MONMOUTH REAL ESTATE REPORTS STRONG OCCUPANCY AND RENT COLLECTION RESULTS DURING THE COVID-19 PANDEMIC

Rhea-AI Summary

Monmouth Real Estate Investment Corporation (MNR) reported a remarkable 99.4% average occupancy rate from March 1 to June 30, 2020.

Rent collections during this period were strong, showing 100% for March, 99% for April, 98% for May, and 99% for June.

Michael P. Landy, President and CEO, highlighted the resilience of their net-leased industrial properties, which are leased to investment-grade tenants, signifying a steady income stream during volatile times. Founded in 1968, MNR is recognized for its high-quality real estate portfolio across 31 states, encompassing approximately 23.4 million rentable square feet.

Positive

• Average occupancy rate of 99.4% from March 1 to June 30, 2020.
• Strong rent collections: 100% in March, 99% in April, 98% in May, and 99% in June.
• Portfolio consists of 118 properties secured by long-term leases to investment-grade tenants.

Negative

• None.

HOLMDEL, NJ, June 29, 2020 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE:MNR) reported today that its occupancy rate from March 1, 2020 through June 30, 2020 averaged 99.4%. Rent collections throughout this period were as follows:

March 100%, April 99%, May 98%, June 99%.

Michael P. Landy, President and CEO, commented, “We are very pleased to report these excellent results. Our high-quality portfolio of modern, net-leased industrial properties secured by long-term leases to investment grade tenants continues to provide our shareholders with reliable and predictable income streams. These resilient results during such volatile times highlights the mission-critical nature of our portfolio and underscores the essential need for our tenants’ operations.

Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. The Company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate Investment Corporation is a fully integrated and self-managed real estate company, whose property portfolio consists of 118 properties located in 31 states, containing a total of approximately 23.4 million rentable square feet.

Becky Coleridge
732-810-0907
EMAIL: mreic@mreic.com
www.mreic.reit

FAQ

What was Monmouth Real Estate Investment Corporation's occupancy rate in June 2020?

Monmouth Real Estate Investment Corporation reported an occupancy rate of 99% in June 2020.

How much rent did MNR collect in April 2020?

MNR collected 99% of rent in April 2020.

What is the significance of MNR's net-leased industrial properties?

They provide reliable income streams due to long-term leases with investment-grade tenants.

How many properties does MNR have and where are they located?

MNR has 118 properties located across 31 states.