FREEHOLD, NJ-Locally-based Monmouth Real Estate Investment Corp. has renewed and expanded its unsecured revolving credit facility to $40 million, which was set to mature in June 2013.

The renewed facility, syndicated with two banks led by Capital One, National Association as joint lead arranger, administrative agent and sole bookrunner, and includes the Bank of Montreal as joint lead arranger and documentation agent. The renewed facility has been increased from $20 million to $40 million, with an accordion feature up to $60 million, company officials say. It matures in June 2016, with a one-year extension option.

Borrowings under the newly expanded revolving credit facility will bear interest at LIBOR plus 175 basis points to 250 basis points depending on the company's leverage ratio.

"Our expanded facility at lower cost and up to four years of term enhances our financial flexibility and is a testament to the strength of our balance sheet. In addition, it offers us significant liquidity as we continue to grow our unencumbered property portfolio and pay down higher fixed rate interest mortgage debt, which allows us to lower our cost of capital," states Kevin Miller, chief financial officer of Monmouth Real Estate Investment.

Monmouth, a fully integrated and self-managed real estate company, has a portfolio that consists of 73 industrial properties and one shopping center located in 26 states, containing a total of approximately 9.3 million rentable square feet. In addition, the company owns a portfolio of REIT securities.