Monmouth Real Estate Investment Corporation
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The Monmouth Real Estate Investment Corporation is a real estate investment trust that concentrates on net-leasing industrial properties to long term tenants, including Anheuser-Busch, Western Container, Caterpillar, DHL-Express, and Sherwin-Williams.
Monmouth Real Estate Investment Corporation Industrial Properties
They are listed on the NASDAQ stock exchange under the ticker symbol MNRTA, and has been in operation since 1968, when it was founded and when it launched its IPO. With 200,000 and a market cap of $2 million, it was one of the smallest REITs of 1968 and is still small.
Monmouth was founded by Eugene W. Landy. He started out as a lawyer. Two years out of law school, in 1960 he heard a speaker extol the virtues of real estate investment trusts. Eventually he decided to start his own.
In 1985, Landy started Monmouth's sister company UMH Properties Inc (NYSE: UMH).
Landy believes that a REIT must specialize. Over two decades, he decided to target one company as its main tenant. That was FedEx.
On July 31, 2007 it merged with a sister REIT, Monmouth Capital Corporation (MCC). They do have a dividend reinvestment plan, and like to brag about their long history of paying dividends -- and how much you'd have now if you invested $10,000 in 1980 ($400,000).
Monmouth now owns 58 properties, in 26 states, with over 5,700,000 square feet. This includes one shopping center. The rest are industrial properties. Net leasing refers to the practice of requiring tenants to pay the various expenses of modifying and maintaining the properties. Unlike some real estate investors, they own many of their buildings free and clear, and others have low leverage. This means financial stability for investors.
Monmouth is a REIT closely tied to the basic economy of the United States, but well diversified to continue through local ups and downs.
Next: Mission West Properties -- research and development properties
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