Monmouth Real Estate Investment Corp. (MNRTA, Financial) filed Quarterly Report for the period ended 2010-03-31.
Monmouth Real Estate Investment Corp. has a market cap of $215.2 million; its shares were traded at around $7.56 with and P/S ratio of 5.2. The dividend yield of Monmouth Real Estate Investment Corp. stocks is 7.9%.MNRTA is in the portfolios of Jim Simons of Renaissance Technologies LLC.
General and administrative expense increased $31,898 or 4% for the three months ended March 31, 2010 as compared to the three months ended March 31, 2009 and increased $286,521 or 20% for the six months ended March 31, 2010 as compared to the six months ended March 31, 2009. The increase is due mainly to an increase in professional fees and other acquisition costs of approximately $68,000 for the three months (partially offset by decreases in compensation expenses related mainly to stock options) and $274,000 for the six months related to the acquisition of the Memphis, TN, Houston, TX and Dallas, TX properties which would have been capitalized under previous accounting standards. Other increases for the six months related to increased travel expenses which increased due to the increased acquisitions partially offset by decreases in compensation expenses.
Securities available for sale increased $2,695,244 from September 30, 2009 to March 31, 2010. The increase is due mainly to the purchases of securities of $4,603,454 and an increase in the unrealized gain on securities of $4,070,465 partially offset by sales and redemptions of securities with an adjusted cost of $5,978,675.
Mortgage notes payable increased $20,443,161 from September 30, 2009 to March 31, 2010. This increase is due to new mortgage proceeds of $27,100,000 from the financing of the Memphis, TN ($10,000,000 at 6.25%), Houston, TX ($5,400,000 at 6.875%) and Dallas, TX ($11,700,000 at 6.75%) property acquisitions. This increase was offset by principal repayments of $6,656,839 for the six months
Net cash provided by operating activities was $9,843,478 and $10,240,456 for the six months ended March 31, 2010 and 2009, respectively. The decrease in cash provided by operating activities is due mainly to an increase in prepaid expenses. Dividends paid on common stock for the six months ended March 31, 2010 and 2009 were $8,443,461 and $7,405,342, respectively (of which $2,290,304 and $2,121,452, respectively, were reinvested).
The Company raised $8,333,279 (including reinvestments of $2,290,304) from the issuance of shares in the Dividend Reinvestment and Stock Purchase Plan (DRIP) during the six months ended March 31, 2010 and issued 1,188,471 common shares. During the six months ended March 31, 2010, the Company paid $8,443,461 in total dividends or $.30 per common share to common shareholders, of which $2,290,304 was reinvested in the DRIP. On April 9, 2010, the Board of Directors declared a dividend of $0.15 per common share to be paid on June 15, 2010 to common shareholders of record as of May 17, 2010.
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Monmouth Real Estate Investment Corp. has a market cap of $215.2 million; its shares were traded at around $7.56 with and P/S ratio of 5.2. The dividend yield of Monmouth Real Estate Investment Corp. stocks is 7.9%.MNRTA is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
On October 20, 2009, the Company issued 1,730,200 shares of common stock in a registered direct placement at $6.50 per share. The Company received net proceeds from the offering of approximately $10,400,000 after offering costs. The Company used the net proceeds to purchase two properties in the ordinary course of business. On April 23, 2010, the Company issued 4,000,000 shares of common stock in a registered direct placement at $7.50 per share. The Company received net proceeds from the offering of approximately $28,300,000 after offering costs. The Company intends to use the net proceeds to purchase additional properties in the ordinary course of business and for general corporate purposes. Pending our use of the net proceeds from this offering, the Company paid down the margin loan and line of credit (both of which may be borrowed against) and may deposit the proceeds in interest bearing accounts or invest in short-term securities, including securities which may not be investment grade.General and administrative expense increased $31,898 or 4% for the three months ended March 31, 2010 as compared to the three months ended March 31, 2009 and increased $286,521 or 20% for the six months ended March 31, 2010 as compared to the six months ended March 31, 2009. The increase is due mainly to an increase in professional fees and other acquisition costs of approximately $68,000 for the three months (partially offset by decreases in compensation expenses related mainly to stock options) and $274,000 for the six months related to the acquisition of the Memphis, TN, Houston, TX and Dallas, TX properties which would have been capitalized under previous accounting standards. Other increases for the six months related to increased travel expenses which increased due to the increased acquisitions partially offset by decreases in compensation expenses.
Securities available for sale increased $2,695,244 from September 30, 2009 to March 31, 2010. The increase is due mainly to the purchases of securities of $4,603,454 and an increase in the unrealized gain on securities of $4,070,465 partially offset by sales and redemptions of securities with an adjusted cost of $5,978,675.
Mortgage notes payable increased $20,443,161 from September 30, 2009 to March 31, 2010. This increase is due to new mortgage proceeds of $27,100,000 from the financing of the Memphis, TN ($10,000,000 at 6.25%), Houston, TX ($5,400,000 at 6.875%) and Dallas, TX ($11,700,000 at 6.75%) property acquisitions. This increase was offset by principal repayments of $6,656,839 for the six months
Net cash provided by operating activities was $9,843,478 and $10,240,456 for the six months ended March 31, 2010 and 2009, respectively. The decrease in cash provided by operating activities is due mainly to an increase in prepaid expenses. Dividends paid on common stock for the six months ended March 31, 2010 and 2009 were $8,443,461 and $7,405,342, respectively (of which $2,290,304 and $2,121,452, respectively, were reinvested).
The Company raised $8,333,279 (including reinvestments of $2,290,304) from the issuance of shares in the Dividend Reinvestment and Stock Purchase Plan (DRIP) during the six months ended March 31, 2010 and issued 1,188,471 common shares. During the six months ended March 31, 2010, the Company paid $8,443,461 in total dividends or $.30 per common share to common shareholders, of which $2,290,304 was reinvested in the DRIP. On April 9, 2010, the Board of Directors declared a dividend of $0.15 per common share to be paid on June 15, 2010 to common shareholders of record as of May 17, 2010.
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