UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 18, 2015
Monmouth Real Estate Investment Corporation
(Exact name of registrant as specified in its charter)
|
Maryland (State or other jurisdiction of incorporation) |
001-33177 (State or Number) other jurisdiction Number) |
22-1897375 (I.R.S. Employer Identification No.) |
|
Juniper Business Plaza, Suite 3-D 3499 Route 9 North Freehold, New Jersey 07728 (Address of principal executive offices) (Zip Code) | ||
(732) 577-9996
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, If Changed Since Last Report)
________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
On September 18, 2015, the Company issued a press release announcing the sale of its 160,000 square foot industrial building located in Monroe, North Carolina to Charlotte Pipe and Foundry Company, the tenant of the Property, for $9.0 million.
The information in this report and the exhibit attached hereto is being furnished, not filed, for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release, dated September 18, 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MONMOUTH REAL ESTATE INVESTMENT CORPORATION
| Dated: September 21, 2015 | By: /s/ Kevin S. Miller |
| Kevin S. Miller | |
| Chief Financial Officer and Chief Accounting Officer | |
| FOR IMMEDIATE RELEASE |
September 18, 2015
|
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Contact: Susan Jordan 732-577-9996 |
MONMOUTH REAL ESTATE INVESTMENT CORPORATION ANNOUNCES THE SALE OF ITS PROPERTY IN MONROE, NORTH CAROLINA
Freehold, New Jersey….September 18, 2015 ……..Monmouth Real Estate Investment Corporation (NYSE:MNR) today announced the sale of its 160,000 square foot industrial building located in Monroe, North Carolina (“Property”) to Charlotte Pipe and Foundry Company, the tenant of the Property, for $9.0 million. Monmouth purchased this Property in 2001 and it has a historic cost basis of $5.6 million and a current net book value (net of accumulated depreciation) of $3.8 million.
Michael P. Landy, President and CEO, commented, “We are pleased to announce the sale of our Monroe, North Carolina facility to our Tenant, Charlotte Pipe and Foundry. Our net sales proceeds of $8.8 million less our current carrying book value of $3.8 million will result in a realized gain of $5.0 million representing a 57% gain over our original cost basis and a 132% gain over our current depreciated GAAP basis. While we rarely dispose of our assets, this sale was directly to our tenant and therefore represented a special situation for both parties. Our 13.9 million square foot portfolio of single-tenant net-leased industrial properties leased primarily to investment grade tenants continues to perform very well with a current occupancy rate of 97.6% and with additional occupancy gains scheduled to commence during the next quarter. We plan to redeploy the capital generated from this disposition into our large acquisition pipeline, which currently stands at 2.7 million square feet of new built-to-suit properties currently under construction.”
Monmouth Real Estate Investment Corporation, founded in 1968 and one of the oldest public equity REITs in the U.S., specializes 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 ninety properties located in twenty-eight states, containing a total of approximately 13.9 million rentable square feet. In addition, the Company owns a portfolio of REIT securities.
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