Monmouth Real Estate Investment Corp. (MNRTA, Financial) filed Quarterly Report for the period ended 2010-06-30.
Monmouth Real Estate Investment Corp. has a market cap of $205.79 million; its shares were traded at around $7.23 with and P/S ratio of 4.98. The dividend yield of Monmouth Real Estate Investment Corp. stocks is 8.3%.
During the three and nine months ended June 30, 2009, the Company recognized a loss of $106,602 and $6,000,678, respectively, due to writing down of the carrying value of securities which were considered other than temporarily impaired. During fiscal 2010, the market for REIT securities has improved and as of June 30, 2010, the Company had a net unrealized gain on its securities portfolio of $6,806,649. In addition, the Company realized gains of $672,177 and $1,782,749 for the three and nine months ended June 30, 2010.
Interest and dividend income increased $111,029 for the three months ended June 30, 2010 as compared to the three months ended June 30, 2009 and decreased $32,712 for the nine months ended June 30, 2010 as compared to the nine months ended June 30, 2009. The increase for the three months was due mainly to an increase in the average balance of securities available for sale for the three months ended June 30, 2010 as compared to the three months ended June 30, 2009, partially offset by a decrease in the weighted average yield for the three months ended June 30, 2010 as compared to the three months ended June 30, 2009. The average balance of the securities was $32,483,000 and $18,068,000 for the three months ended June 30, 2010 and 2009, respectively, and the weighted average yield for the three months ended June 30, 2010 and 2009 was 6.9% and 11.1%, respectively. The slight decrease in interest and dividend for the nine months ended June 30, 2010 as compared to the nine months ended June 30, 2009 is due mainly to the decrease in weighted average yield for the nine month period offset by the increase in the average balance of securities available for sale. The average balance of the securities was $29,344,000 and $17,500,000 for the nine months ended June 30, 2010 and 2009, respectively and the weighted average yield for the nine months ended June 30, 2010 and 2009 was approximately 7.7% and 13%, respectively.
Loans payable decreased $10,275,865 from September 30, 2009 to June 30, 2010. The decrease was due to repayment of the $15,000,000 balance on the line of credit with the proceeds from the registered direct placement partially offset by draws on the margin loan to purchase securities available for sale. As of June 30, 2010, the Company had an outstanding balance of $8,787,885 outstanding on its margin loans and $15,000,000 available on its line of credit.
Net cash provided by operating activities was $14,702,526 and $15,034,896 for the nine months ended June 30, 2010 and 2009, respectively. Distributions paid on common stock for the nine months ended June 30, 2010 and 2009 were $13,411,375 and $11,162,648, respectively (of which $3,439,157 and $3,204,286, respectively, were reinvested). The Company pays distributions from cash provided by operating activities.
The Company raised $12,773,811 (including reinvestments of $3,439,157) from the issuance of 1,804,882 common shares in the Dividend Reinvestment and Stock Purchase Plan (DRIP) during the nine months ended June 30, 2010. During the nine months ended June 30, 2010, the Company paid $13,411,375 in total cash dividends or $.45 per common share to common shareholders, of which $3,439,157 was reinvested in the DRIP. On July 1, 2010, the Board of Directors declared a dividend of $0.15 per common share to be paid on September 15, 2010 to common shareholders of record as of August 16, 2010.
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Monmouth Real Estate Investment Corp. has a market cap of $205.79 million; its shares were traded at around $7.23 with and P/S ratio of 4.98. The dividend yield of Monmouth Real Estate Investment Corp. stocks is 8.3%.
Highlight of Business Operations:
General and administrative expense increased $618,102 for the three months ended June 30, 2010 as compared to the three months ended June 30, 2009 and increased $645,843 for the nine months ended June 30, 2010 as compared to the nine months ended June 30, 2009. The increase for both the three and nine months is due mainly to accruals of $489,000 for the three months ended June 30, 2010 related to increases in executive compensation and benefits. In addition, the Company recorded expenses in the three months ended June 30, 2010 of approximately $85,000 related to public relations and professional fees for the transfer of the Companys stock listing from NASDAQ to the New York Stock Exchange on June 1, 2010.During the three and nine months ended June 30, 2009, the Company recognized a loss of $106,602 and $6,000,678, respectively, due to writing down of the carrying value of securities which were considered other than temporarily impaired. During fiscal 2010, the market for REIT securities has improved and as of June 30, 2010, the Company had a net unrealized gain on its securities portfolio of $6,806,649. In addition, the Company realized gains of $672,177 and $1,782,749 for the three and nine months ended June 30, 2010.
Interest and dividend income increased $111,029 for the three months ended June 30, 2010 as compared to the three months ended June 30, 2009 and decreased $32,712 for the nine months ended June 30, 2010 as compared to the nine months ended June 30, 2009. The increase for the three months was due mainly to an increase in the average balance of securities available for sale for the three months ended June 30, 2010 as compared to the three months ended June 30, 2009, partially offset by a decrease in the weighted average yield for the three months ended June 30, 2010 as compared to the three months ended June 30, 2009. The average balance of the securities was $32,483,000 and $18,068,000 for the three months ended June 30, 2010 and 2009, respectively, and the weighted average yield for the three months ended June 30, 2010 and 2009 was 6.9% and 11.1%, respectively. The slight decrease in interest and dividend for the nine months ended June 30, 2010 as compared to the nine months ended June 30, 2009 is due mainly to the decrease in weighted average yield for the nine month period offset by the increase in the average balance of securities available for sale. The average balance of the securities was $29,344,000 and $17,500,000 for the nine months ended June 30, 2010 and 2009, respectively and the weighted average yield for the nine months ended June 30, 2010 and 2009 was approximately 7.7% and 13%, respectively.
Loans payable decreased $10,275,865 from September 30, 2009 to June 30, 2010. The decrease was due to repayment of the $15,000,000 balance on the line of credit with the proceeds from the registered direct placement partially offset by draws on the margin loan to purchase securities available for sale. As of June 30, 2010, the Company had an outstanding balance of $8,787,885 outstanding on its margin loans and $15,000,000 available on its line of credit.
Net cash provided by operating activities was $14,702,526 and $15,034,896 for the nine months ended June 30, 2010 and 2009, respectively. Distributions paid on common stock for the nine months ended June 30, 2010 and 2009 were $13,411,375 and $11,162,648, respectively (of which $3,439,157 and $3,204,286, respectively, were reinvested). The Company pays distributions from cash provided by operating activities.
The Company raised $12,773,811 (including reinvestments of $3,439,157) from the issuance of 1,804,882 common shares in the Dividend Reinvestment and Stock Purchase Plan (DRIP) during the nine months ended June 30, 2010. During the nine months ended June 30, 2010, the Company paid $13,411,375 in total cash dividends or $.45 per common share to common shareholders, of which $3,439,157 was reinvested in the DRIP. On July 1, 2010, the Board of Directors declared a dividend of $0.15 per common share to be paid on September 15, 2010 to common shareholders of record as of August 16, 2010.
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