Monmouth Real Estate (MNR) receives buyout offer from Blackwells Capital.

Blackwells Capital LLC announced today that it has made an offer to acquire Monmouth Real Estate Investment Corp. (MNR) for $18.00/share in cash.  Blackwells said that its offer represents a 21.6% premium to the December 1, 2020 share price, which was prior to Blackwells' initial offer.  In its offer letter, Blackwells noted that MNR "has significantly underperformed comparable industrial REITs over the last five years."  The Blackwells offer also represents "a 17% premium above consensus net asset value - though the stock has long traded at a discount to it."

Monmouth Real Estate is a small-cap REIT specializing in the acquisition and ownership of industrial properties across the U.S. As of September 30, 2020, the company's portfolio included 119 properties in 31 states with an aggregate GLA of 23.6 million square feet.