Monmouth Real Estate Agrees to be Bought by ILPT in $ 4 Billion Deal – Quick Facts


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(RTTNews) – Monmouth Real Estate Investment Corp. (MNR) on Friday reached a definitive deal to be acquired by Industrial Logistics Properties Trust (ILPT) for $ 21.00 per share in an all-cash transaction.

The transaction is valued at approximately $ 4.0 billion, including acquisitions initiated by MNR, transaction costs and the assumption of $ 409 million in debt.

The transaction is subject to customary closing conditions, including MNR shareholder approval, and is expected to close in the first half of 2022.

ILPT expects the acquisition to be immediately accretive to normalized operating funds, or FFOs, per share.

The transaction adds 126 new, net leased, e-commerce focused, single-tenant Class A industrial properties to ILPT’s existing high-quality portfolio and improves geographic and tenant diversity.

To finance the acquisition, ILPT plans to enter into a joint venture with one or more institutional investors for equity investments of approximately $ 430 million to $ 1.3 billion.

ILPT expects to fund the balance of the $ 4.0 billion purchase with the proceeds of the new mortgage debt and the assumption of approximately $ 409 million of MNR’s existing mortgage debt.

In pre-market activity on the NYSE, shares of Monmouth Real Estate were gaining about 10 percent to trade at $ 20.75.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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