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07.08.2013 22:11:00
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Monmouth Real Estate Investment Corporation Reports 3rd Quarter 2013 Financial Results For The Period Ended June 30, 2013
FREEHOLD, N.J., Aug. 7, 2013 /PRNewswire/ -- Monmouth Real Estate Investment Corporation (NYSE: MNR) reported Core Funds from Operations (Core FFO) for the three months ended June 30, 2013 of $5,682,000 or $0.13 per diluted share versus $4,177,000 or $0.10 per diluted share for the three months ended June 30, 2012. Excluding the $965,000 one-time severance expense incurred in the previous year's third quarter, Core FFO was $5,142,000 million or $0.13 per diluted share in the prior year period. Core FFO, excluding Gains on Securities Transactions for the three months ended June 30, 2013 was $4,619,000 or $0.11 per diluted share versus $3,497,000 or $0.09 per diluted share for the three months ended June 30, 2012.
A summary of significant financial information for the three and nine months ended June 30, 2013 and 2012 is as follows:
Three Months Ended June 30, | ||||
2013 | 2012 | |||
Rental Revenue | $ | 11,712,000 | $ | 10,690,000 |
Reimbursement Revenue | $ | 2,342,000 | $ | 1,854,000 |
Total Expenses | $ | 7,846,000 | $ | 7,716,000 |
Interest and Dividend Income | $ | 844,000 | $ | 733,000 |
Gain on Securities Transactions, net | $ | 1,063,000 | $ | 680,000 |
Income from Continuing Operations | $ | 4,185,000 | $ | 2,237,000 |
Income (Loss) from Discontinued Operations | $ | (5,000) | $ | (4,000) |
Net Income Attributable to Common Shareholders | $ | 2,029,000 | $ | 912,000 |
Net Income Attributable to Common Shareholders Per Common Share | $ | 0.05 | $ | 0.02 |
Core FFO (1) | $ | 5,682,000 | $ | 4,177,000 |
Core FFO per Common Share (1) | $ | 0.13 | $ | 0.10 |
Weighted Avg. Diluted Common Shares Outstanding | 42,823,000 | 40,340,000 | ||
Nine Months Ended June 30, | ||||
2013 | 2012 | |||
Rental Revenue | $ | 34,760,000 | $ | 32,039,000 |
Reimbursement Revenue | $ | 5,428,000 | $ | 5,310,000 |
Lease Termination Income | $ | 691,000 | $ | 3,222,000 |
Total Expenses | $ | 21,607,000 | $ | 20,972,000 |
Interest and Dividend Income | $ | 2,972,000 | $ | 2,575,000 |
Gain on Securities Transactions, net | $ | 6,976,000 | $ | 5,678,000 |
Income from Continuing Operations | $ | 17,239,000 | $ | 15,859,000 |
Income from Discontinued Operations | $ | 292,000 | $ | 1,000 |
Net Income Attributable to Common Shareholders | $ | 11,076,000 | $ | 12,498,000 |
Net Income Attributable to Common Shareholders Per Common Share |
$ |
0.27 |
$ |
0.32 |
Core FFO (1) | $ | 21,948,000 | $ | 22,593,000 |
Core FFO per Common Share (1) | $ | 0.52 | $ | 0.58 |
Core FFO Excluding Lease Termination Fees (1) | $ | 21,257,000 | $ | 19,371,000 |
Core FFO Excluding Lease Termination Fees per Common Share (1) | $ | 0.51 | $ | 0.49 |
Weighted Avg. Diluted Common Shares Outstanding | 41,959,000 | 39,276,000 | ||
A summary of significant balance sheet information as of June 30, 2013 and September 30, 2012 is as follows:
March 31, | September 30, 2012 | |||
Net Real Estate Investments | $ | 522,046,000 | $ | 467,886,000 |
Securities Available for Sale | $ | 46,769,000 | $ | 61,685,000 |
Total Assets | $ | 605,596,000 | $ | 574,508,000 |
Mortgage Notes Payable | $ | 247,616,000 | $ | 237,944,000 |
Subordinated Convertible Debentures | $ | - | $ | 8,615,000 |
Loans Payable | $ | 17,200,000 | $ | 5,200,000 |
Total Shareholders' Equity | $ | 331,680,000 | $ | 315,687,000 |
Michael P. Landy, President and CEO, commented on the results for the third quarter of fiscal year 2013, "Monmouth continued to make progress on several fronts including:
- Acquiring a new 103,402 square foot distribution center in Roanoke, Virginia for $10.2 million. This property is leased to FedEx Ground for the next 10 years.
- Renewing 93% of our leases or 897,000 square feet set to expire this fiscal year. Our occupancy rate now stands at 95.9%, representing the highest occupancy rate in the industrial property sector.
- Expanding our credit facility to $40 million with an accordion feature up to $60 million. Borrowings under the facility will bear interest at LIBOR plus 175 basis points to 250 basis points depending on the company's leverage ratio.
- Growing our acquisition pipeline to approximately 2.0 million square feet representing over $130 million in total acquisitions. In keeping with our business model, all of the deals in our current pipeline contain leases of 10 years or longer and are all leased to investment grade tenants. In addition, we now have five building expansions in our pipeline. These expansions total 275,000 square feet and represent approximately $26.4 million in total cost.
- Generating $1.1 million in realized gains on our REIT securities investments during the third quarter and $7.0 million in gains realized thus far in fiscal 2013.
Overall, we believe Monmouth continues to be well positioned to continue to grow given our strong pipeline of deals and to take advantage of growth opportunities in our sector given our solid balance sheet and available liquidity."
Monmouth Real Estate Investment Corporation will host its Third Quarter 2013 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Thursday, August 8, 2013 at 10:00 a.m. Eastern Time.
The Company's third quarter financial results being released herein will be available on the Company's website at www.mreic.com in the "Financial Information and Filings" section.
To participate in the Webcast, select the microphone icon at the top of the homepage on the Company's website at www.mreic.com. Interested parties can also participate via conference call by calling toll free 888-317-6016 (domestically) or 412-317-6016 (internationally).
The replay of the conference call will be available at 12:00 p.m. Eastern Time on Thursday, August 8, 2013. It will be available until September 30, 2013, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10029761. A transcript of the call and the webcast replay will be available at the Company's website, www.mreic.com.
Monmouth Real Estate Investment Corporation, founded in 1968 and one of the oldest public equity REITs in the U.S., specializes in net-leased industrial properties subject to long-term leases primarily to investment grade tenants. The Company is a fully integrated and self-managed real estate company, whose property portfolio consists of seventy-three industrial properties and one shopping center located in twenty-six states, containing a total of approximately 9.4 million rentable square feet. 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. Any such forward-looking statements are based on the Company's current expectations and involve various risks and uncertainties. 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. The risks and uncertainties 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.
Notes:
(1) Non-US GAAP Information: FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") as net income applicable to common shareholders, excluding gains or losses from sales of depreciable assets, plus real estate-related depreciation and amortization. We define Core FFO as FFO plus acquisition costs. FFO and Core FFO per diluted common share are defined as FFO and Core FFO divided by weighted average diluted common shares outstanding. FFO and Core FFO per diluted common share should be considered as supplemental measures of operating performance used by real estate investment trusts (REITs). FFO and Core FFO per diluted common 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 Core FFO per diluted common share are significant components in understanding the Company's financial performance.
FFO and Core FFO per diluted common share (A) do not represent cash flow from operations as defined by accounting principles generally accepted in the United States of America; (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 Core FFO per diluted common share, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.
The Company's FFO and Core FFO for the three and nine months ended June 30, 2013 and 2012 are calculated as follows:
Three Months Ended | Nine Months Ended | ||||||
6/30/2013 | 6/30/2012 | 6/30/2013 | 6/30/2012 | ||||
Net Income Attributable to Common Shareholders | $2,028,788 | $911,581 | $11,075,760 | $12,498,027 | |||
Depreciation Expense | 3,193,923 | 2,836,134 | 9,603,474 | 8,451,907 | |||
Amortization of Intangible Assets | 384,703 | 374,071 | 1,154,109 | 1,013,882 | |||
(Gain) Loss on Sales of Depreciable Assets | - | - | (345,794) | 8,220 | |||
FFO Attributable to Common Shareholders | 5,607,414 | 4,121,786 | 21,487,549 | 21,972,036 | |||
Acquisition Costs | 74,137 | 55,236 | 459,999 | 620,960 | |||
Core FFO Attributable to Common Shareholders | $5,681,551 | $4,177,022 | $21,947,548 | $22,592,996 | |||
The Company's Core FFO, excluding Lease Termination Income for the three and nine months ended June 30, 2013 and 2012 are calculated as follows:
Three Months Ended | Nine Months Ended | ||||||
6/30/2013 | 6/30/2012 | 6/30/2013 | 6/30/2012 | ||||
Core FFO Attributable to Common Shareholders | $5,681,551 | $4,177,022 | $21,947,548 | $22,592,996 | |||
Less Lease Termination Income | - | - | 690,730 | 3,222,283 | |||
Core FFO excluding Lease Termination Income Attributable to Common Shareholders | $5,681,551 | $4,177,022 | $21,256,818 | $19,370,713 | |||
The following are the Cash Flows provided (used) by Operating, Investing and Financing Activities for the nine months ended June 30, 2013 and 2012:
Nine Months Ended | |||
6/30/13 | 6/30/12 | ||
Operating Activities | $18,217,490 | $21,348,526 | |
Investing Activities | (42,079,399) | (55,583,484) | |
Financing Activities | 12,341,414 | 75,302,814 | |
SOURCE Monmouth Real Estate Investment Corporation
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