FREEHOLD, NJ−Monmouth Real Estate Investment Corporation launched a public offering of 7 million shares of its common stock this week.
The company said it will give underwriters a 30-day option to purchase up to 1,050,000 additional shares of stock. Proceeds will be used to repay debts under Monmouth's revolving credit facility and to fund acquisitions and expansions of existing properties.
BMO Capital Markets Corp. and J.P. Morgan are the joint book-running managers for the offering. Wunderlich Securities, D.A. Davidson & Co. and CSCA are co-managers for the offering.
The offering is made via a prospectus and a supplement available through BMO Capital which is based in New York City.
Monmouth REIC was founded in 1968 and is one of the oldest public-equity REITs in the country. It specializes in net-leased industrial properties subject to long-term leases, primarily to investment grade tenants.
The company's portfolio includes 81 properties located in 27 states, containing a total of 10.7 million square feet. The company also owns a portfolio of REIT securities.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
