Starwood Capital Issues Statement on Monmouth Board's Rejection of Superior Proposal

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PRNewswire
Jul 22, 2021
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PR Newswire

MIAMI, July 22, 2021 /PRNewswire/ -- Starwood Capital Group ("Starwood Capital"), a leading global private investment firm focused on real estate and energy, issued the following statement today in response to Monmouth Real Estate Investment Corp.'s (NYSE: MNR) ("Monmouth") Board of Directors' decision to reject an all-cash acquisition proposal from a controlled affiliate of Starwood Capital. Starwood Capital continues to believe its proposal provides substantially more value to Monmouth shareholders than its current merger agreement with Equity Commonwealth ("EQC"):

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"This latest decision of the Monmouth board to recommend the EQC stock offer is highly disappointing and we firmly believe it is not in the best interests of all of Monmouth's shareholders. The enhanced Starwood Capital proposal provides Monmouth shareholders in excess of $100 million of additional value relative to the implied value of the Equity Commonwealth transaction based on EQC's closing price today of $26.61. We believe Monmouth's shareholders will express similar disappointment when they are asked to approve the EQC transaction by a vote of two thirds of outstanding shares, and we stand ready to execute our fully financed, fully actionable all-cash offer."

About Starwood Capital Group
Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 16 offices in seven countries around the world, and currently have approximately 4,000 employees. Since its inception in 1991, Starwood Capital Group has raised over $60 billion of capital, and currently has over $80 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Starwood Capital also manages Starwood Property Trust (NYSE: STWD), the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed over $69 billion of capital since inception and manages a portfolio of over $18 billion across debt and equity investments. Over the past 29 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at starwoodcapital.com.

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Innisfree M&A Incorporated
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SOURCE Starwood Capital Group

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