Monmouth Real Estate Investment Corp. reported funds from operations (FFO) of $3.692 million, or $0.15 per share, for its third fiscal quarter of 2009, ending 6/30/2009. This brings its nine months FFO to $11.89 million or $0.48 per share, excluding non-cash impairment and other one-time charges.
Other highlights in the quarter include:
• An ending cash balance of $8.0 million
• Occupancy rate of 96%
• Average lease maturity of approximately 5 years
Eugene W. Landy, the President of Monmouth Real Estate Investment Corporation, said, “MREIC continues to perform well despite weakness in the overall economy. By investing in net-leased industrials on long-term leases to investment-grade tenants, our income streams have proven to be resilient.
The company also paid a common stock dividend of $0.15 in the quarter, bringing its annual rate to $0.60. Monmouth Real Estate Investment Corporation has a yield of over 9% based on its recent closing price of $6.42.
Monmouth Real Estate Investment Corporation is a real estate investment trust (REIT) that was founded in 1968. The company specializes in net leased industrial properties to large corporate customers, including Anheuser-Busch, Caterpillar and FedEx. Monmouth Real Estate Investment Corporation owns 58 properties in 25 states with approximately 6 million square feet.
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