FREEHOLD, NJ-Monmouth Real Estate Investment Corp. (Monmouth REIT) has completed its strategic merger with sister firm Monmouth Capital Corp. The merger, formally approved by stockholders last week, had been initially unveiled in March.

The combined firm will operate under the name Monmouth Real Estate Investment Corp. and will continue as an equity REIT. The company, which currently owns interests in 56 industrial properties on long-term net-leases to investment-grade tenants and one shopping center, plus investments in REIT securities, will continue to be managed by the team that managed both Monmouth REIT and Monmouth Capital before the combination.

In connection with the merger, the number of directors serving on Monmouth REIT’s board of directors was increased to 13. Anna T. Chew, Eugene D. Rothenberg, Joshua Kahr and Michael P. Landy, each a former director of Monmouth Capital, were appointed as directors of Monmouth REIT to fill the additional spots.

“We are pleased with the consummation of the combination of the two companies,” says Eugene W. Landy, who was also president and chairman of both companies and continues in that role. “This transaction has enhanced our prospects for continued growth and exposure in the marketplace by increasing both our market capitalization and portfolio, and we expect to achieve productivity savings through managing a larger, combined company.”

Monmouth Capital’s common stockholders are entitled to receive 0.655 of a share of Monmouth REIT’s common stock for each share of Monmouth Capital’s common stock, with American Stock Transfer & Trust Co. appointed as the exchange agent. Cohen & Steers Capital Advisors was exclusive financial advisor to Monmouth REIT, and Venable LLP was its legal counsel. Ferris, Baker Watts was financial advisor to Monmouth Capital and Stroock & Stroock & Lavan LLP was its legal counsel.

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