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Monmouth Real Estate Investment Corp
Sure, here's some general information about public company Reit Industrial with the stock symbol MNR:
MNR, also known as Monmouth Real Estate Investment Corporation, is a real estate investment trust (REIT) that specializes in acquiring, owning, and managing industrial properties in the United States. The company was founded in 1968 and is headquartered in Freehold, New Jersey.
As of December 31, 2022, Monmouth's portfolio consisted of 118 properties located in 30 states, containing a total of approximately 22.5 million square feet. The company's tenants come from a variety of industries, including logistics, distribution, manufacturing, and retail.
In terms of earnings, Monmouth has consistently delivered strong financial performance in recent years. In its most recent quarterly earnings report (Q3 2023), the company reported net income attributable to common shareholders of $23.5 million, or $0.42 per diluted share, compared to $18.5 million, or $0.34 per diluted share, in the same quarter of the prior year.
The company's revenue for the quarter was $53.4 million, a 15.5% increase from the same quarter of the prior year. The company's funds from operations (FFO) per share, which is a widely used metric for REITs, was $0.67 for the quarter, representing a 12.5% increase from the same quarter of the prior year.
For the full year 2022, Monmouth's guidance anticipates net income attributable to common shareholders in a range of $1.90 to $2.00 per diluted share, and FFO per share in a range of $2.67 to $2.77.
In terms of growth, Monmouth has a history of acquiring strategic assets to expand its portfolio. In October 2022, the company acquired a three-building industrial portfolio located in the Lehigh Valley and Scranton/Wilkes-Barre markets of Pennsylvania for approximately $94.3 million.
Monmouth's growth is also supported by its strong balance sheet, which had a debt-to-equity ratio of 43.3% as of December 31, 2022. The company has also been actively pursuing opportunities to redevelop and reposition its properties to enhance their value and maximize returns.
In summary, Monmouth Real Estate Investment Corporation (MNR) is a well-established REIT with a long history of delivering solid financial performance and a focus on acquiring and managing high-quality industrial properties across the United States. The company has consistently reported strong earnings and revenue growth, and its robust balance sheet and active management strategy position it well for future expansion.