8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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) December 9, 2015

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

(Exact name of Registrant as specified in its charter)

MARYLAND 001-33177 22-1897375

(State or other jurisdiction (Commission (IRS Employer

of incorporation) File Number) Identification Number)

3499 Route 9N, Suite 3D, Freehold, NJ 07728

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (732) 577-9996

(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 Instructions A.2. below):

[ ] Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 142-12 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 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

On December 9, 2015, Monmouth Real Estate Investment Corporation issued a press release announcing the results for the fourth quarter and fiscal year ended September 30, 2015 and disclosed a supplemental information package in connection with its earnings conference call for the fourth quarter and year ended September 30, 2015. A copy of the supplemental information package and press release is furnished with this report as Exhibit 99 and is incorporated herein by reference.

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 pursuant to Item 2.02 and Item 7.01 of Form 8-K 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.

Forward-Looking Statements

Statements contained in this report, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995 (the “Exchange Act”). All statements, other than statements of historical facts that address activities, events or developments where the Company uses any of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” or similar expressions, are forward-looking statements. These forward-looking statements are not guaranteed and are based on the Company’s current intentions and on the Company’s current expectations and assumptions. These statements, intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond the Company’s control that could cause actual results or events to differ materially from those that the Company anticipates or projects, such as:

• the ability of the Company’s tenants to make payments under their respective leases, our reliance on certain major tenants and the Company’s ability to re-lease properties that are currently vacant or that become vacant;
• the Company’s ability to obtain suitable tenants for its properties;
• changes in real estate market conditions, economic conditions in the industrial sector and the market in which the Company’s properties are located and general economic conditions;
• the inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations and illiquidity of real estate investments;
• the Company’s ability to sell properties at an attractive price;
• the Company’s ability to repay debt financing obligations;
• the Company’s ability to refinance amounts outstanding under its credit facilities at maturity on terms favorable to us;
• the loss of any member of the Company’s management team;
• the Company’s ability to comply with debt covenants;
• the Company’s ability to integrate acquired properties and operations into existing operations;
• continued availability of proceeds from issuances of the Company’s debt or equity securities;
• the availability of other debt and equity financing alternatives;

• market conditions affecting the Company’s debt and equity securities;
• changes in interest rates under the Company’s current credit facility and under any additional variable rate debt arrangements that the Company may enter into in the future;
• the Company’s ability to successfully implement the Company’s selective acquisition strategy;
• the Company’s ability to maintain internal controls and procedures to ensure all transactions are accounted for properly, all relevant disclosures and filings are timely made in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected;
• changes in federal or state tax rules or regulations that could have adverse tax consequences;
• declines in the market value of the Company’s investment securities; and
• the Company’s ability to qualify as a REIT for federal income tax purposes.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99 Supplemental information package for the fourth quarter and year ended September 30, 2015 and press release dated December 9, 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

/s/ Kevin S. Miller

Kevin S. Miller

Chief Financial and Accounting Officer

Date December 9, 2015

EX-99

Table of Contents
	Page
Consolidated Balance Sheets	3
Consolidated Statements of Income	4
NOI, EBITDA, FFO, Core FFO and AFFO Reconciliations	5
Financial Highlights	6
Same Property Statistics	7
Consolidated Statements of Cash Flows	8
Capital Structure and Leverage Ratios	9
Debt Maturity	11
Property Table by Tenant	12
Property Table by State	13
Lease Expirations	14
Recent Acquisitions	15
Property Table	16
Definitions	18
Press Release Dated December 9, 2015	19
The statement of operations and supplemental statement of operations provided in this supplemental information package present funds from operations, core funds from operations, adjusted funds from operations, net operating income (NOI), Same Property NOI, Same Property cash NOI and EBITDA which are REIT industry financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America. Please see page 18 for a definition of these supplemental performance measures. Please see the supplemental statement of operations reconciliation for a reconciliation of certain captions in the supplemental statement of operations reported in this supplemental information package to the statement of operations as reported in the Company's filings with the SEC on Form 10-K.

2

Consolidated Balance Sheets
	September 30,			September 30,
ASSETS	2015			2014
Real Estate Investments:
Land	$	134,160,315		$	109,858,989
Buildings and Improvements		807,619,001			634,068,423
Total Real Estate Investments		941,779,316			743,927,412
Accumulated Depreciation		(124,978,211	)		(107,004,184	)
Net Real Estate Investments		816,801,105			636,923,228
Cash and Cash Equivalents		12,073,909			20,474,661
Securities Available for Sale at Fair Value		54,541,237			59,311,403
Tenant and Other Receivables		783,052			1,312,975
Deferred Rent Receivable		5,205,295			3,759,031
Prepaid Expenses		3,931,616			2,764,795
Financing Costs, net of Accumulated Amortization of
$3,247,014 and $3,710,149, respectively		5,987,911			4,356,264
Capitalized Lease Costs, net of Accumulated Amortization of
$2,534,521 and $1,886,457, respectively		3,407,432			2,741,414
Intangible Assets, net of Accumulated Amortization of
$11,153,855 and $9,740,983, respectively		6,115,134			6,490,881
Other Assets		7,145,251			5,622,048
TOTAL ASSETS	$	915,991,942		$	743,756,700
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Mortgage Notes Payable	$	373,991,174		$	287,796,006
Loans Payable		85,041,386			25,200,000
Accounts Payable and Accrued Expenses		3,113,274			4,930,041
Other Liabilities		7,835,468			5,199,571
Total Liabilities		469,981,302			323,125,618
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity:
Series A – 7.625% Cumulative Redeemable Preferred Stock,
$0.01 Par Value Per Share: 2,139,750 Shares
Authorized, Issued and Outstanding as of September 30, 2015		53,493,750			53,493,750
and 2014
Series B – 7.875% Cumulative Redeemable Preferred Stock,
$0.01 Par Value Per Share: 2,300,000 Shares Authorized,
Issued and Outstanding as of September 30, 2015		57,500,000			57,500,000
and 2014
Common Stock – $0.01 Par Value Per Share: 200,000,000 Shares
Authorized as of September 30, 2015 and 2014;
62,123,454 and 57,008,754 Shares Issued and Outstanding as of
September 30, 2015 and 2014, respectively		621,235			570,088
Excess Stock – $0.01 Par Value Per Share: 200,000,000 Shares
Authorized as of September 30, 2015 and 2014;
No Shares Issued or Outstanding as of September 30, 2015 and
2014		-0-			-0-
Additional Paid-In Capital		339,837,258			308,945,888
Accumulated Other Comprehensive (Loss) Income		(5,441,603	)		121,356
Undistributed Income		-0-			-0-
Total Shareholders' Equity		446,010,640			420,631,082
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$	915,991,942		$	743,756,700

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 3 of 21

3

Consolidated Statements of Income
	Three Months Ended						Twelve Months Ended
		9/30/15			9/30/14			9/30/15			9/30/14
INCOME:
Rental Revenue	$	18,167,515		$	14,472,676		$	67,059,385		$	55,512,165
Reimbursement Revenue		2,399,574			2,453,335			10,716,112			9,160,176
Lease Termination Income		-0-			-0-			238,625			1,182,890
TOTAL INCOME		20,567,089			16,926,011			78,014,122			65,855,231
EXPENSES:
Real Estate Taxes		1,792,836			1,979,430			8,362,135			7,605,611
Operating Expenses		1,042,746			997,369			4,127,884			3,711,868
General & Administrative Expenses		1,891,115			1,755,926			6,305,928			5,709,937
Acquisition Costs		242,699			19,016			1,546,088			481,880
Depreciation		5,336,059			4,129,298			19,705,320			15,908,769
Amortization of Capitalized Lease Costs and Intangible Assets		569,625			464,789			2,067,408			1,810,812
TOTAL EXPENSES		10,875,080			9,345,828			42,114,763			35,228,877
OTHER INCOME (EXPENSE):
Interest and Dividend Income		852,684			1,005,111			3,723,867			3,882,597
Gain on Sale of Securities Transactions, net		428,426			683,521			805,513			2,166,766
Interest Expense		(5,128,971	)		(3,874,061	)		(18,558,150	)		(16,104,678	)
Amortization of Financing Costs		(677,765	)		(190,448	)		(1,286,016	)		(725,745	)
TOTAL OTHER INCOME (EXPENSE)		(4,525,626	)		(2,375,877	)		(15,314,786	)		(10,781,060	)
INCOME FROM CONTINUING OPERATIONS		5,166,383			5,204,306			20,584,573			19,845,294
Gain on Sale of Real Estate Investment		5,021,242			-0-			5,021,242			-0-
NET INCOME		10,187,625			5,204,306			25,605,815			19,845,294
Less:  Preferred Dividends		2,151,758			2,151,758			8,607,032			8,607,032
NET INCOME ATTRIBUTABLE TO
COMMON SHAREHOLDERS	$	8,035,867		$	3,052,548		$	16,998,783		$	11,238,262

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 4 of 21

4

NOI, EBITDA, FFO, Core FFO and AFFO Reconciliations
(unaudited)
	Three Months Ended						Twelve Months Ended
		9/30/15			9/30/14			9/30/15			9/30/14
Revenues
Rental Revenue	$	18,167,515		$	14,472,676		$	67,059,385		$	55,512,165
Reimbursement Revenue		2,399,574			2,453,335			10,716,112			9,160,176
Total Rental and Reimbursement Revenue		20,567,089			16,926,011			77,775,497			64,672,341
Expenses
Real Estate Taxes		1,792,836			1,979,430			8,362,135			7,605,611
Operating Expenses		1,042,746			997,369			4,127,884			3,711,868
Total Expenses		2,835,582			2,976,799			12,490,019			11,317,479
Net Operating Income – NOI		17,731,507			13,949,212			65,285,478			53,354,862
Lease Termination Income		-0-			-0-			238,625			1,182,890
Interest and Dividend Income		852,684			1,005,111			3,723,867			3,882,597
Net Amortization of Acquired Above and Below Market Lease Revenue		25,492			10,650			59,750			42,600
General & Administrative Expenses		(1,891,115	)		(1,755,926	)		(6,305,928	)		(5,709,937	)
EBITDA		16,718,568			13,209,047			63,001,792			52,753,012
Interest Expense		(5,128,971	)		(3,874,061	)		(18,558,150	)		(16,104,678	)
Gain on Sale of Securities Transactions, net		428,426			683,521			805,513			2,166,766
Acquisition Costs		(242,699	)		(19,016	)		(1,546,088	)		(481,880	)
Preferred Dividend		(2,151,758	)		(2,151,758	)		(8,607,032	)		(8,607,032	)
Depreciation of Corporate Office Tenant Improvements		(8,163	)		-0-			(79,572	)		-0-
Amortization of Financing Costs		(677,765	)		(190,448	)		(1,286,016	)		(725,745	)
Funds From Operations - FFO		8,937,638			7,657,285			33,730,447			29,000,443
Depreciation (excluding corporate office)		(5,327,896	)		(4,129,298	)		(19,625,748	)		(15,908,769	)
Gain on Sale of Real Estate Investment		5,021,242			-0-			5,021,242			-0-
Amortization of Capitalized Lease Costs and Intangible Assets		(595,117	)		(475,439	)		(2,127,158	)		(1,853,412	)
Net Income Attributable to Common Shareholders		8,035,867			3,052,548			16,998,783			11,238,262
Funds From Operations - FFO		8,937,638			7,657,285			33,730,447			29,000,443
Acquisition Costs		242,699			19,016			1,546,088			481,880
Core Funds From Operations - Core FFO		9,180,337			7,676,301			35,276,535			29,482,323
Lease Termination Income		-0-			-0-			(238,625	)		(1,182,890	)
Gain on Sale of Securities Transactions, net		(428,426	)		(683,521	)		(805,513	)		(2,166,766	)
Stock Compensation Expense		165,317			90,232			448,895			347,002
Depreciation of Corporate Office Tenant Improvements		8,163			-0-			79,572			-0-
Amortization of Financing Costs		677,765			190,448			1,286,016			725,745
U.S. GAAP Straight-line Rent Adjustment		(282,133	)		(291,413	)		(1,446,264	)		(600,745	)
Recurring Capital Expenditures		(161,790	)		(249,993	)		(623,658	)		(760,959	)
Adjusted Funds From Operations - AFFO		9,159,233			6,732,054			33,976,958			25,843,710
EBITDA		16,718,568			13,209,047			63,001,792			52,753,012
Lease Termination Income		-0-			-0-			(238,625	)		(1,182,890	)
Interest Expense		(5,128,971	)		(3,874,061	)		(18,558,150	)		(16,104,678	)
Preferred Dividend		(2,151,758	)		(2,151,758	)		(8,607,032	)		(8,607,032	)
Stock Compensation Expense		165,317			90,232			448,895			347,002
U.S. GAAP Straight-line Rent Adjustment		(282,133	)		(291,413	)		(1,446,264	)		(600,745	)
Recurring Capital Expenditures		(161,790	)		(249,993	)		(623,658	)		(760,959	)
Adjusted Funds From Operations - AFFO	$	9,159,233		$	6,732,054		$	33,976,958		$	25,843,710

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 5 of 21

5

Financial Highlights
(unaudited)
		Three Months Ended		Twelve Months Ended
		9/30/15	9/30/14	9/30/15	9/30/14
Weighted Average Common Shares Outstanding
	Basic	60,434,609	56,619,694	59,085,888	49,829,924
	Diluted	60,514,018	56,754,281	59,201,296	49,925,036
Net Operating Income - NOI		$17,731,507	$13,949,212	$65,285,478	$53,354,862
	Basic	$0.29	$0.25	$1.10	$1.07
	Diluted	0.29	0.25	1.10	1.07
Net Income Attributable to Common Shareholders		$8,035,867	$3,052,548	$16,998,783	$11,238,262
	Basic	$0.13	$0.05	$0.29	$0.23
	Diluted	0.13	0.05	0.29	0.23
Funds From Operations - FFO		$8,937,638	$7,657,285	$33,730,447	$29,000,443
	Basic	$0.15	$0.14	$0.57	$0.58
	Diluted	0.15	0.13	0.57	0.58
Core Funds From Operations - Core FFO		$9,180,337	$7,676,301	$35,276,535	$29,482,323
	Basic	$0.15	$0.14	$0.60	$0.59
	Diluted	0.15	0.14	0.60	0.59
Core FFO Excluding Gains on Securities Transactions and Excluding Lease Termination Income, net		$8,751,911	$6,992,780	$34,232,397	$26,132,667
	Basic	$0.14	$0.12	$0.58	$0.52
	Diluted	0.14	0.12	0.58	0.52
Core FFO Including Gain Over Historic Cost (Undepreciated) on Sale of Real Estate Investment (1)
		$12,470,286	$7,676,301	$38,566,484	$29,482,323
	Basic	$0.21	$0.14	$0.65	$0.59
	Diluted	0.21	0.14	0.65	0.59
Adjusted Funds From Operations - AFFO		$9,159,233	$6,732,054	$33,976,958	$25,843,710
	Basic	$0.15	$0.12	$0.58	$0.52
	Diluted	0.15	0.12	0.57	0.52
Dividends Declared per Common Share		$0.15	$0.15	$0.60	$0.60

1. On September 18, 2015, the Company sold its 160,000 square foot industrial building located in Monroe, NC for $9,000,000 with net sale proceeds to the Company of $8,846,686.  Prior to the sale, the historic cost basis was $5,556,737 and the net book value (net of accumulated depreciation) was $3,825,443.  Under U.S. GAAP, the sale resulted in a realized gain of $5,021,242, representing a 131% gain over the depreciated U.S. GAAP basis and a realized gain on historic cost of $3,289,949, representing a 59% gain over the Company’s historic cost basis.

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 6 of 21

6

Same Property Statistics
	Three Months Ended
	9/30/2015						9/30/2014			Change	Change %
Total Square Feet / Total Properties	13,918,963	/	91				11,206,598	/	82	2,712,365	24.2%
Occupancy Percentage at Quarter End	97.7%						95.9%			180 bps	1.9%
Same Property Square Feet / Number of Same Properties				9,696,996	/	73
Same Property Occupancy Percentage at Quarter End	96.7%						95.3%			140 bps	1.5%
Same Property Net Operating Income (NOI)	$ 12,128,810						$ 11,768,215			$ 360,595	3.1%
Reversal of U.S. GAAP Straight-Line Rent Adjustment	(21,862)						(171,648)			149,786
Same Property Cash NOI	$ 12,106,948						$ 11,596,567			$ 510,381	4.4%

Same Property Statistics include all properties owned during the entire periods presented with the exclusion of properties expanded during the periods presented.

For the three months ended September 30, 2015, Same Property NOI and Number of Same Properties excludes $3,491,869 of NOI from eleven properties acquired subsequent to July 1, 2014, $67,003 of NOI from one property sold subsequent to July 1, 2014 and $2,043,825 of NOI from seven properties that have been expanded subsequent to July 1, 2014.

For the three months ended September 30, 2014, Same Property NOI and Number of Same Properties excludes $444,420 of NOI from one property acquired subsequent to July 1, 2014, NOI of $59,250 from one property sold subsequent to July 1, 2014 and $1,677,327 of NOI from seven properties that have been expanded subsequent to July 1, 2014.

Same Property Statistics
	Twelve Months Ended
	9/30/2015						9/30/2014			Change	Change %
Total Square Feet / Total Properties	13,918,963	/	91				11,206,598	/	82	2,712,365	24.2%
Occupancy Percentage at Fiscal Year End	97.7%						95.9%			180 bps	1.9%
Same Property Square Feet / Number of Same Properties				8,341,916	/	67
Same Property Occupancy Percentage at Fiscal Year End	96.1%						94.5%			160 bps	1.7%
Same Property Net Operating Income (NOI)	$ 41,025,323						$ 40,284,282			$ 741,041	1.8%
Reversal of U.S. GAAP Straight-Line Rent Adjustment	(531,968)						(157,149)			(374,819)
Same Property Cash NOI	$ 40,493,355						$ 40,127,133			$ 366,222	0.9%

Same Property Statistics include all properties owned during the entire periods presented with the exclusion of properties expanded during the periods presented.

For the twelve months ended September 30, 2015, Same Property NOI and Number of Same Properties excludes $14,985,246 of NOI from sixteen properties acquired subsequent to October 1, 2013 (including one property that was subsequently expanded) and $464,545 of NOI from one property sold subsequent to October 1, 2013 and $8,810,364 of NOI from eight properties that have been expanded subsequent to October 1, 2013.

For the twelve months ended September 30, 2014, Same Property NOI and Number of Same Properties excludes $5,502,575 of NOI from six properties acquired subsequent to October 1, 2013 (including one property that was subsequently expanded), $(72,691) of NOI from one property sold subsequent to October 1, 2013 and $7,640,696 of NOI from eight properties that have been expanded subsequent to October 1, 2013.

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 7 of 21

7

Consolidated Statements of Cash Flows
	Twelve Months Ended
		9/30/15			9/30/14
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	25,605,815		$	19,845,294
Noncash Items Included in Net Income:
Depreciation & Amortization		23,058,744			18,445,326
Stock Based Compensation Expense		448,895			347,002
Gain on Sale of Securities Transactions, net		(805,513	)		(2,166,766	)
Gain on Sale of Real Estate Investment		(5,021,242	)		-0-
Changes In:
Tenant, Deferred Rent and Other Receivables		(800,203	)		(922,107	)
Prepaid Expenses		(1,166,821	)		(563,525	)
Other Assets and Capitalized Lease Costs		(2,359,895	)		(1,086,846	)
Accounts Payable, Accrued Expenses and Other Liabilities		(897,495	)		957,907
NET CASH PROVIDED BY OPERATING ACTIVITIES		38,062,285			34,856,285
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Real Estate and Intangible Assets		(192,187,485	)		(97,374,760	)
Capital and Land Site Improvements		(10,541,656	)		(19,674,128	)
Proceeds on Sale of Real Estate		8,846,686			-0-
Return of Deposits on Real Estate		3,100,000			2,050,000
Deposits on Acquisitions of Real Estate		(3,700,000	)		(3,250,000	)
Purchase of Securities Available for Sale		(16,188,760	)		(27,840,200	)
Proceeds from Sale of Securities Available for Sale		16,201,480			14,279,391
NET CASH USED IN INVESTING ACTIVITIES		(194,469,735	)		(131,809,697	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Mortgage Notes Payable		122,173,058			62,905,000
Principal Payments on Mortgage Notes Payable		(35,977,890	)		(25,202,376	)
Net Proceeds from Loans Payable		59,841,386			3,000,000
Financing Costs Paid on Debt		(2,917,663	)		(2,070,790	)
Proceeds from Underwritten Public Offering of Common Stock,
net of offering costs		-0-			65,112,686
Proceeds from Issuance of Common Stock in the DRIP,
net of Dividend Reinvestments		39,915,387			30,465,806
Proceeds from the Exercise of Stock Options		612,410			1,327,169
Preferred Dividends Paid		(8,607,032	)		(8,607,032	)
Common Dividends Paid, net of Reinvestments		(27,032,958	)		(21,906,902	)
NET CASH  PROVIDED BY FINANCING ACTIVITIES		148,006,698			105,023,561
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(8,400,752	)		8,070,149
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR		20,474,661			12,404,512
CASH AND CASH EQUIVALENTS - END OF YEAR	$	12,073,909		$	20,474,661

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 8 of 21

8

Capital Structure and Leverage Ratios
		As of		As of
(unaudited)		9/30/15		9/30/14
Mortgage Notes Payable	$	373,991,174	$	287,796,006
Loans Payable		85,041,386		25,200,000
Total Debt		459,032,560		312,996,006
Series A - 7.625% Cumul. Redeemable Preferred		53,493,750		53,493,750
Series B - 7.875% Cumul. Redeemable Preferred		57,500,000		57,500,000
Total Preferred Stock		110,993,750		110,993,750
Common Stock, Paid-In-Capital & Other		335,016,890		309,637,332
Total Shareholders' Equity		446,010,640		420,631,082
Total Book Capitalization		905,043,200		733,627,088
Accumulated Depreciation		124,978,211		107,004,184
Total Undepreciated Book Capitalization	$	1,030,021,411	$	840,631,272
Shares Outstanding		62,123,454		57,008,754
Market Price Per Share	$	9.75	$	10.12
Equity Market Capitalization	$	605,703,677	$	576,928,590
Total Debt		459,032,560		312,996,006
Preferred		110,993,750		110,993,750
Total Market Capitalization	$	1,175,729,987	$	1,000,918,346
Total Debt	$	459,032,560	$	312,996,006
less: Cash and Cash Equivalents		12,073,909		20,474,661
Net Debt	$	446,958,651	$	292,521,345
less: Securities Available for Sale at Fair Value (Securities)		54,541,237		59,311,403
Net Debt Less Securities	$	392,417,414	$	233,209,942
Net Debt / Undepreciated Book Capitalization		43.4%		34.8%
Net Debt / Total Market Capitalization		38.0%		29.2%
Net Debt Plus Preferred / Total Market Capitalization		47.5%		40.3%
Net Debt Less Securities / Undepreciated Book Capitalization		38.1%		27.7%
Net Debt Less Securities / Total Market Capitalization		33.4%		23.3%
Net Debt Less Securities Plus Preferred / Total Market Capitalization		42.8%		34.4%
Weighted Average Interest Rate on Fixed Rate Debt		4.85%		5.24%

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 9 of 21

9

Capital Structure and Leverage Ratios continued
(unaudited)
		Three Months Ended					Twelve Months Ended
		9/30/15			9/30/14			9/30/15		9/30/14
Net Income	$	10,187,625		$	5,204,306		$	25,605,815		$19,845,294
plus: Depreciation & Amortization		6,583,449			4,784,535			23,058,744		18,445,326
plus: Interest Expense		5,128,971			3,874,061			18,558,150		16,104,678
plus: Acquisition Costs		242,699			19,016			1,546,088		481,880
plus: Net Amortization of Acquired Above and Below Market Lease Revenue		25,492			10,650			59,750		42,600
less: Gain on Sale of Securities Transactions, net		(428,426	)		(683,521	)		(805,513	)	(2,166,766)
less: Gain on Sale of Real Estate Investment		(5,021,242	)		-0-			(5,021,242	)	-0-
EBITDA	$	16,718,568		$	13,209,047		$	63,001,792		$52,753,012
Interest Expense	$	5,128,971		$	3,874,061		$	18,558,150		$16,104,678
Preferred Dividends Paid		2,151,758			2,151,758			8,607,032		8,607,032
Total Fixed Charges	$	7,280,729		$	6,025,819		$	27,165,182		$24,711,710
Interest Coverage		3.3 x			3.4 x			3.4 x		3.3 x
Fixed Charge Coverage		2.3 x			2.2 x			2.3 x		2.1 x
Net Debt	$	446,958,651		$	292,521,345		$	446,958,651		$292,521,345
Net Debt Less Securities		392,417,414			233,209,942			392,417,414		233,209,942
Annualized EBITDA		66,874,272			52,836,188			63,001,792		52,753,012
Net Debt / EBITDA		6.7 x			5.5 x			7.1 x		5.5 x
Net Debt Less Securities / EBITDA		5.9 x			4.4 x			6.2 x		4.4 x
Net Debt Plus Preferred / EBITDA		8.3 x			7.6 x			8.9 x		7.6 x
Net Debt Less Securities Plus Preferred / EBITDA		7.5 x			6.5 x			8.0 x		6.5 x

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 10 of 21

10

					Loans						% of
Fiscal Year Ended		Mortgages			Payable			Total			Total
	2016		43,142,783			250,732			43,393,515			9.4%
	2017		51,095,000			4,790,654			55,885,654			12.2%
	2018		42,219,837			-0-			42,219,837			9.2%
	2019		37,362,896			80,000,000			117,362,896			25.6%
	2020		22,214,000			-0-			22,214,000			4.8%
	Thereafter		177,956,658			-0-			177,956,658			38.8%
	Total as of 9/30/15	$	373,991,174		$	85,041,386		$	459,032,560			100.0%
	Weighted Average Interest Rate		4.85	%		2.14	%		4.35	%

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 11 of 21

11

Property Table by Tenant
(unaudited)
		Property	Square	Occupied Square	% of Occupied	Annual	% of Total	Rent Per	Undepreciated	Mortgage
Tenant		Count	Footage	Footage	Sq. Ft.	Rent	Ann. Rent	Sq. Ft. Occup.	Cost	Balance
FedEx Ground Package System, Inc.		32	4,578,907	4,578,907	32.9%	$32,902,000	44.2%	$7.19	$411,332,877	$167,629,034
FedEx Corporation		14	973,413	973,413	7.0%	5,407,000	7.2%	5.55	71,595,136	17,158,997
FedEx Supply Chain Services, Inc.		1	449,900	449,900	3.2%	1,327,000	1.8%	2.95	14,620,887	7,418,616
Total FedEx		47	6,002,220	6,002,220	43.1%	39,636,000	53.2%	6.60	497,548,900	192,206,647
ULTA, Inc.		1	671,354	671,354	4.8%	2,644,000	3.5%	3.94	37,484,574	23,987,008
Milwaukee Electric Tool Corporation		1	615,305	615,305	4.4%	1,995,000	2.7%	3.24	27,502,797	14,312,846
Jim Beam Brands Company		1	599,840	599,840	4.3%	1,989,000	2.7%	3.32	28,000,000	19,078,153
Ralcorp Holdings, Inc.		1	558,600	558,600	4.0%	2,146,000	2.9%	3.84	26,719,716	17,347,243
CBOCS Distribution, Inc.		1	381,240	381,240	2.7%	1,406,000	1.9%	3.69	14,215,126	7,856,077
Best Buy Warehousing Logistics, Inc.		1	368,060	368,060	2.6%	1,626,000	2.2%	4.42	19,600,000	10,972,757
The Coca-Cola Company/Western Container Corp.		2	323,358	323,358	2.3%	1,602,000	2.2%	4.95	18,848,429	7,634,655
Science Applications International		1	302,400	302,400	2.2%	1,412,000	1.9%	4.67	13,300,592	5,939,583
International Paper Company		1	280,000	280,000	2.0%	1,314,000	1.8%	4.69	18,288,753	11,340,664
Woodstream Corporation	(C)	1	256,000	256,000	1.8%	896,000	1.2%	3.50	8,814,223	279,104
United Technologies Corporation		2	244,317	244,317	1.8%	1,888,000	2.5%	7.73	22,505,069	8,640,732
Anda Pharmaceuticals, Inc.		1	234,660	234,660	1.7%	1,191,000	1.6%	5.08	14,550,000	9,302,178
UGN, Inc.		1	232,200	232,200	1.7%	1,045,000	1.4%	4.50	12,937,000	8,518,754
Caterpillar Logistics Services, Inc.		1	218,120	218,120	1.6%	1,169,000	1.6%	5.36	14,868,857	7,026,762
Anheuser-Busch, Inc.		1	184,800	184,800	1.3%	792,000	1.1%	4.29	12,386,675	1,151,798
Carlisle Tire & Wheel Company		1	179,280	179,280	1.3%	774,000	1.0%	4.32	7,225,401	894,552
NF&M International Inc.	(B)	1	174,802	174,802	1.3%	820,000	1.1%	4.69	3,958,293	-0-
Home Depot USA, Inc.		1	171,200	171,200	1.2%	966,000	1.3%	5.64	11,298,367	-0-
Kellogg Sales Company		3	170,279	170,279	1.2%	991,000	1.3%	5.82	12,107,873	2,381,917
Bunzl Distribution Midcentral, Inc.		1	158,417	158,417	1.1%	736,000	1.0%	4.65	9,600,000	7,107,312
Altec Industries, Inc.	(C)	1	126,880	126,880	0.9%	349,000	0.5%	2.75	4,368,549	138,331
The American Bottling Company		2	110,080	110,080	0.8%	735,000	1.0%	6.68	10,498,031	2,050,343
Pittsburgh Glass Works LLC.		1	102,135	102,135	0.7%	427,000	0.6%	4.18	4,245,913	-0-
Holland 1916 Inc.		1	95,898	95,898	0.7%	337,000	0.4%	3.51	7,373,618	-0-
National Oilwell Varco, Inc.		1	91,295	91,295	0.7%	741,000	1.0%	8.12	8,083,107	3,531,824
Joseph T. Ryerson and Son, Inc.		1	89,052	89,052	0.6%	506,000	0.7%	5.68	6,926,956	844,690
CHEP USA, Inc.		1	83,000	83,000	0.6%	473,000	0.6%	5.70	7,405,447	2,819,927
Datatel Resources Corporation	(B)	1	80,856	80,856	0.6%	239,000	0.3%	2.96	3,810,675	-0-
Sherwin-Williams Company		2	78,887	78,887	0.6%	635,000	0.8%	8.05	7,235,428	-0-
RGH Enterprises, Inc.		1	75,000	75,000	0.6%	590,000	0.8%	7.87	5,525,600	3,886,331
Tampa Bay Grand Prix		1	68,385	68,385	0.5%	285,000	0.4%	4.17	5,651,066	-0-
SOFIVE, Inc.		1	60,400	60,400	0.4%	512,000	0.7%	8.48	4,889,712	2,045,141
Various Tenants at Retail Shopping Center		1	64,138	53,820	0.4%	546,000	0.7%	10.14	2,695,244	-0-
Siemens Real Estate		1	51,130	51,130	0.4%	467,000	0.6%	9.13	4,452,425	2,695,845
B/E Aerospace, Inc.		1	38,833	38,833	0.3%	359,000	0.5%	9.24	5,100,000	-0-
Keystone Automotive Industries MN, Inc.		1	36,270	36,270	0.3%	139,000	0.2%	3.83	2,161,895	-0-
Graybar Electric Company		1	26,340	26,340	0.2%	109,000	0.1%	4.14	1,850,794	-0-
Tenant Total as of 9/30/15		88	13,605,031	13,594,713	97.7%	$74,487,000	100.0%	$5.48	$924,035,107	$373,991,174
Vacant		3	313,932	-0-	0.0%	-0-	0.0%	-0-	16,963,734	-0-
Total as of 9/30/15		91	13,918,963	13,594,713	97.7%	$74,487,000	100.0%	$5.48	(A) $940,998,841	$373,991,174
Acquisitions Subsequent to 9/30/15
FedEx Ground Package System, Inc.		2	506,032	506,032	3.6%	3,335,000	4.5%	6.59	50,385,897	33,670,000
Pro Forma Total with Acquisitions Subsequent to 9/30/15		93	14,424,995	14,100,745	97.8%	$77,822,000	100.0%	$5.52	$991,384,738	$407,661,174
Leasing Activity Subsequent to 9/30/15
Victory Packaging, L.P.	(D)	na	na	148,000	1.1%	470,000	0.6%	3.18	na	na
Style Crest, Inc.	(E)	na	na	106,507	0.8%	361,000	0.5%	3.39	na	na
Pro Forma Total		93	14,424,995	14,355,252	99.5%	$78,653,000	100.0%	$5.48	(A) $991,384,738	$407,661,174

(A) Does not include $780,475 of vacant land and corporate office leasehold improvements not associated with a specific tenant.

(B) NF&M International and Datatel Resources are located at one property and therefore are counted as one property in the Property Count total.

(C) Woodstream Corporation and Altec Industries, Inc. are located at one property and therefore are counted as one property in the Property Count total.

(D)Entered into a 5.25 year lease agreement through February 28, 2021.  The lease commenced December 1, 2015 and is with Victory Packaging, L.P, a wholly-owned subsidiary of KapStone Paper and Packaging Corporation, a publicly-owned company.  The initial annual rent of $469,160, representing $3.17 per square foot, will commence on March 1, 2016 with 2.5% annual increases thereafter.

(E) Entered into a 5.25 year lease agreement through March 31, 2021.  The lease will commence on January 1, 2016 and is with Style Crest, Inc.  Initial annual rent of $356,798, representing $3.35 per square foot, will commence on April 1, 2016 with 3.0% annual increases thereafter. 

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 12 of 21

12

Property Table by State
(unaudited)
		Property	Square	Occupied Square	% of Total	Annual	% of Total	Rent Per	Undepreciated	Mortgage
State		Count	Footage	Footage	Sq. Ft.	Rent	Ann. Rent	Sq. Ft. Occup.	Cost	Balance
Texas		9	1,379,468	1,379,468	9.9%	$10,402,000	14.0%	7.54	$127,466,094	$61,963,186
Kentucky		2	1,158,440	1,158,440	8.3%	4,135,000	5.6%	3.57	54,719,716	36,425,396
Florida		10	1,137,293	1,137,293	8.2%	7,552,000	10.1%	6.64	102,260,773	44,693,499
Ohio		7	1,032,469	1,032,469	7.4%	6,041,000	8.1%	5.85	72,683,184	30,769,785
Indiana		2	999,176	999,176	7.2%	4,177,000	5.6%	4.18	61,430,574	37,148,919
Illinois		9	958,045	958,045	6.9%	6,195,000	8.3%	6.47	81,652,719	15,687,782
Mississippi		4	912,305	912,305	6.6%	3,415,000	4.6%	3.74	45,804,282	23,615,024
Tennessee		3	891,777	891,777	6.4%	3,044,000	4.1%	3.41	33,807,174	17,049,261
Missouri		5	804,397	804,397	5.8%	3,076,000	4.1%	3.82	39,150,677	9,906,665
South Carolina		3	571,115	571,115	4.1%	3,502,000	4.7%	6.13	36,328,552	9,747,088
Kansas		3	499,280	499,280	3.6%	2,420,000	3.2%	4.85	29,193,997	13,826,161
Michigan		3	489,571	489,571	3.5%	3,472,000	4.7%	7.09	41,210,831	17,164,137
Virginia		5	407,265	407,265	2.9%	2,410,000	3.2%	5.92	34,449,924	8,578,429
Pennsylvania		2	378,180	378,180	2.7%	1,710,000	2.3%	4.52	16,758,968	4,376,801
Georgia		3	307,662	307,662	2.2%	1,743,000	2.3%	5.67	22,144,761	8,001,114
Arizona		1	283,358	283,358	2.0%	1,270,000	1.7%	4.48	15,168,586	6,043,710
North Carolina		2	254,507	-0-	1.8%	-0-	0.0%	-0-	11,806,608	-0-
Wisconsin		2	238,666	238,666	1.7%	1,369,000	1.9%	5.74	15,943,672	3,552,304
New York		3	230,381	230,381	1.7%	1,887,000	2.5%	8.19	20,382,099	4,525,426
Oklahoma		2	204,580	204,580	1.5%	1,277,000	1.7%	6.24	16,341,904	6,913,855
Maryland		1	144,523	144,523	1.0%	1,426,000	1.9%	9.87	14,467,755	5,164,724
Colorado		2	138,235	138,235	1.0%	1,208,000	1.6%	8.74	13,549,167	2,954,970
New Jersey		2	124,538	114,220	0.9%	1,058,000	1.4%	9.26	7,584,956	2,045,140
Minnesota		2	119,823	60,398	0.9%	372,000	0.5%	6.16	10,377,127	2,846,710
Nebraska		1	89,115	89,115	0.6%	446,000	0.6%	5.00	5,937,281	-0-
Alabama		1	73,712	73,712	0.5%	412,000	0.6%	5.59	4,751,741	991,088
Connecticut		1	54,812	54,812	0.4%	329,000	0.5%	6.00	3,463,824	-0-
Iowa		1	36,270	36,270	0.3%	139,000	0.2%	3.83	2,161,895	-0-
Total as of 9/30/15		91	13,918,963	13,594,713	100.0%	$74,487,000	100.0%	$5.48	(A) $940,998,841	$373,991,174
Acquisitions Subsequent to 9/30/15
North Carolina		1	330,717	330,717	2.4%	2,078,000	2.7%	6.28	31,975,897	20,780,000
Louisiana		1	175,315	175,315	1.3%	1,257,000	1.6%	7.17	18,410,000	12,890,000
Pro Forma Total with Acquisitions Subsequent to 9/30/15		93	14,424,995	14,100,745	100.0%	$77,822,000	100.0%	$5.52	(A) $991,384,738	$407,661,174
Leasing Activity Subsequent to 9/30/15
North Carolina	(B)	na	na	254,507	1.8%	831,000	1.1%	3.27	na	na
Pro Forma Total		93	14,424,995	14,355,252	100.0%	$78,653,000	100.0%	$5.48	(A) $991,384,738	$407,661,174

(A) Does not include $780,475of vacant land and corporate office leasehold improvements not associated with a specific tenant.

(B) Included in leasing activity subsequent to 9/30/15 are two properties located in North Carolina that the Company has recently entered into two separate 5.25 year lease agreements that have commenced or will commence subsequent to September 30, 2015.  Both leases are for a combined total of 254,507 square feet and will generate a combined total of $831,000 in annualized rent. 

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 13 of 21

13

Lease Expirations
(unaudited)
		Property	Square	% of Total	Annual	% of Total	Rent Per Sq.	Lease Exp.	Undepreciated	Mortgage
Fiscal Year		Count	Footage	Sq. Ft.	Rent	Ann. Rent	Ft. Occup.	Term in Years	Cost	Balance
2016		2	244,800	1.8%	$1,104,000	1.5%	4.51	0.7	$17,147,445	$1,151,798
2017	(B)	13	1,539,526	11.1%	8,779,000	11.8%	5.70	1.6	105,315,420	23,895,539
2018	(B)	15	1,324,159	9.5%	7,753,000	10.4%	5.86	2.6	91,513,235	23,056,554
2019		8	1,310,849	9.4%	6,712,000	9.0%	5.12	3.6	76,532,861	27,040,833
2020		2	239,585	1.7%	1,251,000	1.7%	5.22	4.8	16,949,433	-0-
2021		5	430,185	3.1%	2,494,000	3.3%	5.80	5.9	30,083,358	8,698,256
2022		7	1,027,232	7.4%	5,914,000	7.9%	5.76	6.6	67,925,182	36,752,929
2023		11	1,917,312	13.8%	9,970,000	13.4%	5.20	7.7	127,497,902	57,199,315
2024		12	1,914,366	13.7%	12,039,000	16.2%	6.29	8.7	148,843,467	58,044,900
2025	(B)	7	1,898,446	13.6%	8,505,000	11.4%	4.48	9.6	106,878,058	57,856,763
2027		1	38,833	0.3%	359,000	0.5%	9.24	11.8	5,100,000	-0-
2029		2	262,613	1.9%	1,516,000	2.0%	5.77	13.8	21,950,000	10,233,837
2030		3	834,387	6.0%	5,399,000	7.2%	6.47	14.4	78,883,786	52,713,207
2034		1	558,600	4.0%	2,146,000	2.9%	3.84	18.1	26,719,716	17,347,243
Various tenants at retail shopping center		1	64,138	0.5%	546,000	0.8%	10.14	-0-	2,695,244	-0-
Vacant		3	313,932	2.2%	-0-	0.0%	-0-	-0-	16,963,734	-0-
Total as of 9/30/15		91	13,918,963	100.0%	$74,487,000	100.0%	$5.48	7.2	(A) $940,998,841	$373,991,174
Acquisitions Subsequent to 9/30/15
2025		2	506,032	3.6%	3,335,000	4.5%	6.59	9.9	50,385,897	33,670,000
Pro Forma Total with Acquisitions Subsequent to 9/30/15		93	14,424,995	100.0%	$77,822,000	100.0%	$5.52	7.3	(A) $991,384,738	$407,661,174
Leasing Activity Subsequent to 9/30/15
2021	(C)	na	na	1.8%	831,000	1.1%	3.27	5.3	na	na
Pro Forma Total		93	14,424,995	100.0%	$78,653,000	100.0%	$5.48	7.2	(A) $991,384,738	$407,661,174

(A) Does not include $780,475of vacant land and corporate office leasehold improvements not associated with a specific tenant.

(B) Included in 2018 is Datatel Resources and included in 2025 is NF&M International which both occupy one property. Included in 2017 is Woodstream Corporation and included in 2018 is Altec Industries which both occupy one property.

(C) Included in leasing activity subsequent to 9/30/15 are two properties that the Company has recently entered into two separate 5.25 year lease agreements that have commenced or will commence subsequent to September 30, 2015.  Both leases are for a combined total of 254,507 square feet and will generate a combined total of $831,000 in annualized rent. 

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 14 of 21

14

Recent Acquisitions During Fiscal 2015
(unaudited)
				Fiscal Year	Square	Annual	Rent Per	Lease	Purchase	Initial Mortgage
No	Tenant	City (MSA)	State	Acquisition	Footage	Rent	Sq. Ft. Occup.	Expiration	Price	Balance
1	FedEx Ground Package System, Inc.	Lindale (Tyler)	TX	2015	163,378	$725,000	$4.44	6/30/2024	$10,271,355	$7,000,000
2	FedEx Ground Package System, Inc.	Sauget (St. Louis, MO.)	IL	2015	198,773	1,036,000	5.21	5/31/2029	15,231,000	10,660,000
3	B/E Aerospace, Inc.	Rockford	IL	2015	38,833	359,000	9.24	6/30/2027	5,200,000	-0-
4	Bunzl Distribution Midcentral, Inc.	Kansas City	MO	2015	158,417	736,000	4.65	9/30/2021	9,635,770	7,226,828
5	Jim Beam Brands Company	Frankfort	KY	2015	599,840	1,989,000	3.32	1/31/2025	28,000,000	19,600,000
6	FedEx Ground Package System, Inc.	Jacksonville	FL	2015	297,579	1,992,000	6.69	12/31/2029	30,645,954	20,000,000
7	UGN, Inc.	Monroe (Cincinnati)	OH	2015	232,200	1,045,000	4.50	2/28/2030	13,416,000	8,700,000
8	ULTA, Inc.	Greenwood (Indianapolis)	IN	2015	671,354	2,644,000	3.94	7/31/2025	37,484,574	24,286,230
9	FedEx Ground Package System, Inc.	Fort Worth (Dallas)	TX	2015	304,608	2,362,000	7.75	4/30/2030	35,300,832	24,700,000
10	The American Bottling Company	Cincinnati	OH	2015	63,840	480,000	7.52	8/31/2029	6,800,000	-0-
	As of 9/30/15				2,728,822	$13,368,000	$4.90		$191,985,485	$122,173,058
Acquisitions Subsequent to 9/30/15
11	FedEx Ground Package System, Inc.	Concord	NC	2016	330,717	$2,078,000	$6.28	6/30/2025	$31,975,897	$20,780,000
12	FedEx Ground Package System, Inc.	Covington	LA	2016	175,315	1,257,000	7.17	7/31/2025	18,410,000	12,890,000
	Acquisitions Subsequent to 9/30/15				506,032	$3,335,000	$6.59		$50,385,897	$33,670,000

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 15 of 21

15

Property Table
(unaudited)														Lease
						Fiscal Year			Square		Annual		Rent Per Sq. Ft.		Exp. Term in		Undepreciated		Mortgage
	No	Tenant		City (MSA)	State	Acquisition	Occup.		Footage		Rent		Occup.		Years		Cost		Balance
	1	ULTA, Inc.		Greenwood (Indianapolis)	IN	2015	100.0	%	671,354	$	2,644,000	$	3.94		9.8	$	37,484,574	$	23,987,008
	2	Milwaukee Electric Tool Corporation		Olive Branch (Memphis, TN)	MS	2013	100.0	%	615,305		1,995,000		3.24		7.6		27,502,797		14,312,846
	3	Jim Beam Brands Company		Frankfort	KY	2015	100.0	%	599,840		1,989,000		3.32		9.3		28,000,000		19,078,153
	4	Ralcorp Holdings, Inc.		Buckner (Louisville)	KY	2014	100.0	%	558,600		2,146,000		3.84		18.1		26,719,716		17,347,243
	5	FedEx Supply Chain Services, Inc.		Memphis	TN	2010	100.0	%	449,900		1,327,000		2.95		3.7		14,620,887		7,418,616
	6	Woodstream Corporation	(B)	St. Joseph	MO	2001	100.0	%	256,000		896,000		3.50		2.0		8,814,223		279,104
		Altec Industries, Inc.	(B)	St. Joseph	MO	2001	100.0	%	126,880		349,000		2.75		2.4		4,368,549		138,331
	7	CBOCS Distribution, Inc.		Lebanon (Nashville)	TN	2011	100.0	%	381,240		1,406,000		3.69		8.8		14,215,126		7,856,077
	8	Best Buy Warehousing Logistics, Inc.		Streetsboro (Cleveland)	OH	2012	100.0	%	368,060		1,626,000		4.42		6.3		19,600,000		10,972,757
	9	FedEx Ground Package System, Inc.		Indianapolis	IN	2014	100.0	%	327,822		1,533,000		4.68		8.6		23,946,000		13,161,911
	10	FedEx Ground Package System, Inc.		Fort Worth (Dallas)	TX	2015	100.0	%	304,608		2,362,000		7.75		14.6		35,300,832		24,700,000
	11	Science Applications International		Hanahan (Charleston)	SC	2005	100.0	%	302,400		1,412,000		4.67		3.6		13,300,592		5,939,583
	12	FedEx Ground Package System, Inc.		Jacksonville	FL	2015	100.0	%	297,579		1,992,000		6.69		14.3		30,645,954		19,494,453
	13	Western Container Corp.		Tolleson (Phoenix)	AZ	2003	100.0	%	283,358		1,270,000		4.48		1.6		15,168,586		6,043,710
	14	International Paper Company		Edwardsville (Kansas City)	KS	2014	100.0	%	280,000		1,314,000		4.69		7.9		18,288,753		11,340,664
	15	NF&M International	(C)	Monaca (Pittsburgh)	PA	1988	100.0	%	174,802		820,000		4.69		9.3		3,958,293		-0-
		Datatel Resources Corp.	(C)	Monaca (Pittsburgh)	PA	1988	100.0	%	80,856		239,000		2.96		2.2		3,810,675		-0-
	16	FedEx Ground Package System, Inc.		Orion	MI	2007	100.0	%	245,633		1,908,000		7.77		7.8		22,879,766		9,095,386
	17	Anda Pharmaceuticals, Inc.		Olive Branch (Memphis, TN)	MS	2012	100.0	%	234,660		1,191,000		5.08		6.8		14,550,000		9,302,178
	18	UGN, Inc.		Monroe (Cincinnati)	OH	2015	100.0	%	232,200		1,045,000		4.50		14.4		12,937,000		8,518,754
	19	Caterpillar Logistics Services, Inc.		Griffin (Atlanta)	GA	2006	100.0	%	218,120		1,169,000		5.36		1.2		14,868,857		7,026,762
	20	FedEx Ground Package System, Inc.		Sauget (St. Louis, MO.)	IL	2015	100.0	%	198,773		1,036,000		5.21		13.7		15,200,000		10,233,837
	21	Anheuser-Busch, Inc.		Granite City (St. Louis, MO)	IL	2001	100.0	%	184,800		792,000		4.29		0.7		12,386,675		1,151,798
	22	United Technologies Corporation		Carrollton (Dallas)	TX	2010	100.0	%	184,317		1,576,000		8.55		3.3		17,744,300		8,640,732
	23	FedEx Ground Package System, Inc.		Spring (Houston)	TX	2014	100.0	%	181,176		1,577,000		8.70		9.0		19,227,521		9,692,678
	24	Carlisle Tire & Wheel Company		Edwardsville (Kansas City)	KS	2003	100.0	%	179,280		774,000		4.32		2.7		7,225,401		894,552
	25	FedEx Ground Package System, Inc.		Ft. Mill (Charlotte, NC)	SC	2010	100.0	%	176,939		1,415,000		8.00		8.1		15,413,307		2,468,015
	26	FedEx Ground Package System, Inc.		Livonia (Detroit)	MI	2013	100.0	%	172,005		1,194,000		6.94		6.5		13,730,533		8,068,751
	27	Home Depot USA, Inc.		Montgomery (Chicago)	IL	2004	100.0	%	171,200		966,000		5.64		4.8		11,298,367		-0-
	28	FedEx Ground Package System, Inc.		Tampa	FL	2004	100.0	%	170,779		1,493,000		8.74		8.8		18,448,962		7,313,195
	29	FedEx Ground Package System, Inc.		Lindale (Tyler)	TX	2015	100.0	%	163,378		725,000		4.44		8.8		9,930,000		6,723,881
	30	Bunzl Distribution Midcentral, Inc.		Kansas City	MO	2015	100.0	%	158,417		736,000		4.65		6.0		9,600,000		7,107,312
	31	FedEx Ground Package System, Inc.		Oklahoma City	OK	2012	100.0	%	158,340		1,022,000		6.45		9.8		12,593,873		4,863,512
	32	FedEx Ground Package System, Inc.		Waco	TX	2012	100.0	%	150,710		1,045,000		6.93		9.9		12,546,159		5,063,021
	33	Vacant	(D)	Fayetteville	NC	1997	0.0	%	148,000		-0-		na		na		4,884,522		-0-
	34	FedEx Ground Package System, Inc.		Beltsville (Washington, DC)	MD	2001	100.0	%	144,523		1,426,000		9.87		2.8		14,467,755		5,164,724
	35	FedEx Ground Package System, Inc.		El Paso	TX	2006	100.0	%	144,149		1,320,000		9.16		8.0		12,431,193		3,611,052
	36	FedEx Ground Package System, Inc.		Cocoa	FL	2008	100.0	%	144,138		1,104,000		7.66		9.0		14,089,843		5,364,156
	37	FedEx Ground Package System, Inc.		Cudahy (Milwaukee)	WI	2001	100.0	%	139,564		901,000		6.46		1.8		9,373,672		-0-
	38	FedEx Ground Package System, Inc.		Richfield (Cleveland)	OH	2006	100.0	%	131,152		1,490,000		11.36		9.0		16,435,478		3,414,645
	39	FedEx Ground Package System, Inc.		Wheeling (Chicago)	IL	2003	100.0	%	123,000		1,386,000		11.27		1.7		18,537,652		3,457,456
	40	FedEx Ground Package System, Inc.		Altoona	PA	2014	100.0	%	122,522		651,000		5.31		7.9		8,990,000		4,376,801
	41	FedEx Ground Package System, Inc.		Edinburg	TX	2011	100.0	%	113,582		598,000		5.26		5.9		7,438,483		-0-
	42	FedEx Corporation		Mechanicsville (Richmond)	VA	2001	100.0	%	112,799		541,000		4.80		7.6		7,739,671		-0-
	43	FedEx Corporation		Orlando	FL	2008	100.0	%	110,638		666,000		6.02		2.2		8,541,237		4,570,915
	44	Vacant	(E)	Winston-Salem	NC	2002	0.0	%	106,507		-0-		na		na		6,922,086		-0-
	45	FedEx Ground Package System, Inc.		Cheektowaga (Buffalo)	NY	2000	100.0	%	104,981		966,000		9.20		3.9		10,960,823		639,095
	46	FedEx Ground Package System, Inc.		West Chester Twp (Cincinnati)	OH	1999	100.0	%	103,818		525,000		5.06		7.9		5,728,690		2,305,050
	47	FedEx Ground Package System, Inc.		Roanoke	VA	2013	100.0	%	103,402		755,000		7.30		7.6		10,200,000		5,758,502
	48	Pittsburgh Glass Works LLC.		O' Fallon (St. Louis)	MO	1994	100.0	%	102,135		427,000		4.18		2.8		4,245,913		-0-
	49	FedEx Ground Package System, Inc.		Green Bay	WI	2013	100.0	%	99,102		468,000		4.72		7.7		6,570,000		3,552,304
	50	Holland 1916 Inc.		Liberty (Kansas City)	MO	1998	100.0	%	95,898		337,000		3.51		3.8		7,373,618		-0-
	51	FedEx Corporation		Jacksonville	FL	1999	100.0	%	95,883		518,000		5.40		3.7		6,229,421		1,706,962
	52	FedEx Corporation		Tampa	FL	2006	100.0	%	95,662		603,000		6.30		2.0		7,565,717		4,132,523
	53	FedEx Ground Package System, Inc.		Hanahan (Charleston)	SC	2005	100.0	%	91,776		675,000		7.35		2.8		7,614,653		1,339,490
	54	National Oilwell Varco, Inc.		Houston	TX	2010	100.0	%	91,295		741,000		8.12		7.0		8,083,107		3,531,824
	55	FedEx Corporation		Omaha	NE	1999	100.0	%	89,115		446,000		5.00		8.1		5,937,281		-0-
	56	Joseph T. Ryerson and Son, Inc.		Elgin (Chicago)	IL	2002	100.0	%	89,052		506,000		5.68		1.3		6,926,956		844,690

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 16 of 21

16

Property Table
(unaudited)														Lease
						Fiscal Year			Square		Annual		Rent Per Sq. Ft.		Exp. Term in	Undepreciated	Mortgage
	No	Tenant		City (MSA)	State	Acquisition	Occup.		Footage		Rent		Occup.		Years	Cost	Balance
	57	FedEx Ground Package System, Inc.		Ft. Myers	FL	2003	100.0	%	87,500		432,000		4.94		1.1	5,017,447	-0-
	58	CHEP USA, Inc.		Roanoke	VA	2007	100.0	%	83,000		473,000		5.70		9.4	7,405,447	2,819,927
	59	FedEx Corporation		Bedford Heights (Cleveland)	OH	2007	100.0	%	82,269		408,000		4.96		2.9	6,779,591	2,862,734
	60	RGH Enterprises, Inc.		Halfmoon (Albany)	NY	2012	100.0	%	75,000		590,000		7.87		6.2	5,525,600	3,886,331
	61	FedEx Ground Package System, Inc.		Huntsville	AL	2005	100.0	%	73,712		412,000		5.59		6.9	4,751,741	991,088
	62	FedEx Corporation		Schaumburg (Chicago)	IL	1997	100.0	%	73,500		515,000		7.01		1.5	4,967,639	-0-
	63	FedEx Corporation		Romulus (Detroit)	MI	1998	100.0	%	71,933		370,000		5.14		5.7	4,600,532	-0-
	64	FedEx Ground Package System, Inc.		Denver	CO	2005	100.0	%	69,865		564,000		8.07		2.8	6,354,051	1,354,284
	65	Tampa Bay Grand Prix		Tampa	FL	2005	100.0	%	68,385		285,000		4.17		5.0	5,651,066	-0-
	66	FedEx Ground Package System, Inc.		Colorado Springs	CO	2006	100.0	%	68,370		644,000		9.42		3.0	7,195,115	1,600,686
	67	Sherwin-Williams Company		Rockford	IL	2011	100.0	%	66,387		475,000		7.16		8.3	5,551,227	-0-
	68	Kellogg Sales Company		Kansas City	MO	2007	100.0	%	65,067		331,000		5.09		2.8	4,748,374	2,381,917
	69	Various Tenants at Retail Shopping Center		Somerset	NJ	1970	84.0	%	64,138		546,000		10.14		na	2,695,244	-0-
	70	The American Bottling Company		Cincinnati	OH	2015	100.0	%	63,840		480,000		7.52		14.0	6,750,000	-0-
	71	FedEx Corporation		Chattanooga	TN	2007	100.0	%	60,637		311,000		5.13		2.1	4,971,161	1,774,568
	72	SOFIVE, Inc.		Carlstadt (New York, NY)	NJ	2001	100.0	%	60,400		512,000		8.48		9.3	4,889,712	2,045,141
	73	FedEx Ground Package System, Inc.		Stewartville (Rochester)	MN	2013	100.0	%	60,398		372,000		6.16		7.7	5,220,000	2,846,710
	74	United Technologies Corporation		Richmond	VA	2004	100.0	%	60,000		312,000		5.20		0.7	4,760,769	-0-
	75	Vacant		White Bear Lake (Minneapolis/St. Paul)	MN	2001	0.0	%	59,425		-0-		na		na	5,157,127	-0-
	76	FedEx Ground Package System, Inc.		Augusta	GA	2005	100.0	%	59,358		453,000		7.63		2.8	5,328,874	974,351
	77	Kellogg Sales Company		Newington (Hartford)	CT	2001	100.0	%	54,812		329,000		6.00		1.4	3,463,825	-0-
	78	Siemens Real Estate		Lebanon (Cincinnati)	OH	2012	100.0	%	51,130		467,000		9.13		3.6	4,452,425	2,695,845
	79	Kellogg Sales Company		Orangeburg (New York)	NY	1993	100.0	%	50,400		331,000		6.57		2.4	3,895,675	-0-
	80	FedEx Corporation		Charlottesville	VA	1999	100.0	%	48,064		329,000		6.85		1.9	4,344,037	-0-
	81	FedEx Ground Package System, Inc.		Corpus Christi	TX	2012	100.0	%	46,253		458,000		9.90		5.9	4,764,500	-0-
	82	The American Bottling Company		Tulsa	OK	2014	100.0	%	46,240		255,000		5.51		8.4	3,748,031	2,050,343
	83	The Coca-Cola Company		Topeka	KS	2009	100.0	%	40,000		332,000		8.30		6.0	3,679,843	1,590,946
	84	B/E Aerospace, Inc.		Rockford	IL	2015	100.0	%	38,833		359,000		9.24		11.8	5,100,000	-0-
	85	Keystone Automotive Industries MN, Inc.		Urbandale (Des Moines)	IA	1994	100.0	%	36,270		139,000		3.83		1.5	2,161,895	-0-
	86	FedEx Corporation		Richland (Jackson)	MS	1994	100.0	%	36,000		120,000		3.33		8.5	1,900,691	-0-
	87	FedEx Corporation		Punta Gorda	FL	2007	100.0	%	34,624		304,000		8.78		1.8	4,104,915	2,111,294
	88	FedEx Corporation		Lakeland	FL	2006	100.0	%	32,105		155,000		4.83		2.2	1,966,211	-0-
	89	FedEx Corporation		Augusta	GA	2006	100.0	%	30,184		121,000		4.01		7.2	1,947,032	-0-
	90	Graybar Electric Company		Ridgeland (Jackson)	MS	1993	100.0	%	26,340		109,000		4.14		3.8	1,850,794	-0-
	91	Sherwin-Williams Company		Burr Ridge (Chicago)	IL	1997	100.0	%	12,500		160,000		12.80		6.1	1,684,201	-0-
		Total as of 9/30/15					97.7	%	13,918,963	$	74,487,000	$	5.48		7.2	(A) $940,998,841	$373,991,174
		Acquisitions Subsequent to 9/30/15
	92	FedEx Ground Package System, Inc.		Concord	NC	2016	100.0	%	330,717		2,078,000		6.28		10.0	31,975,897	20,780,000
	93	FedEx Ground Package System, Inc.		Covington	LA	2016	100.0	%	175,315		1,257,000		7.17		9.8	18,410,000	12,890,000
		Pro Forma Total with Acquisitions Subsequent to 9/30/15					97.8	%	14,424,995	$	77,822,000	$	5.52		7.3	(A) $991,384,738	$407,661,174
		Leasing Activity Subsequent to 9/30/15
		Victory Packaging, L.P.	(D)	Fayetteville	NC	1997	100.0	%	na		470,000		3.18		5.3	na	na
		Style Crest, Inc.	(E)	Winston-Salem	NC	2002	100.0	%	na		361,000		3.39		5.3	na	na
		Pro Forma Total					99.5	%	14,424,995	$	78,653,000	$	5.48		7.2	(A) $991,384,738	$407,661,174

(A) Does not include $780,475 of vacant land and corporate office leasehold improvements not associated with a specific tenant.

(B) Both tenants occupy one property.

(C) Both tenants occupy one property.

(D) Entered into a 5.25 year lease agreement through February 28, 2021.  The lease commenced December 1, 2015 and is with Victory Packaging, L.P, a wholly-owned subsidiary of KapStone Paper and Packaging Corporation, a publicly-owned company.  The initial annual rent of $469,160, representing $3.17 per square foot, will commence on March 1, 2016 with 2.5% annual increases thereafter.

(E) Entered into a 5.25 year lease agreement through March 31, 2021.  The lease will commence on January 1, 2016 and is with Style Crest, Inc.  Initial annual rent of $356,798, representing $3.35 per square foot, will commence on April 1, 2016 with 3.0% annual increases thereafter.

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 17 of 21

17

Definitions
Investors and analysts following the real estate industry utilize funds from operations ("FFO"), core funds from operations ("Core FFO"), net operating income ("NOI"), Same Property NOI, Same Property cash NOI, earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted funds from operations ("AFFO"), variously defined, as supplemental performance measures. While the Company believes net income available to common stockholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), is the most appropriate measure, it considers NOI, Same Property NOI, Same Property Cash NOI, EBITDA, FFO, Core FFO and AFFO, given their wide use by and relevance to investors and analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of U.S. GAAP depreciation and amortization of real estate assets. Core FFO reflects the same assumptions as FFO except that is also adjusts for the effects of acquisitions costs. NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. EBITDA provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other cash needs. AFFO provides a tool to further evaluate the ability to fund dividends. In addition, NOI, Same Property NOI, Same Property Cash NOI, EBITDA, FFO, Core FFO and AFFO are commonly used in various ratios, pricing multiples, yields and returns and valuation of calculations used to measure financial position, performance and value.
As used herein, the Company calculates FFO, as defined by The National Association of Real Estate Investment Trusts (NAREIT), to be equal to net income (loss) applicable to common shareholders, as defined by U.S. GAAP, excluding extraordinary items as defined by U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization.  FFO includes gains and losses realized on securities investments.
NOI is calculated as recurring revenues of the Company, less property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses.  NOI excludes realized gains (losses) on securities transactions.
Same Property NOI is the NOI of all properties owned during the entire periods presented with the exclusion of any properties expanded during the periods presented.
Same Property Cash NOI is the Same Property NOI adjusted to exclude the effects of the U.S. GAAP straight-line rent adjustment for the properties included in the Same Property NOI calculation.
EBITDA is calculated as NOI, less general and administrative expenses, plus interest and dividend income and lease termination income and net effect of net amortization of acquired above or below market lease revenue.
Core FFO is calculated as FFO plus acquisition costs.
AFFO is calculated as EBITDA, minus lease termination income, minus U.S. GAAP interest expense, minus preferred stock dividends, minus recurring capital expenditures and U.S. GAAP straight-line rent adjustment, plus stock compensation expense.  AFFO excludes realized gains (losses) on securities transactions.  Recurring capital expenditures are defined as all capital expenditures, excluding capital expenditures related to expansions at our current locations or capital expenditures that are incurred in conjunction with obtaining a new lease or a lease renewal.
NOI, Same Property NOI, Same Property Cash NOI, EBITDA, FFO, Core FFO and AFFO do not represent cash generated from operating activities in accordance with U.S. GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt and payment of dividends and distributions. NOI, Same Property NOI, Same Property Cash NOI, EBITDA, FFO, Core FFO and AFFO should not be considered as substitutes for net income applicable to common shareholders (calculated in accordance with U.S. GAAP) as a measure of results of operations or cash flows (calculated in accordance with U.S. GAAP) as a measure of liquidity. NOI, Same Property NOI, Same Property Cash NOI, EBITDA, FFO, Core FFO and AFFO as currently calculated by the Company may not be comparable to similarly titled, but variously calculated, measures of other REITs.

Fourth Quarter FY 2015 & FY 2015 Supplemental of Monmouth Real Estate Investment Corp. Page 18 of 21

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FOR IMMEDIATE RELEASE December 9, 2015

Contact: Susan Jordan

732-577-9996

MONMOUTH REAL ESTATE INVESTMENT CORPORATION REPORTS RESULTS FOR

THE FISCAL YEAR ENDED AND THE FOURTH QUARTER ENDED SEPTEMBER 30, 2015

FREEHOLD, NJ, December 9, 2015........ Monmouth Real Estate Investment Corporation (NYSE:MNR) reported Core Funds from Operations (Core FFO) of $35,276,000 or $0.60 per diluted share for the fiscal year ended September 30, 2015 as compared to $29,482,000 or $0.59 per diluted share for the fiscal year ended September 30, 2014. Adjusted Funds from Operations (AFFO), for the fiscal year ended September 30, 2015 was $33,977,000 or $0.57 per diluted share versus $25,844,000 or $0.52 per diluted share for the fiscal year ended September 30, 2014.

Core FFO for the three months ended September 30, 2015 was $9,180,000 or $0.15 per diluted share as compared to $7,676,000 or $0.14 per diluted share for the three months ended September 30, 2014. AFFO for the three months ended September 30, 2015 was $9,159,000 or $0.15 per diluted share versus $6,732,000 or $0.12 per diluted share for the three months ended September 30, 2014.

A summary of significant financial information for the three and twelve months ended September 30, 2015 and 2014 is as follows:

	Three Months Ended September 30,
	2015		2014
Rental Revenue	$	18,168,000	$	14,473,000
Reimbursement Revenue	$	2,400,000	$	2,453,000
Lease Termination Income	$	-0-	$	-0-
Net Operating Income (NOI) (1)	$	17,732,000	$	13,949,000
Total Expenses	$	10,875,000	$	9,346,000
Interest and Dividend Income	$	853,000	$	1,005,000
Gain on Sale of Securities Transactions, net	$	428,000	$	684,000
Net Income	$	10,188,000	$	5,204,000
Net Income Attributable to Common Shareholders	$	8,036,000	$	3,053,000
Net Income Attributable to Common Shareholders Per Diluted Common Share	$	0.13	$	0.05
Core FFO (1)	$	9,180,000	$	7,676,000
Core FFO per Diluted Common Share (1)	$	0.15	$	0.14
AFFO (1)	$	9,159,000	$	6,732,000
AFFO per Diluted Common Share (1)	$	0.15	$	0.12
Weighted Avg. Diluted Common Shares Outstanding		60,514,000		56,754,000

	Twelve Months Ended September 30,
	2015		2014
Rental Revenue	$	67,059,000	$	55,512,000
Reimbursement Revenue	$	10,716,000	$	9,160,000
Lease Termination Income	$	239,000	$	1,183,000
Net Operating Income (NOI) (1)	$	65,285,000	$	53,355,000
Total Expenses	$	42,115,000	$	35,229,000
Interest and Dividend Income	$	3,724,000	$	3,883,000
Gain on Sale of Securities Transactions, net	$	805,000	$	2,167,000
Net Income	$	25,606,000	$	19,845,000
Net Income Attributable to Common Shareholders	$	16,999,000	$	11,238,000
Net Income Attributable to Common Shareholders Per Diluted Common Share	$	0.29	$	0.23
Core FFO (1)	$	35,276,000	$	29,482,000
Core FFO per Diluted Common Share (1)	$	0.60	$	0.59
AFFO (1)	$	33,977,000	$	25,844,000
AFFO per Diluted Common Share (1)	$	0.57	$	0.52
Weighted Avg. Diluted Common Shares Outstanding		59,201,000		49,925,000

A summary of significant balance sheet information as of September 30, 2015 and 2014 is as follows:

	September 30, 2015		September 30, 2014
Net Real Estate Investments	$	816,801,000	$	636,923,000
Securities Available for Sale at Fair Value	$	54,541,000	$	59,311,000
Total Assets	$	915,992,000	$	743,757,000
Mortgage Notes Payable	$	373,991,000	$	287,796,000
Loans Payable	$	85,041,000	$	25,200,000
Total Shareholders’ Equity	$	446,011,000	$	420,631,000

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Michael P. Landy, President and CEO, commented on the results for the fiscal year 2015,

“Monmouth successfully grew our high-quality portfolio and built long-term value for our shareholders in fiscal 2015. During the year, the

Company accomplished the following:

· Acquired 2.7 million square feet of high-quality industrial space for $192 million comprising ten brand new, Class A built-to-suit properties, all leased long term to investment grade tenants, representing a 24% increase in our gross leaseable area

· Renewed all six leases that were scheduled to expire in fiscal 2015, resulting in a 100% tenant retention rate

· Increased rents on lease renewals 6.3% on a U.S. GAAP straight-line basis

· Completed four property expansions totaling $14.4 million and with several additional expansions underway

· Achieved a sector leading 97.7% occupancy rate

· Increased occupancy an additional 180 basis points to 99.5% effective January 1^st, 2016

· Increased our total market capitalization 17% to $1.2 billion at fiscal yearend

· Increased Net Operating Income 22% to $65.3 million

· Generated AFFO per diluted share growth of 10%

· Raised approximately $48.4 million in equity through the Dividend Reinvestment and Stock Purchase Plan during fiscal 2015

· Entered into commitments to acquire nine industrial properties containing 2.4 million square feet all leased long term to investment grade tenants, at an aggregate cost of $249.2 million, scheduled to close in fiscal 2016 and fiscal 2017, of which two were acquired during the first quarter of fiscal 2016 to date

· Increased our common stock dividend 6.7% on October 1^st, 2015.”

Mr. Landy stated, “Our business model of investing in single tenant, net leased industrial properties on long-term leases to investment grade tenants continued to deliver strong results. Fiscal 2015 saw a record amount of acquisitions, the completion of several expansions, and AFFO per diluted share growth of 10%. The high quality of our asset base is evidenced by our 100% tenant retention rate as well as our sector leading occupancy rate of 97.7%. As a result of new leases that will become effective subsequent to yearend, our occupancy rate will rise further to 99.5% commencing on January 1^st, 2016.”

“Subsequent to fiscal yearend, the Company has acquired two brand new built-to-suit properties containing a total of 506,000 square feet at an aggregate cost of $50.4 million. This brings our current portfolio to a total of 93 properties containing 14.4 million square feet, geographically diversified across 29 states. We are very excited about our best in class acquisition pipeline, which now comprises seven new build-to-suit properties containing 1.9 million total square feet, representing approximately $200 million in acquisitions scheduled to close over the next seven quarters.”

“The migration toward on-line shopping will continue to be a leading demand driver for industrial space in 2016. This holiday season has shown a stark disconnect between on-line and brick-and-mortar sales expectations, with on-line sales growing by 15.2% in the third quarter over the prior year period while brick-and-mortar retail sales remained relatively flat. E-Commerce sales accounted for 6.8% of total sales in the third quarter providing plenty of room for future growth. The recent Black Friday through Cyber Monday holiday weekend saw total on-line sales eclipse brick-and-mortar sales for the first time. Every year market share keeps moving on-line. From a real estate standpoint the direct beneficiary of this paradigm shift has been, and will continue to be, the Industrial Property sector.”

“Following 24 consecutive years of maintaining or increasing our common stock dividend, on October 1^st we announced a 6.7% dividend increase. Monmouth is not only one of the few REITs that maintained its cash dividend throughout the Global Financial Crisis, we are now one of the very few REITs that is paying out a higher cash dividend today than we did prior to the Global Financial Crisis. This solid long-term performance best illustrates the high-quality of our business model, our tenant base, and our property portfolio.”

Monmouth Real Estate Investment Corporation will host its Fiscal Year End and Fourth Quarter 2015 Financial Results Webcast and Conference Call on Thursday, December 10, 2015 at 10:00 a.m. Eastern Time. Senior management will discuss the results, current market conditions and future outlook.

The Company’s Fiscal Year End and Fourth Quarter 2015 financial results being released herein will be available on the Company’s website at www.mreic.com in the “Financial Filings” section.

To participate in the Webcast, select the microphone icon in the Webcast section of the Company’s homepage on the Company’s website at www.mreic.com. Interested parties can also participate via conference call by calling toll free 877-510-5852 (domestically) or 412-902-4138 (internationally).

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The replay of the conference call will be available at 12:00 p.m. Eastern Time on Thursday, December 10, 2015. It will be available until February 1, 2016, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10071925. 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, founded in 1968 and one of the oldest public equity REITs in the U.S., specializes in single tenant, 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-three properties located in twenty-nine states, containing a total of approximately 14.4 million rentable square feet. 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-U.S. 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. We define Core FFO as FFO plus acquisition costs. We define AFFO as Core FFO excluding lease termination income, gains or losses on securities transactions, stock based compensation expense, depreciation of corporate office tenant improvements, amortization of deferred financing costs, U.S. GAAP straight-line rent adjustments and less recurring capital expenditures. We define recurring capital expenditures as all capital expenditures, excluding capital expenditures related to expansions at our current locations or capital expenditures that are incurred in conjunction with obtaining a new lease or a lease renewal. We define NOI as recurring rental and reimbursement revenues less real estate and other operating expenses. FFO, Core FFO and AFFO per diluted common share are defined as FFO, Core FFO and AFFO divided by weighted average diluted common shares outstanding. FFO, Core FFO and AFFO per diluted common share, as well as NOI, should be considered as supplemental measures of operating performance used by real estate investment trusts (REITs). FFO, Core FFO and AFFO per diluted 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, Core FFO and AFFO per diluted common share are significant components in understanding the Company’s financial performance.

FFO, Core FFO and AFFO per diluted common share (A) do not represent cash flow from operations as defined by accounting principles generally accepted in the United States of America; (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, Core FFO and AFFO per diluted common share, as well as NOI, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.

The following is a reconciliation of the Company’s U.S. GAAP Net Income to the Company’s FFO, Core FFO and AFFO for the three and twelve months ended September 30, 2015 and 2014:

	Three Months Ended						Twelve Months Ended
		9/30/2015			9/30/2014			9/30/2015			9/30/2014
Net Income Attributable to Common Shareholders	$	8,036,000		$	3,053,000		$	16,999,000		$	11,238,000
Plus: Depreciation Expense (excluding Corporate Office)		5,328,000			4,129,000			19,626,000			15,909,000
Plus: Amortization of Intangible Assets		330,000			338,000			1,370,000			1,348,000
Plus: Amortization of Capitalized Lease Costs (*)		265,000			137,000			756,000			505,000
Less: Gain on Sale of Real Estate Investment		(5,021,000	)		-0-			(5,021,000	)		-0-
FFO Attributable to Common Shareholders		8,938,000			7,657,000			33,730,000			29,000,000
Plus: Acquisition Costs		242,000			19,000			1,546,000			482,000
Core FFO Attributable to Common Shareholders		9,180,000			7,676,000			35,276,000			29,482,000
Less: Lease Termination Income		-0-			-0-			(239,000	)		(1,183,000	)
Less: Gain on Sale of Securities Transactions, net		(428,000	)		(684,000	)		(805,000	)		(2,167,000	)
Plus: Stock Compensation Expense		165,000			90,000			449,000			347,000
Plus: Depreciation of Corporate Office Tenant Improvements		8,000			-0-			80,000			-0-
Plus: Amortization of Financing Costs		678,000			190,000			1,286,000			726,000
Less: U.S. GAAP Straight-line Rent Adjustment		(282,000	)		(291,000	)		(1,446,000	)		(601,000	)
Less: Recurring Capital Expenditures		(162,000	)		(249,000	)		(624,000	)		(760,000	)
AFFO Attributable to Common Shareholders	$	9,159,000		$	6,732,000		$	33,977,000		$	25,844,000

* In previous press releases, the Company has presented its calculation of FFO and Core FFO without excluding the effects of the amortization of Capitalized Lease Costs. FFO and Core FFO for the three and twelve months ended September 30, 2015 and 2014 has been presented above reflecting the effects of excluding the amortization of Capitalized Lease Costs.

The following are the Cash Flows provided (used) by Operating, Investing and Financing Activities for the twelve months ended September 30, 2015 and 2014:

	Twelve Months Ended
		9/302015			9/30/2015
Operating Activities	$	38,062,000		$	34,856,000
Investing Activities		(194,470,000	)		(131,810,000	)
Financing Activities		148,007,000			105,024,000

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