Monmouth Real Estate (MNR) announces cash buyout for $21.00/share.

Monmouth Real Estate Investment Corp. (MNR) announced today that it has agreed to be acquired by Industrial Logistics Properties Trust (ILPT) for $21.00/share in cash.  The transaction is expected to close in the first half of 2022.

Michael Landy, President and CEO, said, “The Monmouth Board and management team have stayed focused on maximizing value for our shareholders, and we are pleased to have reached this definitive agreement with ILPT to deliver immediate and certain all-cash value to our shareholders at a significant premium." Brian Haimm, Lead Independent Director of Monmouth’s Board, also added, “Today’s announcement is the result of an exhaustive strategic review process in which the highest bid prevailed."

The transaction values the MNR portfolio at approximately $4.0 billion and results in a pro forma enterprise value of approximately $6.7 billion.  ILPT said that it has received $4.0 billion of bridge loan commitments to close the transaction.  Permanent financing measures include the use of JV financing, mortgage debt, and potential asset sales of up to $1.6 billion of the MNR assets.