Monmouth Real Estate Investment Corporation News
Monmouth Real Estate Investment Corporation Reports Six-Month Earnings
A summary of significant financial information for the three and six months ended
Three Months Ended March 31, 2008 2007 Rental and Reimbursement Revenue $ 9,748,000 $ 6,951,000 Total Expenses $ 5,139,000 $ 3,731,000 Interest and Dividend Income $ 369,000 $ 336,000 Loss on Securities Transactions, net $ (1,132,000) $ (38,000) Net Income before Preferred Dividends $ 586,000 $ 1,454,000 Net Income before Preferred Dividends Per Common Share $ .02 $ .07 Net Income (Loss) Applicable to Common Shareholders $ (44,000) $ 844,000 Net Income (Loss) Applicable to Common Shareholders $ (.01) $ .04 Per Common Share FFO (1) $ 2,405,000 $ 2,387,000 FFO Per Common Share (1) $ .10 $ .12 Weighted Avg. Common Shares Outstanding 23,968,000 20,213,000 Six Months Ended March 31, 2008 2007 Rental and Reimbursement Revenue $ 19,380,000 $ 13,516,000 Total Expenses $ 9,924,000 $ 7,103,000 Interest and Dividend Income $ 773,000 $ 581,000 Gain (Loss) on Securities Transactions, net $ (3,428,000) $ 35,000 Net Income before Preferred Dividends $ 363,000 $ 2,978,000 Net Income before Preferred Dividends Per Common Share $ .02 $ .15 Net Income (Loss) Applicable to Common Shareholders $ (898,000) $ 2,369,000 Net Income (Loss) Applicable to Common Shareholders Per Common Share $ (.03) $ .12 FFO (1) $ 3,976,000 $ 5,430,000 FFO Per Common Share (1) $ .17 $ .27 Weighted Avg. Common Shares Outstanding 23,965,000 20,209,000
A summary of significant balance sheet information as of
March 31, September 30, 2008 2007 Total Real Estate Investments $ 333,370,000 $ 318,516,000 Securities Available for Sale $ 15,150,000 $ 13,437,000 Total Assets $ 375,495,000 $ 366,908,000 Mortgage Notes Payable $ 182,048,000 $ 174,352,000 Subordinated Convertible Debentures $ 14,990,000 $ 14,990,000 Loans Payable $ 9,884,000 $ 2,500,000 Total Shareholders' Equity $ 159,350,000 $ 167,214,000
Net income (loss) applicable to common shareholders for the six months ended
Our year-end numbers should better represent our progress. We anticipate that non-recurring real cash gains may offset non-recurring non-cash losses. Recurring funds from operations are at satisfactory levels and should remain so. Not only should there be no further significant securities write-downs in subsequent quarters, but losses taken in the first half may recover if securities prices rise. The companies, in which we invested, with one exception, continue to pay the same dividends. Our cash generated from operations continues to meet our expectations. Shareholders are encouraged to read the six-month report in full. Management's assessment of results is that, overall, the first half results were very satisfactory."
Monmouth Real Estate Investment Corporation is a publicly owned real estate investment trust specializing in net-leased industrial property. Monmouth Real Estate Investment Corporation's equity portfolio consists of fifty-eight industrial properties and one shopping center located in twenty- six states. In addition, the Company owns a portfolio of REIT securities.
Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved. Factors and risks that could cause actual results or events to differ materially from expectations are contained in the Company's annual report on Form 10-K and described from time to time in the Company's other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Note (1):
Non-GAAP Information: Funds from operations (FFO) is defined as net income applicable to common shareholders, excluding gains or losses from sales of depreciable assets, plus real estate-related depreciation and amortization. FFO per share is defined as FFO divided by weighted average shares outstanding. FFO and FFO per share should be considered as supplemental measures of operating performance used by real estate investment trusts (REITs). FFO and FFO per share exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have different cost basis. The items excluded from FFO and FFO per share are significant components in understanding the Company's financial performance.
FFO and FFO per share (A) do not represent cash flow from operations as defined by generally accepted accounting principles; (B) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (C) are not alternatives to cash flow as a measure of liquidity. FFO and FFO per share, as calculated by the Company, may not be comparable to similarly entitled measures reported by other REITs.
The Company's FFO and FFO per share for the three and six months ended
Three Months Ended Six Months Ended 3/31/08 3/31/07 3/31/08 3/31/07 Net Income $586,000 $1,454,000 $363,000 $2,978,000 Preferred Dividend (630,000) (609,000) (1,261,000) (609,000) Depreciation Expense 1,921,000 1,332,000 3,783,000 2,665,000 Depreciation Expense Related to Discontinued Operations 26,000 79,000 54,000 146,000 Amortization of In-Place Lease Intangible Assets 502,000 131,000 1,037,000 250,000 FFO $2,405,000 $2,387,000 $3,976,000 $5,430,000
The following are the cash flows provided (used) by operating, investing and financing activities for the six months ended
Six Months Ended 2008 2007 Operating Activities $9,858,000 $6,616,000 Investing Activities (22,428,000) (11,536,000) Financing Activities 7,773,000 13,117,000
The following is the net income per common share for the three and six months ended
Three Months Ended Six Months Ended 3/31/08 3/31/07 3/31/08 3/31/07 BASIC EARNINGS - PER SHARE Income from Continuing Operations $.02 $.07 $.01 $.14 Less: Preferred (.03) (.03) (.05) (.03) Dividend Income from Discontinued Operations - - .01 .01 Net Income Applicable to Common Shareholders - Basic ($.01) $.04 ($.03) $.12 DILUTED EARNINGS - PER SHARE Income from Continuing Operations $.02 $.07 $.01 $.14 Less: Preferred Dividend (.03) (.03) (.05) (.03) Income from Discontinued Operations - - .01 .01 Net Income Applicable to Common Shareholders - Diluted ($.01) $.04 ($.03) $.12
SOURCE Monmouth Real Estate Investment Corporation
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