Monmouth reports core FFO of USD7,459,000 for three months ended 31 December 2012
Monmouth Real Estate Investment Corporation has reported core funds from operations for the three months ended 31 December 2012 of USD7,459,000 or USD0.18 per diluted share versus USD7,754,000 or USD0.21 per diluted share for the three months ended 31 December 2011.
Funds from operations (FFO) as defined by the National Association of Real Estate Investment Trusts (NAREIT) was USD7,073,000 or USD0.17 per diluted share for the three months ended 31 December 2012 as compared to USD7,450,000 or USD0.20 per diluted share for the three months ended 31 December 2011.
FFO, as defined by NAREIT, for the current quarter included USD386,000 of acquisition related costs, which are not included in core FFO.
Eugene W Landy, president, says: "During the quarter we acquired two new properties comprised of 787,000 square feet for a total of USD42.4m. We expect these two properties to generate a combined total of approximately USD3.2m in annual rent going forward. We financed these properties with a total of USD27m of mortgage financing at an average interest rate of 4.0 per cent.
“In addition, we purchased 4.1 acres of land adjacent to our property located in Orion, MI for approximately USD1.0m in connection with a 52,154 square feet expansion expected to be completed in fiscal 2013. We have now secured lease renewals on 554,000 of the 897,000 square feet in leases originally set to expire this fiscal year. Additional lease renewals are currently under discussion.
“Our portfolio occupancy remains strong and is currently 94 per cent, reflecting the high quality of our assets. Our Reit securities portfolio continued to perform well generating USD2.1m in realised gains over the quarter. The company remains very focused on continuing to grow our high quality portfolio of industrial properties leased to investment grade tenants through a combination of opportunistic acquisitions and by executing on our strong development pipeline."
- By Category
- News from other sites