SCHEDULE III

12 Months Ended

Sep. 30, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2021

(in thousands)

Column A	Column B		Column C				Column D
							Capitalization
					Buildings and		Subsequent to
Description	Encumbrances		Land		Improvements		Acquisition
Industrial Buildings
Monaca (Pittsburgh), PA	$	0	$	402	$	878	$	6,684
Ridgeland (Jackson), MS		0		218		1,234		1,504
Urbandale (Des Moines), IA		0		310		1,758		476
Richland (Jackson), MS		0		211		1,195		495
O’Fallon (St. Louis), MO		0		264		3,302		684
Fayetteville, NC		0		172		4,468		818
Schaumburg (Chicago), IL		0		1,040		3,694		713
Burr Ridge (Chicago), IL		0		270		1,237		378
Romulus (Detroit), MI		0		531		3,654		764
Liberty (Kansas City), MO		0		724		6,498		577
Omaha, NE		0		1,170		4,426		368
Charlottesville, VA		0		1,170		2,845		447
Jacksonville, FL (FDX)		0		1,165		4,668		751
West Chester Twp. (Cincinnati), OH		0		695		3,342		1,697
Mechanicsville (Richmond), VA		0		1,160		6,413		263
St. Joseph, MO		0		800		11,754		951
Newington (Hartford), CT		0		410		2,961		155
Cudahy (Milwaukee), WI		0		980		5,051		3,784
Beltsville (Washington, DC), MD		0		3,200		5,959		5,562
Granite City (St. Louis, MO), IL		0		340		12,047		371
Winston-Salem, NC		0		980		5,610		837
Elgin (Chicago), IL		0		1,280		5,529		373
Cheektowaga (Buffalo), NY		0		4,797		3,884		2,280
Tolleson (Phoenix), AZ		1,103		1,316		13,329		2,179
Edwardsville (Kansas City), KS (Carlstar)		0		1,185		5,815		283
Wheeling (Chicago), IL		0		5,112		9,187		5,326
Richmond, VA		0		446		3,911		740
Tampa, FL (FDX Ground)		0		5,000		12,660		2,085
Montgomery (Chicago), IL		0		2,000		9,226		77
Denver, CO		0		1,150		3,890		1,334
Hanahan (Charleston), SC (SAIC)		0		1,129		11,831		1,503
Hanahan (Charleston), SC (Amazon)		0		930		3,426		4,950
Augusta, GA (FDX Ground)		0		614		3,026		1,723
Tampa, FL (Tampa Bay Grand Prix)		0		1,867		3,685		126
Huntsville, AL		0		748		2,724		3,190
Augusta, GA (FDX)		0		380		1,401		212
Lakeland, FL		0		261		1,621		161
El Paso, TX		0		3,225		4,514		4,692
Richfield (Cleveland), OH		0		2,677		7,198		6,762
Tampa, FL (FDX)		0		2,830		4,705		813
Griffin (Atlanta), GA		0		760		13,692		630
Roanoke, VA (CHEP USA)		0		1,853		4,816		803
Orion, MI		0		4,650		13,053		5,453
Chattanooga, TN		0		300		4,465		604
Bedford Heights (Cleveland), OH		0		990		4,894		1,420
Punta Gorda, FL		0		0		4,105		29
Cocoa, FL		0		1,881		8,624		3,622
Orlando, FL		0		2,200		6,134		476
Topeka, KS		0		0		3,680		0
Memphis, TN		2,364		1,235		13,380		1,478
Houston, TX		0		1,661		6,320		240
Carrollton (Dallas), TX		3,781		1,500		16,240		757

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2021

(in thousands)

Column A	Column B		Column C				Column D
							Capitalization
					Buildings and		Subsequent to
Description	Encumbrances		Land		Improvements		Acquisition
Ft. Mill (Charlotte, NC), SC	$	0	$	1,747	$	10,045	$	5,272
Lebanon (Nashville), TN		0		2,230		11,985		0
Rockford, IL (Sherwin-Williams Co.)		0		1,100		4,440		11
Edinburg, TX		0		1,000		6,414		4,625
Streetsboro (Cleveland), OH		7,332		1,760		17,840		0
Corpus Christi, TX		0		0		4,765		43
Halfmoon (Albany), NY		0		1,190		4,336		1,215
Lebanon (Cincinnati), OH		0		240		4,176		139
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.)		5,558		800		13,750		0
Oklahoma City, OK (FDX Ground)		1,767		1,410		8,043		3,172
Waco, TX		3,280		1,350		7,383		3,818
Livonia (Detroit), MI		4,267		320		13,380		188
Olive Branch (Memphis, TN), MS (Milwaukee Tool)		16,095		2,550		24,819		9,546
Roanoke, VA (FDX Ground)		2,866		1,740		8,460		0
Green Bay, WI		1,613		590		5,979		11
Stewartville (Rochester), MN		1,292		900		4,320		12
Tulsa, OK		1,267		790		2,910		48
Buckner (Louisville), KY		12,993		2,280		24,353		175
Edwardsville (Kansas City), KS (International Paper)		6,804		2,750		15,335		209
Altoona, PA		1,987		1,200		7,790		33
Spring (Houston), TX		5,931		1,890		13,391		4,048
Indianapolis, IN		7,366		3,746		20,446		1,312
Sauget (St. Louis, MO), IL		6,659		1,890		13,310		2,209
Lindale (Tyler), TX		4,393		948		9,390		1,965
Kansas City, MO		0		1,000		8,600		403
Frankfort (Lexington), KY		13,483		1,850		26,150		0
Jacksonville, FL (FDX Ground)		12,587		6,000		24,646		280
Monroe (Cincinnati), OH		11,453		1,800		11,137		8,640
Greenwood (Indianapolis), IN (ULTA)		15,855		2,250		35,235		289
Ft. Worth (Dallas), TX		16,364		8,200		27,101		347
Cincinnati, OH		0		800		5,950		0
Rockford, IL (Collins Aerospace Systems)		0		480		4,620		0
Concord (Charlotte), NC		14,197		4,305		27,671		1,078
Covington (New Orleans), LA		8,917		2,720		15,690		16
Imperial (Pittsburgh), PA		8,734		3,700		16,250		40
Burlington (Seattle/Everett), WA		14,264		8,000		22,211		160
Colorado Springs, CO		13,469		2,150		26,350		820
Louisville, KY		5,267		1,590		9,714		0
Davenport (Orlando), FL		19,243		7,060		30,721		306
Olathe (Kansas City), KS		16,217		3,616		29,387		2,444
Hamburg (Buffalo), NY		17,411		1,700		33,150		290
Ft. Myers, FL		10,873		2,486		18,400		798
Walker (Grand Rapids), MI		16,027		4,034		27,621		0
Mesquite (Dallas), TX		25,461		6,248		43,632		0
Aiken (Augusta, GA), SC		12,003		1,362		19,678		0
Homestead (Miami), FL		19,193		4,427		33,446		39
Oklahoma City, OK (Bunzl)		4,243		845		7,883		0
Concord (Charlotte), NC		20,587		4,307		35,736		0
Kenton, OH		9,592		855		17,027		849
Stow, OH		10,106		1,430		17,504		0
Charleston, SC (FDX)		11,444		4,639		16,848		52
Oklahoma City, OK (Amazon)		16,501		1,618		28,260		0

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2021

(in thousands)

Column A	Column B		Column C				Column D
							Capitalization
					Buildings and		Subsequent to
Description	Encumbrances		Land		Improvements		Acquisition
Savannah, GA (Shaw)	$	26,273	$	4,405	$	51,621	$	0
Daytona Beach, FL		16,170		3,120		26,855		899
Mobile, AL		15,609		2,480		30,572		0
Charleston, SC (FDX Ground)		25,171		7,103		39,473		0
Braselton (Atlanta), GA		33,730		13,965		46,262		11
Trenton, NJ		47,039		8,336		75,652		0
Savannah, GA (FDX Ground)		15,091		3,441		24,091		0
Lafayette, IN		15,234		2,802		22,277		0
Greenwood (Indianapolis), IN (Amazon)		48,802		4,839		74,525		0
Lancaster (Columbus), OH		8,311		959		16,599		0
Whitsett (Greensboro), NC		28,277		2,735		43,976		0
Ogden (Salt Lake City), UT		7,805		1,287		11,380		0
Oklahoma City, OK (Amazon II)		9,272		1,378		13,584		0
Plain City (Columbus), OH		45,322		6,554		65,187		0
Locust Grove (Atlanta), GA		55,307		9,667		83,569		0
Burlington, VT		0		7,729		46,096		0
Kodak (Knoxville), TN		0		2,918		30,972		0
Shopping Center
Somerset, NJ		0		35		637		2,467
Vacant Land
Shelby County, TN		0		11		0		0
	$	839,622	$	277,846	$	1,884,965	$	140,879

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2021

(in thousands)

Column A	Column E (1) (2)
	Gross Amount at Which Carried
	September 30, 2021
Description	Land		Bldg & Imp		Total
Industrial Buildings
Monaca (Pittsburgh), PA	$	402	$	7,562	$	7,964
Ridgeland (Jackson), MS		218		2,738		2,956
Urbandale (Des Moines), IA		310		2,234		2,544
Richland (Jackson), MS		211		1,690		1,901
O’Fallon (St. Louis), MO		264		3,986		4,250
Fayetteville, NC		172		5,286		5,458
Schaumburg (Chicago), IL		1,040		4,407		5,447
Burr Ridge (Chicago), IL		270		1,615		1,885
Romulus (Detroit), MI		531		4,418		4,949
Liberty (Kansas City), MO		724		7,075		7,799
Omaha, NE		1,170		4,794		5,964
Charlottesville, VA		1,170		3,292		4,462
Jacksonville, FL (FDX)		1,165		5,419		6,584
West Chester Twp. (Cincinnati), OH		695		5,039		5,734
Mechanicsville (Richmond), VA		1,160		6,676		7,836
St. Joseph, MO		800		12,705		13,505
Newington (Hartford), CT		410		3,116		3,526
Cudahy (Milwaukee), WI		980		8,835		9,815
Beltsville (Washington, DC), MD		3,200		11,521		14,721
Granite City (St. Louis, MO), IL		340		12,418		12,758
Winston-Salem, NC		980		6,447		7,427
Elgin (Chicago), IL		1,280		5,902		7,182
Cheektowaga (Buffalo), NY		4,797		6,164		10,961
Tolleson (Phoenix), AZ		1,316		15,508		16,824
Edwardsville (Kansas City), KS (Carlstar)		1,185		6,098		7,283
Wheeling (Chicago), IL		5,112		14,513		19,625
Richmond, VA		446		4,651		5,097
Tampa, FL (FDX Ground)		5,000		14,745		19,745
Montgomery (Chicago), IL		2,000		9,303		11,303
Denver, CO		1,150		5,224		6,374
Hanahan (Charleston), SC (SAIC)		1,129		13,334		14,463
Hanahan (Charleston), SC (Amazon)		930		8,376		9,306
Augusta, GA (FDX Ground)		614		4,749		5,363
Tampa, FL (Tampa Bay Grand Prix)		1,867		3,811		5,678
Huntsville, AL		748		5,914		6,662
Augusta, GA (FDX)		380		1,613		1,993
Lakeland, FL		261		1,782		2,043
El Paso, TX		3,225		9,206		12,431
Richfield (Cleveland), OH		2,677		13,960		16,637
Tampa, FL (FDX)		2,830		5,518		8,348
Griffin (Atlanta), GA		760		14,322		15,082
Roanoke, VA (CHEP USA)		1,853		5,619		7,472
Orion, MI		4,650		18,506		23,156
Chattanooga, TN		300		5,069		5,369
Bedford Heights (Cleveland), OH		990		6,314		7,304
Punta Gorda, FL		0		4,134		4,134
Cocoa, FL		1,881		12,246		14,127
Orlando, FL		2,200		6,610		8,810
Topeka, KS		0		3,680		3,680
Memphis, TN		1,235		14,858		16,093
Houston, TX		1,661		6,560		8,221
Carrollton (Dallas), TX		1,500		16,997		18,497

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2021

(in thousands)

Column A	Column E (1) (2)
	Gross Amount at Which Carried
	September 30, 2021
Description	Land		Bldg & Imp		Total
Ft. Mill (Charlotte, NC), SC	$	1,747	$	15,317	$	17,064
Lebanon (Nashville), TN		2,230		11,985		14,215
Rockford, IL (Sherwin-Williams Co.)		1,100		4,451		5,551
Edinburg, TX		1,000		11,039		12,039
Streetsboro (Cleveland), OH		1,760		17,840		19,600
Corpus Christi, TX		0		4,808		4,808
Halfmoon (Albany), NY		1,190		5,551		6,741
Lebanon (Cincinnati), OH		240		4,315		4,555
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.)		800		13,750		14,550
Oklahoma City, OK (FDX Ground)		1,410		11,215		12,625
Waco, TX		1,350		11,201		12,551
Livonia (Detroit), MI		320		13,568		13,888
Olive Branch (Memphis, TN), MS (Milwaukee Tool)		2,550		34,365		36,915
Roanoke, VA (FDX Ground)		1,740		8,460		10,200
Green Bay, WI		590		5,990		6,580
Stewartville (Rochester), MN		900		4,332		5,232
Tulsa, OK		790		2,958		3,748
Buckner (Louisville), KY		2,280		24,528		26,808
Edwardsville (Kansas City), KS (International Paper)		2,750		15,544		18,294
Altoona, PA		1,200		7,823		9,023
Spring (Houston), TX		1,890		17,439		19,329
Indianapolis, IN		3,746		21,758		25,504
Sauget (St. Louis, MO), IL		1,890		15,519		17,409
Lindale (Tyler), TX		948		11,355		12,303
Kansas City, MO		1,000		9,003		10,003
Frankfort (Lexington), KY		1,850		26,150		28,000
Jacksonville, FL (FDX Ground)		6,000		24,926		30,926
Monroe (Cincinnati), OH		1,800		19,777		21,577
Greenwood (Indianapolis), IN (ULTA)		2,250		35,524		37,774
Ft. Worth (Dallas), TX		8,200		27,448		35,648
Cincinnati, OH		800		5,950		6,750
Rockford, IL (Collins Aerospace Systems)		480		4,620		5,100
Concord (Charlotte), NC		4,305		28,749		33,054
Covington (New Orleans), LA		2,720		15,706		18,426
Imperial (Pittsburgh), PA		3,700		16,290		19,990
Burlington (Seattle/Everett), WA		8,000		22,371		30,371
Colorado Springs, CO		2,150		27,170		29,320
Louisville, KY		1,590		9,714		11,304
Davenport (Orlando), FL		7,060		31,027		38,087
Olathe (Kansas City), KS		3,616		31,831		35,447
Hamburg (Buffalo), NY		1,700		33,440		35,140
Ft. Myers, FL		2,486		19,198		21,684
Walker (Grand Rapids), MI		4,034		27,621		31,655
Mesquite (Dallas), TX		6,248		43,632		49,880
Aiken (Augusta, GA), SC		1,362		19,678		21,040
Homestead (Miami), FL		4,427		33,485		37,912
Oklahoma City, OK (Bunzl)		845		7,883		8,728
Concord (Charlotte), NC		4,307		35,736		40,043
Kenton, OH		855		17,876		18,731
Stow, OH		1,430		17,504		18,934
Charleston, SC (FDX)		4,639		16,900		21,539
Oklahoma City, OK (Amazon)		1,618		28,260		29,878

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2021

(in thousands)

Column A	Column E (1) (2)
	Gross Amount at Which Carried
	September 30, 2021
Description	Land		Bldg & Imp		Total
Savannah, GA (Shaw)	$	4,405	$	51,621	$	56,026
Daytona Beach, FL		3,120		27,754		30,874
Mobile, AL		2,480		30,572		33,052
Charleston, SC (FDX Ground)		7,103		39,473		46,576
Braselton (Atlanta), GA		13,965		46,273		60,238
Trenton, NJ		8,336		75,652		83,988
Savannah, GA (FDX Ground)		3,441		24,091		27,532
Lafayette, IN		2,802		22,277		25,079
Greenwood (Indianapolis), IN (Amazon)		4,839		74,525		79,364
Lancaster (Columbus), OH		959		16,599		17,558
Whitsett (Greensboro), NC		2,735		43,976		46,711
Ogden (Salt Lake City), UT		1,287		11,380		12,667
Oklahoma City, OK (Amazon II)		1,378		13,584		14,962
Plain City (Columbus), OH		6,554		65,187		71,741
Locust Grove (Atlanta), GA		9,667		83,569		93,236
Burlington, VT		7,729		46,096		53,825
Kodak (Knoxville), TN		2,918		30,972		33,890
Shopping Center
Somerset, NJ		35		3,104		3,139
Vacant Land
Shelby County, TN		11		0		11
	$	277,846	$	2,025,844	$	2,303,690

(1) See pages 125-128 for reconciliation.

(2) The aggregate cost for Federal tax purposes approximates historical cost.

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2021

(in thousands)

Column A	Column F		Column G		Column H		Column I
	Accumulated		Date of		Date		Depreciable
Description	Depreciation		Construction		Acquired		Life
Industrial Buildings
Monaca (Pittsburgh), PA	$	3,730		1973		1973		(3	)
Ridgeland (Jackson), MS		1,585		1989		1993		(3	)
Urbandale (Des Moines), IA		1,459		1985		1994		(3	)
Richland (Jackson), MS		1,200		1986		1994		(3	)
O’Fallon (St. Louis), MO		2,735		1989		1995		(3	)
Fayetteville, NC		3,532		1996		1997		(3	)
Schaumburg (Chicago), IL		2,671		1997		1997		(3	)
Burr Ridge (Chicago), IL		869		1998		1998		(3	)
Romulus (Detroit), MI		2,477		1998		1998		(3	)
Liberty (Kansas City), MO		4,128		1998		1998		(3	)
Omaha, NE		2,734		1999		1999		(3	)
Charlottesville, VA		1,905		1998		1999		(3	)
Jacksonville, FL (FDX)		3,159		1997		1999		(3	)
West Chester Twp. (Cincinnati), OH		2,842		1999		2000		(3	)
Mechanicsville (Richmond), VA		3,560		2000		2001		(3	)
St. Joseph, MO		6,518		2001		2001		(3	)
Newington (Hartford), CT		1,635		2001		2001		(3	)
Cudahy (Milwaukee), WI		4,075		2001		2001		(3	)
Beltsville (Washington, DC), MD		5,045		2001		2001		(3	)
Granite City (St. Louis, MO), IL		6,252		2001		2002		(3	)
Winston-Salem, NC		3,239		2001		2002		(3	)
Elgin (Chicago), IL		2,984		2002		2002		(3	)
Cheektowaga (Buffalo), NY		2,330		2001		2007		(3	)
Tolleson (Phoenix), AZ		7,674		2002		2003		(3	)
Edwardsville (Kansas City), KS (Carlstar)		3,014		2002		2003		(3	)
Wheeling (Chicago), IL		5,600		2003		2003		(3	)
Richmond, VA		1,937		2004		2004		(3	)
Tampa, FL (FDX Ground)		6,059		2004		2004		(3	)
Montgomery (Chicago), IL		3,484		2000		2005		(3	)
Denver, CO		2,108		2004		2005		(3	)
Hanahan (Charleston), SC (SAIC)		5,791		2002		2005		(3	)
Hanahan (Charleston), SC (Amazon)		2,852		2005		2005		(3	)
Augusta, GA (FDX Ground)		1,878		2004		2005		(3	)
Tampa, FL (Tampa Bay Grand Prix)		1,448		1989		2005		(3	)
Huntsville, AL		1,714		2004		2005		(3	)
Augusta, GA (FDX)		602		1993		2007		(3	)
Lakeland, FL		724		1993		2007		(3	)
El Paso, TX		2,780		2006		2007		(3	)
Richfield (Cleveland), OH		4,156		2005		2006		(3	)
Tampa, FL (FDX)		2,004		1997		2006		(3	)
Griffin (Atlanta), GA		5,716		2003		2006		(3	)
Roanoke, VA (CHEP USA)		2,286		1996		2007		(3	)
Orion, MI		5,902		2007		2007		(3	)
Chattanooga, TN		1,827		2003		2007		(3	)
Bedford Heights (Cleveland), OH		2,530		1998		2007		(3	)
Punta Gorda, FL		1,398		2007		2007		(3	)
Cocoa, FL		3,725		2006		2008		(3	)
Orlando, FL		2,405		1997		2008		(3	)
Topeka, KS		1,179		2006		2009		(3	)
Memphis, TN		4,278		1994		2010		(3	)
Houston, TX		2,019		2006		2010		(3	)
Carrollton (Dallas), TX		4,908		2009		2010		(3	)

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2021

(in thousands)

Column A	Column F		Column G		Column H		Column I
	Accumulated		Date of		Date		Depreciable
Description	Depreciation		Construction		Acquired		Life
Ft. Mill (Charlotte, NC), SC	$	3,826		2010		2010		(3	)
Lebanon (Nashville), TN		3,073		1993		2011		(3	)
Rockford, IL (Sherwin-Williams Co.)		1,206		1998-2008		2011		(3	)
Edinburg, TX		2,324		2011		2011		(3	)
Streetsboro (Cleveland), OH		4,346		2012		2012		(3	)
Corpus Christi, TX		1,176		2011		2012		(3	)
Halfmoon (Albany), NY		1,134		2011		2012		(3	)
Lebanon (Cincinnati), OH		1,069		2008		2012		(3	)
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals Inc.)		3,261		2012		2012		(3	)
Oklahoma City, OK (FDX Ground)		2,479		2012		2012		(3	)
Waco, TX		2,363		2012		2012		(3	)
Livonia (Detroit), MI		3,127		1999		2013		(3	)
Olive Branch (Memphis, TN), MS (Milwaukee Tool)		6,697		2012		2012		(3	)
Roanoke, VA (FDX Ground)		1,799		2013		2013		(3	)
Green Bay, WI		1,227		2013		2014		(3	)
Stewartville (Rochester), MN		888		2013		2013		(3	)
Tulsa, OK		631		2009		2014		(3	)
Buckner (Louisville), KY		5,039		2014		2014		(3	)
Edwardsville (Kansas City), KS (International Paper)		3,245		2013		2014		(3	)
Altoona, PA		1,595		2013		2014		(3	)
Spring (Houston), TX		3,432		2013		2014		(3	)
Indianapolis, IN		4,009		2014		2014		(3	)
Sauget (St. Louis, MO), IL		2,391		2014		2015		(3	)
Lindale (Tyler), TX		1,699		2014		2015		(3	)
Kansas City, MO		1,670		2015		2015		(3	)
Frankfort (Lexington), KY		4,582		2015		2015		(3	)
Jacksonville, FL (FDX Ground)		4,305		2015		2015		(3	)
Monroe (Cincinnati), OH		2,452		2015		2015		(3	)
Greenwood (Indianapolis), IN (ULTA)		5,828		2015		2015		(3	)
Ft. Worth (Dallas), TX		4,358		2015		2015		(3	)
Cincinnati, OH		928		2015		2015		(3	)
Rockford, IL (Collins Aerospace Systems)		829		2012		2015		(3	)
Concord (Charlotte), NC		4,847		2015		2016		(3	)
Covington (New Orleans), LA		2,352		2015		2016		(3	)
Imperial (Pittsburgh), PA		2,331		2016		2016		(3	)
Burlington (Seattle/Everett), WA		3,154		2015		2016		(3	)
Colorado Springs, CO		3,744		2016		2016		(3	)
Louisville, KY		1,328		2016		2016		(3	)
Davenport (Orlando), FL		4,094		2016		2016		(3	)
Olathe (Kansas City), KS		3,960		2016		2017		(3	)
Hamburg (Buffalo), NY		4,313		2016		2017		(3	)
Ft. Myers, FL		2,312		2017		2017		(3	)
Walker (Grand Rapids), MI		3,187		2017		2017		(3	)
Mesquite (Dallas), TX		4,755		2017		2017		(3	)
Aiken (Augusta, GA), SC		2,144		2017		2017		(3	)
Homestead (Miami), FL		3,656		2017		2017		(3	)
Oklahoma City, OK (Bunzl)		859		2017		2017		(3	)
Concord (Charlotte), NC		3,818		2017		2017		(3	)
Kenton, OH		1,970		2017		2017		(3	)
Stow, OH		1,795		2017		2017		(3	)
Charleston, SC (FDX)		1,703		2017		2018		(3	)
Oklahoma City, OK (Amazon)		2,778		2018		2018		(3	)

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2021

(in thousands)

Column A	Column F		Column G		Column H		Column I
	Accumulated		Date of		Date		Depreciable
Description	Depreciation		Construction		Acquired		Life
Savannah, GA (Shaw)	$	4,853		2018		2018		(3	)
Daytona Beach, FL		2,454		2018		2018		(3	)
Mobile, AL		2,548		2018		2018		(3	)
Charleston, SC (FDX Ground)		3,205		2018		2018		(3	)
Braselton (Atlanta), GA		3,659		2018		2018		(3	)
Trenton, NJ		5,819		2017		2019		(3	)
Savannah, GA (FDX Ground)		1,750		2019		2019		(3	)
Lafayette, IN		1,238		2019		2019		(3	)
Greenwood (Indianapolis), IN (Amazon)		3,822		2020		2020		(3	)
Lancaster (Columbus), OH		638		2020		2020		(3	)
Whitsett (Greensboro), NC		1,503		2020		2020		(3	)
Ogden (Salt Lake City), UT		389		2020		2020		(3	)
Oklahoma City, OK (Amazon II)		363		2020		2020		(3	)
Plain City (Columbus), OH		1,254		2021		2021		(3	)
Locust Grove (Atlanta), GA		1,607		2021		2021		(3	)
Burlington, VT		197		2021		2021		(3	)
Kodak (Knoxville), TN		66		2021		2021		(3	)
Shopping Center
Somerset, NJ		1,873		1969		1970		(3	)
Vacant Land
Shelby County, TN		0		N/A		2007		N/A
	$	345,988

(3)	Depreciation is computed based upon the following estimated lives:
	Building: 31.5 to 39 years; Building Improvements: 3 to 39 years; Tenant Improvements: Lease Term

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2021

(in thousands)

(1) Reconciliation

REAL ESTATE INVESTMENTS

	9/30/2021			9/30/2020		9/30/2019
Balance-Beginning of Year	$	2,043,864		$	1,866,518	$	1,719,578
Additions:
Acquisitions		252,693			171,262		136,598
Improvements		12,430			6,084		10,342
Total Additions		265,123			177,346		146,940
Deletions:
Sales		(5,297	)		0		0
Total Deletions		(5,297	)		0		0
Balance-End of Year	$	2,303,690		$	2,043,864	$	1,866,518

ACCUMULATED DEPRECIATION

	9/30/2021			9/30/2020		9/30/2019
Balance-Beginning of Year	$	296,020		$	249,584	$	207,065
Depreciation		51,250			46,436		42,519
Sales		(1,282	)		0		0
Balance-End of Year	$	345,988		$	296,020	$	249,584

MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO SCHEDULE III

SEPTEMBER 30, 2021

(in thousands)

(1) Reconciliation

	2021		2020			2019
Balance – Beginning of Year	$	2,043,864	$	1,866,518		$	1,719,578
Additions:
Monaca (Pittsburgh), PA	$	11	$	42		$	0
Ridgeland (Jackson), MS		220		425			426
Urbandale (Des Moines), IA		0		0			20
Richland (Jackson), MS		0		0			0
O’Fallon (St. Louis), MO		0		0			4
Fayetteville, NC		3		0			4
Schaumburg (Chicago), IL		0		269			0
Burr Ridge (Chicago), IL		178		0			14
Romulus (Detroit), MI		0		0			217
Liberty (Kansas City), MO		0		262			137
Omaha, NE		0		0			19
Charlottesville, VA		0		0			6
Jacksonville, FL (FDX)		0		0			187
West Chester Twp. (Cincinnati), OH		0		0			0
Mechanicsville (Richmond), VA		9		21			14
St. Joseph, MO		106		10			25
Newington (Hartford), CT		19		13			0
Cudahy (Milwaukee), WI		8		0			41
Beltsville (Washington, DC), MD		208		0			0
Carlstadt (New York, NY), NJ		0		0			354
Granite City (St. Louis, MO), IL		60		0			0
Winston-Salem, NC		163		17			0
Elgin (Chicago), IL		3		204			0
Cheektowaga (Buffalo), NY		0		0			0
Tolleson (Phoenix), AZ		0		0			0
Edwardsville (Kansas City), KS (Carlstar)		0		50			0
Wheeling (Chicago), IL		632		0			10
Richmond, VA		7		184			138
Tampa, FL (FDX Ground)		0		44			0
Montgomery (Chicago), IL		0		0			0
Denver, CO		0		10			10
Hanahan (Charleston), SC (SAIC)		0		447			606
Hanahan (Charleston), SC (Amazon)		3		1,613			75
Augusta, GA (FDX Ground)		0		0			0
Tampa, FL (Tampa Bay Grand Prix)		0		0			0
Huntsville, AL		0		0			0
Augusta, GA (FDX)		9		0			6
Lakeland, FL		0		0			0
El Paso, TX		0		0			0
Richfield (Cleveland), OH		190		0			0
Tampa, FL (FDX)		447		36			8
Griffin (Atlanta), GA		0		7			142
Roanoke, VA (CHEP USA)		8		0			0
Orion, MI		215		51			0
Chattanooga, TN		0		20			210
Bedford Heights (Cleveland), OH		0		6			378
Punta Gorda, FL		0		0			0
Cocoa, FL		0		0			0
Orlando, FL		0		36			0
Topeka, KS		0		0			0
Memphis, TN		0		(21	)		1,499
Houston, TX		30		28			0
Carrollton (Dallas), TX		2		548			128

MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO SCHEDULE III, (CONT’D)

SEPTEMBER 30, 2021

(in thousands)

(1) Reconciliation (cont’d)

	2021		2020			2019
Ft. Mill (Charlotte, NC), SC	$	0	$	0		$	(10	)
Lebanon (Nashville), TN		0		0			0
Rockford, IL (Sherwin-Williams Co.)		0		0			0
Edinburg, TX		0		0			0
Streetsboro (Cleveland), OH		0		0			0
Corpus Christi, TX		0		0			0
Halfmoon (Albany), NY		1,014		202			0
Lebanon (Cincinnati), OH		0		102			0
Olive Branch (Memphis, TN), MS (Anda Pharmaceuticals)		0		0			0
Oklahoma City, OK (FDX Ground)		0		19			21
Waco, TX		0		0			0
Livonia (Detroit), MI		8		0			118
Olive Branch (Memphis, TN), MS (Milwaukee Tool)		0		0			0
Roanoke, VA (FDX Ground)		0		0			0
Green Bay, WI		10		0			0
Stewartville (Rochester), MN		8		0			4
Tulsa, OK		0		0			0
Buckner (Louisville), KY		0		0			0
Edwardsville (Kansas City), KS (International Paper)		0		0			0
Altoona, PA		0		(4	)		4
Spring (Houston), TX		0		12			22
Indianapolis, IN		0		0			0
Sauget (St. Louis, MO), IL		2,204		0			0
Lindale (Tyler), TX		2,338		0			0
Kansas City, MO		0		0			23
Frankfort (Lexington), KY		0		0			0
Jacksonville, FL (FDX Groun d)		0		99			91
Monroe (Cincinnati), OH		0		0			4,052
Greenwood (Indianapolis), IN (ULTA)		8		253			0
Ft. Worth (Dallas), TX		29		287			32
Cincinnati, OH		0		0			0
Rockford, IL (Collins Aerospace Systems)		0		0			0
Concord (Charlotte), NC		0		9			0
Covington (New Orleans), LA		0		0			16
Imperial (Pittsburgh), PA		26		0			14
Burlington (Seattle/Everett), WA		0		49			92
Colorado Springs, CO		0		0			0
Louisville, KY		0		0			0
Davenport (Orlando), FL		3		304			0
Olathe (Kansas City), KS		3,621		89			0
Hamburg (Buffalo), NY		8		38			244
Ft. Myers, FL		0		21			0
Walker (Grand Rapids), MI		0		0			0
Mesquite (Dallas), TX		0		0			0
Aiken (Augusta, GA), SC		0		0			0
Homestead (Miami), FL		0		0			38
Oklahoma City, OK (Bunzl)		0		0			0
Concord (Charlotte), NC		0		0			0
Kenton, OH		0		0			849
Stow, OH		0		0			0
Charleston, SC (FDX)		19		0			0
Oklahoma City, OK (Amazon)		0		0			0

MONMOUTH REAL ESTATE INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO SCHEDULE III, (CONT’D)

SEPTEMBER 30, 2021

(in thousands)

(1) Reconciliation (cont’d)

	2021			2020		2019
Savannah, GA (Shaw)	$	0		$	0	$	0
Daytona Beach, FL		593			272		35
Mobile, AL		0			0		0
Charleston, SC (FDX Ground)		0			0		0
Braselton (Atlanta), GA		10			0		0
Trenton, NJ		0			0		83,988
Savannah, GA (FDX Ground)		0			0		27,532
Lafayette, IN		0			0		25,079
Greenwood (Indianapolis), IN (Amazon)		0			79,364		0
Lancaster (Columbus), OH		0			17,558		0
Whitsett (Greensboro), NC		0			46,711		0
Ogden (Salt Lake City), UT		0			12,667		0
Oklahoma City, OK (Amazon II)		0			14,963		0
Plain City (Columbus), OH		71,742			0		0
Locust Grove (Atlanta), GA		93,236			0		0
Burlington, VT		53,825			0		0
Kodak (Knoxville), TN		33,890			0		0
Shopping Center
Somerset, NJ		0			9		18
Total Additions	$	265,123		$	177,346	$	146,940
Total Disposals		(5,297	)		0		0
Balance – End of Year	$	2,303,690		$	2,043,864	$	1,866,518