0001493152-16-007123.txt : 20160203 0001493152-16-007123.hdr.sgml : 20160203 20160203164013 ACCESSION NUMBER: 0001493152-16-007123 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20160203 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160203 DATE AS OF CHANGE: 20160203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONMOUTH REAL ESTATE INVESTMENT CORP CENTRAL INDEX KEY: 0000067625 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 221897375 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33177 FILM NUMBER: 161385357 BUSINESS ADDRESS: STREET 1: 3499 ROUTE 9 N, SUITE 3-D STREET 2: JUNIPER BUSINESS PLAZA CITY: FREEHOLD STATE: NJ ZIP: 07728 BUSINESS PHONE: 7325779996 MAIL ADDRESS: STREET 1: 3499 ROUTE 9 N, SUITE 3-D STREET 2: JUNIPER BUSINESS PLAZA CITY: FREEHOLD STATE: NJ ZIP: 07728 FORMER COMPANY: FORMER CONFORMED NAME: MONMOUTH REAL ESTATE INVESTMENT TRUST DATE OF NAME CHANGE: 19900403 8-K 1 form8-k.htm

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) February 3, 2016

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 February 3, 2016, Monmouth Real Estate Investment Corporation issued a press release announcing the results for the first quarter ended December 31, 2015 and disclosed a supplemental information package in connection with its earnings conference call for the first quarter ended December 31, 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 acquire, finance and sell properties on attractive terms;

	●	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 investment in marketable securities of other REIT’s;

	●	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 first quarter ended December 31, 2015 and press release dated February 3, 2016.

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 February 3, 2016

EX-99 2 ex99.htm

EXHIBIT- 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 February 3, 2016	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-Q.

Table of Content

Consolidated Balance Sheets

	December 31, 2015			September 30, 2015
	*(unaudited)*
ASSETS
Real Estate Investments:
Land	$	141,185,315		$	134,160,315
Buildings and Improvements		852,201,439			807,619,001
Total Real Estate Investments		993,386,754			941,779,316
Accumulated Depreciation		(130,573,643	)		(124,978,211	)
Net Real Estate Investments		862,813,111			816,801,105

Cash and Cash Equivalents		12,926,924			12,073,909
Securities Available for Sale at Fair Value		61,032,630			54,541,237
Tenant and Other Receivables		1,397,112			783,052
Deferred Rent Receivable		5,514,960			5,205,295
Prepaid Expenses		6,525,914			3,931,616
Financing Costs, net of Accumulated Amortization of $3,481,381 and $3,247,014, respectively		6,158,217			5,987,911
Capitalized Lease Costs, net of Accumulated Amortization of $2,723,159 and $2,534,521, respectively		3,358,776			3,407,432
Intangible Assets, net of Accumulated Amortization of $11,477,319 and $11,153,855, respectively		5,791,670			6,115,134
Other Assets		6,850,563			7,145,251
TOTAL ASSETS	$	972,369,877		$	915,991,942

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities:
Mortgage Notes Payable	$	400,720,157		$	373,991,174
Loans Payable		99,979,502			85,041,386
Accounts Payable and Accrued Expenses		2,389,392			3,113,274
Other Liabilities		10,893,930			7,835,468
Total Liabilities		513,982,981			469,981,302

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 December 31, 2015 and September 30, 2015		53,493,750			53,493,750
Series B – 7.875% Cumulative Redeemable Preferred Stock, $0.01 Par Value Per Share: 2,300,000 Shares Authorized, Issued and Outstanding as of December 31, 2015 and September 30, 2015		57,500,000			57,500,000
Common Stock – $0.01 Par Value Per Share: 200,000,000 Shares Authorized as of December 31, 2015 and September 30, 2015; 63,790,755 and 62,123,454 Shares Issued and Outstanding as of December 31, 2015 and September 30, 2015		637,908			621,235
Excess Stock – $0.01 Par Value Per Share: 200,000,000 Shares Authorized as of December 31, 2015 and September 30, 2015; No Shares Issued or Outstanding as of December 31, 2015 and September 30, 2015		-0-			-0-
Additional Paid-In Capital		350,415,079			339,837,258
Accumulated Other Comprehensive (Loss) Income		(3,659,841	)		(5,441,603	)
Undistributed Income		-0-			-0-
Total Shareholders’ Equity		458,386,896			446,010,640
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY	$	972,369,877		$	915,991,942

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 3 of 21

Table of Content

Consolidated Statements of Income

(unaudited)

	Three Months Ended
	12/31/15			12/31/14
INCOME:
Rental Revenue	$	19,064,919		$	15,430,215
Reimbursement Revenue		3,194,443			2,247,315
Lease Termination Income		-0-			238,625
TOTAL INCOME		22,259,362			17,916,155

EXPENSES:
Real Estate Taxes		2,372,136			1,988,743
Operating Expenses		1,231,365			1,002,248
General & Administrative Expenses		1,335,964			1,240,585
Acquisition Costs		145,585			391,569
Depreciation		5,595,432			4,484,268
Amortization of Capitalized Lease Costs and Intangible Assets		486,611			475,495
TOTAL EXPENSES		11,167,093			9,582,908

OTHER INCOME (EXPENSE):
Interest and Dividend Income		1,184,653			1,035,457
Gain on Sale of Securities Transactions, net		8,380			377,087
Interest Expense		(5,112,280	)		(4,129,565	)
Amortization of Financing Costs		(234,367	)		(192,574	)
TOTAL OTHER INCOME (EXPENSE)		(4,153,614	)		(2,909,595	)

NET INCOME		6,938,655			5,423,652

Less: Preferred Dividends		2,151,758			2,151,758


NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	4,786,897		$	3,271,894

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 4 of 21

Table of Content

NOI, EBITDA, FFO, Core FFO and AFFO Reconciliations

(unaudited)

	Three Months Ended
	12/31/15			12/31/14
Revenues
Rental Revenue	$	19,064,919		$	15,430,215
Reimbursement Revenue		3,194,443			2,247,315
Total Rental and Reimbursement Revenue		22,259,362			17,677,530

Expenses
Real Estate Taxes		2,372,136			1,988,743
Operating Expenses		1,231,365			1,002,248
Total Expenses		3,603,501			2,990,991

Net Operating Income – NOI		18,655,861			14,686,539

Lease Termination Income		-0-			238,625
Interest and Dividend Income		1,184,653			1,035,457
Net Amortization of Acquired Above and Below Market Lease Revenue		25,492			10,650
General & Administrative Expenses		(1,335,964	)		(1,240,585	)

EBITDA		18,530,042			14,730,686

Interest Expense		(5,112,280	)		(4,129,565	)
Gain on Sale of Securities Transactions, net		8,380			377,087
Acquisition Costs		(145,585	)		(391,569	)
Preferred Dividend		(2,151,758	)		(2,151,758	)
Depreciation of Corporate Office Tenant Improvements		(27,971	)		-0-
Amortization of Financing Costs		(234,367	)		(192,574	)

Funds From Operations - FFO		10,866,461			8,242,307

Depreciation (excluding corporate office)		(5,567,461	)		(4,484,268	)
Amortization of Capitalized Lease Costs and Intangible Assets		(512,103	)		(486,145	)

Net Income Attributable to Common Shareholders		4,786,897			3,271,894

Funds From Operations - FFO		10,866,461			8,242,307

Acquisition Costs		145,585			391,569

Core Funds From Operations - Core FFO		11,012,046			8,633,876

Lease Termination Income		-0-			(238,625	)
Gain on Sale of Securities Transactions, net		(8,380	)		(377,087	)
Stock Compensation Expense		104,961			90,232
Depreciation of Corporate Office Tenant Improvements		27,971			-0-
Amortization of Financing Costs		234,367			192,574
U.S. GAAP Straight-line Rent Adjustment		(309,665	)		(331,979	)
Recurring Capital Expenditures		(336,191	)		(173,500	)

Adjusted Funds From Operations - AFFO		10,725,109			7,795,491

EBITDA		18,530,042			14,730,686

Lease Termination Income		-0-			(238,625	)
Interest Expense		(5,112,280	)		(4,129,565	)
Preferred Dividend		(2,151,758	)		(2,151,758	)
Stock Compensation Expense		104,961			90,232
U.S. GAAP Straight-line Rent Adjustment		(309,665	)		(331,979	)
Recurring Capital Expenditures		(336,191	)		(173,500	)

Adjusted Funds From Operations - AFFO	$	10,725,109		$	7,795,491

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 5 of 21

Table of Content

Financial Highlights

(unaudited)

	Three Months Ended
	12/31/15		12/31/14

Weighted Average Common Shares Outstanding
Basic		62,866,898		57,289,411
Diluted		62,948,800		57,445,812

Net Operating Income - NOI	$	18,655,861	$	14,686,539

Basic	$	0.30	$	0.26
Diluted		0.30		0.26

Net Income Attributable to Common Shareholders	$	4,786,897	$	3,271,894

Basic	$	0.08	$	0.06
Diluted		0.08		0.06

Funds From Operations - FFO	$	10,866,461	$	8,242,307

Basic	$	0.17	$	0.14
Diluted		0.17		0.14

Core Funds From Operations - Core FFO	$	11,012,046	$	8,633,876

Basic	$	0.18	$	0.15
Diluted		0.17		0.15

Core FFO Excluding Gains on Securities Transactions and Excluding Lease Termination Income, net	$	11,003,666	$	8,018,164

Basic	$	0.18	$	0.14
Diluted		0.17		0.14

Adjusted Funds From Operations - AFFO	$	10,725,109	$	7,795,491

Basic	$	0.17	$	0.14
Diluted		0.17		0.14

Dividends Declared per Common Share	$	0.16	$	0.15

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 6 of 21

Table of Content

Same Property Statistics

	Three Months Ended															Change
	12/31/2015								12/31/2014					Change		%
Total Square Feet / Total Properties		14,424,995		/	93					12,422,838		/	87		2,002,157		16.1	%

Occupancy Percentage at Quarter End		98.8	%							96.3	%				250 bps		2.6	%

Same Property Square Feet / Number of Same Properties						10,481,284	/	77

Same Property Occupancy Percentage at Quarter End		98.3	%							96.9	%				140 bps		1.4	%

Same Property Net Operating Income (NOI) (GAAP)	$	13,594,372							$	13,079,826				$	514,546		3.9	%

Reversal of U.S. GAAP Straight-Line Rent Adjustment		(138,704	)							(325,877	)				187,173

Same Property Cash NOI (CASH)	$	13,455,668							$	12,753,949				$	701,719		5.5	%

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

The 3.9% increase, amounting to $514,546 in Same Property NOI, consists of 69.5% or $357,657 generated by increased NOI from occupied properties and the remaining 30.5% or $156,889 attributable to increased NOI from filling previously vacant properties.

The 5.5% increase, amounting to $701,719 in Same Property Cash NOI, consists of 77.8% or $546,170 generated by increased NOI from occupied properties and the remaining 22.2% or $155,549 attributable to increased NOI from filling previously vacant properties.

Reconciliation of Same Property NOI to Total NOI

	Three Months Ended						Change
	12/31/2015		12/31/2014		Change		%

Same Property NOI (GAAP)	$	13,594,372	$	13,079,826	$	514,546		3.9	%

NOI of properties purchased subsequent to October 1, 2014 (twelve properties for fiscal 2015 and five properties for fiscal 2014)		3,968,181		754,736

NOI of properties expanded subsequent to October 1, 2014 (four properties for fiscal 2015 and 2014)		1,093,308		734,549

NOI of property sold subsequent to October 1, 2014 (one property for fiscal 2014)		-0-		117,428

Total NOI	$	18,655,861	$	14,686,539	$	3,969,322		27.0	%

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 7 of 21

Table of Content

Consolidated Statements of Cash Flows

(unaudited)

	Three Months Ended
	12/31/15			12/31/14
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	6,938,655		$	5,423,652
Noncash Items Included in Net Income:
Depreciation & Amortization		6,316,410			5,152,337
Stock Based Compensation Expense		104,961			90,232
Gain on Sale of Securities Transactions, net		(8,380	)		(377,087	)
Changes In:
Tenant, Deferred Rent and Other Receivables		(898,233	)		(1,521,764	)
Prepaid Expenses		(2,594,298	)		(1,305,317	)
Other Assets and Capitalized Lease Costs		(203,940	)		(257,867	)
Accounts Payable, Accrued Expenses and Other Liabilities		1,981,853			1,161,136
NET CASH PROVIDED BY OPERATING ACTIVITIES		11,637,028			8,365,322

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Real Estate and Intangible Assets		(50,385,897	)		(68,338,125	)
Capital and Land Site Improvements		(860,167	)		(2,224,333	)
Return of Deposits on Real Estate		900,000			1,300,000
Deposits Paid on Acquisitions of Real Estate		(550,000	)		(1,325,000	)
Proceeds from Sale of Securities Available for Sale		1,790,403			9,584,334
Purchase of Securities Available for Sale		(6,491,654	)		(1,089,914	)
NET CASH USED IN INVESTING ACTIVITIES		(55,597,315	)		(62,093,038	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net Proceeds from Loans Payable		14,938,116			14,990,477
Proceeds from Mortgage Notes Payable		33,670,000			44,486,828
Principal Payments on Mortgage Notes Payable		(6,941,017	)		(7,824,424	)
Financing Costs Paid on Debt		(404,674	)		(648,369	)
Proceeds from the Exercise of Stock Options		924,300			79,091
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments		12,575,537			6,246,427
Preferred Dividends Paid		(2,151,758	)		(2,151,758	)
Common Dividends Paid, net of Reinvestments		(7,797,202	)		(6,624,599	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		44,813,302			48,553,673

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		853,015			(5,174,043	)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		12,073,909			20,474,661
CASH AND CASH EQUIVALENTS - END OF PERIOD	$	12,926,924		$	15,300,618

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 8 of 21

Table of Content

Capital Structure and Leverage Ratios

(unaudited)

	As of		As of		As of
	12/31/15		12/31/14		9/30/15

Mortgage Notes Payable	$	400,720,157	$	324,458,410	$	373,991,174
Loans Payable		99,979,502		40,190,477		85,041,386
Total Debt		500,699,659		364,648,887		459,032,560

Series A - 7.625% Cumul. Redeemable Preferred		53,493,750		53,493,750		53,493,750
Series B - 7.875% Cumul. Redeemable Preferred		57,500,000		57,500,000		57,500,000
Total Preferred Stock		110,993,750		110,993,750		110,993,750

Common Stock, Paid-In-Capital & Other		347,393,146		313,037,296		335,016,890
Total Shareholders’ Equity		458,386,896		424,031,046		446,010,640

Total Book Capitalization		959,086,555		788,679,933		905,043,200

Accumulated Depreciation		130,573,643		111,488,453		124,978,211
Total Undepreciated Book Capitalization	$	1,089,660,198	$	900,168,386	$	1,030,021,411

Shares Outstanding		63,790,755		57,809,349		62,123,454
Market Price Per Share	$	10.46	$	11.07	$	9.75

Equity Market Capitalization	$	667,251,297	$	639,949,493	$	605,703,677
Total Debt		500,699,659		364,648,887		459,032,560
Preferred		110,993,750		110,993,750		110,993,750
Total Market Capitalization	$	1,278,944,706	$	1,115,592,130	$	1,175,729,987

Total Debt	$	500,699,659	$	364,648,887	$	459,032,560
less: Cash and Cash Equivalents		12,926,924		15,300,618		12,073,909
Net Debt	$	487,772,735	$	349,348,269	$	446,958,651
less: Securities Available for Sale at Fair Value (Securities)		61,032,630		51,530,990		54,541,237
Net Debt Less Securities	$	426,740,105	$	297,817,279	$	392,417,414

Net Debt / Undepreciated Book Capitalization		44.8%		38.8%		43.4%
Net Debt / Total Market Capitalization		38.1%		31.3%		38.0%
Net Debt Plus Preferred / Total Market Capitalization		46.8%		41.3%		47.5%
Net Debt Less Securities / Undepreciated Book Capitalization		39.2%		33.1%		38.1%
Net Debt Less Securities / Total Market Capitalization		33.4%		26.7%		33.4%
Net Debt Less Securities Plus Preferred / Total Market Capitalization		42.0%		36.6%		42.8%

Weighted Average Interest Rate on Fixed Rate Debt		4.77%		5.16%		4.85%

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 9 of 21

Table of Content

Capital Structure and Leverage Ratios continued

(unaudited)

							Fiscal Year
	Three Months Ended						Ended
	12/31/15			12/31/14			9/30/15
Net Income	$	6,938,655		$	5,423,652		$	25,605,815
plus: Depreciation & Amortization		6,316,410			5,152,337			23,058,744
plus: Interest Expense		5,112,280			4,129,565			18,558,150
plus: Acquisition Costs		145,585			391,569			1,546,088
plus: Net Amortization of Acquired Above and Below Market Lease Revenue		25,492			10,650			59,750
less: Gain on Sale of Securities Transactions, net		(8,380	)		(377,087	)		(805,513	)
less: Gain on Sale of Real Estate Investment		-0-			-0-			(5,021,242	)
EBITDA	$	18,530,042		$	14,730,686		$	63,001,792

Interest Expense	$	5,112,280		$	4,129,565			18,558,150
Preferred Dividends Paid		2,151,758			2,151,758			8,607,032
Total Fixed Charges	$	7,264,038		$	6,281,323		$	27,165,182

Interest Coverage		3.6 x			3.6 x			3.4 x
Fixed Charge Coverage		2.6 x			2.3 x			2.3 x

Net Debt	$	487,772,735		$	349,348,269		$	446,958,651
Net Debt Less Securities		426,740,105			297,817,279			392,417,414
Annualized EBITDA		74,120,168			58,922,744			63,001,792

Net Debt / EBITDA		6.6 x			5.9 x			7.1 x
Net Debt Less Securities / EBITDA		5.8 x			5.1 x			6.2 x
Net Debt Plus Preferred / EBITDA		8.1 x			7.8 x			8.9 x
Net Debt Less Securities Plus Preferred / EBITDA		7.3 x			6.9 x			8.0 x

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 10 of 21

Table of Content

Debt Maturity

(unaudited)

				Loans						% of
Fiscal Year Ended	Mortgages			Payable			Total			Total
2016		35,711,184			188,848			35,900,032			7.2	%
2017		51,964,834			4,790,654			56,755,488			11.3	%
2018		42,629,324			-0-			42,629,324			8.5	%
2019		37,763,177			95,000,000			132,763,177			26.5	%
2020		22,602,134			-0-			22,602,134			4.5	%
Thereafter		210,049,504			-0-			210,049,504			42.0	%
Total as of 12/31/15	$	400,720,157		$	99,979,502		$	500,699,659			100.0	%

Weighted Average Interest Rate		4.76	%		2.32	%		4.28	%
Weighted Average Term		9.33 yrs			3.59 yrs			8.18 yrs

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 11 of 21

Table of Content

Property Table by Tenant

(unaudited)

		Property		Square		Occupied Square		% of Occupied			Annual		% of Total Ann.			Rent Per Sq. Ft.		Undepreciated		Mortgage
Tenant		Count		Footage		Footage		Sq. Ft.			Rent		Rent			Occup.		Cost		Balance

FedEx Ground Package System, Inc.			34		5,084,939		5,084,939		35.3	%	$	36,347,000		46.2	%	$	7.15	$	461,885,771	$	198,065,189
FedEx Corporation			14		973,413		973,413		6.7	%		5,407,000		6.9	%		5.55		71,676,530		16,840,472
FedEx Supply Chain Services, Inc.			1		449,900		449,900		3.1	%		1,327,000		1.7	%		2.95		14,620,887		7,234,083
Total FedEx			49		6,508,252		6,508,252		45.1	%		43,081,000		54.8	%		6.62		548,183,188		222,139,744

ULTA, Inc.			1		671,354		671,354		4.7	%		2,651,000		3.4	%		3.95		37,484,574		23,684,852
Milwaukee Electric Tool Corporation			1		615,305		615,305		4.3	%		2,012,000		2.6	%		3.27		27,502,797		14,028,067
Jim Beam Brands Company			1		599,840		599,840		4.2	%		2,013,000		2.6	%		3.36		28,000,000		18,899,961
Ralcorp Holdings, Inc.			1		558,600		558,600		3.9	%		2,166,000		2.8	%		3.88		26,719,716		17,186,682
CBOCS Distribution, Inc.			1		381,240		381,240		2.6	%		1,420,000		1.8	%		3.72		14,215,126		7,808,227
Best Buy Warehousing Logistics, Inc.			1		368,060		368,060		2.6	%		1,641,000		2.1	%		4.46		19,600,000		10,843,880
The Coca-Cola Company/Western Container Corp.			2		323,358		323,358		2.2	%		1,619,000		2.1	%		5.01		18,848,429		7,395,713
Science Applications International			1		302,400		302,400		2.1	%		1,462,000		1.9	%		4.83		13,340,592		5,858,316
International Paper Company			1		280,000		280,000		1.9	%		1,326,000		1.7	%		4.74		18,294,108		11,169,757
Woodstream Corporation	(C)		1		256,000		256,000		1.8	%		896,000		1.1	%		3.50		8,823,781		112,773
United Technologies Corporation			2		244,317		244,317		1.7	%		1,891,000		2.4	%		7.74		22,505,069		8,475,011
Anda Pharmaceuticals, Inc.			1		234,660		234,660		1.6	%		1,196,000		1.5	%		5.10		14,550,000		9,166,694
UGN, Inc.			1		232,200		232,200		1.6	%		1,050,000		1.3	%		4.52		12,937,000		8,408,634
Caterpillar Logistics Services, Inc.			1		218,120		218,120		1.5	%		1,169,000		1.5	%		5.36		14,868,857		6,916,699
Anheuser-Busch, Inc.			1		184,800		184,800		1.3	%		806,000		1.0	%		4.36		12,386,675		912,940
Carlisle Tire & Wheel Company			1		179,280		179,280		1.2	%		787,000		1.0	%		4.39		7,225,401		773,697
NF&M International Inc.	(B)		1		174,802		174,802		1.2	%		832,000		1.1	%		4.76		3,958,293		-0-
Home Depot USA, Inc.			1		171,200		171,200		1.2	%		978,000		1.2	%		5.71		11,298,367		-0-
Kellogg Sales Company			3		170,279		170,279		1.2	%		982,000		1.2	%		5.77		12,116,973		2,347,654
Bunzl Distribution Midcentral, Inc.			1		158,417		158,417		1.1	%		741,000		0.9	%		4.68		9,600,000		7,070,233
Victory Packaging, L.P.			1		148,000		148,000		1.0	%		470,000		0.6	%		3.18		5,418,245		-0-
Altec Industries, Inc.	(C)		1		126,880		126,880		0.9	%		349,000		0.4	%		2.75		4,373,287		55,893
The American Bottling Company			2		110,080		110,080		0.8	%		734,000		0.9	%		6.67		10,498,031		2,021,796
Pittsburgh Glass Works LLC.			1		102,135		102,135		0.7	%		427,000		0.5	%		4.18		4,245,913		-0-
Holland 1916 Inc.			1		95,898		95,898		0.7	%		341,000		0.4	%		3.56		7,378,719		-0-
National Oilwell Varco, Inc.			1		91,295		91,295		0.6	%		746,000		0.9	%		8.17		8,083,107		3,432,694
Joseph T. Ryerson and Son, Inc.			1		89,052		89,052		0.6	%		506,000		0.6	%		5.68		6,928,956		724,139
CHEP USA, Inc.			1		83,000		83,000		0.6	%		494,000		0.6	%		5.95		7,405,447		2,745,119
Datatel Resources Corporation	(B)		1		80,856		80,856		0.6	%		242,000		0.3	%		2.99		3,810,675		-0-
Sherwin-Williams Company			2		78,887		78,887		0.5	%		637,000		0.8	%		8.07		7,244,128		-0-
RGH Enterprises, Inc.			1		75,000		75,000		0.5	%		596,000		0.8	%		7.95		5,525,600		3,861,492
Tampa Bay Grand Prix			1		68,385		68,385		0.5	%		289,000		0.4	%		4.23		5,656,542		-0-
Various Tenants at Retail Shopping Center			1		64,138		53,820		0.4	%		565,000		0.7	%		10.50		2,827,312		-0-
SOFIVE, Inc.			1		60,400		60,400		0.4	%		537,000		0.7	%		8.89		4,889,712		2,009,119
Siemens Real Estate			1		51,130		51,130		0.4	%		473,000		0.6	%		9.25		4,452,425		2,670,371
B/E Aerospace, Inc.			1		38,833		38,833		0.2	%		360,000		0.5	%		9.27		5,100,000		-0-
Keystone Automotive Industries MN, Inc.			1		36,270		36,270		0.2	%		140,000		0.2	%		3.86		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 12/31/15			91		14,259,063		14,248,745		98.8	%	$	78,734,000		100.0	%	$	5.53	$	980,309,734	$	400,720,157

Vacant			2		165,932		-0-		0.0	%		-0-		0.0	%		-0-		12,237,549		-0-
Total as of 12/31/15			93		14,424,995		14,248,745		98.8	%	$	78,734,000		100.0	%	$	5.53	(A)$	992,547,283	$	400,720,157
Leasing Activity Subsequent to 12/31/15
Style Crest, Inc.	(D)		na		na		106,507		0.7	%		361,000		0.5	%		3.39		na		na
Pro Forma Total			93		14,424,995		14,355,252		99.5	%	$	79,095,000		100.0	%	$	5.51	(A)$	992,547,283	$	400,720,157

(A) Does not include $839,471 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 March 31, 2021. The lease commenced 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.

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 12 of 21

Table of Content

Property Table by State

(unaudited)

		Property		Square		Occupied Square		% of Total			Annual		% of Total Ann.			Rent Per Sq. Ft.		Undepreciated		Mortgage
State		Count		Footage		Footage		Sq. Ft.			Rent		Rent			Occup.		Cost		Balance
Texas			9		1,379,468		1,379,468		9.6	%	$	10,474,000		13.3	%		7.59	$	127,441,095	$	61,010,435
Kentucky			2		1,158,440		1,158,440		8.0	%		4,179,000		5.3	%		3.61		54,719,716		36,086,643
Florida			10		1,137,293		1,137,293		7.9	%		7,565,000		9.6	%		6.65		102,305,646		43,976,788
Ohio			7		1,032,469		1,032,469		7.2	%		6,071,000		7.7	%		5.88		72,719,594		30,322,708
Indiana			2		999,176		999,176		6.9	%		4,184,000		5.3	%		4.19		61,430,574		36,631,959
Illinois			9		958,045		958,045		6.6	%		6,224,000		7.9	%		6.50		81,663,417		15,075,635
Mississippi			4		912,305		912,305		6.3	%		3,437,000		4.4	%		3.77		45,804,282		23,194,761
Tennessee			3		891,777		891,777		6.2	%		3,058,000		3.9	%		3.43		33,818,647		16,762,245
Missouri			5		804,397		804,397		5.6	%		3,079,000		3.9	%		3.83		39,179,174		9,586,553
North Carolina			3		585,224		478,717		4.1	%		2,548,000		3.2	%		5.32		44,474,565		20,780,000
South Carolina			3		571,115		571,115		4.0	%		3,552,000		4.5	%		6.22		36,368,552		9,466,677
Kansas			3		499,280		499,280		3.5	%		2,445,000		3.1	%		4.90		29,199,352		13,478,796
Michigan			3		489,571		489,571		3.4	%		3,472,000		4.4	%		7.09		41,248,198		16,899,462
Virginia			5		407,265		407,265		2.8	%		2,434,000		3.1	%		5.98		34,449,924		8,395,909
Pennsylvania			2		378,180		378,180		2.6	%		1,725,000		2.2	%		4.56		16,758,968		4,288,230
Georgia			3		307,662		307,662		2.1	%		1,743,000		2.2	%		5.67		22,148,187		7,842,018
Arizona			1		283,358		283,358		2.0	%		1,287,000		1.6	%		4.54		15,168,586		5,860,371
Wisconsin			2		238,666		238,666		1.7	%		1,369,000		1.7	%		5.74		15,943,672		3,480,418
New York			3		230,381		230,381		1.6	%		1,890,000		2.4	%		8.20		20,382,098		4,428,563
Oklahoma			2		204,580		204,580		1.4	%		1,305,000		1.7	%		6.38		16,342,450		6,771,761
Louisiana			1		175,315		175,315		1.2	%		1,258,000		1.6	%		7.18		18,410,000		12,890,000
Maryland			1		144,523		144,523		1.0	%		1,426,000		1.8	%		9.87		14,467,755		4,932,003
Colorado			2		138,235		138,235		1.0	%		1,208,000		1.5	%		8.74		13,549,166		2,816,595
New Jersey			2		124,538		114,220		0.9	%		1,102,000		1.4	%		9.65		7,717,024		2,009,119
Minnesota			2		119,823		60,398		0.8	%		372,000		0.5	%		6.16		10,377,126		2,789,293
Nebraska			1		89,115		89,115		0.6	%		446,000		0.6	%		5.00		5,937,281		-0-
Alabama			1		73,712		73,712		0.4	%		412,000		0.5	%		5.59		4,896,515		943,215
Connecticut			1		54,812		54,812		0.3	%		329,000		0.3	%		6.00		3,463,824		-0-
Iowa			1		36,270		36,270		0.3	%		140,000		0.2	%		3.86		2,161,895		-0-
Total as of 12/31/15			93		14,424,995		14,248,745		100.0	%	$	78,734,000		100.0	%	$	5.53	(A)$	992,547,283	$	400,720,157

Leasing Activity Subsequent to 12/31/15
North Carolina	(B)		na		na		106,507		0.7	%		361,000		0.5	%		3.39		na		na
Pro Forma Total			93		14,424,995		14,355,252		100.0	%	$	79,095,000		100.0	%	$	5.51	(A)$	992,547,283	$	400,720,157

	(A)	Does not include $839,471 of vacant land and corporate office leasehold improvements not associated with a specific tenant.

	(B)	Included in leasing activity subsequent to 12/31/15 is one property located in North Carolina that the Company has recently entered into a 5.25 year lease agreement that commenced on January 1, 2016.

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 13 of 21

Table of Content

Lease Expirations

(unaudited)

		Property		Square		% of Total Sq.			Annual		% of Total Ann.			Rent Per Sq. Ft.		Lease Exp. Term in		Undepreciated		Mortgage
Fiscal Year		Count		Footage		Ft.			Rent		Rent			Occup.		Years		Cost		Balance

2016			1		60,000		0.4	%	$	315,000		0.4	%		5.25		0.4	$	4,760,769	$	-0-
2017	(B)		13		1,539,526		10.7	%		8,798,000		11.2	%		5.71		1.4		105,340,743		23,107,214
2018	(B)		15		1,324,159		9.2	%		7,760,000		9.9	%		5.86		2.4		91,591,276		22,177,890
2019			8		1,310,849		9.1	%		6,772,000		8.6	%		5.17		3.4		76,577,961		26,433,087
2020			2		239,585		1.7	%		1,267,000		1.6	%		5.29		4.6		16,954,909		-0-
2021			6		578,185		4.0	%		2,974,000		3.8	%		5.14		5.5		35,501,603		8,605,575
2022			8		1,212,032		8.4	%		6,751,000		8.6	%		5.57		6.3		80,496,828		37,090,675
2023			11		1,917,312		13.3	%		10,031,000		12.7	%		5.23		7.5		127,487,552		56,149,319
2024			12		1,914,366		13.3	%		12,069,000		15.3	%		6.30		8.4		148,852,778		57,075,815
2025	(B)		9		2,404,478		16.7	%		11,989,000		15.2	%		4.99		9.5		157,264,501		90,757,426
2027			1		38,833		0.3	%		360,000		0.5	%		9.27		11.5		5,100,000		-0-
2029			2		262,613		1.8	%		1,513,000		1.9	%		5.76		13.5		21,950,000		10,102,916
2030			3		834,387		5.6	%		5,404,000		6.8	%		6.48		14.2		78,883,786		52,033,558
2034			1		558,600		3.9	%		2,166,000		2.8	%		3.88		17.8		26,719,716		17,186,682
Various tenants at retail shopping center			1		64,138		0.4	%		565,000		0.7	%		10.50		-0-		2,827,312		-0-
Vacant			2		165,932		1.2	%		-0-		0.0	%		-0-		-0-		12,237,549		-0-
Total as of 12/31/15			93		14,424,995		100.0	%	$	78,734,000		100.0	%	$	5.53		7.1	(A)$	992,547,283	$	400,720,157

Leasing Activity Subsequent to 12/31/15
2021	(C)		na		na		0.7	%		361,000		0.5	%		3.39		5.3		na		na
Pro Forma Total			93		14,424,995		100.0	%	$	79,095,000		100.0	%	$	5.51		7.1	(A)$	992,547,283	$	400,720,157

	(A)	Does not include $839,471 of 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 12/31/15 is one property located in North Carolina that the Company has recently entered into a 5.25 year lease agreement that commenced on January 1, 2016.

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 14 of 21

Table of Content

Recent Acquisitions During Fiscal 2016

(unaudited)

No	Tenant	City (MSA)	State	Fiscal Year Acquisition	Square Footage		Annual Rent		Rent Per Sq. Ft. Occup.		Lease Expiration	Purchase Price		Initial Mortgage Balance
1	FedEx Ground Package System, Inc.	Concord (Charlotte)	NC	2016		330,717	$	2,078,000	$	6.28	7/31/2025	$	31,975,897	$	20,780,000
2	FedEx Ground Package System, Inc.	Covington (New Orleans)	LA	2016		175,315		1,258,000		7.18	6/30/2025		18,410,000		12,890,000
	As of 12/31/15					506,032	$	3,336,000	$	6.59		$	50,385,897	$	33,670,000

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 15 of 21

Table of Content

Property Table

(unaudited)

					Fiscal Year				Square		Annual		Rent Per Sq. Ft.		Lease 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	$	2,651,000	$	3.95	9.6	$	37,484,574	$	23,684,852
2	Milwaukee Electric Tool Corporation		Olive Branch (Memphis, TN)	MS	2013		100.0	%		615,305		2,012,000		3.27	7.3		27,502,797		14,028,067
3	Jim Beam Brands Company		Frankfort	KY	2015		100.0	%		599,840		2,013,000		3.36	9.1		28,000,000		18,899,961
4	Ralcorp Holdings, Inc.		Buckner (Louisville)	KY	2014		100.0	%		558,600		2,166,000		3.88	17.8		26,719,716		17,186,682
5	FedEx Supply Chain Services, Inc.		Memphis	TN	2010		100.0	%		449,900		1,327,000		2.95	3.4		14,620,887		7,234,083
6	Woodstream Corporation	(B)	St. Joseph	MO	2001		100.0	%		256,000		896,000		3.50	1.8		8,823,781		112,773
	Altec Industries, Inc.	(B)	St. Joseph	MO	2001		100.0	%		126,880		349,000		2.75	2.2		4,373,287		55,893
7	CBOCS Distribution, Inc.		Lebanon (Nashville)	TN	2011		100.0	%		381,240		1,420,000		3.72	8.5		14,215,126		7,808,227
8	Best Buy Warehousing Logistics, Inc.		Streetsboro (Cleveland)	OH	2012		100.0	%		368,060		1,641,000		4.46	6.1		19,600,000		10,843,880
9	FedEx Ground Package System, Inc.		Concord (Charlotte)	NC	2016		100.0	%		330,717		2,078,000		6.28	10.0		31,975,897		20,780,000
10	FedEx Ground Package System, Inc.		Indianapolis	IN	2014		100.0	%		327,822		1,533,000		4.68	8.3		23,946,000		12,947,107
11	FedEx Ground Package System, Inc.		Fort Worth (Dallas)	TX	2015		100.0	%		304,608		2,362,000		7.75	14.3		35,300,832		24,386,989
12	Science Applications International		Hanahan (Charleston)	SC	2005		100.0	%		302,400		1,462,000		4.83	3.3		13,340,592		5,858,316
13	FedEx Ground Package System, Inc.		Jacksonville	FL	2015		100.0	%		297,579		1,992,000		6.69	14.0		30,645,954		19,237,935
14	Western Container Corp.		Tolleson (Phoenix)	AZ	2003		100.0	%		283,358		1,287,000		4.54	1.3		15,168,586		5,860,371
15	International Paper Company		Edwardsville (Kansas City)	KS	2014		100.0	%		280,000		1,326,000		4.74	7.7		18,294,108		11,169,757
16	NF&M International	(C)	Monaca (Pittsburgh)	PA	1988		100.0	%		174,802		832,000		4.76	9.0		3,958,293		-0-
	Datatel Resources Corp.	(C)	Monaca (Pittsburgh)	PA	1988		100.0	%		80,856		242,000		2.99	1.9		3,810,675		-0-
17	FedEx Ground Package System, Inc.		Orion	MI	2007		100.0	%		245,633		1,908,000		7.77	7.5		22,885,636		8,969,702
18	Anda Pharmaceuticals, Inc.		Olive Branch (Memphis, TN)	MS	2012		100.0	%		234,660		1,196,000		5.10	6.6		14,550,000		9,166,694
19	UGN, Inc.		Monroe (Cincinnati)	OH	2015		100.0	%		232,200		1,050,000		4.52	14.2		12,937,000		8,408,634
20	Caterpillar Logistics Services, Inc.		Griffin (Atlanta)	GA	2006		100.0	%		218,120		1,169,000		5.36	0.9		14,868,857		6,916,699
21	FedEx Ground Package System, Inc.		Sauget (St. Louis, MO.)	IL	2015		100.0	%		198,773		1,036,000		5.21	13.4		15,200,000		10,102,916
22	Anheuser-Busch, Inc.		Granite City (St. Louis, MO)	IL	2001		100.0	%		184,800		806,000		4.36	5.9		12,386,675		912,940
23	United Technologies Corporation		Carrollton (Dallas)	TX	2010		100.0	%		184,317		1,576,000		8.55	3.0		17,744,300		8,475,011
24	FedEx Ground Package System, Inc.		Spring (Houston)	TX	2014		100.0	%		181,176		1,581,000		8.73	8.8		19,227,521		9,553,334
25	Carlisle Tire & Wheel Company		Edwardsville (Kansas City)	KS	2003		100.0	%		179,280		787,000		4.39	2.4		7,225,401		773,697
26	FedEx Ground Package System, Inc.		Ft. Mill (Charlotte, NC)	SC	2010		100.0	%		176,939		1,415,000		8.00	7.8		15,413,307		2,336,277
27	FedEx Ground Package System, Inc.		Covington (New Orleans)	LA	2016		100.0	%		175,315		1,258,000		7.18	9.6		18,410,000		12,890,000
28	FedEx Ground Package System, Inc.		Livonia (Detroit)	MI	2013		100.0	%		172,005		1,194,000		6.94	6.3		13,762,030		7,929,760
29	Home Depot USA, Inc.		Montgomery (Chicago)	IL	2004		100.0	%		171,200		978,000		5.71	4.5		11,298,367		-0-
30	FedEx Ground Package System, Inc.		Tampa	FL	2004		100.0	%		170,779		1,493,000		8.74	8.5		18,458,273		7,146,956
31	FedEx Ground Package System, Inc.		Lindale (Tyler)	TX	2015		100.0	%		163,378		725,000		4.44	8.5		9,930,000		6,638,978
32	Bunzl Distribution Midcentral, Inc.		Kansas City	MO	2015		100.0	%		158,417		741,000		4.68	5.8		9,600,000		7,070,233
33	FedEx Ground Package System, Inc.		Oklahoma City	OK	2012		100.0	%		158,340		1,048,000		6.62	9.5		12,594,419		4,749,965
34	FedEx Ground Package System, Inc.		Waco	TX	2012		100.0	%		150,710		1,078,000		7.15	9.7		12,546,159		4,998,410
35	Victory Packaging, L.P.		Fayetteville	NC	1997		100.0	%		148,000		470,000		3.18	5.2		5,418,245		-0-
36	FedEx Ground Package System, Inc.		Beltsville (Washington, DC)	MD	2001		100.0	%		144,523		1,426,000		9.87	2.6		14,467,755		4,932,003
37	FedEx Ground Package System, Inc.		El Paso	TX	2006		100.0	%		144,149		1,345,000		9.33	7.8		12,406,193		3,525,019
38	FedEx Ground Package System, Inc.		Cocoa	FL	2008		100.0	%		144,138		1,112,000		7.71	8.8		14,089,843		5,290,840
39	FedEx Ground Package System, Inc.		Cudahy (Milwaukee)	WI	2001		100.0	%		139,564		901,000		6.46	1.5		9,373,672		-0-
40	FedEx Ground Package System, Inc.		Richfield (Cleveland)	OH	2006		100.0	%		131,152		1,490,000		11.36	8.8		16,435,478		3,332,300
41	FedEx Ground Package System, Inc.		Wheeling (Chicago)	IL	2003		100.0	%		123,000		1,386,000		11.27	1.4		18,537,652		3,335,640
42	FedEx Ground Package System, Inc.		Altoona	PA	2014		100.0	%		122,522		651,000		5.31	7.7		8,990,000		4,288,230
43	FedEx Ground Package System, Inc.		Edinburg	TX	2011		100.0	%		113,582		598,000		5.26	5.7		7,438,483		-0-
44	FedEx Corporation		Mechanicsville (Richmond)	VA	2001		100.0	%		112,799		541,000		4.80	7.3		7,739,671		-0-
45	FedEx Corporation		Orlando	FL	2008		100.0	%		110,638		666,000		6.02	1.9		8,541,237		4,515,230
46	Vacant	(D)	Winston-Salem	NC	2002		0.0	%		106,507		-0-		na	na		7,080,423		-0-
47	FedEx Ground Package System, Inc.		Cheektowaga (Buffalo)	NY	2000		100.0	%		104,981		966,000		9.20	3.7		10,960,823		567,071
48	FedEx Ground Package System, Inc.		West Chester Twp (Cincinnati)	OH	1999		100.0	%		103,818		532,000		5.12	7.7		5,728,690		2,248,043
49	FedEx Ground Package System, Inc.		Roanoke	VA	2013		100.0	%		103,402		755,000		7.30	7.3		10,200,000		5,650,790
50	Pittsburgh Glass Works LLC.		O’ Fallon (St. Louis)	MO	1994		100.0	%		102,135		427,000		4.18	2.5		4,245,913		-0-
51	FedEx Ground Package System, Inc.		Green Bay	WI	2013		100.0	%		99,102		468,000		4.72	7.4		6,570,000		3,480,418
52	Holland 1916 Inc.		Liberty (Kansas City)	MO	1998		100.0	%		95,898		341,000		3.56	3.5		7,378,719		-0-
53	FedEx Corporation		Jacksonville	FL	1999		100.0	%		95,883		518,000		5.40	3.4		6,229,421		1,628,235
54	FedEx Corporation		Tampa	FL	2006		100.0	%		95,662		603,000		6.30	1.8		7,571,132		4,075,725
55	FedEx Ground Package System, Inc.		Hanahan (Charleston)	SC	2005		100.0	%		91,776		675,000		7.35	2.6		7,614,653		1,272,084
56	National Oilwell Varco, Inc.		Houston	TX	2010		100.0	%		91,295		746,000		8.17	6.8		8,083,107		3,432,694
57	FedEx Corporation		Omaha	NE	1999		100.0	%		89,115		446,000		5.00	7.8		5,937,281		-0-
58	Joseph T. Ryerson and Son, Inc.		Elgin (Chicago)	IL	2002		100.0	%		89,052		506,000		5.68	1.1		6,928,956		724,139

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 16 of 21

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Property Table

(unaudited)

					Fiscal Year			Square		Annual		Rent Per Sq. Ft.	Lease Exp. Term in		Undepreciated		Mortgage
No	Tenant		City (MSA)	State	Acquisition	Occup.		Footage		Rent		Occup.	Years		Cost		Balance
59	FedEx Ground Package System, Inc.		Ft. Myers	FL	2003	100.0	%	87,500		433,000		4.95	0.8		5,017,447		-0-
60	CHEP USA, Inc.		Roanoke	VA	2007	100.0	%	83,000		494,000		5.95	9.2		7,405,447		2,745,119
61	FedEx Corporation		Bedford Heights (Cleveland)	OH	2007	100.0	%	82,269		408,000		4.96	2.7		6,816,001		2,819,480
62	RGH Enterprises, Inc.		Halfmoon (Albany)	NY	2012	100.0	%	75,000		596,000		7.95	5.9		5,525,600		3,861,492
63	FedEx Ground Package System, Inc.		Huntsville	AL	2005	100.0	%	73,712		412,000		5.59	6.7		4,896,515		943,215
64	FedEx Corporation		Schaumburg (Chicago)	IL	1997	100.0	%	73,500		515,000		7.01	1.2		4,967,639		-0-
65	FedEx Corporation		Romulus (Detroit)	MI	1998	100.0	%	71,933		370,000		5.14	5.4		4,600,532		-0-
66	FedEx Ground Package System, Inc.		Denver	CO	2005	100.0	%	69,865		564,000		8.07	2.6		6,354,051		1,282,289
67	Tampa Bay Grand Prix		Tampa	FL	2005	100.0	%	68,385		289,000		4.23	4.8		5,656,542		-0-
68	FedEx Ground Package System, Inc.		Colorado Springs	CO	2006	100.0	%	68,370		644,000		9.42	2.8		7,195,115		1,534,306
69	Sherwin-Williams Company		Rockford	IL	2011	100.0	%	66,387		477,000		7.19	8.0		5,551,227		-0-
70	Kellogg Sales Company		Kansas City	MO	2007	100.0	%	65,067		325,000		4.99	2.6		4,757,474		2,347,654
71	Various Tenants at Retail Shopping Center		Somerset	NJ	1970	84.0	%	64,138		565,000		10.50	na		2,827,312		-0-
72	The American Bottling Company		Cincinnati	OH	2015	100.0	%	63,840		477,000		7.47	13.8		6,750,000		-0-
73	FedEx Corporation		Chattanooga	TN	2007	100.0	%	60,637		311,000		5.13	1.8		4,982,634		1,719,935
74	SOFIVE, Inc.		Carlstadt (New York, NY)	NJ	2001	100.0	%	60,400		537,000		8.89	9.1		4,889,712		2,009,119
75	FedEx Ground Package System, Inc.		Stewartville (Rochester)	MN	2013	100.0	%	60,398		372,000		6.16	7.4		5,220,000		2,789,293
76	United Technologies Corporation		Richmond	VA	2004	100.0	%	60,000		315,000		5.25	0.4		4,760,769		-0-
77	Vacant		White Bear Lake (Minneapolis/St. Paul)	MN	2001	0.0	%	59,425		-0-		na	na		5,157,126		-0-
78	FedEx Ground Package System, Inc.		Augusta	GA	2005	100.0	%	59,358		453,000		7.63	2.5		5,328,873		925,319
79	Kellogg Sales Company		Newington (Hartford)	CT	2001	100.0	%	54,812		329,000		6.00	1.2		3,463,824		-0-
80	Siemens Real Estate		Lebanon (Cincinnati)	OH	2012	100.0	%	51,130		473,000		9.25	3.3		4,452,425		2,670,371
81	Kellogg Sales Company		Orangeburg (New York)	NY	1993	100.0	%	50,400		328,000		6.51	2.2		3,895,675		-0-
82	FedEx Corporation		Charlottesville	VA	1999	100.0	%	48,064		329,000		6.85	1.7		4,344,037		-0-
83	FedEx Ground Package System, Inc.		Corpus Christi	TX	2012	100.0	%	46,253		463,000		10.01	5.7		4,764,500		-0-
84	The American Bottling Company		Tulsa	OK	2014	100.0	%	46,240		257,000		5.56	8.2		3,748,031		2,021,796
85	The Coca-Cola Company		Topeka	KS	2009	100.0	%	40,000		332,000		8.30	5.8		3,679,843		1,535,342
86	B/E Aerospace, Inc.		Rockford	IL	2015	100.0	%	38,833		360,000		9.27	11.5		5,100,000		-0-
87	Keystone Automotive Industries MN, Inc.		Urbandale (Des Moines)	IA	1994	100.0	%	36,270		140,000		3.86	1.2		2,161,895		-0-
88	FedEx Corporation		Richland (Jackson)	MS	1994	100.0	%	36,000		120,000		3.33	8.3		1,900,691		-0-
89	FedEx Corporation		Punta Gorda	FL	2007	100.0	%	34,624		304,000		8.78	1.5		4,113,265		2,081,867
90	FedEx Corporation		Lakeland	FL	2006	100.0	%	32,105		155,000		4.83	1.9		1,982,532		-0-
91	FedEx Corporation		Augusta	GA	2006	100.0	%	30,184		121,000		4.01	6.9		1,950,457		-0-
92	Graybar Electric Company		Ridgeland (Jackson)	MS	1993	100.0	%	26,340		109,000		4.14	3.6		1,850,794		-0-
93	Sherwin-Williams Company		Burr Ridge (Chicago)	IL	1997	100.0	%	12,500		160,000		12.80	5.8		1,692,901		-0-
	Total as of 12/31/15					98.8	%	14,424,995	$	78,734,000	$	5.53	7.1	(A)$	992,547,283	$	400,720,157

	Leasing Activity Subsequent to 12/31/15
	Style Crest, Inc.	(D)	Winston-Salem	NC	2002	100.0	%	na		361,000		3.39	5.3		na		na
	Pro Forma Total					99.5	%	14,424,995	$	79,095,000	$	5.51	7.1	(A)$	992,547,283	$	400,720,157

	(A)	Does not include $839,471 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 March 31, 2021. The lease commenced 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.

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 17 of 21

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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.

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 18 of 21

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FOR IMMEDIATE RELEASE	February 3, 2016

	Contact: Susan Jordan
	732-577-9996

MONMOUTH REAL ESTATE INVESTMENT CORPORATION REPORTS RESULTS FOR

THE FIRST QUARTER ENDED DECEMBER 31, 2015

FREEHOLD, NJ, February 3, 2016 Monmouth Real Estate Investment Corporation (NYSE:MNR) reported Core Funds from Operations (Core FFO) of $11,012,000 or $0.17 per diluted share for the three months ended December 31, 2015 as compared to $8,634,000 or $0.15 per diluted share for the three months ended December 31, 2014. Adjusted Funds from Operations (AFFO), for the three months ended December 31, 2015 was $10,725,000 or $0.17 per diluted share versus $7,795,000 or $0.14 per diluted share for the three months ended December 31, 2014 representing an increase in AFFO per share of 21.4%.

A summary of significant financial information for the three months ended December 31, 2015 and 2014 is as follows:

	Three Months Ended December 31,
	2015		2014
Rental Revenue	$	19,065,000	$	15,430,000
Reimbursement Revenue	$	3,194,000	$	2,247,000
Lease Termination Income	$	-0-	$	239,000
Net Operating Income (NOI) (1)	$	18,656,000	$	14,687,000
Total Expenses	$	11,167,000	$	9,583,000
Interest and Dividend Income	$	1,185,000	$	1,035,000
Gain on Sale of Securities Transactions, net	$	8,000	$	377,000
Net Income	$	6,939,000	$	5,424,000
Net Income Attributable to Common Shareholders	$	4,787,000	$	3,272,000
Net Income Attributable to Common Shareholders Per Diluted Common Share	$	0.08	$	0.06
Core FFO (1)	$	11,012,000	$	8,634,000
Core FFO per Diluted Common Share (1)	$	0.17	$	0.15
AFFO (1)	$	10,725,000	$	7,795,000
AFFO per Diluted Common Share (1)	$	0.17	$	0.14

Weighted Avg. Diluted Common Shares Outstanding		62,949,000		57,446,000

A summary of significant balance sheet information as of December 31, 2015 and September 30, 2015 is as follows:

	December 31, 2015		September 30, 2015
Net Real Estate Investments	$	862,813,000	$	816,801,000
Securities Available for Sale at Fair Value	$	61,033,000	$	54,541,000
Total Assets	$	972,370,000	$	915,992,000
Mortgage Notes Payable	$	400,720,000	$	373,991,000
Loans Payable	$	99,980,000	$	85,041,000
Total Shareholders’ Equity	$	458,387,000	$	446,011,000

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 19 of 21

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Michael P. Landy, President and CEO, commented on the results for the first quarter of fiscal 2016,

“This was a record quarter for Monmouth and represents an excellent start to fiscal 2016. We are pleased to report continued strength across multiple fronts. During the quarter we:

	●	Increased our occupancy rate 250 basis points to 98.8% over the prior year period and 110 basis points over the prior quarter. Subsequent to quarter end, we increased our occupancy rate an additional 70 basis points to 99.5% effective January 1, 2016.

	●	Increased our per share AFFO to $0.17, representing a 21% increase over the prior year period and a 13% increase sequentially

	●	Increased our Net Operating Income (NOI) 27% over the prior year period

	●	Increased our Same Property NOI 3.9% on a GAAP basis and 5.5% on a Cash basis over the prior year period

	●	Increased our quarterly common stock dividend 6.7% to $0.16 per share

	●	Acquired two new Class A built-to-suit properties containing a total of 506,000 square feet, for an aggregate cost of $50.4 million

	●	Grew our acquisition pipeline to nine new Class A build-to-suit properties, representing 2.2 million square feet, for a total purchase price of approximately $248.6 million. These properties are all net-leased to investment grade tenants or their subsidiaries. These acquisitions are expected to generate annualized rental revenue of approximately $16.5 million and will benefit from an average lease term of approximately 13.4 years. Subject to satisfactory due diligence, we anticipate closing these transactions upon completion of construction and occupancy over the next several quarters.

	●	Entered into agreements to expand four of our properties by approximately 312,000 square feet at a cost of approximately $18.4 million. Upon completion, the expansions will result in a new ten year lease extension for three buildings and a new twelve year lease extension for one building being expanded. These expansions will result in increased annual rent of approximately $1.7 million.

	●	Renewed two of the three leases scheduled to expire this fiscal year totaling 326,000 square feet. These lease renewals resulted in a 4.8% increase in rents on a GAAP basis and represent a weighted average lease term of 4.4 years. The last remaining lease renewal is under discussion.

	●	Increased our gross leasable area (GLA) 16% to 14.4 million square feet over the prior year period. Our GLA is expected to grow to 17.0 million square feet upon the completion of the above acquisitions and expansions.”

Mr. Landy stated, “On October 1^st, following 24 consecutive years of maintaining or increasing our common stock dividend, we announced a 6.7% dividend increase. This long-term track record of dividends and profitability makes Monmouth not only one of the few REITs that maintained its cash dividend throughout the Global Financial Crisis, but also one of the very few REITs that is paying out a higher cash dividend today than prior to the Global Financial Crisis. This consistent long-term performance underscores the high-quality of our business model, our tenant base, and our property portfolio.”

“We’ve put together a high-quality industrial property portfolio that has and will continue to benefit from the opportunities presented by e-commerce and the evolving global supply chain. While our strong showing this quarter bears this out, we remain very confident that the best is yet to come.”

Monmouth Real Estate Investment Corporation will host its First Quarter FY 2016 Financial Results Webcast and Conference Call on Thursday, February 4, 2016 at 10:00 a.m. Eastern Time. Senior management will discuss the results, current market conditions and future outlook.

The Company’s First Quarter FY 2016 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).

The replay of the conference call will be available at 12:00 p.m. Eastern Time on Thursday, February 4, 2016. It will be available until April 30, 2016, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10077955. 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 is one of the oldest public equity REITs in the U.S. 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 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.

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 20 of 21

Table of Content

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 months ended December 31, 2015 and 2014:

	Three Months Ended
	12/31/2015			12/31/2014
Net Income Attributable to Common Shareholders	$	4,787,000		$	3,272,000
Plus: Depreciation Expense (excluding Corporate Office)		5,567,000			4,484,000
Plus: Amortization of Intangible Assets		323,000			347,000
Plus: Amortization of Capitalized Lease Costs		189,000			139,000
FFO Attributable to Common Shareholders		10,866,000			8,242,000
Plus: Acquisition Costs		146,000			392,000
Core FFO Attributable to Common Shareholders		11,012,000			8,634,000
Plus: Stock Compensation Expense		105,000			90,000
Plus: Depreciation of Corporate Office Tenant Improvements		28,000			-0-
Plus: Amortization of Financing Costs		234,000			193,000
Less: Lease Termination Income		-0-			(239,000	)
Less: Gain on Sale of Securities Transactions, net		(8,000	)		(377,000	)
Less: U.S. GAAP Straight-line Rent Adjustment		(310,000	)		(332,000	)
Less: Recurring Capital Expenditures		(336,000	)		(174,000	)
AFFO Attributable to Common Shareholders	$	10,725,000		$	7,795,000

The following are the Cash Flows provided (used) by Operating, Investing and Financing Activities for the three months ended December 31, 2015 and 2014:

	Three Months Ended
	12/31/2015			12/31/2014

Operating Activities	$	11,637,000		$	8,365,000
Investing Activities		(55,597,000	)		(62,093,000	)
Financing Activities		44,813,000			48,554,000

# # # # #

First Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 21 of 21

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