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	9
Capital Structure and Leverage Ratios	10
Debt Maturity	12
Property Table by Tenant	13
Property Table by State	14
Lease Expirations	15
Recent Acquisitions	16
Property Table	17
Definitions	19
Press Release Dated August 3, 2016	20

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 19 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.

Consolidated Balance Sheets
	June 30, 2016			September 30, 2015
	(unaudited)
ASSETS
Real Estate Investments:
Land	$	156,625,315		$	134,160,315
Buildings and Improvements		941,092,442			806,849,590
Total Real Estate Investments		1,097,717,757			941,009,905
Accumulated Depreciation		(142,289,055	)		(124,898,639	)
Net Real Estate Investments		955,428,702			816,111,266
Cash and Cash Equivalents		6,886,958			12,073,909
Securities Available for Sale at Fair Value		82,638,519			54,541,237
Tenant and Other Receivables		1,577,575			783,052
Deferred Rent Receivable		5,723,224			5,205,295
Prepaid Expenses		5,791,407			3,931,616
Financing Costs, net of Accumulated Amortization of $3,960,515 and $3,247,014, respectively		6,478,617			5,987,911
Capitalized Lease Costs, net of Accumulated Amortization of $3,114,165 and $2,534,521, respectively		4,184,633			3,407,432
Intangible Assets, net of Accumulated Amortization of $12,069,062 and $11,153,855, respectively		6,079,691			6,115,134
Other Assets		8,244,478			7,835,090
TOTAL ASSETS	$	1,083,033,804		$	915,991,942
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Mortgage Notes Payable	$	440,352,826		$	373,991,174
Loans Payable		125,854,169			85,041,386
Accounts Payable and Accrued Expenses		5,633,583			3,113,274
Other Liabilities		9,942,426			7,835,468
Total Liabilities		581,783,004			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 June 30, 2016 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 June 30, 2016  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 June 30, 2016 and September 30, 2015; 67,228,175 and 62,123,454 Shares Issued and Outstanding as of June 30, 2016 and September 30, 2015, respectively		672,282			621,235
Excess Stock – $0.01 Par Value Per Share: 200,000,000 Shares Authorized as of June 30, 2016 and September 30, 2015; No Shares Issued or Outstanding as of June 30, 2016 and September 30, 2015		-0-			-0-
Additional Paid-In Capital		377,695,791			339,837,258
Accumulated Other Comprehensive Income (Loss)		11,888,977			(5,441,603	)
Undistributed Income		-0-			-0-
Total Shareholders’ Equity		501,250,800			446,010,640
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY	$	1,083,033,804		$	915,991,942

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 3 of 22

Consolidated Statements of Income
(unaudited)
	Three Months Ended						Nine Months Ended
	6/30/2016			6/30/2015			6/30/2016			6/30/2015
INCOME:
Rental Revenue	$	20,789,914		$	17,256,131		$	59,465,701		$	48,891,870
Reimbursement Revenue		3,324,085			3,416,151			9,874,498			8,316,538
Lease Termination Income		-0-			-0-			-0-			238,625
TOTAL INCOME		24,113,999			20,672,282			69,340,199			57,447,033
EXPENSES:
Real Estate Taxes		2,633,706			2,629,105			7,681,519			6,569,299
Operating Expenses		981,766			1,083,276			3,316,489			3,085,138
General & Administrative Expenses		1,542,432			1,606,503			5,099,841			4,414,813
Acquisition Costs		135,358			440,705			545,955			1,303,389
Depreciation		6,096,880			5,099,045			17,478,374			14,369,261
Amortization of Capitalized Lease Costs and Intangible Assets		445,404			492,468			1,418,375			1,497,783
TOTAL EXPENSES		11,835,546			11,351,102			35,540,553			31,239,683
OTHER INCOME (EXPENSE):
Dividend and Interest Income		1,486,134			872,778			4,050,455			2,871,183
Gain on Sale of Securities Transactions, net		272,067			-0-			1,159,409			377,087
Interest Expense		(5,564,896	)		(4,805,681	)		(15,994,112	)		(13,429,179	)
Amortization of Financing Costs		(240,463	)		(212,419	)		(713,501	)		(608,251	)
TOTAL OTHER INCOME (EXPENSE)		(4,047,158	)		(4,145,322	)		(11,497,749	)		(10,789,160	)
NET INCOME		8,231,295			5,175,858			22,301,897			15,418,190
Less: Preferred Dividends		2,151,758			2,151,758			6,455,274			6,455,274
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	6,079,537		$	3,024,100		$	15,846,623		$	8,962,916

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 4 of 22

NOI, EBITDA, FFO, Core FFO and AFFO Reconciliations
(unaudited)
	Three Months Ended						Nine Months Ended
	6/30/2016			6/30/2015			6/30/2016			6/30/2015
Revenues
Rental Revenue	$	20,789,914		$	17,256,131		$	59,465,701		$	48,891,870
Reimbursement Revenue		3,324,085			3,416,151			9,874,498			8,316,538
Total Rental and Reimbursement Revenue		24,113,999			20,672,282			69,340,199			57,208,408
Expenses
Real Estate Taxes		2,633,706			2,629,105			7,681,519			6,569,299
Operating Expenses		981,766			1,083,276			3,316,489			3,085,138
Total Expenses		3,615,472			3,712,381			10,998,008			9,654,437
Net Operating Income - NOI		20,498,527			16,959,901			58,342,191			47,553,971
Lease Termination Income		-0-			-0-			-0-			238,625
Dividend and Interest Income		1,486,134			872,778			4,050,455			2,871,183
Net Amortization of Acquired Above and Below Market Lease Revenue		25,492			25,492			76,476			34,259
General & Administrative Expenses		(1,542,432	)		(1,606,503	)		(5,099,841	)		(4,414,813	)
EBITDA		20,467,721			16,251,668			57,369,281			46,283,225
Interest Expense		(5,564,896	)		(4,805,681	)		(15,994,112	)		(13,429,179	)
Gain on Sale of Securities Transactions, net		272,067			-0-			1,159,409			377,087
Acquisition Costs		(135,358	)		(440,705	)		(545,955	)		(1,303,389	)
Preferred Dividends		(2,151,758	)		(2,151,758	)		(6,455,274	)		(6,455,274	)
Depreciation of Corporate Office Tenant Improvements		(30,868	)		(37,899	)		(87,957	)		(71,410	)
Amortization of Financing Costs		(240,463	)		(212,419	)		(713,501	)		(608,251	)
Funds From Operations – FFO		12,616,445			8,603,206			34,731,891			24,792,809
Depreciation (excluding corporate office)		(6,066,012	)		(5,061,146	)		(17,390,417	)		(14,297,851	)
Amortization of Capitalized Lease Costs and Intangible Assets		(470,896	)		(517,960	)		(1,494,851	)		(1,532,042	)
Net Income Attributable to Common Shareholders		6,079,537			3,024,100			15,846,623			8,962,916
Funds From Operations – FFO		12,616,445			8,603,206			34,731,891			24,792,809
Acquisition Costs		135,358			440,705			545,955			1,303,389
Core Funds From Operations - Core FFO		12,751,803			9,043,911			35,277,846			26,096,198
Stock Compensation Expense		99,760			96,673			306,688			283,578
Depreciation of Corporate Office Tenant Improvements		30,868			37,899			87,957			71,410
Amortization of Financing Costs		240,463			212,419			713,501			608,251
Non-recurring other expense (1)		100,000			-0-			500,000			-0-
Lease Termination Income		-0-			-0-			-0-			(238,625	)
Gain on Sale of Securities Transactions, net		(272,067	)		-0-			(1,159,409	)		(377,087	)
U.S. GAAP Straight-lined Rent Adjustment		(350,217	)		(300,506	)		(1,172,053	)		(1,164,132	)
Recurring Capital Expenditures		(169,492	)		(206,071	)		(653,544	)		(461,868	)
Adjusted Funds From Operations – AFFO		12,431,118			8,884,325			33,900,986			24,817,725
EBITDA		20,467,721			16,251,668			57,369,281			46,283,225
Stock Compensation Expense		99,760			96,673			306,688			283,578
Non-recurring other expense (1)		100,000			-0-			500,000			-0-
Lease Termination Income		-0-			-0-			-0-			(238,625	)
U.S. GAAP Straight-lined Rent Adjustment		(350,217	)		(300,506	)		(1,172,053	)		(1,164,132	)
Recurring Capital Expenditures		(169,492	)		(206,071	)		(653,544	)		(461,868	)
Interest Expense		(5,564,896	)		(4,805,681	)		(15,994,112	)		(13,429,179	)
Preferred Dividends		(2,151,758	)		(2,151,758	)		(6,455,274	)		(6,455,274	)
Adjusted Funds From Operations – AFFO	$	12,431,118		$	8,884,325		$	33,900,986		$	24,817,725

(1) Consists of one-time payroll expenditures.

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 5 of 22

Financial Highlights
(unaudited)
	Three Months Ended				Nine Months Ended
	6/30/2016		6/30/2015		6/30/2016		6/30/2015
Weighted Average Common Shares Outstanding
Basic		66,337,101		59,539,781		64,613,953		58,375,573
Diluted		66,462,209		59,637,749		64,703,203		58,503,574
Net Operating Income – NOI	$	20,498,527	$	16,959,901	$	58,342,191	$	47,553,971
Basic	$	0.31	$	0.28	$	0.90	$	0.81
Diluted		0.31		0.28		0.90		0.81
Net Income Attributable to Common Shareholders	$	6,079,537	$	3,024,100	$	15,846,623	$	8,962,916
Basic	$	0.09	$	0.05	$	0.25	$	0.15
Diluted		0.09		0.05		0.24		0.15
Funds From Operations – FFO	$	12,616,445	$	8,603,206	$	34,731,891	$	24,792,809
Basic	$	0.19	$	0.14	$	0.54	$	0.42
Diluted		0.19		0.14		0.54		0.42
Core Funds From Operations - Core FFO	$	12,751,803	$	9,043,911	$	35,277,846	$	26,096,198
Basic	$	0.19	$	0.15	$	0.55	$	0.45
Diluted		0.19		0.15		0.55		0.45
Core FFO Excluding Gains on Securities Transactions and Lease Termination Income, net	$	12,479,736	$	9,043,911	$	34,118,437	$	25,480,486
Basic	$	0.19	$	0.15	$	0.53	$	0.44
Diluted		0.19		0.15		0.53		0.44
Adjusted Funds From Operations - AFFO	$	12,431,118	$	8,884,325	$	33,900,986	$	24,817,725
Basic	$	0.19	$	0.15	$	0.52	$	0.43
Diluted		0.19		0.15		0.52		0.42
Dividends Declared per Common Share	$	0.16	$	0.15	$	0.48	$	0.45

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 6 of 22

Same Property Statistics

	Three Months Ended
		6/30/2016				6/30/2015			Change	Change %
Total Square Feet / Total Properties		15,124,162/97				13,623,971/90			1,500,191	11.0%
Occupancy Percentage at Quarter End		99.6	%			97.6	%		200 bps	2.0%
Same Property Square Feet / Number of Same Properties				12,425,962/85
Same Property Occupancy Percentage at Quarter End		99.5	%			97.4	%		210 bps	2.2%
Same Property Net Operating Income (NOI) (GAAP)	$	16,207,562			$	15,826,021		$	381,541	2.4%
Reversal of U.S. GAAP Straight-Line Rent Adjustment		(241,533	)			(280,051	)		38,518
Same Property Cash NOI (Cash)	$	15,966,029			$	15,545,970		$	420,059	2.7%

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

The 2.4% increase, amounting to $381,541 in Same Property NOI (GAAP), consists of 53% or $201,047 generated by increased NOI from occupied properties and the remaining 47% or $180,494 attributable to increased NOI from filling previously vacant properties.

The 2.7% increase, amounting to $420,059 in Same Property Cash NOI, consists of 81% or $341,065 generated by increased NOI from occupied properties and the remaining 19% or $78,994 attributable to increased NOI from filling previously vacant properties.

Reconciliation of Same Property NOI to Total NOI	Three Months Ended
	6/30/2016		6/30/2015		Change		Change %
Same Property NOI (GAAP)	$	16,207,562	$	15,826,021	$	381,541		2.4	%
NOI of properties purchased subsequent to April 1, 2015 (nine properties for fiscal 2016 and one properties for fiscal 2015)		3,430,459		402,885
NOI of properties expanded subsequent to April 1, 2015 (three properties for fiscal 2016 and 2015)		860,506		597,261
NOI of property sold subsequent to April 1, 2015 (one property for fiscal 2015)		-0-		133,734
Total NOI	$	20,498,527	$	16,959,901	$	3,538,626		20.9	%

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 7 of 22

Same Property Statistics

		Nine Months Ended
		6/30/2016				6/30/2015			Change	Change %
Total Square Feet / Total Properties		15,124,162/97				13,623,971/90			1,500,191	11.0%
Occupancy Percentage at Quarter End		99.6	%			97.6	%		200 bps	2.0%
Same Property Square Feet / Number of Same Properties				10,481,284/77
Same Property Occupancy Percentage at Quarter End		99.4	%			96.9	%		250 bps	2.6%
Same Property Net Operating Income (NOI) (GAAP)	$	41,456,269			$	40,187,908		$	1,268,361	3.2%
Reversal of U.S. GAAP Straight-Line Rent Adjustment		(634,800	)			(838,135	)		203,335
Same Property Cash NOI (Cash)	$	40,821,469			$	39,349,773		$	1,471,696	3.7%

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

The 3.2% increase, amounting to $1,268,361 in Same Property NOI (GAAP), consists of 31% or $390,708 derived from increased NOI from occupied properties and the remaining 69% or $877,653 attributable to increased NOI from filling previously vacant properties.

The 3.7% increase, amounting to $1,471,696 in Same Property Cash NOI, consists of 52% or $763,730 derived from increased NOI from occupied properties and the remaining 48% or $707,966 attributable to increased NOI from filling previously vacant properties.

Reconciliation of Same Property NOI to Total NOI	Nine Months Ended
	6/30/2016		6/30/2015		Change		Change %
Same Property NOI (GAAP)	$	41,456,269	$	40,187,908	$	1,268,361		3.2	%
NOI of properties purchased subsequent to October 1, 2014 (sixteen properties for fiscal 2016 and eight properties for fiscal 2015)		13,581,849		4,540,212
NOI of properties expanded subsequent to October 1, 2014 (four properties for fiscal 2016 and 2015)		3,304,073		2,428,309
NOI of property sold subsequent to October 1, 2014 (one property for fiscal 2015)		-0-		397,542
Total NOI	$	58,342,191	$	47,553,971	$	10,788,220		22.7	%

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 8 of 22

Consolidated Statements of Cash Flows
(unaudited)
	Nine Months Ended
	6/30/2016			6/30/2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	22,301,897		$	15,418,190
Noncash Items Included in Net Income:
Depreciation & Amortization		19,610,250			16,475,295
Stock Based Compensation Expense		306,688			283,578
Gain on Sale of Securities Transactions, net		(1,159,409	)		(377,087	)
Changes In:
Tenant, Deferred Rent and Other Receivables		(1,235,976	)		(503,725	)
Prepaid Expenses		(1,859,791	)		(1,870,448	)
Other Assets and Capitalized Lease Costs		(2,293,188	)		(1,422,882	)
Accounts Payable, Accrued Expenses and Other Liabilities		7,676,175			279,066
NET CASH PROVIDED BY OPERATING ACTIVITIES		43,346,646			28,281,987
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Real Estate and Intangible Assets		(141,230,341	)		(150,086,653	)
Capital and Land Site Improvements		(19,517,185	)		(9,545,564	)
Return of Deposits on Real Estate		1,650,000			2,500,000
Deposits Paid on Acquisitions of Real Estate		(1,100,000	)		(2,800,000	)
Proceeds from Sale of Securities Available for Sale		8,165,701			9,584,723
Purchase of Securities Available for Sale		(17,772,994	)		(1,402,298	)
NET CASH USED IN INVESTING ACTIVITIES		(169,804,819	)		(151,749,792	)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Proceeds from Loans Payable		40,812,783			39,901,892
Proceeds from Mortgage Notes Payable		92,971,000			97,473,058
Principal Payments on Mortgage Notes Payable		(26,609,348	)		(20,202,810	)
Financing Costs Paid on Debt		(1,204,207	)		(1,633,609	)
Proceeds from the Exercise of Stock Options		1,412,050			612,409
Proceeds from Issuance of Common Stock in the DRIP,
net of Dividend Reinvestments		45,132,315			27,402,004
Preferred Dividends Paid		(6,455,274	)		(6,455,274	)
Common Dividends Paid, net of Reinvestments		(24,788,097	)		(20,052,747	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		121,271,222			117,044,923
NET DECREASE IN CASH AND CASH EQUIVALENTS		(5,186,951	)		(6,422,882	)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		12,073,909			20,474,661
CASH AND CASH EQUIVALENTS - END OF PERIOD	$	6,886,958		$	14,051,779

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 9 of 22

Capital Structure and Leverage Ratios	As of			As of			As of
(unaudited)	6/30/2016			6/30/2015			9/30/2015
Mortgage Notes Payable	$	440,352,826		$	365,066,254		$	373,991,174
Loans Payable		125,854,169			65,101,892			85,041,386
Total Debt		566,206,995			430,168,146			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		390,257,050			324,194,026			335,016,890
Total Shareholders’ Equity		501,250,800			435,187,776			446,010,640
Total Book Capitalization		1,067,457,795			865,355,922			905,043,200
Accumulated Depreciation		142,289,055			121,302,035			124,898,639
Total Undepreciated Book Capitalization	$	1,209,746,850		$	986,657,957		$	1,029,941,839
Shares Outstanding		67,228,175			60,434,435			62,123,454
Market Price Per Share	$	13.26		$	9.72		$	9.75
Equity Market Capitalization	$	891,445,601		$	587,422,708		$	605,703,677
Total Debt		566,206,995			430,168,146			459,032,560
Preferred		110,993,750			110,993,750			110,993,750
Total Market Capitalization	$	1,568,646,346		$	1,128,584,604		$	1,175,729,987
Total Debt	$	566,206,995		$	430,168,146		$	459,032,560
less: Cash and Cash Equivalents		6,886,958			14,051,779			12,073,909
Net Debt	$	559,320,037		$	416,116,367		$	446,958,651
less: Securities Available for Sale at Fair Value (Securities)		82,638,519			48,854,600			54,541,237
Net Debt Less Securities	$	476,681,518		$	367,261,767		$	392,417,414
Net Debt / Undepreciated Book Capitalization		46.2	%		42.2	%		43.4	%
Net Debt / Total Market Capitalization		35.7	%		36.9	%		38.0	%
Net Debt Plus Preferred / Total Market Capitalization		42.7	%		46.7	%		47.5	%
Net Debt Less Securities / Undepreciated Book Capitalization		39.4	%		37.2	%		38.1	%
Net Debt Less Securities / Total Market Capitalization		30.4	%		32.5	%		33.4	%
Net Debt Less Securities Plus Preferred / Total Market Capitalization		37.5	%		42.4	%		42.8	%
Weighted Average Interest Rate on Fixed Rate Debt		4.61	%		4.97	%		4.85	%

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 10 of 22

Capital Structure and Leverage Ratios												Fiscal Year
continued	Three Months Ended					Nine Months Ended						Ended
(unaudited)	6/30/2016			6/30/2015		6/30/2016			6/30/2015			9/30/2015
Net Income	$	8,231,295		$	5,175,858	$	22,301,897		$	15,418,190		$	25,605,815
plus: Depreciation & Amortization		6,782,747			5,803,932		19,610,250			16,475,295			23,058,744
plus: Interest Expense		5,564,896			4,805,681		15,994,112			13,429,179			18,558,150
plus: Acquisition Costs		135,358			440,705		545,955			1,303,389			1,546,088
plus: Net Amortization of Acquired Above and Below Market Lease Revenue		25,492			25,492		76,476			34,259			59,750
less: Gain on Sale of Securities Transactions, net		(272,067	)		-0-		(1,159,409	)		(377,087	)		(805,513	)
less: Gain on Sale of Real Estate Investment		-0-			-0-		-0-			-0-			(5,021,242	)
EBITDA	$	20,467,721		$	16,251,668	$	57,369,281		$	46,283,225		$	63,001,792
Interest Expense	$	5,564,896		$	4,805,681	$	15,994,112		$	13,429,179			18,558,150
Preferred Dividends Paid		2,151,758			2,151,758		6,455,274			6,455,274			8,607,032
Total Fixed Charges	$	7,716,654		$	6,957,439	$	22,449,386		$	19,884,453		$	27,165,182
Interest Coverage		3.7 x			3.4 x		3.6 x			3.4 x			3.4 x
Fixed Charge Coverage		2.7 x			2.3 x		2.6 x			2.3 x			2.3 x
Net Debt	$	559,320,037		$	416,116,367	$	559,320,037		$	416,116,367		$	446,958,651
Net Debt Less Securities		476,681,518			367,261,767		476,681,518			367,261,767			392,417,414
Annualized EBITDA		81,870,884			65,006,672		76,492,375			61,710,966			63,001,792
Net Debt / EBITDA		6.8 x			6.4 x		7.3 x			6.7 x			7.1 x
Net Debt Less Securities / EBITDA		5.8 x			5.6 x		6.2 x			6.0 x			6.2 x
Net Debt + Preferred / EBITDA		8.2 x			8.1 x		8.8 x			8.5 x			8.9 x
Net Debt Less Securities + Preferred / EBITDA		7.2 x			7.4 x		7.7 x			7.7 x			8.0 x

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 11 of 22

 

				Loans						% of
Fiscal Year Ended	Mortgages			Payable			Total			Total
2016		10,487,116			63,515			10,550,631			1.9	%
2017		62,073,529			4,790,654			66,864,183			11.8	%
2018		41,395,220			-0-			41,395,220			7.3	%
2019		44,880,129			121,000,000			165,880,129			29.3	%
2020		26,121,367			-0-			26,121,367			4.6	%
Thereafter		255,395,465			-0-			255,395,465			45.1	%
Total as of 6/30/2016	$	440,352,826		$	125,854,169		$	566,206,995			100.0	%
Weighted Average Interest Rate		4.61	%		2.32	%		4.10	%
Weighted Average Term		9.80 yrs			3.11 yrs			8.31 yrs

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 12 of 22

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.	(E)		36		5,520,746		5,520,746		36.5	%	$	40,141,000		47.1	%	$	7.27	$	525,196,472		$	225,108,612
FedEx Corporation			14		973,413		973,413		6.4	%		5,375,000		6.1	%		5.52	$	71,818,894			16,188,566
FedEx Supply Chain Services, Inc.			1		449,900		449,900		3.0	%		1,327,000		1.6	%		2.95	$	14,620,887			6,858,741
Total FedEx			51		6,944,059		6,944,059		45.9	%		46,843,000		54.8	%		6.75	$	611,636,253			248,155,919
ULTA, Inc.			1		671,354		671,354		4.4	%		2,651,000		3.1	%		3.95		37,484,574			23,071,621
Milwaukee Electric Tool Corporation	(D)		1		615,305		615,305		4.1	%		2,012,000		2.4	%		3.27		36,429,983			13,450,427
Jim Beam Brands Company			1		599,840		599,840		4.0	%		2,013,000		2.4	%		3.36		28,000,000			18,537,055
TreeHouse Private Brands, Inc.			1		558,600		558,600		3.7	%		2,166,000		2.5	%		3.88		26,727,852			16,860,502
CBOCS Distribution, Inc.			1		381,240		381,240		2.5	%		1,420,000		1.7	%		3.72		14,215,126			7,709,764
Best Buy Warehousing Logistics, Inc.			1		368,060		368,060		2.4	%		1,641,000		1.9	%		4.46		19,600,000			10,580,760
The Coca-Cola Company/Western Container Corp.			2		323,358		323,358		2.1	%		1,678,000		2.0	%		5.19		19,817,402			6,909,622
Science Applications International			1		302,400		302,400		2.0	%		1,462,000		1.7	%		4.83		13,340,592			5,691,332
International Paper Company			1		280,000		280,000		1.9	%		1,326,000		1.6	%		4.74		18,294,108			10,823,496
Woodstream Corporation	(C)		1		256,000		256,000		1.7	%		896,000		1.1	%		3.50		8,823,781			-0-
United Technologies Corporation			2		244,317		244,317		1.6	%		1,895,000		2.2	%		7.76		22,512,609			8,135,083
Anda Pharmaceuticals, Inc.			1		234,660		234,660		1.6	%		1,196,000		1.4	%		5.10		14,550,000			8,890,808
UGN, Inc.			1		232,200		232,200		1.5	%		1,050,000		1.2	%		4.52		12,937,000			8,185,260
Caterpillar Logistics Services, Inc.			1		218,120		218,120		1.4	%		1,169,000		1.4	%		5.36		14,868,857			6,691,259
Anheuser-Busch, Inc.			1		184,800		184,800		1.2	%		806,000		0.9	%		4.36		12,398,355			-0-
Carlisle Tire & Wheel Company			1		179,280		179,280		1.2	%		787,000		0.9	%		4.39		7,225,401			525,219
NF&M International Inc.	(B)		1		174,802		174,802		1.2	%		832,000		1.0	%		4.76		3,958,293			-0-
Home Depot USA, Inc.			1		171,200		171,200		1.1	%		978,000		1.1	%		5.71		11,298,367			-0-
Kellogg Sales Company			3		170,279		170,279		1.1	%		982,000		1.2	%		5.77		12,159,973			2,277,544
Bunzl Distribution Midcentral, Inc.			1		158,417		158,417		1.0	%		741,000		0.9	%		4.68		9,600,000			6,995,634
Victory Packaging, L.P.			1		148,000		148,000		1.0	%		470,000		0.6	%		3.18		5,441,876			-0-
Challenger Lifts, Inc. (Snap-on Inc.)			1		137,500		137,500		0.9	%		835,000		1.0	%		6.07		11,304,000			7,350,000
Altec Industries, Inc.	(C)		1		126,880		126,880		0.8	%		349,000		0.4	%		2.75		4,373,287			-0-
General Electric Company			1		125,860		125,860		0.8	%		1,311,000		1.5	%		10.42		19,950,000			12,880,838
The American Bottling Company			2		110,080		110,080		0.7	%		734,000		0.9	%		6.67		10,498,031			1,963,717
Style Crest, Inc.			1		106,507		106,507		0.7	%		361,000		0.4	%		3.39		7,238,613			-0-
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		0.6	%		341,000		0.4	%		3.56		7,397,881			-0-
National Oilwell Varco, Inc.			1		91,295		91,295		0.6	%		746,000		0.9	%		8.17		8,083,107			3,229,264
Joseph T. Ryerson and Son, Inc.			1		89,052		89,052		0.6	%		506,000		0.6	%		5.68		6,932,916			476,660
CHEP USA, Inc.			1		83,000		83,000		0.5	%		494,000		0.6	%		5.95		7,405,447			2,595,657
Datatel Resources Corporation	(B)		1		80,856		80,856		0.5	%		242,000		0.3	%		2.99		3,810,675			-0-
Sherwin-Williams Company			2		78,887		78,887		0.5	%		637,000		0.7	%		8.07		7,244,128			-0-
RGH Enterprises, Inc.			1		75,000		75,000		0.5	%		596,000		0.7	%		7.95		5,525,600			3,811,385
Tampa Bay Grand Prix			1		68,385		68,385		0.5	%		289,000		0.3	%		4.23		5,677,982			-0-
Various Tenants at Retail Shopping Center			1		64,138		64,138		0.4	%		777,000		0.9	%		12.11		3,072,880			-0-
SOFIVE, Inc.			1		60,400		60,400		0.4	%		537,000		0.6	%		8.89		4,903,589			1,935,659
Siemens Real Estate			1		51,130		51,130		0.4	%		473,000		0.6	%		9.25		4,452,425			2,618,341
B/E Aerospace, Inc.			1		38,833		38,833		0.3	%		360,000		0.4	%		9.27		5,100,000			-0-
Keystone Automotive Industries MN, Inc.			1		36,270		36,270		0.3	%		140,000		0.2	%		3.86		2,161,895			-0-
Graybar Electric Company			1		26,340		26,340		0.3	%		109,000		0.1	%		4.14		1,850,795			-0-
Tenant Total as of 6/30/16			96		15,064,737		15,064,737		99.6	%	$	85,278,000		100.0	%	$	5.66	$	1,092,549,566		$	440,352,826
Vacant			1		59,425		-0-		0.0	%		-0-		0.0	%		-0-		5,157,126			-0-
Total as of 6/30/16			97		15,124,162		15,064,737		99.6	%	$	85,278,000		100.0	%	$	5.66	$	1,097,706,692	(A)	$	440,352,826

(A) Does not include $11,065 of vacant land.

(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) Subsequent to quarter end, a 246,240 square foot building expansion was completed, bringing the total square footage to 861,545.

(E) Subsequent to quarter end, a 14,941 square foot expansion was completed at the Huntsville, AL location and a parking lot expansion was completed at the Tampa, FL location.

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 13 of 22

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		9.1	%	$	10,474,000		12.3	%		7.59	$	129,531,903		$	59,069,815
Kentucky		3		1,295,940		1,295,940		8.6	%		5,014,000		5.9	%		3.87		66,031,852			42,747,557
Florida		10		1,137,293		1,137,293		7.5	%		7,565,000		8.9	%		6.65		103,315,982			42,514,268
Ohio		7		1,032,469		1,032,469		6.8	%		6,071,000		7.1	%		5.88		72,765,297			29,410,824
Indiana		2		999,176		999,176		6.6	%		4,184,000		4.9	%		4.19		61,430,574			35,582,632
Illinois		9		958,045		958,045		6.3	%		6,192,000		7.3	%		6.46		81,692,833			13,400,152
Mississippi		4		912,305		912,305		6.0	%		3,437,000		4.0	%		3.77		54,731,468			22,341,235
Tennessee		3		891,777		891,777		5.9	%		3,058,000		3.6	%		3.43		33,841,481			16,176,709
Missouri		5		804,397		804,397		5.3	%		3,079,000		3.6	%		3.83		39,241,336			9,273,178
North Carolina		3		585,224		585,224		3.9	%		2,909,000		3.4	%		4.97		44,656,386			20,263,805
South Carolina		3		571,115		571,115		3.8	%		3,552,000		4.2	%		6.22		36,368,552			8,891,579
Pennsylvania		3		504,040		504,040		3.3	%		3,036,000		3.6	%		6.02		36,708,968			16,989,249
Kansas		3		499,280		499,280		3.3	%		2,445,000		2.9	%		4.90		29,199,352			12,770,111
Michigan		3		489,571		489,571		3.2	%		3,472,000		4.1	%		7.09		41,248,198			16,359,174
Virginia		5		407,265		407,265		2.7	%		2,438,000		2.9	%		5.99		34,480,436			8,027,901
Colorado		3		363,597		363,597		2.4	%		3,040,000		3.6	%		8.36		42,049,167			21,263,816
Georgia		3		307,662		307,662		2.0	%		1,743,000		2.0	%		5.67		22,189,823			7,516,458
Arizona		1		283,358		283,358		1.9	%		1,346,000		1.6	%		4.75		16,137,559			5,488,226
Wisconsin		2		238,666		238,666		1.6	%		1,369,000		1.6	%		5.74		15,952,361			3,334,473
New York		3		230,381		230,381		1.5	%		1,890,000		2.2	%		8.20		20,382,099			4,230,704
Washington		1		210,445		210,445		1.4	%		1,962,000		2.3	%		9.32		30,210,680			20,136,592
Oklahoma		2		204,580		204,580		1.4	%		1,305,000		1.5	%		6.38		16,328,293			6,482,855
Louisiana		1		175,315		175,315		1.2	%		1,258,000		1.5	%		7.18		18,410,000			12,628,038
Maryland		1		144,523		144,523		1.0	%		1,426,000		1.7	%		9.87		14,512,355			-0-
New Jersey		2		124,538		124,538		0.8	%		1,314,000		1.5	%		12.11		7,976,469			1,935,659
Minnesota		2		119,823		60,398		0.8	%		372,000		0.4	%		6.18		10,377,126			2,672,338
Nebraska		1		89,115		89,115		0.6	%		446,000		0.4	%		5.00		5,944,691			-0-
Alabama		1		73,712		73,712		0.5	%		412,000		0.4	%		5.59		6,365,732			845,478
Connecticut		1		54,812		54,812		0.4	%		329,000		0.4	%		6.00		3,463,824			-0-
Iowa		1		36,270		36,270		0.2	%		140,000		0.2	%		3.86		2,161,895			-0-
Total as of 6/30/16		97		15,124,162		15,064,737		100.0	%	$	85,278,000		100.0	%	$	5.66	$	1,097,706,692	(A)	$	440,352,826

(A) Does not include $11,065 of vacant land.

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 14 of 22

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
2017	(B)		9		1,038,804		6.9	%	$	6,161,000		7.2	%		5.93		1.0	$	74,824,890	$	15,759,334
2018	(B)		15		1,324,159		8.8	%		7,760,000		9.1	%		5.86		1.9		91,785,770		16,036,533
2019			9		1,370,849		9.1	%		7,091,000		8.3	%		5.17		2.9		81,365,433		25,189,764
2020			4		383,449		2.5	%		2,102,000		2.5	%		5.48		3.9		27,373,089		476,660
2021			7		684,692		4.5	%		3,335,000		3.9	%		4.87		5.0		44,773,380		8,417,030
2022			8		1,212,032		8.0	%		6,751,000		7.9	%		5.57		5.8		81,977,725		35,004,796
2023			11		1,917,312		12.7	%		10,031,000		11.8	%		5.23		7.0		136,474,724		54,013,922
2024			12		1,914,366		12.7	%		12,069,000		14.2	%		6.30		7.9		149,892,165		55,098,952
2025	(B)		9		2,404,478		15.9	%		11,989,000		14.1	%		4.99		8.9		157,264,219		88,417,842
2026			3		488,722		3.2	%		3,978,000		4.7	%		8.14		9.7		59,754,000		38,960,838
2027			3		395,691		2.6	%		2,189,000		2.6	%		5.53		10.8		26,218,973		5,488,226
2029			2		262,613		1.7	%		1,513,000		1.8	%		5.76		13.0		21,950,000		9,836,724
2030			4		1,044,832		6.9	%		7,366,000		8.6	%		7.05		13.8		109,094,466		70,791,703
2034			1		558,600		3.7	%		2,166,000		2.5	%		3.88		17.3		26,727,852		16,860,502
Various tenants at retail shopping center			1		64,138		0.4	%		777,000		0.8	%		12.11		-0-		3,072,880		-0-
Vacant			1		59,425		0.4	%		-0-		0.0	%		-0-		-0-		5,157,126		-0-
Total as of 6/30/16			97		15,124,162		100.0	%	$	85,278,000		100.0	%	$	5.66		7.1		(A)$1,097,706,692	$	440,352,826

(A) Does not include $11,065 of vacant land.

(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.

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 15 of 22

Recent Acquisitions During Fiscal 2016

(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.	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
3	General Electric Company	Imperial (Pittsburgh)	PA	2016		125,860		1,311,000		10.42	12/31/2025		20,032,864		13,000,000
4	FedEx Ground Package System, Inc.	Burlington (Seattle/Everett)	WA	2016		210,445		1,962,000		9.32	8/31/2030		30,662,080		20,221,000
5	FedEx Ground Package System, Inc.	Colorado Springs	CO	2016		225,362		1,832,000		8.13	1/31/2026		28,845,500		18,730,000
6	Challenger Lifts, Inc. (Snap-on Inc.)	Louisville	KY	2016		137,500		835,000		6.07	6/7/2026		11,304,000		7,350,000
	As of 6/30/16					1,205,199	$	9,276,000	$	7.70		$	141,230,341	$	92,971,000

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 16 of 22

Property Table

(unaudited)

													Rent Per		Lease Exp.
					Fiscal Year				Square		Annual		Sq. Ft.		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		9.1	$	37,484,574	$	23,071,621
2	Milwaukee Electric Tool Corporation	(D)	Olive Branch (Memphis, TN)	MS	2013		100.0	%		615,305		2,012,000		3.27		6.8		36,429,983		13,450,427
3	Jim Beam Brands Company		Frankfort	KY	2015		100.0	%		599,840		2,013,000		3.36		8.6		28,000,000		18,537,055
4	TreeHouse Private Brands, Inc.		Buckner (Louisville)	KY	2014		100.0	%		558,600		2,166,000		3.88		17.3		26,727,852		16,860,502
5	FedEx Supply Chain Services, Inc.		Memphis	TN	2010		100.0	%		449,900		1,327,000		2.95		2.9		14,620,887		6,858,741
6	Woodstream Corporation	(B)	St. Joseph	MO	2001		100.0	%		256,000		896,000		3.50		1.3		8,823,781		-0-
	Altec Industries, Inc.	(B)	St. Joseph	MO	2001		100.0	%		126,880		349,000		2.75		1.7		4,373,287		-0-
7	CBOCS Distribution, Inc.		Lebanon (Nashville)	TN	2011		100.0	%		381,240		1,420,000		3.72		8.0		14,215,126		7,709,764
8	Best Buy Warehousing Logistics, Inc.		Streetsboro (Cleveland)	OH	2012		100.0	%		368,060		1,641,000		4.46		5.6		19,600,000		10,580,760
9	FedEx Ground Package System, Inc.		Concord (Charlotte)	NC	2016		100.0	%		330,717		2,078,000		6.28		9.1		31,975,897		20,263,805
10	FedEx Ground Package System, Inc.		Indianapolis	IN	2014		100.0	%		327,822		1,533,000		4.68		7.8		23,946,000		12,511,011
11	FedEx Ground Package System, Inc.		Fort Worth (Dallas)	TX	2015		100.0	%		304,608		2,362,000		7.75		13.8		35,300,832		23,752,561
12	Science Applications International		Hanahan (Charleston)	SC	2005		100.0	%		302,400		1,462,000		4.83		2.8		13,340,592		5,691,332
13	FedEx Ground Package System, Inc.		Jacksonville	FL	2015		100.0	%		297,579		1,992,000		6.69		13.5		30,645,954		18,717,290
14	Western Container Corp.		Tolleson (Phoenix)	AZ	2003		100.0	%		283,358		1,346,000		4.75		10.8		16,137,559		5,488,226
15	International Paper Company		Edwardsville (Kansas City)	KS	2014		100.0	%		280,000		1,326,000		4.74		7.2		18,294,108		10,823,496
16	NF&M International	(C)	Monaca (Pittsburgh)	PA	1988		100.0	%		174,802		832,000		4.76		8.5		3,958,293		-0-
	Datatel Resources Corp.	(C)	Monaca (Pittsburgh)	PA	1988		100.0	%		80,856		242,000		2.99		1.4		3,810,675		-0-
17	FedEx Ground Package System, Inc.		Orion	MI	2007		100.0	%		245,633		1,908,000		7.77		7.0		22,885,636		8,712,073
18	Anda Pharmaceuticals, Inc.		Olive Branch (Memphis, TN)	MS	2012		100.0	%		234,660		1,196,000		5.10		6.1		14,550,000		8,890,808
19	UGN, Inc.		Monroe (Cincinnati)	OH	2015		100.0	%		232,200		1,050,000		4.52		13.7		12,937,000		8,185,260
20	FedEx Ground Package System, Inc.		Colorado Springs	CO	2016		100.0	%		225,362		1,832,000		8.13		9.6		28,500,000		18,730,000
21	Caterpillar Logistics Services, Inc.		Griffin (Atlanta)	GA	2006		100.0	%		218,120		1,169,000		5.36		0.4		14,868,857		6,691,259
22	FedEx Ground Package System, Inc.		Burlington (Seattle/Everett)	WA	2016		100.0	%		210,445		1,962,000		9.32		14.2		30,210,680	$	20,136,592
23	FedEx Ground Package System, Inc.		Sauget (St. Louis, MO.)	IL	2015		100.0	%		198,773		1,036,000		5.21		12.9		15,200,000		9,836,724
24	Anheuser-Busch, Inc.		Granite City (St. Louis, MO)	IL	2001		100.0	%		184,800		806,000		4.36		5.4		12,398,355		-0-
25	United Technologies Corporation		Carrollton (Dallas)	TX	2010		100.0	%		184,317		1,576,000		8.55		2.5		17,744,300		8,135,083
26	FedEx Ground Package System, Inc.		Spring (Houston)	TX	2014		100.0	%		181,176		1,581,000		8.73		8.3		19,283,798		9,270,426
27	Carlisle Tire & Wheel Company		Edwardsville (Kansas City)	KS	2003		100.0	%		179,280		787,000		4.39		1.9		7,225,401		525,219
28	FedEx Ground Package System, Inc.		Ft. Mill (Charlotte, NC)	SC	2010		100.0	%		176,939		1,415,000		8.00		7.3		15,413,307		2,065,803
29	FedEx Ground Package System, Inc.		Covington (New Orleans)	LA	2016		100.0	%		175,315		1,258,000		7.18		9.0		18,410,000		12,628,038
30	FedEx Ground Package System, Inc.		Livonia (Detroit)	MI	2013		100.0	%		172,005		1,194,000		6.94		5.8		13,762,030		7,647,101
31	Home Depot USA, Inc.		Montgomery (Chicago)	IL	2004		100.0	%		171,200		978,000		5.71		4.0		11,298,367		-0-
32	FedEx Ground Package System, Inc.	(F)	Tampa	FL	2004		100.0	%		170,779		1,493,000		8.74		8.0		19,402,200		6,806,921
33	FedEx Ground Package System, Inc.		Lindale (Tyler)	TX	2015		100.0	%		163,378		725,000		4.44		8.0		9,930,000		6,466,240
34	Bunzl Distribution Midcentral, Inc.		Kansas City	MO	2015		100.0	%		158,417		741,000		4.68		5.3		9,600,000		6,995,634
35	FedEx Ground Package System, Inc.		Oklahoma City	OK	2012		100.0	%		158,340		1,048,000		6.62		9.0		12,580,262		4,519,138
36	FedEx Ground Package System, Inc.		Waco	TX	2012		100.0	%		150,710		1,078,000		7.15		9.2		12,546,157		4,866,869
37	Victory Packaging, L.P.		Fayetteville	NC	1997		100.0	%		148,000		470,000		3.18		4.7		5,441,876		-0-
38	FedEx Ground Package System, Inc.		Beltsville (Washington, DC)	MD	2001		100.0	%		144,523		1,426,000		9.87		2.1		14,512,355		-0-
39	FedEx Ground Package System, Inc.		El Paso	TX	2006		100.0	%		144,149		1,345,000		9.33		7.3		12,431,194		3,349,372
40	FedEx Ground Package System, Inc.		Cocoa	FL	2008		100.0	%		144,138		1,112,000		7.71		8.3		14,121,616		5,140,713
41	FedEx Ground Package System, Inc.		Cudahy (Milwaukee)	WI	2001		100.0	%		139,564		901,000		6.46		1.0		9,382,361		-0-
42	Challenger Lifts, Inc. (Snap-on Inc.)		Louisville	KY	2016		100.0	%		137,500		835,000		6.07		9.9		11,304,000		7,350,000
43	FedEx Ground Package System, Inc.		Richfield (Cleveland)	OH	2006		100.0	%		131,152		1,490,000		11.36		8.3		16,435,478		3,164,357
44	General Electric Company		Imperial (Pittsburgh)	PA	2016		100.0	%		125,860		1,311,000		10.42		9.5		19,950,000		12,880,838
45	FedEx Ground Package System, Inc.		Wheeling (Chicago)	IL	2003		100.0	%		123,000		1,386,000		11.27		0.9		18,537,652		3,086,768
46	FedEx Ground Package System, Inc.		Altoona	PA	2014		100.0	%		122,522		651,000		5.31		7.2		8,990,000		4,108,411
47	FedEx Ground Package System, Inc.		Edinburg	TX	2011		100.0	%		113,582		598,000		5.26		5.2		9,448,016		-0-
48	FedEx Corporation		Mechanicsville (Richmond)	VA	2001		100.0	%		112,799		541,000		4.80		6.8		7,758,181		-0-
49	FedEx Corporation		Orlando	FL	2008		100.0	%		110,638		666,000		6.02		1.4		8,554,432		4,401,089
50	Style Crest, Inc.		Winston-Salem	NC	2002		100.0	%		106,507		361,000		3.39		4.8		7,238,613		-0-
51	FedEx Ground Package System, Inc.		Cheektowaga (Buffalo)	NY	2000		100.0	%		104,981		966,000		9.20		3.2		10,960,823		419,319
52	FedEx Ground Package System, Inc.		West Chester Twp (Cincinnati)	OH	1999		100.0	%		103,818		532,000		5.12		7.2		5,728,690		2,131,088
53	FedEx Ground Package System, Inc.		Roanoke	VA	2013		100.0	%		103,402		755,000		7.30		6.8		10,200,000		5,432,244
54	Pittsburgh Glass Works LLC.		O’ Fallon (St. Louis)	MO	1994		100.0	%		102,135		427,000		4.18		2.0		4,245,913		-0-
55	FedEx Ground Package System, Inc.		Green Bay	WI	2013		100.0	%		99,102		468,000		4.72		6.9		6,570,000		3,334,473
56	Holland 1916 Inc.		Liberty (Kansas City)	MO	1998		100.0	%		95,898		341,000		3.56		3.0		7,397,881		-0-
57	FedEx Corporation		Jacksonville	FL	1999		100.0	%		95,883		518,000		5.40		2.9		6,229,421		1,466,948
58	FedEx Corporation		Tampa	FL	2006		100.0	%		95,662		603,000		6.30		1.3		7,571,132		3,959,698
59	FedEx Ground Package System, Inc.		Hanahan (Charleston)	SC	2005		100.0	%		91,776		675,000		7.35		2.1		7,614,653		1,134,444

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 17 of 22

Property Table

(unaudited)

													Rent Per		Lease Exp.
					Fiscal Year				Square		Annual		Sq. Ft.		Term in		Undepreciated			Mortgage
No	Tenant		City (MSA)	State	Acquisition	Occup.			Footage		Rent		Occup.		Years		Cost			Balance
60	National Oilwell Varco, Inc.		Houston	TX	2010		100.0	%		91,295		746,000		8.17		6.3		8,083,107			3,229,264
61	FedEx Corporation		Omaha	NE	1999		100.0	%		89,115		446,000		5.00		7.3		5,944,691			-0-
62	Joseph T. Ryerson and Son, Inc.		Elgin (Chicago)	IL	2002		100.0	%		89,052		506,000		5.68		3.6		6,932,916			476,660
63	FedEx Ground Package System, Inc.		Ft. Myers	FL	2003		100.0	%		87,500		433,000		4.95		1.0		5,017,447			-0-
64	CHEP USA, Inc.		Roanoke	VA	2007		100.0	%		83,000		494,000		5.95		8.7		7,405,447			2,595,657
65	FedEx Corporation		Bedford Heights (Cleveland)	OH	2007		100.0	%		82,269		408,000		4.96		2.2		6,861,704			2,731,018
66	RGH Enterprises, Inc.		Halfmoon (Albany)	NY	2012		100.0	%		75,000		596,000		7.95		5.4		5,525,600			3,811,385
67	FedEx Ground Package System, Inc.	(E)	Huntsville	AL	2005		100.0	%		73,712		412,000		5.59		6.2		6,365,732			845,478
68	FedEx Corporation		Schaumburg (Chicago)	IL	1997		100.0	%		73,500		483,000		6.57		10.8		4,981,414			-0-
69	FedEx Corporation		Romulus (Detroit)	MI	1998		100.0	%		71,933		370,000		5.14		4.9		4,600,532			-0-
70	FedEx Ground Package System, Inc.		Denver	CO	2005		100.0	%		69,865		564,000		8.07		2.1		6,354,051			1,134,986
71	Tampa Bay Grand Prix		Tampa	FL	2005		100.0	%		68,385		289,000		4.23		4.3		5,677,982			-0-
72	FedEx Ground Package System, Inc.		Colorado Springs	CO	2006		100.0	%		68,370		644,000		9.42		2.3		7,195,115			1,398,830
73	Sherwin-Williams Company		Rockford	IL	2011		100.0	%		66,387		477,000		7.19		7.5		5,551,227			-0-
74	Kellogg Sales Company		Kansas City	MO	2007		100.0	%		65,067		325,000		4.99		2.1		4,800,474			2,277,544
75	Various Tenants at Retail Shopping Center		Somerset	NJ	1970		100.0	%		64,138		777,000		12.11		na		3,072,880			-0-
76	The American Bottling Company		Cincinnati	OH	2015		100.0	%		63,840		477,000		7.47		13.3		6,750,000			-0-
77	FedEx Corporation		Chattanooga	TN	2007		100.0	%		60,637		311,000		5.13		1.3		5,005,468			1,608,204
78	SOFIVE, Inc.		Carlstadt (New York, NY)	NJ	2001		100.0	%		60,400		537,000		8.89		8.6		4,903,589			1,935,659
79	FedEx Ground Package System, Inc.		Stewartville (Rochester)	MN	2013		100.0	%		60,398		372,000		6.16		6.9		5,220,000			2,672,338
80	United Technologies Corporation		Richmond	VA	2004		100.0	%		60,000		319,000		5.32		2.4		4,768,309			-0-
81	Vacant		White Bear Lake (Minneapolis/St. Paul)	MN	2001		0.0	%		59,425		-0-		na		na		5,157,126			-0-
82	FedEx Ground Package System, Inc.		Augusta	GA	2005		100.0	%		59,358		453,000		7.63		2.0		5,354,034			825,199
83	Kellogg Sales Company		Newington (Hartford)	CT	2001		100.0	%		54,812		329,000		6.00		3.7		3,463,824			-0-
84	Siemens Real Estate		Lebanon (Cincinnati)	OH	2012		100.0	%		51,130		473,000		9.25		2.8		4,452,425			2,618,341
85	Kellogg Sales Company		Orangeburg (New York)	NY	1993		100.0	%		50,400		328,000		6.51		1.7		3,895,675			-0-
86	FedEx Corporation		Charlottesville	VA	1999		100.0	%		48,064		329,000		6.85		1.2		4,348,499			-0-
87	FedEx Ground Package System, Inc.		Corpus Christi	TX	2012		100.0	%		46,253		463,000		10.01		5.2		4,764,500			-0-
88	The American Bottling Company		Tulsa	OK	2014		100.0	%		46,240		257,000		5.56		7.7		3,748,031			1,963,717
89	The Coca-Cola Company		Topeka	KS	2009		100.0	%		40,000		332,000		8.30		5.3		3,679,843			1,421,396
90	B/E Aerospace, Inc.		Rockford	IL	2015		100.0	%		38,833		360,000		9.27		11.0		5,100,000			-0-
91	Keystone Automotive Industries MN, Inc.		Urbandale (Des Moines)	IA	1994		100.0	%		36,270		140,000		3.86		0.8		2,161,895			-0-
92	FedEx Corporation		Richland (Jackson)	MS	1994		100.0	%		36,000		120,000		3.33		7.8		1,900,691			-0-
93	FedEx Corporation		Punta Gorda	FL	2007		100.0	%		34,624		304,000		8.78		1.0		4,113,265			2,021,609
94	FedEx Corporation		Lakeland	FL	2006		100.0	%		32,105		155,000		4.83		1.4		1,982,532			-0-
95	FedEx Corporation		Augusta	GA	2006		100.0	%		30,184		121,000		4.01		6.4		1,966,932			-0-
96	Graybar Electric Company		Ridgeland (Jackson)	MS	1993		100.0	%		26,340		109,000		4.14		3.1		1,850,794			-0-
97	Sherwin-Williams Company		Burr Ridge (Chicago)	IL	1997		100.0	%		12,500		160,000		12.80		5.3		1,692,904			-0-
	Total as of 6/30/16						99.6	%		15,124,162	$	85,278,000	$	5.66		7.1	$	1,097,706,692	(A)	$	440,352,826

(A) Does not include $11,065 of vacant land.

(B) Both tenants occupy one property.

(C) Both tenants occupy one property.

(D) Subsequent to quarter end, a 246,240 square foot building expansion was completed, bringing the total square footage to 861,545.

(E) Subsequent to quarter end, a 14,941 square foot building expansion was completed, bringing the total square footage to 88,653.

(F) Subsequent to quarter end, a parking lot expansion was completed.

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 18 of 22

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 dividend and interest 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, plus non-recurring other 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.

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 19 of 22

FOR IMMEDIATE RELEASE August 3, 2016

Contact: Susan Jordan

732-577-9996

MONMOUTH REAL ESTATE INVESTMENT CORPORATION REPORTS RESULTS FOR

THE THIRD QUARTER ENDED JUNE 30, 2016

FREEHOLD, NJ, August 3, 2016........ Monmouth Real Estate Investment Corporation (NYSE:MNR) reported Core Funds from Operations (Core FFO) of $12,752,000 or $0.19 per diluted share for the three months ended June 30, 2016 as compared to $9,044,000 or $0.15 per diluted share for the three months ended June 30, 2015 representing an increase in Core FFO per share of 26.7%. Adjusted Funds from Operations (AFFO), for the three months ended June 30, 2016 was $12,431,000 or $0.19 per diluted share versus $8,884,000 or $0.15 per diluted share for the three months ended June 30, 2015 representing an increase in AFFO per share of 26.7%.

A summary of significant financial information for the three and nine months ended June 30, 2016 and 2015 is as follows:

	Three Months Ended June 30,
	2016		2015
Rental Revenue	$	20,790,000	$	17,256,000
Reimbursement Revenue	$	3,324,000	$	3,416,000
Net Operating Income (NOI) (1)	$	20,499,000	$	16,960,000
Total Expenses	$	11,836,000	$	11,351,000
Dividend and Interest Income	$	1,486,000	$	873,000
Gain on Sale of Securities Transactions, net	$	272,000	$	-0-
Net Income	$	8,231,000	$	5,176,000
Net Income Attributable to Common Shareholders	$	6,080,000	$	3,024,000
Net Income Attributable to Common Shareholders Per Diluted Common Share	$	0.09	$	0.05
Core FFO (1)	$	12,752,000	$	9,044,000
Core FFO per Diluted Common Share (1)	$	0.19	$	0.15
AFFO (1)	$	12,431,000	$	8,884,000
AFFO per Diluted Common Share (1)	$	0.19	$	0.15
Dividends Declared per Common Share	$	0.16	$	0.15
Weighted Avg. Diluted Common Shares Outstanding		66,462,000		59,638,000

	Nine Months Ended June 30,
	2016		2015
Rental Revenue	$	59,466,000	$	48,892,000
Reimbursement Revenue	$	9,874,000	$	8,317,000
Lease Termination Income	$	-0-	$	239,000
Net Operating Income (NOI) (1)	$	58,342,000	$	47,554,000
Total Expenses	$	35,541,000	$	31,240,000
Dividend and Interest Income	$	4,050,000	$	2,871,000
Gain on Sale of Securities Transactions, net	$	1,159,000	$	377,000
Net Income	$	22,302,000	$	15,418,000
Net Income Attributable to Common Shareholders	$	15,847,000	$	8,963,000
Net Income Attributable to Common Shareholders Per Diluted Common Share	$	0.24	$	0.15
Core FFO (1)	$	35,278,000	$	26,096,000
Core FFO per Diluted Common Share (1)	$	0.55	$	0.45
AFFO (1)	$	33,901,000	$	24,818,000
AFFO per Diluted Common Share (1)	$	0.52	$	0.42
Dividends Declared per Common Share	$	0.48	$	0.45
Weighted Avg. Diluted Common Shares Outstanding		64,703,000		58,504,000

A summary of significant balance sheet information as of June 30, 2016 and September 30, 2015 is as follows:

	June 30, 2016		September 30, 2015
Net Real Estate Investments	$	955,429,000	$	816,111,000
Securities Available for Sale at Fair Value	$	82,639,000	$	54,541,000
Total Assets	$	1,083,034,000	$	915,992,000
Mortgage Notes Payable	$	440,353,000	$	373,991,000
Loans Payable	$	125,854,000	$	85,041,000
Total Shareholders’ Equity	$	501,251,000	$	446,011,000

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 20 of 22

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

“Our fiscal 2016 results thus far have been outstanding. This most recent quarter represents one of our strongest on record.

During the quarter we:

● Increased our occupancy rate 200 basis points over the prior year period, to a sector leading 99.6%.

● Increased our Core FFO per share to $0.19, representing a 27% increase over the prior year period.

● Increased our AFFO per share to $0.19, representing a 27% increase over the prior year period.

● Increased our Net Operating Income (NOI) 21% over the prior year period.

● Increased our Same Property NOI 2.4% on a GAAP basis and 2.7% on a cash basis over the prior year period.

● Acquired three brand new Class A built-to-suit properties with an aggregate total of 573,000 square feet, all leased to investment grade tenants with a weighted average lease term of 11.8 years for an aggregate purchase price of $70.8 million.

● Grew our acquisition pipeline to eight new Class A build-to-suit properties, representing 2.4 million square feet, for a total purchase price of approximately $256.6 million. These acquisitions are expected to generate annualized rental revenue of approximately $16.9 million and will benefit from an average lease term of approximately 14.6 years. Subject to satisfactory due diligence, we anticipate closing these transactions upon completion of construction and occupancy over the next several quarters.

● Subsequent to quarter end, completed three property expansions totaling 261,000 square feet at an aggregate cost of approximately $13.4 million. The expansions resulted in a weighted average lease extension of 11.5 years and increased annual rent by approximately $1.2 million.

● Increased our gross leasable area (GLA) 11% to 15.1 million square feet over the prior year period. Our GLA is expected to grow to approximately 18.0 million square feet upon the completion of the above acquisitions and expansions.

● Achieved a 100% tenant retention rate for fiscal 2016. This marks our second consecutive year of 100% tenant retention. The fiscal 2016 lease renewals resulted in a 5.3% increase in rents on a GAAP basis and represent a weighted average lease term of 4.1 years.

● Generated substantial performance on our $82.6 million REIT securities portfolio which at quarter end had an unrealized gain of $11.9 million.

Mr. Landy stated, “Monmouth’s business model is performing exceptionally well on all fronts this year. This period marks our fifth consecutive quarter of generating over 20% AFFO per share growth. The strength of our real estate portfolio is evidenced by our industrial sector leading occupancy rate of 99.6%, as well as our second consecutive year of achieving a 100% tenant retention rate. Monmouth’s current AFFO dividend payout ratio of 84% represents a substantial margin of safety given the high quality of our tenant base and the long duration of our net-leases. Allocating capital opportunistically into REIT securities when they sell at compelling discounts to their net asset value has resulted in substantial unrealized gains of $11.9 million at quarter end. Our securities portfolio has continued to deliver outstanding performance subsequent to quarter end. We have an excellent acquisition pipeline consisting entirely of brand new Class A built-to-suit properties totaling $256.6 million currently under construction. We look forward to reporting continued progress for Monmouth in the near future.”

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

The Company’s Third Quarter FY 2016 financial results being released herein will be available on the Company’s website at www.mreic.reit 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.reit. 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, August 4, 2016. It will be available until November 15, 2016, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10087173. A transcript of the call and the webcast replay will be available at the Company’s website, www.mreic.reit.

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-seven properties located in thirty states, containing a total of approximately 15.1 million rentable square feet. In addition, the Company owns a portfolio of REIT securities.

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 21 of 22

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, non-recurring other expense, 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. However, other REITs may use different methodologies to calculate FFO, Core FFO and AFFO and, accordingly, our FFO, Core FFO and AFFO may not be comparable to all other REITs. 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 nine months ended June 30, 2016 and 2015:

	Three Months Ended						Nine Months Ended
	6/30/2016			6/30/2015			6/30/2016			6/30/2015
Net Income Attributable to Common Shareholders	$	6,079,000		$	3,024,000		$	15,847,000		$	8,963,000
Plus: Depreciation Expense (excluding Corporate Office)		6,066,000			5,061,000			17,390,000			14,298,000
Plus: Amortization of Intangible Assets		272,000			330,000			915,000			1,041,000
Plus: Amortization of Capitalized Lease Costs		199,000			188,000			580,000			491,000
FFO Attributable to Common Shareholders		12,616,000			8,603,000			34,732,000			24,793,000
Plus: Acquisition Costs		136,000			441,000			546,000			1,303,000
Core FFO Attributable to Common Shareholders		12,752,000			9,044,000			35,278,000			26,096,000
Plus: Stock Compensation Expense		100,000			97,000			307,000			284,000
Plus: Depreciation of Corporate Office Tenant Improvements		31,000			38,000			88,000			71,000
Plus: Amortization of Financing Costs		240,000			212,000			713,000			608,000
Plus: Non-recurring other expense (1)		100,000			-0-			500,000			-0-
Less: Lease Termination Income		-0-			-0-			-0-			(239,000	)
Less: Gain on Sale of Securities Transactions, net		(272,000	)		-0-			(1,159,000	)		(377,000	)
Less: U.S. GAAP Straight-line Rent Adjustment		(350,000	)		(301,000	)		(1,172,000	)		(1,164,000	)
Less: Recurring Capital Expenditures		(170,000	)		(206,000	)		(654,000	)		(461,000	)
AFFO Attributable to Common Shareholders	$	12,431,000		$	8,884,000		$	33,901,000		$	24,818,000

(1) Consists of one-time payroll expenditures.

The following are the Cash Flows provided (used) by Operating, Investing and Financing Activities for the nine months ended June 30, 2016 and 2015:

	Nine Months Ended
	6/30/2016			6/30/2015
Operating Activities	$	43,347,000		$	28,282,000
Investing Activities		(169,805,000	)		(151,750,000	)
Financing Activities		121,271,000			117,045,000

# # # # #

Third Quarter FY 2016 Supplemental of Monmouth Real Estate Investment Corp. Page 22 of 22