Table of Contents

	Page
Consolidated Balance Sheets	3
Consolidated Statements of Income	4
Net Income, FFO, Core FFO, AFFO, Adjusted EBITDA and NOI 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 9, 2017	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 Adjusted 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, 2017			September 30, 2016
	(unaudited)
ASSETS
Real Estate Investments:
Land	$	184,998,116		$	165,375,315
Buildings and Improvements		1,188,576,632			1,005,938,180
Total Real Estate Investments		1,373,574,748			1,171,313,495
Accumulated Depreciation		(169,226,861	)		(148,830,169	)
Real Estate Investments		1,204,347,887			1,022,483,326
Cash and Cash Equivalents		11,749,997			95,749,508
Securities Available for Sale at Fair Value		100,495,810			73,604,894
Tenant and Other Receivables		1,148,114			1,444,824
Deferred Rent Receivable		7,739,322			6,917,431
Prepaid Expenses		7,358,734			4,830,987
Capitalized Lease Costs, net of Accumulated Amortization of $3,727,227 and $3,238,516, respectively		4,137,743			4,165,268
Intangible Assets, net of Accumulated Amortization of $13,103,744 and $12,332,599, respectively		8,608,879			5,816,153
Financing Costs, net of Accumulated Amortization of $525,660 and $246,678, respectively		969,603			1,245,923
Other Assets		5,061,923			7,227,571
TOTAL ASSETS	$	1,351,618,012		$	1,223,485,885
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt
Issuance Costs	$	554,486,956		$	477,476,010
Loans Payable		122,094,940			80,790,684
Accounts Payable and Accrued Expenses		2,853,438			3,998,771
Other Liabilities		13,936,503			9,868,572
Preferred Stock Called for Redemption		-0-			53,493,750
Total Liabilities		693,371,837			625,627,787
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity: 7.875% Series B Cumulative Redeemable Preferred Stock, $0.01 Par Value Per Share: -0- and 2,300,000 Shares Authorized, Issued and Outstanding as of June 30, 2017 and September 30, 2016, respectively		-0-			57,500,000
6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 Par Value Per Share: 12,400,000 and 5,400,000 Shares Authorized as of June 30, 2017 and September 30, 2016, respectively; 8,400,000 and 5,400,000 Shares Issued and Outstanding as of June 30, 2017 and September 30, 2016, respectively		210,000,000			135,000,000
Common Stock, $0.01 Par Value Per Share: 192,039,750 and 194,600,000 Shares Authorized as of June 30, 2017 and September 30, 2016, respectively; 73,824,161 and 68,920,972 Shares Issued and Outstanding as of June 30, 2017 and September 30, 2016, respectively		738,242			689,210
Excess Stock, $0.01 Par Value Per Share: 200,000,000 Shares Authorized as of June 30, 2017 and September 30, 2016; No Shares Issued or Outstanding as of June 30, 2017 and September 30, 2016		-0-			-0-
Additional Paid-In Capital		438,742,799			391,726,621
Accumulated Other Comprehensive Income		8,765,134			12,942,267
Undistributed Income		-0-			-0-
Total Shareholders’ Equity		658,246,175			597,858,098
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY	$	1,351,618,012		$	1,223,485,885

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 3 of 23

Consolidated Statements of Income

(unaudited)

	Three Months Ended						Nine Months Ended
	6/30/2017			6/30/2016			6/30/2017			6/30/2016
INCOME:
Rental Revenue	$	24,400,237		$	20,789,914		$	71,291,923		$	59,465,701
Reimbursement Revenue		4,208,859			3,324,085			11,806,975			9,874,498
TOTAL INCOME		28,609,096			24,113,999			83,098,898			69,340,199
EXPENSES:
Real Estate Taxes		3,520,322			2,633,706			9,279,165			7,681,519
Operating Expenses		1,053,253			981,766			3,635,986			3,316,489
General & Administrative Expenses		1,786,852			1,542,432			5,307,853			5,099,841
Acquisition Costs		-0-			135,358			178,526			545,955
Depreciation		7,318,258			6,096,880			21,449,830			17,478,374
Amortization of Capitalized Lease Costs and Intangible Assets		451,823			445,404			1,327,376			1,418,375
TOTAL EXPENSES		14,130,508			11,835,546			41,178,736			35,540,553
OTHER INCOME (EXPENSE):
Dividend and Interest Income		1,899,320			1,486,134			4,630,653			4,050,455
Gain on Sale of Securities Transactions		1,487,836			272,067			2,293,944			1,159,409
Interest Expense, including Amortization of Financing Costs		(6,135,381	)		(5,805,359	)		(18,835,864	)		(16,707,613	)
TOTAL OTHER INCOME (EXPENSE)		(2,748,225	)		(4,047,158	)		(11,911,267	)		(11,497,749	)
NET INCOME		11,730,363			8,231,295			30,008,895			22,301,897
Less: Preferred Dividends		4,045,787			2,151,758			11,325,583			6,455,274
Less: Redemption of Preferred Stock		2,467,165			-0-			2,467,165			-0-
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	5,217,411		$	6,079,537		$	16,216,147		$	15,846,623

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 4 of 23

Net Income, FFO, Core FFO, AFFO, Adjusted EBITDA and NOI Reconciliations

(unaudited)

	Three Months Ended						Nine Months Ended
FFO, Core FFO, AFFO	6/30/2017			6/30/2016			6/30/2017			6/30/2016
Net Income Attributable to Common Shareholders	$	5,217,411		$	6,079,537		$	16,216,147		$	15,846,623
Plus: Depreciation Expense (excluding Corporate Office Capitalized Costs)		7,278,976			6,066,012			21,332,662			17,390,417
Plus: Amortization of Intangible Assets		262,325			272,009			771,145			915,208
Plus: Amortization of Capitalized Lease Costs		214,990			198,887			632,707			579,643
Plus: Loss on Sale of Real Estate Investment		-0-			-0-			95,336			-0-
FFO Attributable to Common Shareholders		12,973,702			12,616,445			39,047,997			34,731,891
Plus: Acquisition Costs		-0-			135,358			178,526			545,955
Plus: Redemption of Preferred Stock		2,467,165			-0-			2,467,165			-0-
Core FFO Attributable to Common Shareholders		15,440,867			12,751,803			41,693,688			35,277,846
Plus: Stock Compensation Expense		174,709			99,760			441,054			306,688
Plus: Depreciation of Corporate Office Capitalized Costs		39,282			30,868			117,167			87,957
Plus: Amortization of Financing Costs		283,573			240,463			949,470			713,501
Plus: Non-recurring other expense		-0-			100,000			-0-			500,000
Less: Gain on Sale of Securities Transactions		(1,487,836	)		(272,067	)		(2,293,944	)		(1,159,409	)
Less: Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment		(294,936	)		(350,217	)		(924,792	)		(1,172,053	)
Less: Recurring Capital Expenditures		(195,186	)		(169,492	)		(571,988	)		(653,544	)
AFFO Attributable to Common Shareholders	$	13,960,473		$	12,431,118		$	39,410,655		$	33,900,986

	Three Months Ended						Nine Months Ended
Adjusted EBITDA	6/30/2017			6/30/2016			6/30/2017			6/30/2016
Net Income Attributable to Common Shareholders	$	5,217,411		$	6,079,537		$	16,216,147		$	15,846,623
Plus: Preferred Dividends		4,045,787			2,151,758			11,325,583			6,455,274
Plus: Redemption of Preferred Stock		2,467,165			-0-			2,467,165			-0-
Plus: Depreciation & Amortization		7,770,081			6,542,284			22,777,206			18,896,749
Plus: Interest Expense, including Amortization of Financing Costs		6,135,381			5,805,359			18,835,864			16,707,613
Plus: Acquisition Costs		-0-			135,358			178,526			545,955
Plus: Net Amortization of Acquired Above and Below Market Lease Revenue		25,492			25,492			76,476			76,476
Plus: Loss on Sale of Real Estate Investment		-0-			-0-			95,336			-0-
Less: Gain on Sale of Securities Transactions		(1,487,836	)		(272,067	)		(2,293,944	)		(1,159,409	)
Adjusted EBITDA	$	24,173,481		$	20,467,721		$	69,678,359		$	57,369,281

	Three Months Ended						Nine Months Ended
Net Operating Income	6/30/2017			6/30/2016			6/30/2017			6/30/2016
Net Income Attributable to Common Shareholders	$	5,217,411		$	6,079,537		$	16,216,147		$	15,846,623
Plus: Redemption of Preferred Stock		2,467,165			-0-			2,467,165			-0-
Plus: Preferred Dividends		4,045,787			2,151,758			11,325,583			6,455,274
Plus: General & Administrative Expenses		1,786,852			1,542,432			5,307,853			5,099,841
Plus: Acquisition Costs		-0-			135,358			178,526			545,955
Plus: Depreciation		7,318,258			6,096,880			21,449,830			17,478,374
Plus: Amortization of Capitalized Lease Costs and Intangible Assets		451,823			445,404			1,327,376			1,418,375
Plus: Interest Expense, including Amortization of Financing Costs		6,135,381			5,805,359			18,835,864			16,707,613
Less: Dividend and Interest Income		(1,899,320	)		(1,486,134	)		(4,630,653	)		(4,050,455	)
Less: Gain on Sale of Securities Transactions		(1,487,836	)		(272,067	)		(2,293,944	)		(1,159,409	)
Net Operating Income - NOI	$	24,035,521		$	20,498,527		$	70,183,747		$	58,342,191

	Three Months Ended				Nine Months Ended
Components of Net Operating Income consists of:	6/30/2017		6/30/2016		6/30/2017		6/30/2016
Revenues
Rental Revenue	$	24,400,237	$	20,789,914	$	71,291,923	$	59,465,701
Reimbursement Revenue		4,208,859		3,324,085		11,806,975		9,874,498
Total Rental and Reimbursement Revenue		28,609,096		24,113,999		83,098,898		69,340,199
Expenses
Real Estate Taxes		3,520,322		2,633,706		9,279,165		7,681,519
Operating Expenses		1,053,253		981,766		3,635,986		3,316,489
Total Real Estate Taxes and Operating Expenses		4,573,575		3,615,472		12,915,151		10,998,008
Net Operating Income - NOI	$	24,035,521	$	20,498,527	$	70,183,747	$	58,342,191

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 5 of 23

Financial Highlights

(unaudited)

	Three Months Ended					Nine Months Ended
	6/30/2017			6/30/2016		6/30/2017		6/30/2016
Weighted Average Common Shares Outstanding
Basic		72,881,974			66,337,101		71,264,806		64,613,953
Diluted		73,053,693			66,462,209		71,422,664		64,703,203
Net Income Attributable to Common Shareholders	$	5,217,411		$	6,079,537	$	16,216,147	$	15,846,623
Basic	$	0.07		$	0.09	$	0.23	$	0.25
Diluted		0.07			0.09		0.23		0.24
Net Operating Income – NOI	$	24,035,521		$	20,498,527	$	70,183,747	$	58,342,191
Basic	$	0.33		$	0.31	$	0.98	$	0.90
Diluted		0.33			0.31		0.98		0.90
Funds From Operations – FFO	$	12,973,702		$	12,616,445	$	39,047,997	$	34,731,891
Basic	$	0.18		$	0.19	$	0.55	$	0.54
Diluted		0.18			0.19		0.55		0.54
Core Funds From Operations - Core FFO	$	15,440,867		$	12,751,803	$	41,693,688	$	35,277,846
Basic	$	0.21		$	0.19	$	0.59	$	0.55
Diluted		0.21			0.19		0.58		0.55
Core FFO Excluding Gains on Securities Transactions	$	13,953,031		$	12,479,736	$	39,399,744	$	34,118,437
Basic	$	0.19		$	0.19	$	0.55	$	0.53
Diluted		0.19			0.19		0.55		0.53
Adjusted Funds From Operations - AFFO	$	13,960,473		$	12,431,118	$	39,410,655	$	33,900,986
Basic	$	0.19		$	0.19	$	0.55	$	0.52
Diluted		0.19			0.19		0.55		0.52
Dividends Declared per Common Share	$	0.16		$	0.16	$	0.48	$	0.48
Dividend/AFFO Payout Ratio		84.2	%

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 6 of 23

Same Property Statistics

	Three Months Ended
	6/30/2017			6/30/2016			Change			Change %
Total Square Feet / Total Properties		17,917,302 /105			15,124,162/97			2,793,140			18.5	%
Occupancy Percentage at Quarter End		99.8	%		99.6	%		20 bps			0.2	%
Same Property Square Feet / Number of Same Properties		13,522,492/89
Same Property Occupancy Percentage at Quarter End		99.7	%		100.0	%		(30) bps			(0.3	)%
Same Property Net Operating Income (NOI) (GAAP)	$	18,450,772		$	18,569,091		$	(118,319	)		(0.6	)%
Reversal of Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment		(173,560	)		(335,224)			161,664
Same Property Cash NOI (Cash)	$	18,277,212		$	18,233,867		$	43,345			0.2	%

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

The 0.6% decrease, amounting to $118,319 in Same Property NOI, consists of $9,328 attributable to a decrease in Same Property NOI from vacant properties and by a decrease in Same Property NOI from occupied properties of $108,991.

The 0.2% increase, amounting to $43,345 in Same Property Cash NOI, consists of $55,624 attributable to an increase in Same Property Cash NOI from occupied properties offset by a decrease in Same Property Cash NOI from vacant properties of $12,279.

Reconciliation of Same Property NOI to Total NOI	Three Months Ended
	6/30/2017		6/30/2016			Change			Change %
Same Property NOI (GAAP)	$	18,450,772	$	18,569,091		$	(118,319	)		(0.6	)%
NOI of properties purchased subsequent to October 1, 2015 (twelve properties for fiscal 2017 and three properties for fiscal 2016)		4,046,723		885,335
NOI of properties expanded subsequent to October 1, 2015 (four properties for fiscal 2017 and 2016)		1,538,026		1,104,282
NOI of property sold subsequent to October 1, 2015 (one property sold during fiscal 2017)		-0-		(60,181	)
Total NOI	$	24,035,521	$	20,498,527		$	3,536,994			17.3	%

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 7 of 23

Same Property Statistics

	Nine Months Ended
	6/30/2017			6/30/2016			Change		Change %
Total Square Feet / Total Properties		17,917,302/105			15,124,162/97			2,793,140		18.5	%
Occupancy Percentage at Quarter End		99.8	%		99.6	%		20 bps		0.2	%
Same Property Square Feet / Number of Same Properties		12,890,600/86
Same Property Occupancy Percentage at Quarter End		99.7	%		100.0	%		(30) bps		(0.3	)%
Same Property Net Operating Income (NOI) (GAAP)	$	51,771,276		$	51,575,371		$	195,905		0.4	%
Reversal of Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment		(495,519	)		(1,088,791	)		593,272
Same Property Cash NOI (Cash)	$	51,275,757		$	50,486,580		$	789,177		1.6	%

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

The 0.4% increase, amounting to $195,905 in Same Property NOI, consists of $381,807 attributable to an increase in Same Property NOI from filling previously vacant properties offset by a decrease in Same Property NOI from occupied properties of $185,902.

The 1.6% increase, amounting to $789,177 in Same Property Cash NOI, consists of $595,276 attributable to an increase in Same Property Cash NOI from filling previously vacant properties and by an increase in Same Property Cash NOI from occupied properties of $193,901.

Reconciliation of Same Property NOI to Total NOI

	Nine Months Ended
	6/30/2017			6/30/2016			Change		Change %
Same Property NOI (GAAP)	$	51,771,276		$	51,575,371		$	195,905		0.4	%
NOI of properties purchased subsequent to October 1, 2015 (fifteen properties for fiscal 2017 and six properties for fiscal 2016)		13,834,680			3,613,706
NOI of properties expanded subsequent to October 1, 2015 (four properties for fiscal 2017 and 2016)		4,691,829			3,274,253
NOI of property sold subsequent to October 1, 2015 (one property sold during fiscal 2017)		(114,038	)		(121,139	)
Total NOI	$	70,183,747		$	58,342,191		$	11,841,556		20.3	%

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 8 of 23

Consolidated Statements of Cash Flows

(unaudited)

	Nine Months Ended
	6/30/2017			6/30/2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	30,008,895		$	22,301,897
Noncash Items Included in Net Income:
Depreciation & Amortization		23,726,676			19,610,250
Stock Compensation Expense		441,054			306,688
Gain on Sale of Securities Transactions		(2,293,944	)		(1,159,409	)
Loss on Sale of Real Estate Investment		95,336			-0-
Changes in:
Tenant, Deferred Rent and Other Receivables		12,479			(1,235,976	)
Prepaid Expenses		(2,527,747	)		(1,859,791	)
Other Assets and Capitalized Lease Costs		71,446			(2,293,188	)
Accounts Payable, Accrued Expenses and Other Liabilities		656,824			7,676,175
NET CASH PROVIDED BY OPERATING ACTIVITIES		50,191,019			43,346,646
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Real Estate and Intangible Assets		(208,390,539	)		(141,230,341	)
Capital Improvements		(1,208,390	)		(19,517,185	)
Proceeds on Sale of Real Estate		4,125,819			-0-
Return of Deposits on Real Estate		2,700,000			1,650,000
Deposits Paid on Acquisitions of Real Estate		(1,280,000	)		(1,100,000	)
Proceeds from Sale of Securities Available for Sale		10,693,212			8,165,701
Purchase of Securities Available for Sale		(39,467,317	)		(17,772,994	)
NET CASH USED IN INVESTING ACTIVITIES		(232,827,215	)		(169,804,819	)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Proceeds from Loans Payable		41,304,256			40,812,783
Proceeds from Fixed Rate Mortgage Notes Payable		137,925,000			92,971,000
Principal Payments on Fixed Rate Mortgage Notes Payable		(59,936,689	)		(26,609,348	)
Financing Costs Paid on Debt		(1,650,516	)		(1,204,207	)
Proceeds from the Exercise of Stock Options		-0-			1,412,050
Redemption of 7.625% Series A Preferred Stock		(53,493,750	)		-0-
Redemption of 7.875% Series B Preferred Stock		(57,500,000	)		-0-
Proceeds from Underwritten Public Offering of 6.125% Series C Preferred Stock, net of offering costs		71,003,093			-0-
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments		59,111,167			45,132,315
Preferred Dividends Paid		(11,044,489	)		(6,455,274	)
Common Dividends Paid, net of Reinvestments		(27,081,387	)		(24,788,097	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		98,636,685			121,271,222
NET DECREASE IN CASH AND CASH EQUIVALENTS		(83,999,511	)		(5,186,951	)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		95,749,508			12,073,909
CASH AND CASH EQUIVALENTS - END OF PERIOD	$	11,749,997		$	6,886,958

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 9 of 23

	As of			As of			As of
Capital Structure and Leverage Ratios	6/30/2017			6/30/2016			9/30/2016
(unaudited)
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs	$	554,486,956		$	434,605,383		$	477,476,010
Loans Payable		122,094,940			125,854,169			80,790,684
Preferred Stock Called for Redemption		-0-			-0-			53,493,750
Total Debt		676,581,896			560,459,552			611,760,444
7.625% Series A Cumul. Redeemable Preferred		-0-			53,493,750			-0-
7.875% Series B Cumul. Redeemable Preferred		-0-			57,500,000			57,500,000
6.125% Series C Cumul. Redeemable Preferred		210,000,000			-0-			135,000,000
Total Preferred Stock		210,000,000			110,993,750			192,500,000
Common Stock, Paid-In-Capital & Other		448,246,175			390,257,050			405,358,098
Total Shareholders’ Equity		658,246,175			501,250,800			597,858,098
Total Book Capitalization		1,334,828,071			1,061,710,352			1,209,618,542
Accumulated Depreciation		169,226,861			142,289,055			148,830,169
Total Undepreciated Book Capitalization	$	1,504,054,932		$	1,203,999,407		$	1,358,448,711
Shares Outstanding		73,824,161			67,228,175			68,920,972
Market Price Per Share	$	15.05		$	13.26		$	14.27
Equity Market Capitalization	$	1,111,053,623		$	891,445,601		$	983,502,270
Total Debt		676,581,896			560,459,552			611,760,444
Preferred		210,000,000			110,993,750			192,500,000
Total Market Capitalization	$	1,997,635,519		$	1,562,898,903		$	1,787,762,714
Total Debt	$	676,581,896		$	560,459,552		$	611,760,444
less: Cash and Cash Equivalents		11,749,997			6,886,958			95,749,508
Net Debt	$	664,831,899		$	553,572,594		$	516,010,936
less: Securities Available for Sale at Fair Value (Securities)		100,495,810			82,638,519			73,604,894
Net Debt Less Securities	$	564,336,089		$	470,934,075		$	442,406,042
Net Debt / Total Undepreciated Book Capitalization		44.2	%		46.0	%		38.0	%
Net Debt / Total Market Capitalization		33.3	%		35.4	%		28.9	%
Net Debt Plus Preferred / Total Market Capitalization		43.8	%		42.5	%		39.6	%
Net Debt Less Securities / Total Undepreciated Book Capitalization		37.5	%		39.1	%		32.6	%
Net Debt Less Securities / Total Market Capitalization		28.3	%		30.1	%		24.7	%
Net Debt Less Securities Plus Preferred / Total Market Capitalization		38.8	%		37.2	%		35.5	%
Weighted Average Interest Rate on Fixed Rate Debt		4.21	%		4.61	%		4.49	%

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 10 of 23

Capital Structure and Leverage Ratios continued

(unaudited)

													Fiscal Year
	Three Months Ended						Nine Months Ended						Ended
		6/30/2017			6/30/2016			6/30/2017			6/30/2016			9/30/2016
Net Income	$	11,730,363		$	8,231,295		$	30,008,895		$	22,301,897		$	32,494,507
plus: Depreciation & Amortization		7,770,081			6,542,284			22,777,206			18,896,749			26,087,680
plus: Interest Expense, including Amortization of  Financing Costs		6,135,381			5,805,359			18,835,864			16,707,613			22,953,049
plus: Acquisition Costs		-0-			135,358			178,526			545,955			730,441
plus: Net Amortization of Acquired Above and Below Market Lease Revenue		25,492			25,492			76,476			76,476			101,967
plus: Loss on Sale of Real Estate Investment		-0-			-0-			95,336			-0-			-0-
less: Gain on Sale of Securities Transactions		(1,487,836	)		(272,067	)		(2,293,944	)		(1,159,409	)		(4,398,599	)
Adjusted EBITDA	$	24,173,481		$	20,467,721		$	69,678,359		$	57,369,281		$	77,969,045
Interest Expense, including Amortization of Financing Costs	$	6,135,381		$	5,805,359		$	18,835,864		$	16,707,613		$	22,953,049
Preferred Dividends		4,045,787			2,151,758			11,325,583			6,455,274			9,020,470
Total Fixed Charges	$	10,181,168		$	7,957,117		$	30,161,447		$	23,162,887		$	31,973,519
Interest Coverage		3.9 x			3.5 x			3.7 x			3.4 x			3.4 x
Fixed Charge Coverage		2.4 x			2.6 x			2.3 x			2.5 x			2.4 x
Net Debt	$	664,831,899		$	553,572,594		$	664,831,899		$	553,572,594		$	516,010,936
Net Debt Less Securities		564,336,089			470,934,075			564,336,089			470,934,075			442,406,042
Preferred		210,000,000			110,993,750			210,000,000			110,993,750			192,500,000
Annualized Adjusted EBITDA		96,693,924			81,870,884			92,904,479			76,492,375			77,969,045
Net Debt / Adjusted EBITDA		6.9 x			6.8 x			7.2 x			7.2 x			6.6 x
Net Debt Less Securities / Adjusted EBITDA		5.8 x			5.8 x			6.1 x			6.2 x			5.7 x
Net Debt + Preferred / Adjusted EBITDA		9.0 x			8.1 x			9.4 x			8.7 x			9.1 x
Net Debt Less Securities + Preferred / Adjusted EBITDA		8.0 x			7.1 x			8.3 x			7.6 x			8.1 x

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 11 of 23

Debt Maturity

(unaudited)

						Loans						% of
Fiscal Year Ended		Mortgages				Payable			Total			Total
2017		$	8,841,593			$	-0-		$	8,841,593			1.3	%
2018			49,428,516				-0-			49,428,516			7.4	%
2019			52,952,254				-0-			52,952,254			7.9	%
2020			36,963,631				110,000,000			146,963,631			21.9	%
2021			37,726,958				-0-			37,726,958			5.6	%
Thereafter			375,823,512				-0-			375,823,512			55.9	%
Total as of 6/30/2017	(A)	$	561,736,464		(B)	$	110,000,000		$	671,736,464			100.0	%
Weighted Average Interest Rate (C)			4.21	%			2.49	%		3.90	%
Weighted Average Term			11.47 yrs.				2.93 yrs.			9.94 yrs.

(A)	Mortgages does not include unamortized debt issuance costs of $7,249,508.
(B)	Excludes $12,094,940 of margin debt which is due upon demand and bears an interest rate of 2.05%.
(C)	Weighted average interest rate of 2.49% on Loans Payable and weighted average interest rate of 3.90% on Total includes margin debt.

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 12 of 23

Property Table by Tenant

(unaudited)

		Property		Square		Occupied Square		% of Occupied			Annual		% of Total Ann.			Rent Per sf		Undepreciated		Mortgage
Tenant		Count		Footage		Footage		sf			Rent		Rent			Occup.		Cost		Balance
FedEx Ground Package System, Inc.			43		7,700,724		7,700,724		43.0	%	$	57,025,000		53.9	%	$	7.41	$	774,187,846	$	357,317,226
FedEx Corporation			15		1,423,313		1,423,313		7.9	%		6,687,000		6.3	%		4.70	$	86,858,352		13,961,186
Total FedEx			58		9,124,037		9,124,037		50.9	%		63,712,000		60.2	%		6.98		861,046,198		371,278,412
Milwaukee Electric Tool Corporation			1		861,889		861,889		4.8	%		3,010,000		2.8	%		3.49		36,914,917		23,886,671
ULTA, Inc.			1		671,354		671,354		3.7	%		2,677,000		2.5	%		3.99		37,512,071		21,808,660
Jim Beam Brands Company			1		599,840		599,840		3.3	%		2,032,000		1.9	%		3.39		28,000,000		17,784,413
TreeHouse Private Brands, Inc.			1		558,600		558,600		3.1	%		2,186,000		2.1	%		3.91		26,767,852		16,187,415
CBOCS Distribution, Inc.			1		381,240		381,240		2.1	%		1,433,000		1.4	%		3.76		14,215,126		7,501,287
Best Buy Warehousing Logistics, Inc.			1		368,060		368,060		2.1	%		1,660,000		1.6	%		4.51		19,600,000		10,032,360
The Coca-Cola Compan (Western Container Corporation)			2		323,358		323,358		1.8	%		1,684,000		1.6	%		5.21		20,504,069		5,903,675
Autoneum North America, Inc.			1		315,560		315,560		1.8	%		1,700,000		1.6	%		5.39		21,040,396		15,350,000
Science Applications International			1		302,400		302,400		1.7	%		1,476,000		1.4	%		4.88		13,374,441		-0-
International Paper Company			1		280,000		280,000		1.6	%		1,337,000		1.3	%		4.78		18,294,108		10,112,819
Bunzl USA Holdings, Inc.			2		268,778		268,778		1.5	%		1,468,000		1.4	%		5.46		18,379,601		12,839,422
Woodstream Corporation	(B)		1		256,000		256,000		1.4	%		910,000		0.9	%		3.55		8,885,429		-0-
United Technologies Corporation			2		244,317		244,317		1.4	%		1,896,000		1.8	%		7.76		22,587,512		7,419,925
Anda Pharmaceuticals, Inc.			1		234,660		234,660		1.3	%		1,200,000		1.1	%		5.11		14,550,000		8,318,812
UGN, Inc.			1		232,200		232,200		1.3	%		1,060,000		1.0	%		4.57		12,937,000		7,725,701
Caterpillar Logistics Services, Inc.			1		218,120		218,120		1.2	%		1,169,000		1.1	%		5.36		14,868,857		-0-
Anheuser-Busch, Inc.			1		184,800		184,800		1.0	%		810,000		0.8	%		4.38		12,578,197		-0-
Carlisle Tire & Wheel Company			1		179,280		179,280		1.0	%		787,000		0.7	%		4.39		7,232,986		-0-
NF&M International Inc.	(A)		1		174,802		174,802		1.0	%		833,000		0.8	%		4.77		5,389,424		-0-
Home Depot USA, Inc.			1		171,200		171,200		1.0	%		988,000		0.9	%		5.77		11,298,367		-0-
Kellogg Sales Company			3		170,279		170,279		1.0	%		982,000		0.9	%		5.77		12,175,116		-0-
Victory Packaging, L.P.			1		148,000		148,000		0.8	%		496,000		0.5	%		3.35		5,441,876		-0-
Challenger Lifts, Inc. (Snap-On Inc.)			1		137,500		137,500		0.8	%		831,000		0.8	%		6.04		11,304,000		7,009,146
Altec Industries, Inc.	(B)		1		126,880		126,880		0.7	%		367,000		0.3	%		2.89		4,403,841		-0-
General Electric Company			1		125,860		125,860		0.7	%		1,315,000		1.2	%		10.45		19,950,000		12,150,546
The American Bottling Company (Dr Pepper Snapple)			2		110,080		110,080		0.6	%		739,000		0.7	%		6.71		10,498,034		1,843,498
Style Crest, Inc.			1		106,507		106,507		0.6	%		381,000		0.4	%		3.58		7,238,613		-0-
Pittsburgh Glass Works, LLC.			1		102,135		102,135		0.6	%		427,000		0.4	%		4.18		4,245,913		-0-
Holland 1916 Inc.			1		95,898		95,898		0.5	%		345,000		0.3	%		3.60		7,397,881		-0-
National Oilwell Varco, Inc.			1		91,295		91,295		0.5	%		750,000		0.7	%		8.22		8,083,107		2,800,874
Joseph T. Ryerson and Son, Inc.			1		89,052		89,052		0.5	%		506,000		0.5	%		5.68		6,932,916		-0-
CHEP USA, Inc.			1		83,000		83,000		0.5	%		497,000		0.5	%		5.99		7,405,447		-0-
Datatel Resources Corporation	(A)		1		80,856		80,856		0.5	%		244,000		0.2	%		3.02		2,492,919		-0-
Sherwin-Williams Company			2		78,887		78,887		0.4	%		640,000		0.6	%		8.11		7,244,128		-0-
RGH Enterprises, Inc.			1		75,000		75,000		0.4	%		601,000		0.6	%		8.01		5,525,600		-0-
Tampa Bay Grand Prix			1		68,385		68,385		0.4	%		293,000		0.3	%		4.28		5,677,982		-0-
Various Tenants at Retail Shopping Center			1		64,220		64,220		0.4	%		762,000		0.7	%		11.87		3,072,880		-0-
SOFIVE, Inc.			1		60,400		60,400		0.3	%		548,000		0.5	%		9.07		4,903,589		1,782,828
Siemens Real Estate			1		51,130		51,130		0.3	%		479,000		0.5	%		9.37		4,452,425		-0-
Rockwell Collins, Inc.			1		38,833		38,833		0.2	%		362,000		0.3	%		9.32		5,100,000		-0-
Graybar Electric Company			1		26,340		26,340		0.1	%		109,000		0.1	%		4.14		1,858,591		-0-
Tenant Total as of 6/30/17			104		17,881,032		17,881,032		99.8	%	$	105,702,000		99.9	%	$	5.91	$	1,371,381,409	$	(C) 561,736,464
Vacant	(E)		1		36,270		-0-		0.0	%		(D) 94,000		0.1	%		-0-		2,182,274		-0-
Total as of 6/30/17			105		17,917,302		17,881,032		99.8	%	$	105,796,000		100.0	%	$	5.91	$	1,373,563,683	$	561,736,464
Acquisitions Subsequent to 6/30/17
FedEx Ground Package System, Inc. (Charlotte, NC MSA)			1		354,482		354,482		1.9	%		2,537,000		2.3	%		7.16
Pro Forma Total with Acquisitions Subsequent to 6/30/17			106		18,271,784		18,235,514		99.8	%	$	108,333,000		100.0	%	$	5.94
Leasing Activity Subsequent to 6/30/17
FBM Gypsum Supply of Illinois, LLC	(E)		na		na		36,270		0.3	%		172,000		0.2	%		4.74
Pro Forma Total			106		18,271,784		(F) 18,184,284		(F) 99.5%		$	108,505,000		100.0	%	$	5.94

(A)	NF&M International and Datatel Resources are located at one property and therefore are counted as one property in the Property Count total.
(B)	Woodstream Corporation and Altec Industries, Inc. are located at one property and therefore are counted as one property in the Property Count total.
	Other than these two properties indicated in footnotes (A) and (B) and the one retail property, all other properties are single-tenant.
(C)	Does not include unamortized debt issuance costs of $7,249,508.
(D)	Includes rental revenue from property during Fiscal 2017 prior to becoming vacant.
(E)	Entered into a 10.2 year lease agreement through December 31, 2027 with FBM Gypsum Supply of Illinois, LLC. The lease is expected to commence on November 1, 2017, with 2 months of free rent, after which initial annual rent of $159,888, representing $4.40 per square foot, will commence with 2.0% annual increases thereafter.
(F)	Effective July 1, 2017, an 87,500 square foot building leased to FedEx Ground Package System, Inc., located in Ft. Myers, FL, became vacant.

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 13 of 23

Property Table by State

(unaudited)

		Property		Square		Occupied Square		% of Total			Annual		% of Total Ann.			Rent Per sf		Undepreciated			Mortgage
State		Count		Footage		Footage		sf			Rent		Rent			Occup.		Cost			Balance
Florida			13		1,899,643		1,899,643		10.6	%	$	13,941,000		13.2	%		7.34	$	200,246,461	$	100,861,021
Texas			10		1,781,967		1,781,967		9.9	%		14,182,000		13.4	%		7.96		182,082,804		84,960,463
Kentucky			3		1,295,940		1,295,940		7.2	%		5,049,000		4.8	%		3.90		66,071,852		40,980,974
Mississippi			4		1,158,889		1,158,889		6.5	%		4,439,000		4.2	%		3.83		55,224,199		32,205,483
Ohio			7		1,032,469		1,032,469		5.8	%		6,116,000		5.8	%		5.92		72,781,419		22,458,064
Indiana			2		999,176		999,176		5.6	%		4,210,000		4.0	%		4.21		61,458,071		33,420,918
Illinois			9		958,045		958,045		5.3	%		6,101,000		5.8	%		6.37		82,074,151		9,286,476
Tennessee			3		891,777		891,777		5.0	%		3,077,000		2.9	%		3.45		33,856,198		13,583,577
South Carolina			4		886,675		886,675		4.9	%		5,266,000		5.0	%		5.94		57,442,797		17,693,184
Michigan			4		833,054		833,054		4.6	%		5,574,000		5.3	%		6.69		72,970,157		27,851,798
Kansas			4		813,043		813,043		4.5	%		4,652,000		4.4	%		5.72		60,943,937		32,683,990
Missouri			5		804,397		804,397		4.5	%		3,121,000		2.9	%		3.88		39,384,765		6,839,422
North Carolina			3		585,224		585,224		3.3	%		3,111,000		2.9	%		5.32		45,725,284		19,201,012
New York			4		568,965		568,965		3.2	%		4,204,000		4.0	%		7.39		55,232,099		22,826,429
Pennsylvania			3		504,040		504,040		2.8	%		3,043,000		2.9	%		6.04		36,840,993		15,888,368
Virginia			5		407,265		407,265		2.3	%		2,442,000		2.3	%		6.00		34,507,456		4,982,380
Colorado			3		363,597		363,597		2.0	%		3,040,000		2.9	%		8.36		42,058,524		19,815,390
Oklahoma			3		314,941		314,941		1.8	%		2,029,000		1.9	%		6.44		25,060,869		11,885,673
Georgia			3		307,662		307,662		1.7	%		1,743,000		1.6	%		5.67		22,209,940		616,465
Arizona			1		283,358		283,358		1.6	%		1,352,000		1.3	%		4.77		16,824,226		4,721,556
Wisconsin			2		238,666		238,666		1.3	%		1,300,000		1.2	%		5.45		15,952,361		3,033,695
Washington			1		210,445		210,445		1.2	%		1,962,000		1.8	%		9.32		30,228,547		19,103,335
Louisiana			1		175,315		175,315		1.0	%		1,260,000		1.2	%		7.19		18,410,000		11,980,889
Maryland			1		148,881		148,881		0.8	%		1,426,000		1.3	%		9.58		14,512,355		-0-
New Jersey			2		124,620		124,620		0.7	%		1,310,000		1.2	%		10.51		7,976,469		1,782,828
Nebraska			1		89,115		89,115		0.5	%		446,000		0.4	%		5.00		5,944,691		-0-
Alabama			1		88,653		88,653		0.5	%		605,000		0.6	%		6.82		6,661,819		641,771
Minnesota			1		60,398		60,398		0.3	%		372,000		0.4	%		6.16		5,220,000		2,431,303
Connecticut			1		54,812		54,812		0.3	%		329,000		0.3	%		6.00		3,478,966		-0-
Iowa			1		36,270		-0-		0.3	%		94,000		0.1	%		-0-		2,182,273		-0-
Total as of 6/30/17			105		17,917,302		17,881,032		100.0	%	$	105,796,000		100.0	%	$	5.91	$	1,373,563,683	$	(A) 561,736,464
Acquisitions Subsequent to 6/30/17
North Carolina			1		354,482		354,482		1.9	%		2,537,000		2.3	%		7.16
Pro Forma Total with Acquisitions Subsequent to 6/30/17			106		18,271,784		18,235,514		100	%	$	108,333,000		100.0	%	$	5.94
Leasing Activity Subsequent to 6/30/17
Iowa	(B)		na		na		36,270		0.3	%		172,000		0.2	%		4.74
Pro Forma Total			106		18,271,784		(C) 18,184,284		100	%	$	108,505,000		100.0	%	$	5.94

(A)	Does not include unamortized debt issuance costs of $7,249,508.
(B)	Included in leasing activity subsequent to 6/30/17 is a 36,270 square foot building located in Iowa that the Company has recently entered into a 10.2 year lease agreement that will commence subsequent to June 30, 2017.
(C)	Effective July 1, 2017, an 87,500 square foot building leased to FedEx Ground Package System, Inc., located in Ft. Myers, FL, became vacant.

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 14 of 23

Lease Expirations

(unaudited)

		Property		Square		% of Total			Annual		% of Total Ann.			Rent Per sf		Lease Exp. Term in		Undepreciated			Mortgage
Fiscal Year		Count		Footage		sf			Rent		Rent			Occup.		Years		Cost			Balance
2017			3		231,226		1.3	%	$	1,365,000		1.3	%	$	5.90		0.1	$	16,977,588			3,717,600
2018	(A)		14		1,359,120		7.6	%		8,271,000		7.8	%		6.09		0.8		95,995,454			7,568,565
2019			9		1,370,849		7.7	%		7,116,000		6.7	%		5.19		1.9		81,544,991			13,502,215
2020			4		383,449		2.1	%		2,116,000		2.0	%		5.52		2.9		27,388,231			-0-
2021	(A)		7		827,110		4.6	%		3,705,000		3.5	%		4.48		4.1		44,328,993			8,021,541
2022			7		1,138,320		6.4	%		6,376,000		6.0	%		5.60		4.7		75,791,836			28,214,645
2023	(A)		12		1,489,524		8.3	%		8,719,000		8.2	%		5.85		6.0		109,518,122			26,182,961
2024			12		1,853,948		10.3	%		11,318,000		10.7	%		6.10		6.9		139,224,175			50,889,806
2025	(A)		9		2,404,478		13.4	%		12,207,000		11.5	%		5.08		7.9		159,801,156			81,194,222
2026			7		1,126,033		6.3	%		8,669,000		8.2	%		7.70		9.0		118,951,060			57,971,793
2027			6		692,879		3.9	%		4,591,000		4.3	%		6.63		9.9		59,135,444			4,721,556
2028			1		861,889		4.8	%		3,010,000		2.8	%		3.49		11.1		36,914,917			23,886,671
2029			2		262,613		1.5	%		1,515,000		1.4	%		5.77		12.0		21,954,950			9,286,476
2030			4		1,044,832		5.8	%		7,388,000		7.0	%		7.07		12.8		109,198,469			66,923,256
2031			3		963,269		5.4	%		7,110,000		6.7	%		7.38		13.8		104,367,000			69,628,543
2032			4		1,248,673		7.0	%		9,278,000		8.8	%		7.43		14.7		140,448,291			93,839,199
2034			1		558,600		3.1	%		2,186,000		2.3	%		3.91		16.3		26,767,852			16,187,415
Various tenants at retail shopping center			1		64,220		0.4	%		762,000		0.7	%		11.87		-0-		3,072,880			-0-
Vacant	(D)		1		36,270		0.1	%		(C) 94,000		0.1	%		-0-		-0-		2,182,274			-0-
Total as of 6/30/17			105		17,917,302		100.0	%	$	105,796,000		100.0	%	$	5.91		7.8	$	1,373,563,683	(B)	$	561,736,464
Acquisitions Subsequent to 6/30/17
2032			1		354,482		1.9	%		2,537,000		2.3	%		7.16		14.9
Pro Forma Total with Acquisitions Subsequent to 6/30/17			106		18,271,784		100.0	%	$	108,333,000		100.0	%	$	5.94		7.9
Leasing Activity Subsequent to 6/30/17
2028	(D)		na		na		0.2	%		172,000		0.2	%		4.74		10.2
Pro Forma Total			106		18,271,784		100.0	%	$	108,505,000		100.0	%	$	5.94		7.9

(A)	Included in 2018 is Datatel Resources and included in 2025 is NF&M International which both occupy one property. Included in 2021 is Woodstream Corporation and included in 2023 is Altec Industries which both occupy one property. Other than these two properties and the one retail property, all other properties are single-tenant.
(B)	Does not include unamortized debt issuance costs of $7,249,508.
(C)	Includes rental revenue from property during Fiscal 2017 prior to becoming vacant.
(D)	Included in leasing activity subsequent to 6/30/17 is a 36,270 square foot building that the Company has recently entered into a 10.2 year lease agreement that will commence subsequent to June 30, 2017.

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 15 of 23

Recent Acquisitions During Fiscal 2017

(unaudited)

		City		Fiscal Year	Square		Annual		Rent Per sf		Lease	Purchase		Initial Mortgage
No	Tenant	(MSA)	State	Acquisition	Footage		Rent		Occup.		Expiration	Price		Balance
1	FedEx Ground Package System, Inc.	Hamburg (Buffalo)	NY	2017		338,584	$	2,309,000	$	6.82	3/31/2031	$	35,100,000	$	23,500,000
2	FedEx Ground Package System, Inc.	Ft. Myers	FL	2017		213,672		1,365,000		6.39	9/30/2026		21,001,538		14,500,000
3	FedEx Ground Package System, Inc.	Walker (Grand Rapids)	MI	2017		343,483		2,102,000		6.12	1/31/2032		32,120,000		20,875,000
4	FedEx Ground Package System, Inc.	Mesquite (Dallas)	TX	2017		351,874		3,194,000		9.08	3/31/2032		50,621,072		32,900,000
5	Autoneum North America, Inc.	Aiken (Augusta, GA)	SC	2017		315,560		1,700,000		5.39	4/30/2032		21,933,000		15,350,000
6	FedEx Ground Package System, Inc.	Homestead (Miami)	FL	2017		237,756		2,282,000		9.60	3/31/2032		38,347,933		24,800,000
7	Bunzl Distribution Oklahoma, Inc.	Oklahoma City	OK	2017		110,361		721,000		6.53	8/31/2024		9,000,000		6,000,000
	Total as of 6/30/17					1,911,290	$	13,673,000	$	7.15		$	208,123,543	$	137,925,000
Acquisitions Subsequent to 6/30/17
8	FedEx Ground Package System, Inc.	Concord (Charlotte)	NC	2017		354,482		2,537,000		7.16	5/31/2032		40,598,446		26,184,000
						2,265,772	$	16,210,000	$	7.15		$	248,721,989	$	164,109,000

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 16 of 23

Property Table

(unaudited)

					Fiscal Year					Square		Annual		Rent Per sf		Lease Exp. Term in		Undepreciated		Mortgage
No	Tenant		City (MSA)	State	Acquisition		Occup.			Footage		Rent		Occup.		Years		Cost		Balance
1	Milwaukee Electric Tool Corporation		Olive Branch (Memphis, TN)	MS		2013		100.0	%		861,889	$	3,010,000	$	3.49		11.1	$	36,914,917	$	23,886,671
2	ULTA, Inc.		Greenwood (Indianapolis)	IN		2015		100.0	%		671,354		2,677,000		3.99		8.1		37,512,071		21,808,660
3	Jim Beam Brands Company		Frankfort	KY		2015		100.0	%		599,840		2,032,000		3.39		7.6		28,000,000		17,784,413
4	TreeHouse Private Brands, Inc.		Buckner (Louisville)	KY		2014		100.0	%		558,600		2,186,000		3.91		16.3		26,767,852		16,187,415
5	FedEx Corporation		Memphis	TN		2010		100.0	%		449,900		1,327,000		2.95		1.9		14,624,554		6,082,290
6	Woodstream Corporation	(A)	St. Joseph	MO		2001		100.0	%		256,000		910,000		3.55		4.3		8,885,429		-0-
	Altec Industries, Inc.	(A)	St. Joseph	MO		2001		100.0	%		126,880		367,000		2.89		5.7		4,403,841		-0-
7	CBOCS Distribution, Inc.		Lebanon (Nashville)	TN		2011		100.0	%		381,240		1,433,000		3.76		7.0		14,215,126		7,501,287
8	Best Buy Warehousing Logistics, Inc.		Streetsboro (Cleveland)	OH		2012		100.0	%		368,060		1,660,000		4.51		4.6		19,600,000		10,032,360
9	FedEx Ground Package System, Inc.		Mesquite (Dallas)	TX		2017		100.0	%		351,874		3,194,000		9.08		14.8		49,879,790		32,900,000
10	FedEx Ground Package System, Inc.		Walker (Grand Rapids)	MI		2017		100.0	%		343,483		2,102,000		6.12		14.6		31,654,985		20,789,199
11	FedEx Ground Package System, Inc.		Hamburg (Buffalo)	NY		2017		100.0	%		338,584		2,309,000		6.82		13.8		34,850,000		22,826,429
12	FedEx Ground Package System, Inc.		Concord (Charlotte)	NC		2016		100.0	%		330,717		2,234,000		6.76		8.1		33,044,795		19,201,012
13	FedEx Ground Package System, Inc.		Indianapolis	IN		2014		100.0	%		327,822		1,533,000		4.68		6.8		23,946,000		11,612,258
14	FedEx Ground Package System, Inc.		Aiken (Augusta, GA)	SC		2017		100.0	%		315,560		1,700,000		5.39		14.8		21,040,396		15,350,000
15	FedEx Ground Package System, Inc.		Olathe (Kansas City)	KS		2016		100.0	%		313,763		2,196,000		7.00		13.9		31,737,000		21,389,052
16	FedEx Ground Package System, Inc.		Davenport (Orlando)	FL		2016		100.0	%		310,922		2,605,000		8.38		13.8		37,780,000		25,413,062
17	FedEx Ground Package System, Inc.		Fort Worth (Dallas)	TX		2015		100.0	%		304,608		2,367,000		7.77		12.8		35,300,832		22,449,369
18	Science Applications International		Hanahan (Charleston)	SC		2005		100.0	%		302,400		1,476,000		4.88		1.8		13,374,441		-0-
19	FedEx Ground Package System, Inc.		Jacksonville	FL		2015		100.0	%		297,579		1,999,000		6.72		12.5		30,732,090		17,644,851
20	Western Container Corp. (The Coca-Cola Company)		Tolleson (Phoenix)	AZ		2003		100.0	%		283,358		1,352,000		4.77		9.8		16,824,226		4,721,556
21	International Paper Company		Edwardsville (Kansas City)	KS		2014		100.0	%		280,000		1,337,000		4.78		6.2		18,294,108		10,112,819
22	NF&M International	(B)	Monaca (Pittsburgh)	PA		1988		100.0	%		174,802		833,000		4.77		7.5		5,389,424		-0-
	Datatel Resources Corp.	(B)	Monaca (Pittsburgh)	PA		1988		100.0	%		80,856		244,000		3.02		0.4		2,492,919		-0-
23	FedEx Ground Package System, Inc.		Orion	MI		2007		100.0	%		245,633		1,908,000		7.77		6.0		22,885,636		-0-
24	FedEx Ground Package System, Inc.		Homestead (Miami)	FL		2017		100.0	%		237,756		2,282,000		9.60		14.8		37,873,120		24,800,000
25	Anda Pharmaceuticals, Inc.		Olive Branch (Memphis, TN)	MS		2012		100.0	%		234,660		1,200,000		5.11		5.1		14,550,000		8,318,812
26	UGN, Inc.		Monroe (Cincinnati)	OH		2015		100.0	%		232,200		1,060,000		4.57		12.7		12,937,000		7,725,701
27	FedEx Ground Package System, Inc.		Colorado Springs	CO		2016		100.0	%		225,362		1,832,000		8.13		8.6		28,500,000		17,872,072
28	Caterpillar Logistics Services, Inc.		Griffin (Atlanta)	GA		2006		100.0	%		218,120		1,169,000		5.36		0.4		14,868,857		-0-
29	Fedex Ground Package System, Inc.		Ft. Myers	FL		2017		100.0	%		213,672		1,365,000		6.39		9.3		20,800,000		14,202,709
30	FedEx Ground Package System, Inc.		Burlington (Seattle/Everett)	WA		2016		100.0	%		210,445		1,962,000		9.32		13.2		30,228,547		19,103,335
31	FedEx Ground Package System, Inc.		Sauget (St. Louis, MO)	IL		2015		100.0	%		198,773		1,036,000		5.21		11.9		15,204,950		9,286,476
32	Anheuser-Busch, Inc.		Granite City (St. Louis, MO)	IL		2001		100.0	%		184,800		810,000		4.38		4.4		12,578,197		-0-
33	United Technologies Corporation		Carrollton (Dallas)	TX		2010		100.0	%		184,317		1,576,000		8.55		1.5		17,819,203		7,419,925
34	FedEx Ground Package System, Inc.		Spring (Houston)	TX		2014		100.0	%		181,176		1,581,000		8.73		7.3		19,283,798		8,687,334
35	Carlisle Tire & Wheel Company		Edwardsville (Kansas City)	KS		2003		100.0	%		179,280		787,000		4.39		0.9		7,232,986		-0-
36	FedEx Ground Package System, Inc.		Ft. Mill (Charlotte, NC)	SC		2010		100.0	%		176,939		1,415,000		8.00		6.3		15,413,307		1,495,698
37	FedEx Ground Package System, Inc.		Covington (New Orleans)	LA		2016		100.0	%		175,315		1,260,000		7.19		8.0		18,410,000		11,980,889
38	FedEx Ground Package System, Inc.		Livonia (Detroit)	MI		2013		100.0	%		172,005		1,194,000		6.94		4.8		13,762,030		7,062,599
39	Home Depot USA, Inc.		Montgomery (Chicago)	IL		2004		100.0	%		171,200		988,000		5.77		3.0		11,298,367		-0-
40	FedEx Ground Package System, Inc.		Tampa	FL		2004		100.0	%		170,779		1,624,000		9.51		9.1		19,696,227		6,095,549
41	FedEx Ground Package System, Inc.		Edinburg	TX		2011		100.0	%		164,207		1,097,000		6.68		9.3		12,039,014		-0-
42	FedEx Ground Package System, Inc.		Lindale (Tyler)	TX		2015		100.0	%		163,378		725,000		4.44		7.0		9,930,000		6,108,716
43	Bunzl Distribution Midcentral, Inc.		Kansas City	MO		2015		100.0	%		158,417		747,000		4.72		4.3		9,651,226		6,839,422
44	FedEx Ground Package System, Inc.		Oklahoma City	OK		2012		100.0	%		158,340		1,048,000		6.62		8.0		12,584,462		4,042,175
45	FedEx Ground Package System, Inc.		Waco	TX		2012		100.0	%		150,710		1,078,000		7.15		8.2		12,551,368		4,594,245
46	FedEx Ground Package System, Inc.		Beltsville (Washington, DC)	MD		2001		100.0	%		148,881		1,426,000		9.58		1.1		14,512,355		-0-
47	Victory Packaging, L.P.		Fayetteville	NC		1997		100.0	%		148,000		496,000		3.35		3.7		5,441,876		-0-
48	FedEx Ground Package System, Inc.		El Paso	TX		2006		100.0	%		144,149		1,345,000		9.33		6.3		12,431,193		-0-
49	FedEx Ground Package System, Inc.		Cocoa	FL		2008		100.0	%		144,138		1,112,000		7.71		7.3		14,127,449		4,825,954
50	FedEx Ground Package System, Inc.		Cudahy (Milwaukee)	WI		2001		100.0	%		139,564		832,000		5.96		10.0		9,382,361		-0-
51	Challenger Lifts, Inc (Snap-On Inc.)		Louisville	KY		2016		100.0	%		137,500		831,000		6.04		8.9		11,304,000		7,009,146
52	FedEx Ground Package System, Inc.		Richfield (Cleveland)	OH		2006		100.0	%		131,152		1,493,000		11.38		7.3		16,435,479		2,815,061
53	General Electric Company		Imperial (Pittsburgh)	PA		2016		100.0	%		125,860		1,315,000		10.45		8.5		19,950,000		12,150,546
54	FedEx Ground Package System, Inc.		Wheeling (Chicago)	IL		2003		100.0	%		123,000		1,279,000		10.40		9.9		18,537,652		-0-
55	FedEx Ground Package System, Inc.		Altoona	PA		2014		100.0	%		122,522		651,000		5.31		6.2		9,008,650		3,737,822
56	FedEx Corporation		Mechanicsville (Richmond)	VA		2001		100.0	%		112,799		541,000		4.80		5.8		7,776,711		-0-
57	FedEx Corporation		Orlando	FL		2008		100.0	%		110,638		666,000		6.02		0.4		8,554,432		4,161,296
58	Bunzl Distribution Oklahoma, Inc.		Oklahoma City	OK		2017		100.0	%		110,361		721,000		6.53		7.2		8,728,375		6,000,000
59	Style Crest, Inc.		Winston-Salem	NC		2002		100.0	%		106,507		381,000		3.58		3.8		7,238,613		-0-
60	FedEx Ground Package System, Inc.		Cheektowaga (Buffalo)	NY		2000		100.0	%		104,981		966,000		9.20		2.2		10,960,823		-0-

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 17 of 23

Property Table

(unaudited)

					Fiscal Year						Square		Annual		Rent Per sf		Lease Exp. Term in		Undepreciated			Mortgage
No	Tenant		City (MSA)	State	Acquisition			Occup.			Footage		Rent		Occup.		Years		Cost			Balance
61	FedEx Ground Package System, Inc.		West Chester Twp (Cincinnati)	OH		1999			100.0	%		103,818	$	537,000	$	5.17		6.2	$	5,733,686		$	1,884,942
62	FedEx Ground Package System, Inc.		Roanoke	VA		2013			100.0	%		103,402		755,000		7.30		5.8		10,200,000			4,982,380
63	Pittsburgh Glass Works, LLC.		O’ Fallon (St. Louis)	MO		1994			100.0	%		102,135		427,000		4.18		1.0		4,245,913			-0-
64	FedEx Ground Package System, Inc.		Green Bay	WI		2013			100.0	%		99,102		468,000		4.72		5.9		6,570,000			3,033,695
65	Holland 1916 Inc.		Liberty (Kansas City)	MO		1998			100.0	%		95,898		345,000		3.60		2.0		7,397,881			-0-
66	FedEx Corporation		Jacksonville	FL		1999			100.0	%		95,883		518,000		5.40		1.9		6,288,763			-0-
67	FedEx Corporation		Tampa	FL		2006			100.0	%		95,662		603,000		6.30		0.3		7,603,154		$	3,717,600
68	FedEx Ground Package System, Inc.		Hanahan (Charleston)	SC		2005			100.0	%		91,776		675,000		7.35		1.1		7,614,653			847,486
69	National Oilwell Varco, Inc.		Houston	TX		2010			100.0	%		91,295		750,000		8.22		5.3		8,083,107			2,800,874
70	FedEx Corporation		Omaha	NE		1999			100.0	%		89,115		446,000		5.00		6.3		5,944,691			-0-
71	Joseph T. Ryerson and Son, Inc.		Elgin (Chicago)	IL		2002			100.0	%		89,052		506,000		5.68		2.6		6,932,916			-0-
72	FedEx Ground Package System, Inc.		Huntsville	AL		2005			100.0	%		88,653		605,000		6.82		9.1		6,661,819			641,771
73	FedEx Ground Package System, Inc.	(F)	Ft. Myers	FL		2003			100.0	%		87,500		433,000		4.95		-0-		5,017,447			-0-
74	CHEP USA, Inc.		Roanoke	VA		2007			100.0	%		83,000		497,000		5.99		7.7		7,405,447			-0-
75	FedEx Corporation		Bedford Heights (Cleveland)	OH		2007			100.0	%		82,269		408,000		4.96		1.2		6,872,829			-0-
76	RGH Enterprises, Inc.		Halfmoon (Albany)	NY		2012			100.0	%		75,000		601,000		8.01		4.4		5,525,600			-0-
77	FedEx Corporation		Schaumburg (Chicago)	IL		1997			100.0	%		73,500		480,000		6.53		9.8		5,177,940			-0-
78	FedEx Corporation		Romulus (Detroit)	MI		1998			100.0	%		71,933		370,000		5.14		3.9		4,667,506			-0-
79	FedEx Ground Package System, Inc.		Denver	CO		2005			100.0	%		69,865		564,000		8.07		1.1		6,354,051			826,660
80	Tampa Bay Grand Prix		Tampa	FL		2005			100.0	%		68,385		293,000		4.28		3.3		5,677,982			-0-
81	FedEx Ground Package System, Inc.		Colorado Springs	CO		2006			100.0	%		68,370		644,000		9.42		1.3		7,204,472			1,116,658
82	Sherwin-Williams Company		Rockford	IL		2011			100.0	%		66,387		479,000		7.22		6.5		5,551,227			-0-
83	Kellogg Sales Company		Kansas City	MO		2007			100.0	%		65,067		325,000		4.99		1.1		4,800,474			-0-
84	Various Tenants at Retail Shopping Center		Somerset	NJ		1970			100.0	%		64,220		762,000		11.87		na		3,072,880			-0-
85	The American Bottling Company (Dr Pepper Snapple)		Cincinnati	OH		2015			100.0	%		63,840		479,000		7.50		12.3		6,750,000			-0-
86	FedEx Corporation		Chattanooga	TN		2007			100.0	%		60,637		317,000		5.23		5.3		5,016,518			-0-
87	SOFIVE, Inc.		Carlstadt (New York, NY)	NJ		2001			100.0	%		60,400		548,000		9.07		7.6		4,903,589			1,782,828
88	FedEx Ground Package System, Inc.		Stewartville (Rochester)	MN		2013			100.0	%		60,398		372,000		6.16		5.9		5,220,000			2,431,303
89	United Technologies Corporation		Richmond	VA		2004			100.0	%		60,000		320,000		5.33		1.4		4,768,309			-0-
90	FedEx Ground Package System, Inc.		Augusta	GA		2005			100.0	%		59,358		453,000		7.63		1.0		5,363,304			616,465
91	Kellogg Sales Company		Newington (Hartford)	CT		2001			100.0	%		54,812		329,000		6.00		2.7		3,478,966			-0-
92	Siemens Real Estate		Lebanon (Cincinnati)	OH		2012			100.0	%		51,130		479,000		9.37		1.8		4,452,425			-0-
93	Kellogg Sales Company		Orangeburg (New York)	NY		1993			100.0	%		50,400		328,000		6.51		0.7		3,895,675			-0-
94	FedEx Corporation		Charlottesville	VA		1999			100.0	%		48,064		329,000		6.85		0.2		4,356,988			-0-
95	FedEx Ground Package System, Inc.		Corpus Christi	TX		2012			100.0	%		46,253		469,000		10.14		4.2		4,764,500			-0-
96	The American Bottling Company (Dr Pepper Snapple)		Tulsa	OK		2014			100.0	%		46,240		260,000		5.62		6.7		3,748,035			1,843,498
97	The Coca-Cola Company		Topeka	KS		2009			100.0	%		40,000		332,000		8.30		4.3		3,679,843			1,182,119
98	Rockwell Collins, Inc.		Rockford	IL		2015			100.0	%		38,833		362,000		9.32		10.0		5,100,000			-0-
99	Vacant	(E)	Urbandale (Des Moines)	IA		1994			0.0	%		36,270		(D) 94,000		na		na		2,182,274			-0-
100	FedEx Corporation		Richland (Jackson)	MS		1994			100.0	%		36,000		120,000		3.33		6.8		1,900,691			-0-
101	FedEx Corporation		Punta Gorda	FL		2007			100.0	%		34,624		286,000		8.26		10.0		4,113,265			-0-
102	FedEx Corporation		Lakeland	FL		2006			100.0	%		32,105		155,000		4.83		0.4		1,982,532			-0-
103	FedEx Corporation		Augusta	GA		2006			100.0	%		30,184		121,000		4.01		5.4		1,977,779			-0-
104	Graybar Electric Company		Ridgeland (Jackson)	MS		1993			100.0	%		26,340		109,000		4.14		2.1		1,858,591			-0-
105	Sherwin-Williams Company		Burr Ridge (Chicago)	IL		1997			100.0	%		12,500		161,000		12.88		4.3		1,692,901			-0-
	Total as of 6/30/17								99.8	%		17,917,302	$	105,796,000	$	5.91		7.8	$	1,373,563,683	(C)	$	561,736,464
	Acquisitions Subsequent to 6/30/17
106	FedEx Ground Package System, Inc.		Concord (Charlotte)	NC		2017			100.0	%		354,482		2,537,000		7.16		14.9
	Pro Forma Total with Acquisitions Subsequent to 6/30/17								99.8	%		18,271,784	$	108,333,000	$	5.94		7.9
	Leasing Activity Subsequent to 6/30/17
	FBM Gypsum Supply of Illinois, LLC	(E)	Urbandale (Des Moines)	IA		1994			100.0	%		na		172,000		4.74		10.2
	Pro Forma Total						(F)		99.5%			18,271,784	$	108,505,000	$	5.94		7.9

(A)	Both tenants occupy one property.
(B)	Both tenants occupy one property.
	Other than these two properties indicated in footnotes (A) and (B) and the one retail property, all other properties are single-tenant.
(C)	Does not include unamortized debt issuance costs of $7,249,508.
(D)	Includes rental revenue from property during Fiscal 2017 prior to becoming vacant.
(E)	Entered into a 10.2 year lease agreement through December 31, 2027 with FBM Gypsum Supply of Illinois, LLC. The lease is expected to commence on November 1, 2017, with 2 months of free rent, after which Initial annual rent of $159,888, representing $4.40 per square foot, will commence with 2.0% annual increases thereafter.
(F)	Effective July 1, 2017, an 87,500 square foot building leased to FedEx Ground Package System, Inc., located in Ft. Myers, FL, became vacant.

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 18 of 23

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 (“Adjusted 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, Adjusted 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. Adjusted 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 supplemental tool to evaluate the Company’s performance. In addition, NOI, Same Property NOI, Same Property Cash NOI, Adjusted 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 the following non-U.S. GAAP measures as follows:

FFO, as defined by The National Association of Real Estate Investment Trusts (NAREIT), to be equal to net income 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. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance and is used by industry analysts and investors as a supplemental operating performance measure of a REIT.

Core FFO is calculated as FFO plus acquisition costs and costs associated with the Redemption of Preferred Stock.

AFFO is calculated as Core FFO plus amortization of financing costs; stock compensation expense, deprecation of corporate office tenant improvements and non-recurring other expenses, less gain on sale of securities transactions; effects of non-cash U.S. GAAP straight-line rent adjustments and recurring capital expenditures. 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 from property operations is calculated as net income attributable to common shareholders, as defined by U.S. GAAP, plus preferred dividends, general & administrative expenses, acquisitions costs, depreciation, amortization of capitalized lease costs & intangible assets and interest expense, including amortization of financing costs, less dividend and interest income and gain on sale of securities transactions. The components of NOI consist of recurring rental and reimbursement revenue, less real estate taxes and operating expenses, such as insurance, utilities, and repairs and maintenance and other expenses.

Same Property NOI is calculated as 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 calculated as the Same Property NOI adjusted to exclude the effect of non-cash U.S. GAAP straight-line rent adjustment for the properties included in the Same Property NOI calculation.

Adjusted EBITDA is calculated as net income attributable to common shareholders, as defined by U.S. GAAP, plus preferred dividends, depreciation and amortization, interest expense, including amortization of financing costs, acquisition costs, net amortization of acquired above and below market lease revenue and loss on sale of real estate investment, less gain on sale of securities transactions.

FFO, Core FFO, AFFO, NOI, Same Property NOI, Same Property Cash NOI and Adjusted EBITDA, 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. FFO, Core FFO, AFFO, NOI, Same Property NOI, Same Property Cash NOI and Adjusted EBITDA 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. FFO, Core FFO, AFFO, NOI, Same Property NOI, Same Property Cash NOI and Adjusted EBITDA, as currently calculated by the Company, may not be comparable to similarly titled, but variously calculated, measures of other REITs.

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 19 of 23

FOR IMMEDIATE RELEASE	August 9, 2017
	Contact: Susan Jordan
	732-577-9996

MONMOUTH REAL ESTATE REPORTS RESULTS FOR

THE THIRD QUARTER ENDED JUNE 30, 2017

FREEHOLD, NJ, August 9, 2017........ Monmouth Real Estate Investment Corporation (NYSE:MNR) reported Net Income Attributable to Common Shareholders of $5,217,000 or $0.07 per diluted share for the three months ended June 30, 2017 as compared to $6,080,000 or $0.09 per diluted share for the three months ended June 30, 2016. This decrease was due to a $2.5 million, or $0.03 per diluted share, non-recurring preferred stock redemption charge. Core Funds from Operations (Core FFO) were $15,441,000 or $0.21 per diluted share for the three months ended June 30, 2017 as compared to $12,752,000 or $0.19 per diluted share for the three months ended June 30, 2016, representing an increase in Core FFO per share of 11%. Adjusted Funds from Operations (AFFO) for the three months ended June 30, 2017 were $13,960,000, or $0.19 per diluted share, versus $12,431,000, or $0.19 per diluted share, for the three months ended June 30, 2016.

A summary of significant financial information for the three and nine months ended June 30, 2017 and 2016 is as follows:

	Three Months Ended June 30,
	2017		2016
Rental Revenue	$	24,400,000	$	20,790,000
Reimbursement Revenue	$	4,209,000	$	3,324,000
Net Operating Income (NOI) (1)	$	24,036,000	$	20,499,000
Total Expenses	$	14,131,000	$	11,836,000
Dividend and Interest Income	$	1,899,000	$	1,486,000
Gain on Sale of Securities Transactions, net	$	1,488,000	$	272,000
Net Income	$	11,730,000	$	8,231,000
Net Income Attributable to Common Shareholders	$	5,217,000	$	6,080,000
Net Income Attributable to Common Shareholders Per Diluted Common Share	$	0.07	$	0.09
Core FFO (1)	$	15,441,000	$	12,752,000
Core FFO per Diluted Common Share (1)	$	0.21	$	0.19
AFFO (1)	$	13,960,000	$	12,431,000
AFFO per Diluted Common Share (1)	$	0.19	$	0.19
Dividends Declared per Common Share	$	0.16	$	0.16
Weighted Avg. Diluted Common Shares Outstanding		73,054,000		66,462,000

	Nine Months Ended June 30,
	2017		2016
Rental Revenue	$	71,292,000	$	59,466,000
Reimbursement Revenue	$	11,807,000	$	9,874,000
Net Operating Income (NOI) (1)	$	70,184,000	$	58,342,000
Total Expenses	$	41,179,000	$	35,541,000
Dividend and Interest Income	$	4,631,000	$	4,050,000
Gain on Sale of Securities Transactions, net	$	2,294,000	$	1,159,000
Net Income	$	30,009,000	$	22,302,000
Net Income Attributable to Common Shareholders	$	16,216,000	$	15,847,000
Net Income Attributable to Common Shareholders Per Diluted Common Share	$	0.23	$	0.24
Core FFO (1)	$	41,694,000	$	35,278,000
Core FFO per Diluted Common Share (1)	$	0.58	$	0.55
AFFO (1)	$	39,411,000	$	33,901,000
AFFO per Diluted Common Share (1)	$	0.55	$	0.52
Dividends Declared per Common Share	$	0.48	$	0.48
Weighted Avg. Diluted Common Shares Outstanding		71,423,000		64,703,000

A summary of significant balance sheet information as of June 30, 2017 and September 30, 2016 is as follows:

	June 30, 2017		September 30, 2016
Net Real Estate Investments	$	1,204,348,000	$	1,022,483,000
Securities Available for Sale at Fair Value	$	100,496,000	$	73,605,000
Total Assets	$	1,351,618,000	$	1,223,486,000
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs	$	554,487,000	$	477,476,000
Loans Payable	$	122,095,000	$	80,791,000
Total Shareholders’ Equity	$	658,246,000	$	597,858,000

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 20 of 23

Michael P. Landy, President and CEO, commented on the results for the third quarter of fiscal 2017,

“Monmouth had a very productive quarter that saw a substantial amount of acquisition activity as several properties from our build-to-suit pipeline came on line. During the quarter, we acquired five brand-new Class A built-to-suit properties containing a total of 1.4 million square feet. These five acquisitions were purchased for an aggregate cost of $152.0 million and have a weighted average lease term of 14.4 years. Because four of the five acquisitions did not close until the last week of the quarter, their favorable impact to our earnings was not a factor during the recent quarter but will be apparent going forward.”

“During the quarter, we also finished successfully replacing all $111 million of our high dividend Series A and Series B perpetual preferred stock, which had a weighted average coupon of 7.755%, with our new 6.125% Series C perpetual preferred stock. This will result in approximately $1.76 million in annual preferred dividend savings going forward. Our balance sheet has never been stronger and these substantial improvements to our capital structure will benefit Monmouth for many years to come, regardless of what interest rates may do in the future. Net Income during the quarter was impacted by a non-recurring, non-cash $2.5 million preferred redemption charge. During the recent quarter, we generated Core FFO of $0.21 per diluted share representing an 11% increase over the prior year period. Our AFFO per diluted share was $0.19 which is in-line with the prior year period and represents a 6% increase sequentially.”

“Additionally, our strong financial performance continued with the following achievements over the quarter:

● Increased our Gross Revenue by 19% to $30.5 million, compared to $25.6 million in the prior year period,

● Increased our Net Operating Income by 17% to $24.0 million, compared to $20.5 million in the prior year period,

● Generated $1.5 million in net realized gains on our securities investments resulting in $2.3 million in cumulative net realized gains thus far in fiscal 2017, in addition to the $8.8 million in unrealized gains held at quarter end,

● Achieved a total market capitalization of $2.0 billion, and

● Entered into an At-The-Market Preferred Equity Program (ATM Preferred Stock Program) with FBR Capital Markets & Co. in which the Company may, from time to time, offer and sell additional shares of its 6.125% Series C Preferred Stock. Subsequent to the quarter end through July 25, 2017, the Company sold 627,867 shares under its ATM Preferred Stock Program at a weighted average price of $25.44 per share, and realized net proceeds, after offering expenses, of approximately $15.6 million.”

“Our property portfolio continued to deliver strong results as evidenced by the following accomplishments:

● Increased our current quarter end occupancy rate to 99.8%, an increase of 20 basis points over the prior year period,

● Increased our weighted average lease maturity by 10% to 7.8 years from 7.1 years in the prior year period,

● Renewed 10 of the 13 leases set to expire in fiscal 2017, totaling 1.5 million square feet. Nine of the 10 renewed leases, representing 1.3 million square feet, or 83% of the expiring square footage, have a weighted average lease term of 6.5 years, and a weighted average lease rate of $5.61 per square foot on a GAAP basis. This represents a decrease in the weighted average lease rate of 1.2% on a GAAP basis. Subsequent to quarter end, we leased one of the additional three buildings to a new tenant. One of the ten leases, representing 87,500 square feet, was renewed for only eight months because the tenant, FedEx Ground, moved its operations to our newly constructed 214,000 square foot facility, in the same market, in Ft. Myers, FL. The remaining two leases that are still set to expire during fiscal 2017 are currently under discussion.

●  Our same property occupancy decreased 30 basis points from 100% to 99.7% during the nine month period and our same property NOI increased 0.4% on a GAAP basis and 1.6% on a cash basis.

●  Subsequent to quarter end, we acquired a brand new Class A built-to-suit property containing 354,000 square feet, in the Charlotte, NC MSA, for a cost of $40.6 million, leased for 15 years to FedEx Ground. This facility will generate $2.5 million in annualized rental revenue, and

●  Continued to grow our acquisition pipeline to $88.7 million currently, representing 1.04 million square feet. These are all brand new, build-to-suit developments currently under construction and set to come online over the next several quarters.”

Mr. Landy further stated, “Monmouth’s strong performance was on full display this recent quarter. Our 1.4 million square feet in new acquisition activity, our sector leading 99.8% occupancy rate, our major enhancements to our strong balance sheet, and our consistent earnings growth, all result in a company that is very well positioned to achieve substantial results going forward. We continue to grow our asset base one high quality acquisition at a time and look forward to building upon our successful track record to date.”

Monmouth Real Estate Investment Corporation will host its Third Quarter FY 2017 Financial Results Webcast and Conference Call on Thursday, August 10, 2017 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 2017 financial results being released herein will be available on the Company’s website at www.mreic.reit in the Investor Relations section, under Filings and Reports.

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 21 of 23

To participate in the Webcast, select the 3Q2017 Webcast and Earnings Call “Link to Webcast” on the homepage of the Company’s website at www.mreic.reit, in the Highlights section, which is located towards the bottom of the homepage. 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 10, 2017. It will be available until December 1, 2017, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10107965. A transcript of the call and the webcast replay will be available at the Company’s website on the Investor Relations homepage, 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 is a fully integrated and self-managed real estate company, whose property portfolio consists of 106 properties containing a total of approximately 18.3 million rentable square feet, geographically diversified across 30 states. In addition, the Company owns a portfolio of REIT securities.

Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on the Company’s current expectations and involve various risks and uncertainties. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in the Company’s annual report on Form 10-K and described from time to time in the Company’s other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Notes:

(1) Non-U.S. GAAP Information: FFO, as defined by The National Association of Real Estate Investment Trusts (NAREIT), to be equal to net income 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. We define Core FFO as FFO, excluding acquisition costs and costs associated with the Redemption of Preferred Stock. 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, the effect of non-cash 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 from property operations as net income attributable to common shareholders, as defined by U.S. GAAP, plus preferred dividends, general & administrative expenses, acquisitions costs, depreciation, amortization of capitalized lease costs & intangible assets and interest expense, including amortization of financing costs, less dividend and interest income and gain on sale of securities transactions. The components of NOI consists of recurring rental and reimbursement revenue, less real estate taxes and operating expenses, such as insurance, utilities, and repairs and maintenance and other expenses. Adjusted EBITDA is calculated as net income attributable to common shareholders, as defined by U.S. GAAP, plus preferred dividends; depreciation and amortization; interest expense, including amortization of financing costs; acquisition costs; net amortization of acquired above and below market lease revenue and loss on sale of real estate investment, less gain on sale of securities transactions. 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 and Adjusted EBITDA, 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 per diluted share and, accordingly, our FFO, Core FFO and AFFO per diluted share 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, 2017 and 2016:

	Three Months Ended						Nine Months Ended
		6/30/2017			6/30/2016			6/30/2017			6/30/2016
Net Income Attributable to Common Shareholders	$	5,217,000		$	6,079,000		$	16,216,000		$	15,847,000
Plus: Depreciation Expense (excluding Corporate Office Capitalized Costs)		7,279,000			6,066,000			21,333,000			17,390,000
Plus: Amortization of Intangible Assets		263,000			272,000			771,000			915,000
Plus: Amortization of Capitalized Lease Costs		215,000			199,000			633,000			580,000
Plus: Loss on Sale of Real Estate Investment		-0-			-0-			95,000			-0-
FFO Attributable to Common Shareholders		12,974,000			12,616,000			39,048,000			34,732,000
Plus: Acquisition Costs		-0-			136,000			179,000			546,000
Plus: Redemption of Preferred Stock		2,467,000			-0-			2,467,000			-0-
Core FFO Attributable to Common Shareholders		15,441,000			12,752,000			41,694,000			35,278,000
Plus: Stock Compensation Expense		175,000			100,000			441,000			307,000
Plus: Depreciation of Corporate Office Capitalized Costs		39,000			31,000			117,000			88,000
Plus: Amortization of Financing Costs		283,000			240,000			950,000			713,000
Plus: Non-recurring other expense		-0-			100,000			-0-			500,000
Less: Gain on Sale of Securities Transactions		(1,488,000	)		(272,000	)		(2,294,000	)		(1,159,000	)
Less: Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment		(295,000	)		(350,000	)		(925,000	)		(1,172,000	)
Less: Recurring Capital Expenditures		(195,000	)		(170,000	)		(572,000	)		(654,000	)
AFFO Attributable to Common Shareholders	$	13,960,000		$	12,431,000		$	39,411,000		$	33,901,000

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 22 of 23

The following are the Cash Flows provided (used) by Operating, Investing and Financing Activities for the nine months ended June 30, 2017 and 2016:

	Nine Months Ended
		6/30/2017			6/30/2016
Operating Activities	$	50,191,000		$	43,347,000
Investing Activities		(232,827,000	)		(169,805,000	)
Financing Activities		98,637,000			121,271,000

# # # # #

Third Quarter FY 2017 Supplemental of Monmouth Real Estate Investment Corp. Page 23 of 23