{"id":4662,"date":"2021-12-08T11:48:15","date_gmt":"2021-12-08T17:48:15","guid":{"rendered":"https:\/\/1reason.com\/re\/monmouth-real-estate-reports-results-for-the-fiscal-year-ended-and-the-fourth-quarter-ended-september-30-2021\/4662\/"},"modified":"2021-12-09T05:48:15","modified_gmt":"2021-12-09T11:48:15","slug":"monmouth-real-estate-reports-results-for-the-fiscal-year-ended-and-the-fourth-quarter-ended-september-30-2021","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/monmouth-real-estate-reports-results-for-the-fiscal-year-ended-and-the-fourth-quarter-ended-september-30-2021\/4662\/","title":{"rendered":"MONMOUTH REAL ESTATE REPORTS RESULTS FOR THE FISCAL YEAR ENDED AND THE FOURTH QUARTER ENDED SEPTEMBER 30, 2021"},"content":{"rendered":"
The increase primarily resulted from a change in our unrealized gains from our securities investments whereas the unrealized gains for the current fiscal year were $50.2 million or $0.51 per diluted share as compared to an unrealized loss of $(77.4) million or $(0.79) per diluted share during the prior fiscal year for a net increase of $127.6 million or $1.30 per diluted share. This increase was offset by $35.9 million or $0.36 per diluted share in Non-recurring Strategic Alternatives and Proxy Costs related to our strategic alternatives process and our proxy process. Funds from Operations (FFO), which excludes unrealized gains or losses from our securities portfolio, for the fiscal year ended September 30, 2021 were $46.1 million or $0.47 per diluted share versus $78.4 million or $0.80 per diluted share for the fiscal year ended September 30, 2020, representing a decrease of $32.3 million or $0.33 per diluted share. The decrease in FFO is primarily attributable to the Non-recurring Strategic Alternatives and Proxy Costs. FFO excluding these non-recurring costs for the fiscal year ended September 30, 2021 were $82.0 million or $0.83 per diluted share versus $78.4 million or $0.80 per diluted share for the fiscal year ended September 30, 2020, representing an increase of $0.03 per diluted share. For the fiscal year ended September 30, 2021, Adjusted Funds from Operations (AFFO), which excludes non-recurring items, including costs related to our non-recurring strategic alternatives process and our proxy process and unrealized and realized gains or losses from our securities portfolio were $77.0 million or $0.78 per diluted share compared to $76.9 million or $0.78 per diluted share for the fiscal year ended September 30, 2020, representing unchanged per diluted share earnings year over year. <\/p>\n

Net Loss Attributable to Common Shareholders for the three months ended September 30, 2021, was $24.2 million or $0.25 per diluted share as compared to Net Loss Attributable to Common Shareholders of $3.9 million or $0.04 per diluted share for the three months ended September 30, 2020, representing an increase in Net Loss Attributable to Common Shareholders of $0.21 per share. FFO for the three months ended September 30, 2021, were $(4.9) million or $(0.05) per diluted share as compared to $19.2 million or $0.20 per diluted share for the three months ended September 30, 2020, representing a decrease of $0.25 per diluted share. The increase in Net Loss Attributable to Common Shareholders and decrease in FFO for the three months ended September 30, 2021, is primarily attributable to Non-recurring Strategic Alternatives and Proxy costs of $25.0 million or $0.25 per diluted share related to our strategic alternatives process and our proxy process. Excluding these non-recurring costs our Net Income Attributable to Common Shareholders for the three months ended September 30, 2021, would have been $837,000 or $0.01 per diluted share, representing an increase of $0.05 per share from the three months ended September 30, 2020, and our FFO for the three months ended September 30, 2021, would have been $20.1 million or $0.20 per diluted share, representing unchanged per diluted share earnings year over year. For the three months ended September 30, 2021, AFFO were $19.5 million or $0.20 per diluted share compared to $18.2 million or $0.19 per diluted share for the three months ended September 30, 2020, representing an increase of $0.01 per share.<\/p>\n

A summary of significant financial information for the three and twelve months ended September 30, 2021 and 2020 (in thousands, except per share amounts) is as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nThree Months Ended<\/strong>
September<\/strong> 30,<\/strong><\/td>\n<\/tr>\n
\n\n2021<\/strong><\/td>\n\n\n2020<\/strong><\/td>\n<\/tr>\n
Rental Revenue<\/td>\n$<\/td>\n39,921<\/td>\n\n$<\/td>\n36,173<\/td>\n<\/tr>\n
Reimbursement Revenue<\/td>\n$<\/td>\n6,894<\/td>\n\n$<\/td>\n6,462<\/td>\n<\/tr>\n
Net Operating Income (NOI) (1)<\/td>\n$<\/td>\n39,719<\/td>\n\n$<\/td>\n36,071<\/td>\n<\/tr>\n
Total Expenses<\/td>\n$<\/td>\n49,300<\/td>\n\n$<\/td>\n21,529<\/td>\n<\/tr>\n
Dividend Income<\/td>\n$<\/td>\n1,500<\/td>\n\n$<\/td>\n1,458<\/td>\n<\/tr>\n
Unrealized Holding Losses Arising During the Periods<\/td>\n$<\/td>\n(5,139<\/td>\n)<\/td>\n$<\/td>\n(10,280<\/td>\n)<\/td>\n<\/tr>\n
Net Income (Loss)<\/td>\n$<\/td>\n(15,771<\/td>\n)<\/td>\n$<\/td>\n3,143<\/td>\n<\/tr>\n
Net Loss Attributable to Common Shareholders<\/td>\n$<\/td>\n(24,187<\/td>\n)<\/td>\n$<\/td>\n(3,917<\/td>\n)<\/td>\n<\/tr>\n
Net Loss Attributable to Common Shareholders Per Diluted Common Share<\/td>\n$<\/td>\n(0.25<\/td>\n)<\/td>\n$<\/td>\n(0.04<\/td>\n)<\/td>\n<\/tr>\n
FFO (1)<\/td>\n$<\/td>\n(4,891<\/td>\n)<\/td>\n$<\/td>\n19,205<\/td>\n<\/tr>\n
FFO per Diluted Common Share (1)<\/td>\n$<\/td>\n(0.05<\/td>\n)<\/td>\n$<\/td>\n0.20<\/td>\n<\/tr>\n
FFO Excluding Non-recurring Strategic Alternatives & Proxy Costs (1)<\/td>\n$<\/td>\n20,133<\/td>\n\n$<\/td>\n19,205<\/td>\n<\/tr>\n
FFO Excluding Non-recurring Strategic Alternatives & Proxy Costs per Diluted Common Share (1)<\/td>\n$<\/td>\n0.20<\/td>\n\n$<\/td>\n0.20<\/td>\n<\/tr>\n
AFFO (1)<\/td>\n$<\/td>\n19,464<\/td>\n\n$<\/td>\n18,193<\/td>\n<\/tr>\n
AFFO per Diluted Common Share (1)<\/td>\n$<\/td>\n0.20<\/td>\n\n$<\/td>\n0.19<\/td>\n<\/tr>\n
Dividends Declared per Common Share<\/td>\n$<\/td>\n0.18<\/td>\n\n$<\/td>\n0.17<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
Weighted Avg. Diluted Common Shares Outstanding<\/td>\n\n98,542<\/td>\n\n\n98,083<\/td>\n<\/tr>\n<\/table>\n

<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nTwelve<\/strong> Months Ended<\/strong>
September<\/strong> 30,<\/strong><\/td>\n<\/tr>\n
\n\n2021<\/strong><\/td>\n\n2020<\/strong><\/td>\n<\/tr>\n
Rental Revenue<\/td>\n$<\/td>\n155,044<\/td>\n$<\/td>\n141,583<\/td>\n<\/tr>\n
Reimbursement Revenue<\/td>\n$<\/td>\n27,712<\/td>\n$<\/td>\n26,234<\/td>\n<\/tr>\n
Lease Termination Income<\/td>\n$<\/td>\n377<\/td>\n$<\/td>\n-0-<\/td>\n<\/tr>\n
Net Operating Income (NOI) (1)<\/td>\n$<\/td>\n153,974<\/td>\n$<\/td>\n140,705<\/td>\n<\/tr>\n
Total Expenses<\/td>\n$<\/td>\n129,119<\/td>\n$<\/td>\n86,680<\/td>\n<\/tr>\n
Dividend Income<\/td>\n$<\/td>\n6,182<\/td>\n$<\/td>\n10,445<\/td>\n<\/tr>\n
Realized Gain on Sale of Real Estate Investment<\/td>\n$<\/td>\n6,376<\/td>\n$<\/td>\n-0-<\/td>\n<\/tr>\n
Realized Gain on Sale of Securities Transactions<\/td>\n$<\/td>\n2,248<\/td>\n$<\/td>\n-0-<\/td>\n<\/tr>\n
Unrealized Holding Gains (Losses) Arising During the Periods<\/td>\n$<\/td>\n50,239<\/td>\n$<\/td>\n(77,380<\/td>\n)<\/td>\n<\/tr>\n
Net Income (Loss)<\/td>\n$<\/td>\n81,179<\/td>\n$<\/td>\n(22,174<\/td>\n)<\/td>\n<\/tr>\n
Net Income (Loss) Attributable to Common Shareholders<\/td>\n$<\/td>\n44,764<\/td>\n$<\/td>\n(48,617<\/td>\n)<\/td>\n<\/tr>\n
Net Income (Loss) Attributable to Common Shareholders Per Diluted Common Share<\/td>\n$<\/td>\n0.45<\/td>\n$<\/td>\n(0.50<\/td>\n)<\/td>\n<\/tr>\n
FFO (1)<\/td>\n$<\/td>\n46,091<\/td>\n$<\/td>\n78,409<\/td>\n<\/tr>\n
FFO per Diluted Common Share (1)<\/td>\n$<\/td>\n0.47<\/td>\n$<\/td>\n0.80<\/td>\n<\/tr>\n
FFO Excluding Non-recurring Strategic Alternatives & Proxy Costs (1)<\/td>\n$<\/td>\n82,011<\/td>\n$<\/td>\n78,409<\/td>\n<\/tr>\n
FFO Excluding Non-recurring Strategic Alternatives & Proxy Costs per Diluted Common Share (1)<\/td>\n$<\/td>\n0.83<\/td>\n$<\/td>\n0.80<\/td>\n<\/tr>\n
AFFO (1)<\/td>\n$<\/td>\n76,969<\/td>\n$<\/td>\n76,898<\/td>\n<\/tr>\n
AFFO per Diluted Common Share (1)<\/td>\n$<\/td>\n0.78<\/td>\n$<\/td>\n0.78<\/td>\n<\/tr>\n
Dividends Declared per Common Share<\/td>\n$<\/td>\n0.71<\/td>\n$<\/td>\n0.68<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
Weighted Avg. Diluted Common Shares Outstanding<\/td>\n\n98,443<\/td>\n\n98,164<\/td>\n<\/tr>\n<\/table>\n

<\/p>\n

A summary of significant balance sheet information as of September 30, 2021 and September 30, 2020 (in thousands) is as follows:<\/p>\n\n\n\n\n\n\n\n\n\n
\n\nSeptember<\/strong> 30,<\/strong>2021<\/strong><\/sup><\/td>\n\nSeptember 30, 2020<\/strong><\/sup><\/td>\n<\/tr>\n
Cash and Cash Equivalents<\/td>\n$<\/td>\n48,618<\/td>\n$<\/td>\n23,517<\/td>\n<\/tr>\n
Real Estate Investments<\/td>\n$<\/td>\n1,957,702<\/td>\n$<\/td>\n1,747,844<\/td>\n<\/tr>\n
Securities Available for Sale at Fair Value<\/td>\n$<\/td>\n143,505<\/td>\n$<\/td>\n108,832<\/td>\n<\/tr>\n
Total Assets<\/td>\n$<\/td>\n2,215,883<\/td>\n$<\/td>\n1,939,783<\/td>\n<\/tr>\n
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs<\/td>\n$<\/td>\n832,184<\/td>\n$<\/td>\n799,507<\/td>\n<\/tr>\n
Loans Payable<\/td>\n$<\/td>\n250,000<\/td>\n$<\/td>\n75,000<\/td>\n<\/tr>\n
Total Shareholders\u2019 Equity<\/td>\n$<\/td>\n1,094,734<\/td>\n$<\/td>\n1,037,605<\/td>\n<\/tr>\n<\/table>\n

During the year, we accomplished the following:<\/p>\n

Strong Growth Record and Solid Pipeline<\/u><\/p>\n