Printer Friendly

MONMOUTH REAL ESTATE INVESTMENT CORPORATION ANNOUNCES EXPANSION PLANS, A MAJOR PROPERTY ACQUISITION AND EXPANDED BANK LINES

 EATONTOWN, N.J., April 1 /PRNewswire/ -- Eugene W. Landy, president of Monmouth Real Estate Investment Corporation (NASDAQ-NMS: MNRTA), a real estate investment trust, announced that the company had obtained a new $20 million property acquisition financing line. This increases the company's financing line from $10 million to $20 million.
 Mr. Landy also announced a major acquisition. The company has purchased a 114,000 square foot distribution center in South Brunswick, N.J., from the Equitable Life Assurance Society of the United States, at a purchase price of $5,100,000. The facility is the regional distribution center for The Amway Corporation. Financing of this transaction was placed through United Jersey Bank/Central, N.A. The David Cronheim Company, Chatham, N.J., and Sheldon Gross Realty, Inc., West Orange, N.J., were brokers in the transaction.
 Monmouth Real Estate Investment Corporation is in the midst of a major expansion of the company. It is planning additional property acquisitions of approximately $15 million, which would double the property holdings of the company. The company is liquidating its $12 million mortgage portfolio and using the proceeds to acquire additional properties. Mr. Landy announced that the company anticipates three additional acquisitions in 1993.
 Mr. Landy stated that the acquisition represents an opportunity for the company to increase earnings because the return on the property will exceed the interest cost on the debt financing. "The availability of positive earnings on leveraged acquisitions makes it possible for the company to expand its portfolio with a positive impact on earnings and funds from operations."
 Monmouth Real Estate Investment Corporation has successfully avoided the real estate problems of the last five years by concentrating on well-secured mortgages during that period. The decision to switch from mortgages to equities represents management's decision that equity properties will yield a greater amount than mortgages over the next decade.
 Monmouth Real Estate Investment Corporation was formed in 1968. The company is headquartered in Eatontown, N.J.
 -0- 4/1/93
 /CONTACT: Rosemarie Faccone of Monmouth Real Estate Investment, 908-542-4927/
 (MNRTA)


CO: Monmouth Real Estate Investment Corporation ST: New Jersey IN: SU:

LR-PS -- NY056 -- 2017 04/01/93 12:20 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 1, 1993
Words:358
Previous Article:THRIFTY TEL INC. ANNOUNCES $1.5 MILLION DEBT FINANCING AND INVESTIGATION OF POTENTIAL MERGER WITH VALUE-ADDED COMMUNICATIONS
Next Article:DUFF & PHELPS: PNC BANK CORP. CREDIT RATINGS UPGRADED
Topics:


Related Articles
MONMOUTH REAL ESTATE INVESTMENT CORPORATION ANNOUNCES EXPANSION PLANS AND PROPERTY ACQUISITION
MONMOUTH REAL ESTATE INVESTMENT CORPORATION ANNOUNCES ACQUISITIONS OF NEW PROPERTIES AND THE ELIMINATION OF MORTGAGE HOLDINGS
MONMOUTH REAL ESTATE INVESTMENT CORPORATION ANNOUNCES COMPLETION OF ACQUISITIONS AND REFINANCING OF MORTGAGE DEBT FROM VARIABLE RATE TO FIXED RATE
MONMOUTH REAL ESTATE INVESTMENT CORPORATION ACQUIRES INDUSTRIAL BUILDING AND SELLS RETAIL PROPERTY
MONMOUTH REAL ESTATE INVESTMENT CORPORATION ANNOUNCES PROPERTY ACQUISITION AND DIVIDEND DECLARATION
MONMOUTH REAL ESTATE INVESTMENT CORPORATION ANNOUNCES NEW ACQUISITION
Monmouth Real Estate Investment Corporation Announces New Acquisition
Monmouth Real Estate Investment Corporation Announces New Acquisition
Monmouth Real Estate Investment Corporation Declares Dividend
Monmouth Real Estate Investment Corporation Announces New Acquisition

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters