MONMOUTH REAL ESTATE ANNOUNCES NEW ACQUISITION IN THE KNOXVILLE, TN MSA

Rhea-AI Summary

Monmouth Real Estate Investment Corporation (NYSE:MNR) has acquired a 259,053 square foot industrial building in Kodak, TN for $34.4 million. This property is net-leased to FedEx Ground Packaging System, Inc. for 15 years and occupies 42.6 acres, allowing significant future expansion. Monmouth, established in 1968, focuses on single-tenant, net-leased properties primarily with investment-grade tenants, boasting a high occupancy rate of 99.7% across its portfolio of 122 properties totaling 24.9 million rentable square feet.

Positive

• Acquisition of a substantial 259,053 square foot industrial property for $34.4 million.
• Long-term lease with FedEx Ground Packaging System, ensuring stable revenue.
• Property allows for significant future expansion due to its land-to-building ratio.

Negative

• None.

Holmdel, New Jersey, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE:MNR) today announced the acquisition of a new 259,053 square foot industrial building located at 3774 Snyder Road, Kodak, TN at a purchase price of $34.4 million. The property is net-leased for 15 years to FedEx Ground Packaging System, Inc., a Delaware corporation. The building is situated on approximately 42.6 acres representing a land to building ratio of over 7 times providing for substantial future expansion capacity.

Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. We specialize in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully integrated and self-managed real estate company, whose property portfolio consists of 122 properties, containing a total of approximately 24.9 million rentable square feet, geographically diversified across 32 states. Our occupancy rate as of this date is 99.7%.

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Contact: Becky Coleridge
732-577-9996

FAQ

What was the purchase price of the property acquired by MNR?

Monmouth Real Estate acquired the property for $34.4 million.

Who is the tenant of the newly acquired industrial building?

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

How long is the lease for the Kodak, TN property?

The lease for the Kodak property is for 15 years.

What is the occupancy rate of Monmouth Real Estate's portfolio?

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

How many properties does Monmouth Real Estate own?

Monmouth Real Estate owns a total of 122 properties.