Monmouth Shareholders Approve Acquisition by ILPT
17 Février 2022 - 5:35PM
Monmouth Real Estate Investment Corporation (NYSE: MNR), or
Monmouth, today announced that its shareholders voted to approve
the acquisition of Monmouth by Industrial Logistics Properties
Trust, a Maryland real estate investment trust (“ILPT”).
“I thank our shareholders for their strong support of this
transaction and our talented employees for their hard work and
dedication over the years,” said Michael Landy, President and CEO
of Monmouth. “With this significant milestone now behind us, we
look forward to completing the transaction with ILPT and delivering
immediate and certain all-cash value to our shareholders at a
significant premium. I’d also like to extend my congratulations and
gratitude to our Founder and Chairman, Eugene Landy, for the
leadership, strength, and vision that enabled Monmouth to prosper
for over 53 years.”
Michael Landy continued, “This transaction with ILPT will create
the preeminent single-tenant net-leased industrial portfolio leased
long-term to investment grade tenants. Given the substantial
macro-tailwinds we are experiencing in the industrial real estate
sector, we believe the future of the combined Company will be very
bright.”
Under the terms of the previously announced transaction, upon
completion of the merger, which is expected to occur before the end
of the month subject to customary closing conditions, holders of
Monmouth’s common stock will receive $21.00 per share in cash,
without interest and subject to applicable withholding tax, and
holders of Monmouth’s 6.125% Series C Cumulative Redeemable
Preferred Stock will receive $25.00 per share in cash plus
accumulated and unpaid dividends to, but not including, the date
the transaction is completed. At such time, Monmouth’s common stock
and 6.125% Series C Cumulative Redeemable Preferred Stock will no
longer be listed on the New York Stock Exchange.
The final voting results will be reported in a Current Report on
Form 8-K to be filed with the Securities and Exchange Commission
after certification by Monmouth’s inspector of elections.
About Monmouth 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 124 properties
containing a total of approximately 25.7 million rentable square
feet, geographically diversified across 32 states. In addition, the
Company’s acquisition pipeline contains two built-to-suit
properties under contract representing an additional 563,000
rentable square feet.
Forward-Looking StatementsSome of the
statements contained in this communication constitute
forward-looking statements within the meaning of the federal
securities laws, including, but not limited to, statements
regarding consummating the transaction with ILPT. Any
forward-looking statements contained in this communication are
intended to be made pursuant to the safe harbor provisions of
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements relate to expectations, beliefs,
projections, future plans and strategies, anticipated events or
trends and similar expressions concerning matters that are not
historical facts. In some cases, you can identify forward-looking
statements by the use of forward-looking terminology such as “may,”
“will,” “should,” “expects,” “intends,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential,” or the negative
of these words and phrases or similar words or phrases which are
predictions of or indicate future events or trends and which do not
relate solely to historical matters. You can also identify
forward-looking statements by discussions of strategy, plans or
intentions.
The forward-looking statements contained in this communication
reflect Monmouth’s current views about future events and are
subject to numerous known and unknown risks, uncertainties,
assumptions and changes in circumstances that may cause actual
results to differ significantly from those expressed in any
forward-looking statement, including, without limitation, (i)
inability to complete the proposed transaction because, among other
reasons, one or more conditions to the closing of the proposed
transaction may not be satisfied or waived; (ii) uncertainty as to
the timing of completion of the proposed transaction; (iii)
potential adverse effects or changes to relationships with tenants,
employees, service providers or other parties resulting from the
announcement or completion of the proposed transaction; (iv)
possible disruptions from the proposed transaction that could harm
Monmouth’s business, including current plans and operations; (v)
unexpected costs, charges or expenses resulting from the proposed
transaction; (vi) legislative, regulatory and economic
developments; and (vii) unpredictability and severity of
catastrophic events, including, but not limited to, acts of
terrorism, outbreak of war or hostilities and epidemics and
pandemics, including COVID-19, as well as management’s response to
any of the aforementioned factors. Monmouth does not guarantee that
the proposed transaction and events described will happen as
described (or that they will happen at all). For a further
discussion of other factors that could cause Monmouth’s future
results to differ materially from any forward-looking statements,
see the section entitled “Risk Factors” in Monmouth’s most recent
Annual Report on Form 10-K and in its Quarterly Reports on Form
10-Q for subsequent quarters.
While forward-looking statements reflect Monmouth’s good faith
beliefs, they are not guarantees of future performance. Except to
the extent required by law, Monmouth disclaims any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, of new information,
data or methods, future events or other changes.
Contacts:InvestorsBecky Coleridge(732)
577-9996mreic@mreic.com
MediaAndrew Siegel / Lyle WestonJoele Frank(212) 355-4449
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