FREEHOLD, N.J., May 7 /PRNewswire-FirstCall/ -- Monmouth Real
Estate Investment Corporation (Nasdaq: MNRTA) reported net income
attributable to common shareholders was $2,502,000 or $.09
per common share for three months ended March 31, 2010 as compared to net loss
attributable to common shares of ($2,027,000) or ($.08) per common share for the three months
ended March 31, 2009. Funds
from operations (FFO) were $5,056,000
or $.18 per share for the three
months ended March 31, 2010, as
compared to $707,000 or $.03 per share for the three months ended
March 31, 2009. The three
months ended March 31, 2009 had
non-cash impairment charges on securities available for sale of
$.11 per common share.
A summary of significant financial information for the three and
six months ended March 31, 2010 and
2009 is as follows:
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|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2010
|
|
2009
|
|
|
Rental and Reimbursement
Revenue
|
$
|
11,267,000
|
$
|
10,496,000
|
|
|
Total Expenses
|
$
|
5,654,000
|
$
|
5,413,000
|
|
|
Interest and Dividend
Income
|
$
|
507,000
|
$
|
623,000
|
|
|
Gain (Loss) on Securities
Transactions, net
|
$
|
781,000
|
$
|
(3,337,000)
|
|
|
Net Income (Loss) Attributable to
Common Shareholders
|
$
|
2,502,000
|
$
|
(2,027,000)
|
|
|
Net
Income (Loss) Attributable to Common Shareholders Per Common
Share
|
$
|
.09
|
$
|
(.08)
|
|
|
FFO (1)
|
$
|
5,056,000
|
$
|
707,000
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|
|
FFO Per Common Share (1)
|
$
|
.18
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$
|
.03
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|
|
Weighted Avg. Diluted Common Shares
Outstanding
|
|
28,441,000
|
|
24,814,000
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|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
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|
|
|
March 31,
|
|
|
|
2010
|
|
2009
|
|
|
Rental and Reimbursement
Revenue
|
$
|
21,957,000
|
$
|
20,721,000
|
|
|
Total Expenses
|
$
|
11,236,000
|
$
|
10,469,000
|
|
|
Interest and Dividend
Income
|
$
|
1,139,000
|
$
|
1,283,000
|
|
|
Gain (Loss) on Securities
Transactions, net
|
$
|
1,111,000
|
$
|
(6,583,000)
|
|
|
Net Income (Loss) Attributable to
Common Shareholders
|
$
|
4,346,000
|
$
|
(3,651,000)
|
|
|
Net
Income (Loss) Attributable to Common Shareholders Per Common
Share
|
$
|
.16
|
$
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(.15)
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FFO (1)
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$
|
9,388,000
|
$
|
1,509,000
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|
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FFO Per Common Share (1)
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$
|
.34
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$
|
.06
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Weighted Avg. Diluted Common Shares
Outstanding
|
|
27,902,000
|
|
24,716,000
|
|
|
|
|
|
|
|
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A summary of significant balance sheet information as of
March 31, 2010 and September 30, 2009 is as follows:
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March
31,
2010
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September
30,
2009
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Total Real Estate
Investments
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$
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382,083,000
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$
|
345,881,000
|
|
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Securities Available for
Sale
|
$
|
30,520,000
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$
|
27,825,000
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|
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Total Assets
|
$
|
435,138,000
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$
|
394,994,000
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|
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Mortgage Notes Payable
|
$
|
212,493,000
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$
|
192,050,000
|
|
|
Subordinated Convertible
Debentures
|
$
|
13,990,000
|
$
|
13,990,000
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|
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Loans Payable
|
$
|
20,474,000
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$
|
19,064,000
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Total Shareholders' Equity
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$
|
182,940,000
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$
|
164,891,000
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Eugene W. Landy, President,
commented on the results of the second quarter ended March 31, 2010, "We are very pleased with the
results of our second quarter which saw a continuation of solid
growth in revenues, total assets, and FFO. During the quarter we
purchased one industrial property representing 184,317 square feet
for approximately $17.9 million.
After quarter end, we raised an additional $28.3 million in a common stock offering and
fully repaid all of our loans payable, including our line of
credit. Based on our current liquidity position and full
availability of our credit line, we are well positioned to continue
to grow our portfolio."
Monmouth Real Estate Investment Corporation, a real estate
investment trust (REIT) specializing in net-leased industrial
properties, will host its Second Quarter 2010 Financial Results
Webcast and Conference Call. Senior management will discuss
quarterly results, current market conditions and future outlook on
Monday, May 10, 2010 at 10:00 a.m. Eastern Time.
Monmouth Real Estate's second quarter financial results and
supplemental information herewith will be available on the company
website at www.mreic.com in the "Financial Filings" section.
To participate in the webcast select the microphone icon
at the top of the homepage on the company's website at
www.mreic.com. Interested parties can also participate via
conference call by calling toll free 800-860-2442
(domestically) or 412-858-4600 (internationally).
The replay of the conference call will be available at
12:00 p.m. Eastern Time on
Monday, May 10, 2010. It will
be available until May 24, 2010, and
can be accessed by dialing toll free 877-344-7529 (domestically)
and 412-317-0088 (internationally) and entering the passcode
439236. 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, which was organized
in 1968, is a publicly-owned real estate investment trust
specializing in net-leased industrial properties. The
Company's portfolio consists of sixty-one industrial properties and
one shopping center located in twenty-five 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. 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. Factors and risks 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.
Notes:
(1) Non-GAAP Information: Funds from operations
(FFO) is defined as net income (loss) applicable to common
shareholders, excluding gains or losses from sales of depreciable
assets, plus real estate-related depreciation and amortization.
FFO per share is defined as FFO divided by weighted average
shares outstanding. FFO and FFO per share should be
considered as supplemental measures of operating performance used
by real estate investment trusts (REITs). FFO and FFO per
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 FFO per share are significant
components in understanding the Company's financial
performance.
FFO and FFO per 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 FFO per share,
as calculated by the Company, may not be comparable to similarly
entitled measures reported by other REITs.
The Company's FFO for the three and six months ended
March 31, 2010 and 2009 is calculated
as follows:
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Three Months
Ended
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Six Months
Ended
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3/31/10
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3/31/09
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3/31/10
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3/31/09
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Net
Income (Loss)
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$3,178,000
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($1,371,000)
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$5,706,000
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($2,336,000)
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Income
to Noncontrolling Interest
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(46,000)
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(26,000)
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(99,000)
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(55,000)
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Preferred Dividend
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(630,000)
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|
(630,000)
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(1,261,000)
|
|
(1,261,000)
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Depreciation Expense
|
2,298,000
|
|
2,099,000
|
|
4,533,000
|
|
4,204,000
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Depreciation Expense Related to
Discontinued Operations
|
-
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12,000
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-
|
|
24,000
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Amortization of In-Place Lease
Intangible Assets
|
256,000
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|
286,000
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|
509,000
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|
571,000
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Amortization of In-Place Lease
Intangible Assets Related to Discontinued Operations
|
-
|
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337,000
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|
-
|
|
362,000
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FFO
|
$5,056,000
|
|
$707,000
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$9,388,000
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$1,509,000
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The following are the cash flows provided (used) by operating,
investing and financing activities for the six months ended
March 31, 2010 and 2009:
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Six Months
Ended
|
|
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2010
|
|
2009
|
|
|
|
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Operating
Activities
|
$9,843,000
|
|
$10,240,000
|
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Investing
Activities
|
(39,175,000)
|
|
(2,799,000)
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Financing
Activities
|
30,598,000
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(4,051,000)
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The following is the net income (loss) per common share for the
three and six months ended March 31,
2010 and 2009:
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Three Months
Ended
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Six Months
Ended
|
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3/31/10
|
|
3/31/09
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3/31/10
|
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3/31/09
|
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BASIC INCOME (LOSS) – PER
SHARE
|
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Income (Loss) from
Continuing Operations
|
$.11
|
|
($.04)
|
|
$.20
|
|
($.09)
|
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Less:
Preferred Dividend
|
(.02)
|
|
(.03)
|
|
(.04)
|
|
(.05)
|
|
|
Income (Loss) from
Discontinued Operations
|
-
|
|
(.01)
|
|
-
|
|
(.01)
|
|
|
Net Income (Loss)
Attributable to MREIC's Common Shareholders - Basic
|
$.09
|
|
($.08)
|
|
$.16
|
|
($.15)
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DILUTED INCOME (LOSS) – PER
SHARE
|
|
|
|
|
|
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|
Income (Loss) from
Continuing Operations
|
$.11
|
|
($.04)
|
|
$.20
|
|
($.09)
|
|
|
Less: Preferred
Dividend
|
(.02)
|
|
(.03)
|
|
(.04)
|
|
(.05)
|
|
|
Income (Loss) from
Discontinued Operations
|
-
|
|
(.01)
|
|
-
|
|
(.01)
|
|
|
Net Income (Loss)
Attributable to MREIC's Common Shareholders - Diluted
|
$.09
|
|
($.08)
|
|
$.16
|
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($.15)
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SOURCE Monmouth Real Estate Investment Corporation
