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Monmouth Real Estate Investment, 7.875% Series B Cumul Redeem Preferred Stock
Ticker Symbol: MNR-B* CUSIP: 609720305 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/07/2017
Security has been Called for: Wednesday, June 7, 2017
May 5, 2017…….Monmouth Real Estate Investment Corporation (NYSE:MNR) (the “Company”), a real estate investment trust (REIT) specializing in single tenant, net-leased industrial properties, today announced that it intends to redeem all 2,300,000 issued and outstanding shares of its 7.875% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) (CUSIP 609720305). Series B Preferred Stock held through the Depository Trust Company will be redeemed in accordance with the applicable procedures of the Depositary Trust Company. The redemption date will be June 7, 2017 (the “Redemption Date”). The Series B Preferred Stock will be redeemed at a redemption price of $25.00 per share, plus accumulated and unpaid dividends for the period from June 1, 2017 to, but not including, the Redemption Date, in an amount equal to $0.0328125 per share of Series B Preferred Stock, for a total payment of $25.0328125 per share of Series B Preferred Stock, payable in cash, without interest, on the Redemption Date. In accordance with the Company’s charter, the quarterly dividend for the dividend period ending May 31, 2017, on the Series B Preferred Stock (in the amount of $0.4921875 per share) and the Company’s 6.125% Series C Cumulative Redeemable Preferred Stock (in the amount of $0.3828125 per share), which was declared on April 4, 2017 and is payable to holders of record of such shares as of the close of business on May 15, 2017, will be set apart by the Company before the Redemption Date and will be paid on June 15, 2017. No amount with respect to the previously-declared quarterly dividend for the period ending May 31, 2017 will be included in the redemption price of the Series B Preferred Stock. After the Redemption Date, the Series B Preferred Stock will no longer be outstanding and all of the rights of the holders of the Series B Preferred Stock will terminate, except the right to receive the redemption price, without interest, and the previously-declared dividend described above. Furthermore, because all of the issued and outstanding shares of Series B Preferred Stock are being redeemed, trading of the Series B Preferred Stock on the New York Stock Exchange (“NYSE”) will cease after the Redemption Date. The Series B Preferred Stock currently trades on the NYSE under the symbol “MNRpB”.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Monmouth Real Estate Investment, 7.875% Series B Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/7/2017 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 7.875% per annum ($1.96875 per annum or $0.4921875 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Upon the occurrence of a change of control or a delisting event the company will have the option within 120 days (90 days for delisting) to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will not have the following conversion right. Upon the occurrence of a change of control or delisting event, and the company has not provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (MNR)
IPO - 6/1/2012 - 2.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $61.4 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ 07728 |
| Main Phone Number |
732-577-9996 |
| Fax Number |
732-577-9981 |
| Investor Relations
Susan Jordan
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732-577-9996
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Toll Free Phone Number |
Unknown |
| CEO - Eugene W. Landy |
CFO - Kevin S. Miller |
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