Industrial Logistics Properties Trust Completes Acquisition Of Monmouth Real Estate Investment Corporation

Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced that it has completed its acquisition of Monmouth Real Estate Investment Corporation (NYSE: MNR) for $21.00 per share in an all-cash transaction, valued at approximately $4.0 billion, including committed MNR acquisitions, transaction costs and the assumption of approximately $323 million of debt. This transaction was approved by MNR’s shareholders on February 17, 2022 and closed on February 25, 2022. The MNR portfolio includes 126 Class A, single tenant, net leased, e-commerce focused industrial properties containing over 26 million square feet of space with a weighted average lease term of approximately eight years that was 99.7% occupied and over 80.0% leased to investment grade rated tenants as of February 25, 2022. ILPT expects the MNR portfolio to generate annualized rental revenues of approximately $175 million in 2022 and expects the transaction to be accretive to normalized funds from operations, or Normalized FFO, per share.