Monmouth Real Estate Investment Corporation Reports Results For The Third Quarter Ended June 30, 2012
FREEHOLD, N.J., Aug. 9, 2012 /PRNewswire/ -- Monmouth Real Estate Investment Corporation (NYSE: MNR) reported net income attributable to common shareholders was $12,498,000 or $0.32 per common share for the nine months ended June 30, 2012 as compared to net income attributable to common shareholders of $9,636,000 or $0.28 per common share for the nine months ended June 30, 2011. Funds from operations (FFO) were $4,424,000 or $0.11 per share for the three months ended June 30, 2012, as compared to $5,957,000 or $0.17 per share for the three months ended June 30, 2011. Excluding the $965,000 one-time severance expense incurred in this recent quarter, FFO was $5.4 million or $0.13 per diluted share. FFO was $22,266,000 or $0.57 per share for the nine months ended June 30, 2012 as compared to $18,212,000 or $0.52 per share for the nine months ended June 30, 2011.
A summary of significant financial information for the three and nine months ended June 30, 2012 and 2011 is as follows:
| Three Months Ended |
||||
| June 30, |
||||
| 2012 |
2011 |
|||
| Rental Revenue |
$ |
10,719,000 |
$ |
10,109,000 |
| Reimbursement Revenue |
$ |
1,276,000 |
$ |
1,949,000 |
| Total Expenses |
$ |
7,365,000 |
$ |
6,352,000 |
| Interest and Dividend Income |
$ |
733,000 |
$ |
742,000 |
| Gain on Securities Transactions, net |
$ |
680,000 |
$ |
1,283,000 |
| Income from Continuing Operations |
$ |
2,233,000 |
$ |
4,026,000 |
| Income from Discontinued Operations |
$ |
- |
$ |
69,000 |
| Net Income Attributable to Common Shareholders |
$ |
912,000 |
$ |
3,075,000 |
| Net Income Attributable to Common Shareholders Per Common Share |
$ |
0.02 |
$ |
0.09 |
| FFO (1) |
$ |
4,424,000 |
$ |
5,957,000 |
| FFO Per Common Share (1) |
$ |
0.11 |
$ |
0.17 |
| Weighted Avg. Diluted Common Shares Outstanding |
40,340,000 |
35,545,000 |
||
| Nine Months Ended |
||||
| June 30, |
||||
| 2012 |
2011 |
|||
| Rental Revenue |
$ |
32,132,000 |
$ |
30,215,000 |
| Reimbursement Revenue |
$ |
5,310,000 |
$ |
5,968,000 |
| Lease Termination Income |
$ |
3,222,000 |
$ |
- |
| Total Expenses |
$ |
21,634,000 |
$ |
19,749,000 |
| Interest and Dividend Income |
$ |
2,575,000 |
$ |
2,230,000 |
| Gain on Securities Transactions, net |
$ |
5,678,000 |
$ |
5,091,000 |
| Income from Continuing Operations |
$ |
15,840,000 |
$ |
12,498,000 |
| Income from Discontinued Operations |
$ |
20,000 |
$ |
198,000 |
| Net Income Attributable to Common Shareholders |
$ |
12,498,000 |
$ |
9,636,000 |
| Net Income Attributable to Common Shareholders Per Common Share |
$ |
0.32 |
$ |
0.28 |
| FFO (1) |
$ |
22,266,000 |
$ |
18,212,000 |
| FFO Per Common Share (1) |
$ |
0.57 |
$ |
0.52 |
| Weighted Avg. Diluted Common Shares Outstanding |
39,276,000 |
34,760,000 |
||
A summary of significant balance sheet information as of June 30, 2012 and September 30, 2011 is as follows:
| June 30, 2012 |
September 30, 2011 |
|||
| Net Real Estate Investments |
$ |
461,926,000 |
$ |
409,024,000 |
| Securities Available for Sale |
$ |
46,344,000 |
$ |
44,265,000 |
| Total Assets |
$ |
573,016,000 |
$ |
476,987,000 |
| Mortgage Notes Payable |
$ |
235,730,000 |
$ |
211,614,000 |
| Subordinated Convertible Debentures |
$ |
8,790,000 |
$ |
8,915,000 |
| Loans Payable |
$ |
5,200,000 |
$ |
16,861,000 |
| Total Shareholders' Equity |
$ |
317,542,000 |
$ |
234,514,000 |
Eugene W. Landy, President, commented on the results of the third quarter ended June 30, 2012, "During the quarter, our property portfolio continued to perform well and is currently 95% occupied with an average lease maturity of 5.3 years. We have now completed seven acquisitions this year representing a total of 1 million square feet at an aggregate cost of $70 million. Following our recent preferred equity offering the Company is very well positioned to continue to execute our growth strategy."
Monmouth Real Estate Investment Corporation, a real estate investment trust (REIT) specializing in net-leased industrial properties, will host its Third Quarter 2012 Financial Results Webcast and Conference Call. Senior management will discuss quarterly results, current market conditions and future outlook on Friday, August 10, 2012 at 10:00 a.m. Eastern Time.
Monmouth Real Estate's third quarter financial results and supplemental information herewith will be available on the company website at www.mreic.com in the "Financial Information & 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 877-317-6789 (domestically) or 412-317-6789 (internationally).
The replay of the conference call will be available at 12:00 p.m. Eastern Time on Friday, August 10, 2012. It will be available until September 10, 2012, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10015019. A transcript of the call and the webcast replay will be available at the company's website, www.mreic.com.
Formed in 1968, Monmouth Real Estate Investment Corporation is a publicly-owned real estate investment trust specializing in net-leased industrial properties subject to long-term leases primarily to investment grade tenants. The Company is a fully integrated and self-managed real estate company, whose property portfolio consists of seventy-one industrial properties and one shopping center located in twenty-six 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. Any such forward-looking statements are based on the Company's current expectations and involve various risks and uncertainties. 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. The risks and uncertainties 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: FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") as net income applicable to common shareholders, excluding gains or losses from sales of depreciable assets, plus real estate-related depreciation and amortization. FFO per common share is defined as FFO divided by weighted average diluted common shares outstanding. FFO and FFO per common share should be considered as supplemental measures of operating performance used by real estate investment trusts (REITs). FFO and FFO per common 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 common share are significant components in understanding the Company's financial performance.
FFO and FFO per common 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 common 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 nine months ended June 30, 2012 and 2011 is calculated as follows:
| Three Months Ended |
Nine Months Ended |
||||||
| 6/30/12 |
6/30/11 |
6/30/12 |
6/30/11 |
||||
| Net Income |
$2,233,000 |
$4,095,000 |
$15,859,000 |
$12,696,000 |
|||
| Preferred Dividend Paid |
(1,020,000) |
(1,020,000) |
(3,059,000) |
(3,059,000) |
|||
| Depreciation Expense |
2,836,000 |
2,586,000 |
8,452,000 |
7,690,000 |
|||
| Amortization of In-Place Lease Intangible Assets |
375,000 |
296,000 |
1,014,000 |
885,000 |
|||
| FFO |
$4,424,000 |
$5,957,000 |
$22,266,000 |
$18,212,000 |
|||
The following are the cash flows provided (used) by operating, investing and financing activities for the nine months ended June 30, 2012 and 2011:
| Nine Months Ended |
|||
| 2012 |
2011 |
||
| Operating Activities |
$21,349,000 |
$16,170,000 |
|
| Investing Activities |
(55,583,000) |
(18,013,000) |
|
| Financing Activities |
75,303,000 |
2,749,000 |
|
The following is the net income per common share for the three and nine months ended June 30, 2012 and 2011:
| Three Months Ended |
Nine Months Ended |
|||||||||
| 6/30/12 |
6/30/11 |
6/30/12 |
6/30/11 |
|||||||
| BASIC INCOME – PER SHARE |
||||||||||
| Income from Continuing Operations |
$0.06 |
$0.12 |
$0.41 |
$0.36 |
||||||
| Income from Discontinued Operations |
- |
- |
- |
0.01 |
||||||
| Net Income |
0.06 |
0.12 |
0.41 |
0.37 |
||||||
| Less: Preferred Dividend |
(0.04) |
(0.03) |
(0.09) |
(0.09) |
||||||
| Net Income Attributable to Common Shareholders - Basic |
$0.02 |
$0.09 |
$0.32 |
$0.28 |
||||||
| DILUTED INCOME – PER SHARE
|
||||||||||
| Income from Continuing Operations |
$0.06 |
$0.12 |
$0.41 |
$0.36 |
||||||
| Income from Discontinued Operations |
- |
- |
- |
0.01 |
||||||
| Net Income |
0.06 |
0.12 |
0.41 |
0.37 |
||||||
| Less: Preferred Dividend |
(0.04) |
(0.03) |
(0.09) |
(0.09) |
||||||
| Net Income Attributable to Common Shareholders - Diluted |
$0.02 |
$0.09 |
$0.32 |
$0.28 |
||||||
SOURCE Monmouth Real Estate Investment Corporation
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article