FREEHOLD, NJ−Monmouth Real Estate Investment Corporation launched a public offering of 7 million shares of its common stock this week.
The company said it will give underwriters a 30-day option to purchase up to 1,050,000 additional shares of stock. Proceeds will be used to repay debts under Monmouth’s revolving credit facility and to fund acquisitions and expansions of existing properties.
BMO Capital Markets Corp. and J.P. Morgan are the joint book-running managers for the offering. Wunderlich Securities, D.A. Davidson & Co. and CSCA are co-managers for the offering.
The offering is made via a prospectus and a supplement available through BMO Capital which is based in New York City.
Monmouth REIC was founded in 1968 and is one of the oldest public-equity REITs in the country. It specializes in net-leased industrial properties subject to long-term leases, primarily to investment grade tenants.
The company’s portfolio includes 81 properties located in 27 states, containing a total of 10.7 million square feet. The company also owns a portfolio of REIT securities.