,794 |
|
-0- |
Tenant Total as of 3/31/15 |
|
86 |
|
12,638,685 |
12,624,749 |
97.5% |
$68,447,000 |
100.0% |
$5.44 |
|
$843,861,539 |
|
$347,168,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacant |
|
3 |
|
313,932 |
-0- |
2.5% |
-0- |
0.0% |
-0- |
|
16,949,962 |
|
-0- |
Total as of 3/31/15 |
|
89 |
|
12,952,617 |
12,624,749 |
100.0% |
$68,447,000 |
100.0% |
$5.44 |
|
(A) $860,811,501 |
|
$347,168,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Does not include $768,497 of vacant land
and corporate office leasehold improvements not associated with a specific tenant.
(B) NF&M International and Datatel Resources
are located at one property and therefore are counted as one property in the Property Count total.
(C) Woodstream Corporation and Altec Industries,
Inc. are located at one property and therefore are counted as one property in the Property Count total.
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 12 of 21
Property Table by State |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
Square |
Occupied Square |
% of Total |
Annual |
% of Total |
Rent Per |
|
Undepreciated |
|
Mortgage |
State |
|
Count |
Footage |
Footage |
Sq. Ft. |
Rent |
Ann. Rent |
Sq. Ft. Occup. |
|
Cost |
|
Balance |
Kentucky |
|
2 |
1,158,440 |
1,158,440 |
8.9% |
$4,135,000 |
6.0% |
$3.57 |
|
$54,633,125 |
|
$37,091,543 |
Florida |
|
10 |
1,137,293 |
1,137,293 |
8.8% |
7,552,000 |
11.0% |
6.64 |
|
102,254,626 |
|
46,097,722 |
Texas |
|
8 |
1,026,744 |
1,026,744 |
7.9% |
7,380,000 |
10.8% |
7.19 |
|
88,537,022 |
|
44,943,910 |
Ohio |
|
6 |
968,629 |
968,629 |
7.5% |
5,561,000 |
8.1% |
5.74 |
|
65,564,673 |
|
31,609,875 |
Illinois |
|
9 |
958,045 |
958,045 |
7.4% |
6,195,000 |
9.1% |
6.47 |
|
81,620,258 |
|
16,883,978 |
Mississippi |
|
4 |
912,305 |
912,305 |
7.0% |
3,415,000 |
5.0% |
3.74 |
|
45,670,302 |
|
24,442,776 |
Tennessee |
|
3 |
891,777 |
891,777 |
6.9% |
3,044,000 |
4.4% |
3.41 |
|
33,807,174 |
|
17,612,051 |
Missouri |
|
5 |
804,397 |
804,397 |
6.2% |
3,076,000 |
4.5% |
3.82 |
|
38,840,298 |
|
10,527,031 |
South Carolina |
|
3 |
571,115 |
571,115 |
4.4% |
3,502,000 |
5.1% |
6.13 |
|
36,000,434 |
|
10,293,861 |
Kansas |
|
3 |
499,280 |
499,280 |
3.9% |
2,420,000 |
3.5% |
4.85 |
|
29,050,792 |
|
14,507,275 |
Michigan |
|
3 |
489,571 |
489,571 |
3.8% |
3,472,000 |
5.1% |
7.09 |
|
41,117,528 |
|
20,042,973 |
North Carolina |
|
3 |
414,507 |
160,000 |
3.2% |
572,000 |
0.8% |
3.57 |
|
17,293,532 |
|
721,728 |
Virginia |
|
5 |
407,265 |
407,265 |
3.1% |
2,410,000 |
3.5% |
5.92 |
|
34,504,176 |
|
8,933,725 |
Pennsylvania |
|
2 |
378,180 |
378,180 |
2.9% |
1,703,000 |
2.5% |
4.50 |
|
16,508,143 |
|
4,551,314 |
Indiana |
|
1 |
327,822 |
327,822 |
2.5% |
1,533,000 |
2.2% |
4.68 |
|
23,946,000 |
|
13,585,139 |
Georgia |
|
3 |
307,662 |
307,662 |
2.4% |
1,767,000 |
2.6% |
5.74 |
|
22,137,912 |
|
8,312,117 |
Arizona |
|
1 |
283,358 |
283,358 |
2.2% |
1,270,000 |
1.9% |
4.48 |
|
15,168,586 |
|
6,405,010 |
Wisconsin |
|
2 |
238,666 |
238,666 |
1.8% |
1,369,000 |
2.0% |
5.74 |
|
15,943,672 |
|
3,693,943 |
New York |
|
3 |
230,381 |
230,381 |
1.8% |
1,887,000 |
2.8% |
8.19 |
|
20,382,098 |
|
4,713,461 |
Oklahoma |
|
2 |
166,152 |
166,152 |
1.3% |
968,000 |
1.4% |
5.83 |
|
15,592,985 |
|
7,193,407 |
Maryland |
|
1 |
144,523 |
144,523 |
1.1% |
1,426,000 |
2.1% |
9.87 |
|
14,467,755 |
|
5,618,994 |
Colorado |
|
2 |
138,235 |
138,235 |
1.1% |
1,208,000 |
1.8% |
8.74 |
|
13,549,167 |
|
3,225,834 |
New Jersey |
|
2 |
124,538 |
110,602 |
1.0% |
884,000 |
1.3% |
11.12 |
|
7,536,767 |
|
2,115,776 |
Minnesota |
|
2 |
119,823 |
60,398 |
0.9% |
372,000 |
0.5% |
6.18 |
|
10,377,126 |
|
2,960,214 |
Nebraska |
|
1 |
89,115 |
89,115 |
0.7% |
446,000 |
0.7% |
5.00 |
|
5,929,890 |
|
-0- |
Alabama |
|
1 |
73,712 |
73,712 |
0.6% |
412,000 |
0.6% |
5.59 |
|
4,751,741 |
|
1,084,883 |
Connecticut |
|
1 |
54,812 |
54,812 |
0.4% |
329,000 |
0.5% |
6.00 |
|
3,463,824 |
|
-0- |
Iowa |
|
1 |
36,270 |
36,270 |
0.3% |
139,000 |
0.2% |
3.83 |
|
2,161,895 |
|
-0- |
Total as of 3/31/15 |
|
89 |
12,952,617 |
12,624,749 |
100.0% |
$68,447,000 |
100.0% |
$5.44 |
|
(A) $860,811,501 |
|
$347,168,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (A) | Does not include $768,497 of
vacant land and corporate office leasehold improvements not associated with a specific tenant. |
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 13 of 21
Lease Expirations |
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
Square |
% of Total |
Annual |
% of Total |
Rent Per Sq. |
Lease Exp. |
|
Undepreciated |
|
Mortgage |
Fiscal Year |
|
Count |
|
Footage |
Sq. Ft. |
Rent |
Ann. Rent |
Ft. Occup. |
Term in Years |
|
Cost |
|
Balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
(B) |
3 |
|
325,656 |
2.5% |
$1,336,000 |
2.0% |
$4.10 |
1.0 |
|
$19,525,179 |
|
$1,617,001 |
2017 |
(B) |
14 |
|
1,699,526 |
13.1% |
9,351,000 |
13.8% |
5.50 |
2.1 |
|
110,785,684 |
|
26,158,392 |
2018 |
(B) |
14 |
|
1,243,303 |
9.6% |
7,538,000 |
11.0% |
6.06 |
3.1 |
|
87,393,858 |
|
24,772,009 |
2019 |
|
8 |
|
1,310,849 |
10.1% |
6,712,000 |
9.9% |
5.12 |
4.1 |
|
76,161,517 |
|
28,227,442 |
2020 |
|
2 |
|
239,585 |
1.8% |
1,251,000 |
1.8% |
5.22 |
5.3 |
|
16,949,433 |
|
-0- |
2021 |
|
5 |
|
430,185 |
3.3% |
2,494,000 |
3.6% |
5.80 |
6.4 |
|
30,005,047 |
|
17,664,968 |
2022 |
|
9 |
|
1,249,738 |
9.6% |
7,286,000 |
10.6% |
5.83 |
7.1 |
|
89,625,038 |
|
48,156,514 |
2023 |
|
11 |
|
1,917,312 |
14.8% |
9,696,000 |
14.2% |
5.06 |
8.2 |
|
126,306,866 |
|
59,265,349 |
2024 |
|
12 |
|
1,914,366 |
14.8% |
12,039,000 |
17.6% |
6.29 |
9.2 |
|
148,448,608 |
|
59,945,270 |
2025 |
|
4 |
|
918,042 |
7.1% |
3,794,000 |
5.5% |
4.13 |
9.8 |
|
45,497,175 |
|
24,506,795 |
2027 |
|
1 |
|
38,833 |
0.4% |
359,000 |
0.5% |
9.24 |
12.3 |
|
5,100,000 |
|
-0- |
2029 |
|
1 |
|
198,773 |
1.5% |
1,036,000 |
1.5% |
5.21 |
14.2 |
|
15,200,000 |
|
10,491,404 |
2030 |
|
2 |
|
529,779 |
4.1% |
3,037,000 |
4.4% |
5.73 |
14.8 |
|
43,582,954 |
|
28,700,000 |
2034 |
|
1 |
|
558,600 |
4.3% |
2,146,000 |
3.1% |
3.84 |
18.6 |
|
26,633,125 |
|
17,663,396 |
Various tenants at retail shopping center |
|
1 |
|
64,138 |
0.5% |
372,000 |
0.5% |
7.41 |
-0- |
|
2,647,055 |
|
-0- |
Vacant |
|
3 |
|
313,932 |
2.5% |
-0- |
0.0% |
-0- |
-0- |
|
16,949,962 |
|
-0- |
Total as of 3/31/15 |
|
89 |
|
12,952,617 |
100.0% |
$68,447,000 |
100.0% |
$5.44 |
7.2 |
|
(A) $860,811,501 |
|
$347,168,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Does not include
$768,497 of vacant land and corporate office leasehold
improvements not associated with a specific tenant.
(B) Included in 2016 is Datatel Resources and
included in 2018 is NF&M International which both occupy one property. Included in 2017 is Woodstream Corporation and included
in 2018 is
Altec Industries which both
occupy one property.
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 14 of 21
Recent Acquisitions During Fiscal 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year |
Square |
Annual |
Rent Per |
Lease |
|
Purchase |
|
Initial Mortgage |
No |
Tenant |
City (MSA) |
State |
|
Acquisition |
Footage |
Rent |
Sq. Ft. Occup. |
Expiration |
|
Price |
|
Balance |
1 |
FedEx Ground Package System, Inc. |
Lindale (Tyler) |
TX |
|
2015 |
163,378 |
$725,000 |
$4.44 |
6/30/2024 |
|
$10,271,355 |
|
$7,000,000 |
2 |
FedEx Ground Package System, Inc. |
Sauget (St. Louis, MO.) |
IL |
|
2015 |
198,773 |
1,036,000 |
5.21 |
5/31/2029 |
|
15,231,000 |
|
10,660,000 |
3 |
B/E Aerospace, Inc. |
Rockford |
IL |
|
2015 |
38,833 |
359,000 |
9.24 |
6/30/2027 |
|
5,200,000 |
|
-0- |
4 |
Bunzl Distribution Midcentral, Inc. |
Kansas City |
MO |
|
2015 |
158,417 |
736,000 |
4.65 |
9/30/2021 |
|
9,635,770 |
|
7,226,828 |
5 |
Jim Beam Brands Company |
Frankfort |
KY |
|
2015 |
599,840 |
1,989,000 |
3.32 |
1/31/2025 |
|
28,000,000 |
|
19,600,000 |
6 |
FedEx Ground Package System, Inc. |
Jacksonville |
FL |
|
2015 |
297,579 |
1,992,000 |
6.69 |
12/30/2029 |
|
30,645,954 |
|
20,000,000 |
7 |
UGN, Inc. |
Monroe (Cincinnati) |
OH |
|
2015 |
232,200 |
1,045,000 |
4.50 |
2/28/2030 |
|
13,416,000 |
|
8,700,000 |
|
As of 3/31/15 |
|
|
|
|
1,689,020 |
$7,882,000 |
$4.67 |
|
|
$112,400,079 |
|
$73,186,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 15 of 21
Property Table |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Rent Per |
|
|
|
|
|
|
|
|
Fiscal Year |
|
Square |
Annual |
Sq. Ft. |
Lease Exp. |
Undepreciated |
Mortgage |
No |
Tenant |
|
City (MSA) |
State |
Acquisition |
Occup. |
Footage |
Rent |
Occup. |
Term in Years |
Cost |
Balance |
1 |
Milwaukee Electric Tool Corporation |
|
Olive Branch (Memphis, TN) |
MS |
2013 |
100.0% |
615,305 |
$1,995,000 |
$3.24 |
8.1 |
$27,368,816 |
$14,874,449 |
2 |
Jim Beam Brands Co. |
|
Frankfort |
KY |
2015 |
100.0% |
599,840 |
1,989,000 |
3.32 |
9.8 |
28,000,000 |
19,428,147 |
3 |
Ralcorp Holdings, Inc. (a subsidiary of ConAgra Foods, Inc.) |
|
Buckner (Louisville) |
KY |
2014 |
100.0% |
558,600 |
2,146,000 |
3.84 |
18.6 |
26,633,125 |
17,663,396 |
4 |
FedEx Supply Chain Services, Inc. |
|
Memphis |
TN |
2010 |
100.0% |
449,900 |
1,327,000 |
2.95 |
4.2 |
14,620,887 |
7,781,524 |
5 |
Woodstream Corporation |
(B) |
St. Joseph |
MO |
2001 |
100.0% |
256,000 |
896,000 |
3.50 |
2.5 |
8,810,594 |
601,841 |
|
Altec Industries, Inc. |
(B) |
St. Joseph |
MO |
2001 |
100.0% |
126,880 |
349,000 |
2.75 |
2.9 |
4,366,751 |
298,287 |
6 |
CBOCS Distribution, Inc. (a subsidiary of Cracker Barrel Old
Country Store, Inc.) |
|
Lebanon (Nashville) |
TN |
2011 |
100.0% |
381,240 |
1,406,000 |
3.69 |
9.3 |
14,215,126 |
7,949,102 |
7 |
Best Buy Warehousing Logistics, Inc. |
|
Streetsboro (Cleveland) |
OH |
2012 |
100.0% |
368,060 |
1,626,000 |
4.42 |
6.8 |
19,600,000 |
11,225,267 |
8 |
FedEx SmartPost, Inc. |
|
Indianapolis |
IN |
2014 |
100.0% |
327,822 |
1,533,000 |
4.68 |
9.1 |
23,946,000 |
13,585,139 |
9 |
Science Applications International |
|
Hanahan (Charleston) |
SC |
2005 |
100.0% |
302,400 |
1,412,000 |
4.67 |
4.1 |
12,972,474 |
6,097,626 |
10 |
FedEx Ground Package System, Inc. |
|
Jacksonville |
FL |
2015 |
100.0% |
297,579 |
1,992,000 |
6.69 |
14.8 |
30,645,954 |
20,000,000 |
11 |
Western Container Corp. (a subsidiary of The Coca-Cola
Company) |
|
Tolleson (Phoenix) |
AZ |
2003 |
100.0% |
283,358 |
1,270,000 |
4.48 |
2.1 |
15,168,586 |
6,405,010 |
12 |
International Paper Company |
|
Edwardsville (Kansas City) |
KS |
2014 |
100.0% |
280,000 |
1,314,000 |
4.69 |
8.4 |
18,145,548 |
11,678,094 |
13 |
NF&M International |
(C) |
Monaca (Pittsburgh) |
PA |
1988 |
100.0% |
174,802 |
820,000 |
4.69 |
9.8 |
5,140,408 |
-0- |
|
Datatel Resources Corp. |
(C) |
Monaca (Pittsburgh) |
PA |
1988 |
100.0% |
80,856 |
232,000 |
2.87 |
0.7 |
2,377,735 |
-0- |
14 |
FedEx Ground Package System, Inc. |
|
Orion |
MI |
2007 |
100.0% |
245,633 |
1,908,000 |
7.77 |
8.3 |
22,880,041 |
9,340,662 |
15 |
Anda Pharmaceuticals, Inc. (a subsidiary of Actavis, Inc.) |
|
Olive Branch (Memphis, TN) |
MS |
2012 |
100.0% |
234,660 |
1,191,000 |
5.08 |
7.3 |
14,550,000 |
9,568,327 |
16 |
UGN Inc. |
|
Monroe (Cincinnati) |
OH |
2015 |
100.0% |
232,200 |
1,045,000 |
4.50 |
14.9 |
12,937,000 |
8,700,000 |
17 |
Caterpillar Logistics Services, Inc. |
|
Griffin (Atlanta) |
GA |
2006 |
100.0% |
218,120 |
1,169,000 |
5.36 |
1.7 |
14,868,857 |
7,241,712 |
18 |
FedEx Ground Package System, Inc. |
|
Sauget (St. Louis, MO) |
IL |
2015 |
100.0% |
198,773 |
1,036,000 |
5.21 |
14.2 |
15,200,000 |
10,491,404 |
19 |
Anheuser-Busch, Inc. |
|
Granite City (St. Louis, MO) |
IL |
2001 |
100.0% |
184,800 |
792,000 |
4.29 |
1.2 |
12,386,675 |
1,617,001 |
20 |
United Technologies Corporation |
|
Carrollton (Dallas) |
TX |
2010 |
100.0% |
184,317 |
1,576,000 |
8.55 |
3.8 |
17,740,000 |
8,963,925 |
21 |
FedEx Ground Package System, Inc. |
|
Spring (Houston) |
TX |
2014 |
100.0% |
181,176 |
1,577,000 |
8.70 |
9.5 |
19,227,521 |
9,967,219 |
22 |
Carlisle Tire & Wheel Company |
|
Edwardsville (Kansas City) |
KS |
2003 |
100.0% |
179,280 |
774,000 |
4.32 |
3.2 |
7,225,401 |
1,129,699 |
23 |
FedEx Ground Package System, Inc. |
|
Ft. Mill (Charlotte, NC) |
SC |
2010 |
100.0% |
176,939 |
1,415,000 |
8.00 |
8.6 |
15,413,307 |
2,724,694 |
24 |
FedEx Ground Package System, Inc. |
|
Livonia (Detroit) |
MI |
2013 |
100.0% |
172,005 |
1,194,000 |
6.94 |
7.0 |
13,715,267 |
8,342,148 |
25 |
Home Depot USA, Inc. |
|
Montgomery (Chicago) |
IL |
2004 |
100.0% |
171,200 |
966,000 |
5.64 |
5.3 |
11,298,367 |
-0- |
26 |
FedEx Ground Package System, Inc. |
|
Tampa |
FL |
2004 |
100.0% |
170,779 |
1,493,000 |
8.74 |
9.3 |
18,442,815 |
7,638,304 |
27 |
FedEx Ground Package System, Inc. |
|
Lindale (Tyler) |
TX |
2015 |
100.0% |
163,378 |
725,000 |
4.44 |
9.3 |
9,930,000 |
6,890,810 |
28 |
Charlotte Pipe and Foundry Company |
|
Monroe |
NC |
2001 |
100.0% |
160,000 |
572,000 |
3.58 |
2.3 |
5,500,697 |
721,728 |
29 |
Bunzl Distribution Midcentral, Inc. |
|
Kansas City |
MO |
2015 |
100.0% |
158,417 |
736,000 |
4.65 |
6.5 |
9,600,000 |
7,178,008 |
30 |
Vacant |
|
Fayetteville |
NC |
1997 |
0.0% |
148,000 |
-0- |
na |
na |
4,870,749 |
-0- |
31 |
FedEx Ground Package System, Inc. |
|
Beltsville (Washington, DC) |
MD |
2001 |
100.0% |
144,523 |
1,426,000 |
9.87 |
3.3 |
14,467,755 |
5,618,994 |
32 |
FedEx Ground Package System, Inc. |
|
El Paso |
TX |
2006 |
100.0% |
144,149 |
1,046,000 |
7.26 |
8.5 |
11,531,274 |
3,779,615 |
33 |
FedEx Ground Package System, Inc. |
|
Cocoa |
FL |
2008 |
100.0% |
144,138 |
1,104,000 |
7.66 |
9.5 |
14,089,843 |
5,507,384 |
34 |
FedEx Ground Package System, Inc. |
|
Cudahy (Milwaukee) |
WI |
2001 |
100.0% |
139,564 |
901,000 |
6.46 |
2.3 |
9,373,672 |
-0- |
35 |
FedEx Ground Package System, Inc. |
|
Richfield (Cleveland) |
OH |
2006 |
100.0% |
131,152 |
1,490,000 |
11.36 |
9.5 |
16,107,842 |
3,576,154 |
36 |
FedEx Ground Package System, Inc. |
|
Wheeling (Chicago) |
IL |
2003 |
100.0% |
123,000 |
1,386,000 |
11.27 |
2.2 |
18,537,652 |
3,695,973 |
37 |
FedEx Ground Package System, Inc. |
|
Altoona |
PA |
2014 |
100.0% |
122,522 |
651,000 |
5.31 |
8.4 |
8,990,000 |
4,551,314 |
38 |
FedEx Ground Package System, Inc. |
|
Oklahoma City |
OK |
2012 |
100.0% |
119,912 |
713,000 |
5.95 |
7.0 |
11,892,985 |
5,086,943 |
39 |
FedEx Ground Package System, Inc. |
|
Edinburg |
TX |
2011 |
100.0% |
113,582 |
598,000 |
5.26 |
6.4 |
7,438,483 |
3,870,980 |
40 |
FedEx Corporation |
|
Mechanicsville (Richmond) |
VA |
2001 |
100.0% |
112,799 |
541,000 |
4.80 |
8.1 |
7,732,315 |
-0- |
41 |
FedEx Corporation |
|
Orlando |
FL |
2008 |
100.0% |
110,638 |
666,000 |
6.02 |
2.7 |
8,541,237 |
4,679,591 |
42 |
Vacant |
|
Winston-Salem |
NC |
2002 |
0.0% |
106,507 |
-0- |
na |
na |
6,922,086 |
-0- |
43 |
FedEx Ground Package System, Inc. |
|
Cheektowaga (Buffalo) |
NY |
2000 |
100.0% |
104,981 |
966,000 |
9.20 |
4.4 |
10,960,823 |
779,542 |
44 |
FedEx Ground Package System, Inc. |
|
West Chester Twp (Cincinnati) |
OH |
1999 |
100.0% |
103,818 |
525,000 |
5.06 |
8.4 |
5,728,690 |
2,416,205 |
45 |
FedEx Ground Package System, Inc. |
|
Roanoke |
VA |
2013 |
100.0% |
103,402 |
755,000 |
7.30 |
8.1 |
10,200,000 |
5,970,853 |
46 |
FedEx Ground Package System, Inc. |
|
Waco |
TX |
2012 |
100.0% |
102,594 |
659,000 |
6.42 |
7.2 |
9,822,138 |
5,189,968 |
47 |
Pittsburgh Glass Works LLC. (a subsidiary of PPG Industries,
Inc.) |
|
O' Fallon (St. Louis) |
MO |
1994 |
100.0% |
102,135 |
427,000 |
4.18 |
3.3 |
3,943,460 |
-0- |
48 |
FedEx Ground Package System, Inc. |
|
Green Bay |
WI |
2013 |
100.0% |
99,102 |
468,000 |
4.72 |
8.2 |
6,570,000 |
3,693,943 |
49 |
Holland 1916 Inc. |
|
Liberty (Kansas City) |
MO |
1998 |
100.0% |
95,898 |
337,000 |
3.51 |
4.3 |
7,371,118 |
-0- |
50 |
FedEx Corporation |
|
Jacksonville |
FL |
1999 |
100.0% |
95,883 |
518,000 |
5.40 |
4.2 |
6,229,421 |
1,859,914 |
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 16 of 21
Property Table |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Rent Per |
|
|
|
|
|
|
|
|
Fiscal Year |
|
Square |
Annual |
Sq. Ft. |
Lease Exp. |
Undepreciated |
Mortgage |
No |
Tenant |
|
City (MSA) |
State |
Acquisition |
Occup. |
Footage |
Rent |
Occup. |
Term in Years |
Cost |
Balance |
51 |
FedEx Corporation |
|
Tampa |
FL |
2006 |
100.0% |
95,662 |
603,000 |
6.30 |
2.5 |
7,565,717 |
4,243,747 |
52 |
FedEx Ground Package System, Inc. |
|
Hanahan (Charleston) |
SC |
2005 |
100.0% |
91,776 |
675,000 |
7.35 |
3.3 |
7,614,653 |
1,471,541 |
53 |
National Oilwell Varco, Inc. |
|
Houston |
TX |
2010 |
100.0% |
91,295 |
741,000 |
8.12 |
7.5 |
8,083,107 |
3,725,059 |
54 |
FedEx Corporation |
|
Omaha |
NE |
1999 |
100.0% |
89,115 |
446,000 |
5.00 |
8.6 |
5,929,890 |
-0- |
55 |
Joseph T. Ryerson and Son, Inc. |
|
Elgin (Chicago) |
IL |
2002 |
100.0% |
89,052 |
506,000 |
5.68 |
1.8 |
6,900,151 |
1,079,600 |
56 |
FedEx Ground Package System, Inc. |
|
Ft. Myers |
FL |
2003 |
100.0% |
87,500 |
432,000 |
4.94 |
1.6 |
5,017,447 |
-0- |
57 |
CHEP USA, Inc. |
|
Roanoke |
VA |
2007 |
100.0% |
83,000 |
473,000 |
5.70 |
9.9 |
7,467,055 |
2,962,871 |
58 |
FedEx Corporation |
|
Bedford Heights (Cleveland) |
OH |
2007 |
100.0% |
82,269 |
408,000 |
4.96 |
3.4 |
6,775,141 |
2,947,338 |
59 |
RGH Enterprises, Inc. (a subsidiary of Cardinal
Health, Inc.) |
|
Halfmoon (Albany) |
NY |
2012 |
100.0% |
75,000 |
590,000 |
7.87 |
6.7 |
5,525,600 |
3,933,919 |
60 |
FedEx Ground Package System, Inc. |
|
Huntsville |
AL |
2005 |
100.0% |
73,712 |
412,000 |
5.59 |
7.4 |
4,751,741 |
1,084,883 |
61 |
FedEx Corporation |
|
Schaumburg (Chicago) |
IL |
1997 |
100.0% |
73,500 |
515,000 |
7.01 |
2.0 |
4,967,639 |
-0- |
62 |
FedEx Corporation |
|
Romulus (Detroit) |
MI |
1998 |
100.0% |
71,933 |
370,000 |
5.14 |
6.2 |
4,522,221 |
2,360,163 |
63 |
FedEx Ground Package System, Inc. |
|
Denver |
CO |
2005 |
100.0% |
69,865 |
564,000 |
8.07 |
3.3 |
6,354,051 |
1,495,047 |
64 |
Tampa Bay Grand Prix |
|
Tampa |
FL |
2005 |
100.0% |
68,385 |
285,000 |
4.17 |
5.5 |
5,651,066 |
-0- |
65 |
FedEx Ground Package System, Inc. |
|
Colorado Springs |
CO |
2006 |
100.0% |
68,370 |
644,000 |
9.42 |
3.5 |
7,195,115 |
1,730,787 |
66 |
Sherwin-Williams Company |
|
Rockford |
IL |
2011 |
100.0% |
66,387 |
475,000 |
7.16 |
8.8 |
5,545,572 |
-0- |
67 |
Kellogg Sales Company |
|
Kansas City |
MO |
2007 |
100.0% |
65,067 |
331,000 |
5.09 |
3.3 |
4,748,374 |
2,448,894 |
68 |
Various Tenants at Retail Shopping Center |
|
Somerset |
NJ |
1970 |
78.0% |
64,138 |
372,000 |
11.12 |
9.0 |
2,647,055 |
-0- |
69 |
FedEx Corporation |
|
Chattanooga |
TN |
2007 |
100.0% |
60,637 |
311,000 |
5.13 |
2.6 |
4,971,161 |
1,881,426 |
70 |
SOFIVE, Inc. |
|
Carlstadt (New York, NY) |
NJ |
2001 |
100.0% |
60,400 |
512,000 |
8.48 |
9.8 |
4,889,712 |
2,115,776 |
71 |
FedEx Ground Package System, Inc. |
|
Stewartsville (Rochester) |
MN |
2013 |
100.0% |
60,398 |
372,000 |
6.16 |
8.2 |
5,220,000 |
2,960,214 |
72 |
United Technologies Corporation |
|
Richmond |
VA |
2004 |
100.0% |
60,000 |
312,000 |
5.20 |
1.2 |
4,760,769 |
-0- |
73 |
Vacant |
|
White Bear Lake (Minneapolis/St. Paul) |
MN |
2001 |
0.0% |
59,425 |
-0- |
na |
na |
5,157,127 |
-0- |
74 |
FedEx Ground Package System, Inc. |
|
Augusta |
GA |
2005 |
100.0% |
59,358 |
477,000 |
8.04 |
3.3 |
5,328,874 |
1,070,405 |
75 |
Kellogg Sales Company |
|
Newington (Hartford) |
CT |
2001 |
100.0% |
54,812 |
329,000 |
6.00 |
1.9 |
3,463,824 |
-0- |
76 |
Siemens Real Estate (a division of Siemens
Corporation) |
|
Lebanon (Cincinnati) |
OH |
2012 |
100.0% |
51,130 |
467,000 |
9.13 |
4.1 |
4,416,000 |
2,744,911 |
77 |
Kellogg Sales Company |
|
Orangeburg (New York) |
NY |
1993 |
100.0% |
50,400 |
331,000 |
6.57 |
2.9 |
3,895,675 |
-0- |
78 |
FedEx Corporation |
|
Charlottesville |
VA |
1999 |
100.0% |
48,064 |
329,000 |
6.85 |
2.4 |
4,344,037 |
-0- |
79 |
The American Bottling Company (a subsidiary
of Dr Pepper Snapple Group, Inc.) |
|
Tulsa |
OK |
2014 |
100.0% |
46,240 |
255,000 |
5.51 |
8.9 |
3,700,000 |
2,106,464 |
80 |
FedEx Ground Package System, Inc. |
|
Corpus Christi |
TX |
2012 |
100.0% |
46,253 |
458,000 |
9.90 |
6.4 |
4,764,500 |
2,556,334 |
81 |
The Coca-Cola Company |
|
Topeka |
KS |
2009 |
100.0% |
40,000 |
332,000 |
8.30 |
6.5 |
3,679,843 |
1,699,483 |
82 |
B/E Aerospace, Inc. |
|
Rockford |
IL |
2015 |
100.0% |
38,833 |
359,000 |
9.24 |
12.3 |
5,100,000 |
-0- |
83 |
Keystone Automotive Industries MN, Inc. |
|
Urbandale (Des Moines) |
IA |
1994 |
100.0% |
36,270 |
139,000 |
3.83 |
2.0 |
2,161,895 |
-0- |
84 |
FedEx Corporation |
|
Richland (Jackson) |
MS |
1994 |
100.0% |
36,000 |
120,000 |
3.33 |
9.0 |
1,900,691 |
-0- |
85 |
FedEx Corporation |
|
Punta Gorda |
FL |
2007 |
100.0% |
34,624 |
304,000 |
8.78 |
2.3 |
4,104,915 |
2,168,782 |
86 |
FedEx Corporation |
|
Lakeland |
FL |
2006 |
100.0% |
32,105 |
155,000 |
4.83 |
2.7 |
1,966,211 |
-0- |
87 |
FedEx Corporation |
|
Augusta |
GA |
2006 |
100.0% |
30,184 |
121,000 |
4.01 |
7.7 |
1,940,182 |
-0- |
88 |
Graybar Electric Company |
|
Ridgeland (Jackson) |
MS |
1993 |
100.0% |
26,340 |
109,000 |
4.14 |
4.3 |
1,850,794 |
-0- |
89 |
Sherwin-Williams Company |
|
Burr Ridge (Chicago) |
IL |
1997 |
100.0% |
12,500 |
160,000 |
12.80 |
6.6 |
1,684,201 |
-0- |
|
Total as of 3/31/15 |
|
|
|
|
97.5% |
12,952,617 |
$68,447,000 |
$5.44 |
7.2 |
(A) $860,811,501 |
$347,168,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Does not include
$768,497 of vacant land and corporate office leasehold
improvements not associated with a specific tenant.
(B) Both tenants occupy one property.
(C) Both tenants occupy one property.
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 17 of 21
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Definitions |
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Investors and analysts following the real estate industry
utilize funds from operations ("FFO"), core funds from operations ("Core FFO"), net operating income ("NOI"),
same store NOI, same store cash NOI, earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted
funds from operations ("AFFO"), variously defined, as supplemental performance measures. While the Company believes net
income available to common stockholders, as defined by accounting principles generally accepted in the United States of America
(U.S. GAAP), is the most appropriate measure, it considers NOI, Same Store NOI, Same Store Cash NOI, EBITDA, FFO, Core FFO and
AFFO, 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 U.S. GAAP
depreciation and amortization of real estate assets. Core 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. AFFO provides a tool to further evaluate the ability
to fund dividends. In addition, NOI, Same Store NOI, Same Store Cash NOI, EBITDA, FFO, Core FFO and AFFO are commonly used in various
ratios, pricing multiples, 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, as defined by The National Association of Real Estate Investment Trusts (NAREIT), to be equal to net income (loss) applicable to common shareholders, as defined by U.S. GAAP, excluding extraordinary items as defined by U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. FFO includes gains and losses realized on securities investments. |
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NOI is calculated as recurring revenues of the Company, less property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses. NOI excludes realized gains (losses) on securities transactions. |
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Same Store NOI is the NOI of all properties owned during the entire periods presented with the exclusion of any properties expanded during the periods presented. |
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Same Store Cash NOI is the Same Store NOI adjusted to exclude the effects of the U.S. GAAP straight-line rent adjustment for the properties included in the Same Store NOI calculation. |
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EBITDA is calculated as NOI, less general and administrative expenses, plus interest and dividend income and lease termination income and net effect of net amortization of acquired above or below market lease revenue. |
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Core FFO is calculated as FFO plus acquisition costs. |
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AFFO is calculated as EBITDA, minus lease termination income, minus U.S. GAAP interest expense, minus preferred stock dividends, minus recurring capital expenditures and U.S. GAAP straight-line rent adjustment, plus stock compensation expense. AFFO excludes realized gains (losses) on securities transactions. Recurring capital expenditures are defined as all capital expenditures, excluding capital expenditures related to an expansion at one of our current locations or a capital expenditure that is incurred in conjunction with obtaining a new lease or a lease renewal. |
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NOI, Same Store NOI, Same Store Cash NOI, EBITDA, FFO, Core FFO and AFFO do not represent cash generated from operating activities in accordance with U.S. 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, Same Store NOI, Same Store Cash NOI, EBITDA, FFO, Core FFO and AFFO should not be considered as substitutes for net income applicable to common shareholders (calculated in accordance with U.S. GAAP) as a measure of results of operations or cash flows (calculated in accordance with U.S. GAAP) as a measure of liquidity. NOI, Same Store NOI, Same Store Cash NOI, EBITDA, FFO, Core FFO and AFFO as currently calculated by the Company may not be comparable to similarly titled, but variously calculated, measures of other REITs. |
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Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 18 of 21
FOR IMMEDIATE RELEASE May 6, 2015
Contact: Susan Jordan
732-577-9996
MONMOUTH REAL ESTATE INVESTMENT
CORPORATION
REPORTS RESULTS FOR THE SECOND
QUARTER ENDED MARCH 31, 2015
FREEHOLD, NJ,
May 6, 2015........ Monmouth Real Estate Investment Corporation (NYSE:MNR) reported Core Funds from Operations (Core FFO) of $8,418,000
or $0.14 per diluted share for the three months ended March 31, 2015 as compared to $7,043,000 or $0.15 per diluted share for the
three months ended March 31, 2014. Adjusted Funds from Operations (AFFO), for the three months ended March 31, 2015 was $8,138,000
or $0.14 per diluted share versus $6,475,000 or $0.14 per diluted share for the three months ended March 31, 2014.
A summary of significant
financial information for the three and six months ended March 31, 2015 and 2014 is as follows:
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Three Months Ended
March 31, |
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2015 |
|
2014 |
Rental Revenue |
$ |
16,206,000 |
$ |
14,085,000 |
Reimbursement Revenue |
$ |
2,653,000 |
$ |
2,260,000 |
Lease Termination Income |
$ |
-0- |
$ |
-0- |
Net Operating Income (NOI) (1) |
$ |
15,908,000 |
$ |
13,444,000 |
Total Expenses |
$ |
10,306,000 |
$ |
8,656,000 |
Interest and Dividend Income |
$ |
963,000 |
$ |
997,000 |
Gain on Sale of Securities Transactions, net |
$ |
-0- |
$ |
425,000 |
Net Income |
$ |
4,819,000 |
$ |
4,757,000 |
Net Income Attributable to Common Shareholders |
$ |
2,667,000 |
$ |
2,605,000 |
Net Income Attributable to Common Shareholders Per Diluted Common Share |
$ |
0.04 |
$ |
0.05 |
Core FFO (1) |
$ |
8,418,000 |
$ |
7,043,000 |
Core FFO per Diluted Common Share (1) |
$ |
0.14 |
$ |
0.15 |
AFFO (1) |
$ |
8,138,000 |
$ |
6,475,000 |
AFFO per Diluted Common Share (1) |
$ |
0.14 |
$ |
0.14 |
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Weighted Avg. Diluted Common Shares Outstanding |
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58,463,000 |
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46,845,000 |
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Six Months Ended
March 31, |
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2015 |
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2014 |
Rental Revenue |
$ |
31,636,000 |
$ |
27,656,000 |
Reimbursement Revenue |
$ |
4,900,000 |
$ |
4,351,000 |
Lease Termination Income |
$ |
239,000 |
$ |
-0- |
Net Operating Income (NOI) (1) |
$ |
30,594,000 |
$ |
26,529,000 |
Total Expenses |
$ |
19,889,000 |
$ |
17,072,000 |
Interest and Dividend Income |
$ |
1,998,000 |
$ |
1,936,000 |
Gain on Sale of Securities Transactions, net |
$ |
377,000 |
$ |
576,000 |
Net Income |
$ |
10,242,000 |
$ |
9,047,000 |
Net Income Attributable to Common Shareholders |
$ |
5,939,000 |
$ |
4,744,000 |
Net Income Attributable to Common Shareholders Per Diluted Common Share |
$ |
0.10 |
$ |
0.10 |
Core FFO (1) |
$ |
17,052,000 |
$ |
13,911,000 |
Core FFO per Diluted Common Share (1) |
$ |
0.29 |
$ |
0.30 |
AFFO (1) |
$ |
15,933,000 |
$ |
13,177,000 |
AFFO per Diluted Common Share (1) |
$ |
0.28 |
$ |
0.29 |
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Weighted Avg. Diluted Common Shares Outstanding |
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57,937,000 |
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46,081,000 |
A summary of significant balance
sheet information as of March 31, 2015 and September 30, 2014 is as follows:
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March 31, 2015 |
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September 30, 2014 |
Net Real Estate Investments |
$ |
745,306,000 |
$ |
636,923,000 |
Securities Available for Sale at Fair Value |
$ |
52,506,000 |
$ |
59,311,000 |
Total Assets |
$ |
855,420,000 |
$ |
743,757,000 |
Mortgage Notes Payable |
$ |
347,169,000 |
$ |
287,796,000 |
Loans Payable |
$ |
65,162,000 |
$ |
25,200,000 |
Total Shareholders’ Equity |
$ |
430,826,000 |
$ |
420,631,000 |
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 19 of 21
Michael P. Landy, President
and CEO, commented on the results for the second quarter of fiscal 2015,
“The
recent quarter represented significant progress across multiple fronts:
| · | During the quarter we acquired two
brand new Class A built-to-suit properties. These acquisitions contain a total of 530,000 square feet, and were purchased at an
aggregate cost of $44.1 million. This brings our total acquisitions for fiscal 2015 to 1.7 million
square feet representing a 16% increase in our gross leasable area over the six month period. Our current 13.0 million total square
feet represents a 21% increase over the prior year period. |
| · | We have entered into agreements to acquire nine new Class A build-to-suit
industrial properties, representing approximately 2.7 million square feet, for a total purchase price of approximately $264.8 million.
In keeping with our business model, these high-quality properties are leased primarily to investment grade tenants pursuant to
long-term, net-leases and are strategically situated at major airports, major transportation hubs, and manufacturing plants that
are integral to our tenants’ operations. These new properties are expected to generate annualized rental revenue of approximately
$17.8 million and will benefit from an average lease term of approximately 12.8 years. Subject to satisfactory due diligence, we
anticipate closing these transactions upon completion of construction and occupancy over the next several quarters. |
| · | We are currently working with our largest tenant FedEx on the expansion
of three of our facilities, totaling 87,000 square feet. Upon completion these expansions will result in a new 10 year lease for
each building being expanded. |
| · | Our end of period occupancy increased to 97.5% as compared to 96.3%
in the prior quarter. Our weighted average lease maturity at quarter end was 7.2 years as compared with 6.8 years in the prior
year period. |
| · | All six leases scheduled to expire this year totaling 780,000 square
feet have been renewed, giving us a 100% tenant retention rate for fiscal 2015. These lease renewals resulted in a 6.3% increase
in rents on a GAAP basis and an increase of 1.0% on a cash basis. The weighted average lease term for these six renewals was 3.8
years. |
- Same Store NOI for the three
months ended March 31, 2015 increased 3.7% on a U.S. GAAP basis and increased 2.6% on a cash basis.
- Reported AFFO of $0.14 per diluted
share for the current quarter is in-line with AFFO reported during the corresponding quarter a year ago. We anticipate continued
growth in our AFFO as we continue to expand our portfolio with high quality properties.
Our 97.5%
occupancy rate reflects the high caliber of our properties and our strong tenant base. We recently locked-in over $100
million in 15 year financing at a weighted average interest rate of 3.75% to fund five of the nine future acquisitions in our
pipeline. This very favorable financing, coupled with our strong balance sheet provides us with excellent growth capacity. We
look forward to building on the substantial growth that we have achieved to date by adding high quality properties and
tenants to our portfolio while enhancing returns for our shareholders.”
Monmouth Real Estate Investment
Corporation will host its Second Quarter 2015 Financial Results Webcast and Conference Call. Senior management will discuss the
results, current market conditions and future outlook on Thursday, May 7, 2015 at 10:00 a.m. Eastern Time.
The Company’s
Second Quarter 2015 financial results being released herein will be available on the Company’s website at www.mreic.com in
the “Financial Filings” section.
To
participate in the Webcast, select the microphone icon in the Webcast section of the Company’s homepage on the Company’s
website at www.mreic.com.
Interested parties can also participate via conference call by calling toll free 877-510-5852 (domestically) or 412-902-4138
(internationally).
The replay
of the conference call will be available at 12:00 p.m. Eastern Time on Thursday, May 7, 2015. It will be available until July 30,
2015, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the
passcode 10061578. A transcript of the call and the webcast replay will be available at the Company’s website, www.mreic.com.
Monmouth Real
Estate Investment Corporation, founded in 1968 and one of the oldest public equity REITs in the U.S., specializes 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 eighty-nine properties located in twenty-eight states, containing
a total of approximately 13.0 million rentable square feet. 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 Company’s 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 Company’s
annual report on Form 10-K and described from time to time in the Company’s 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.
Second Quarter FY 2015 Supplemental of
Monmouth Real Estate Investment Corp. Page 20 of 21
Notes:
(1) Non-U.S. 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.
We define Core FFO as FFO plus acquisition costs. We define AFFO as Core FFO excluding lease termination income, gains or losses
on securities transactions, stock based compensation expense, depreciation of corporate office tenant improvements, amortization
of deferred financing costs, U.S. GAAP straight-line rent adjustments and less recurring capital expenditures. We define recurring
capital expenditures as all capital expenditures, excluding capital expenditures related to an expansion at one of our current
locations or a capital expenditure that is incurred in conjunction with obtaining a new lease or a lease renewal. We define NOI
as recurring rental and reimbursement revenues less real estate and other operating expenses. FFO, Core FFO and AFFO per diluted
common share are defined as FFO, Core FFO and AFFO divided by weighted average diluted common shares outstanding. FFO, Core FFO
and AFFO per diluted common share, as well as NOI, should be considered as supplemental measures of operating performance used
by real estate investment trusts (REITs). FFO, Core FFO and AFFO per diluted 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, Core FFO
and AFFO per diluted common share are significant components in understanding the Company’s financial performance.
FFO, Core FFO and AFFO per diluted
common share (A) do not represent cash flow from operations as defined by accounting principles generally accepted in the United
States of America; (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, Core FFO and AFFO per diluted common share, as well as NOI, as calculated by the Company, may not be comparable to similarly
titled measures reported by other REITs.
The Company’s
FFO, Core FFO and AFFO for the three and six months ended March 31, 2015 and 2014 are calculated as follows:
|
Three Months Ended |
|
Six Months Ended |
|
3/31/15 |
|
3/31/14 |
|
3/31/15 |
|
3/31/14 |
Net Income Attributable to Common Shareholders |
$2,667,000 |
|
$2,606,000 |
|
$5,939,000 |
|
$4,744,000 |
Depreciation Expense |
4,752,000 |
|
3,975,000 |
|
9,237,000 |
|
7,788,000 |
Amortization of Intangible Assets |
364,000 |
|
338,000 |
|
711,000 |
|
671,000 |
Amortization of Capitalized Lease Costs (*) |
164,000 |
|
124,000 |
|
303,000 |
|
245,000 |
FFO Attributable to Common Shareholders |
7,947,000 |
|
7,043,000 |
|
16,190,000 |
|
13,448,000 |
Acquisition Costs |
471,000 |
|
-0- |
|
862,000 |
|
463,000 |
Core FFO Attributable to Common Shareholders |
8,418,000 |
|
7,043,000 |
|
17,052,000 |
|
13,911,000 |
Lease Termination Income |
-0- |
|
-0- |
|
(239,000) |
|
-0- |
Gain on Sale of Securities Transactions, net |
-0- |
|
(425,000) |
|
(377,000) |
|
(576,000) |
Stock Compensation Expense |
97,000 |
|
85,000 |
|
187,000 |
|
171,000 |
Depreciation of Corporate Office Tenant Improvements |
34,000 |
|
-0- |
|
34,000 |
|
-0- |
Amortization of Financing Costs |
203,000 |
|
168,000 |
|
396,000 |
|
338,000 |
U.S. GAAP Straight-lined Rent Adjustment |
(532,000) |
|
(184,000) |
|
(864,000) |
|
(375,000) |
Recurring Capital Expenditures |
(82,000) |
|
(212,000) |
|
(256,000) |
|
(292,000) |
AFFO Attributable to Common Shareholders |
$8,138,000 |
|
$6,475,000 |
|
$15,933,000 |
|
$13,177,000 |
* In previous press releases, the Company
has presented its calculation of FFO and Core FFO without excluding the effects of the amortization of Capitalized Lease Costs.
FFO and Core FFO for the three and six months ended March 31, 2015 and 2014 has been presented above reflecting the effects of
excluding the amortization of Capitalized Lease Costs.
The following are the Cash Flows provided
(used) by Operating, Investing and Financing Activities for the six months ended March 31, 2015 and 2014:
|
Six Months Ended |
|
3/31/15 |
|
3/31/14 |
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|
|
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Operating Activities |
$17,854,000 |
|
$17,933,000 |
Investing Activities |
(109,555,000) |
|
(87,234,000) |
Financing Activities |
96,728,000 |
|
67,600,000 |
# # # # #
Second Quarter FY 2015 Supplemental
of Monmouth Real Estate Investment Corp. Page 21 of 21