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Monmouth Remains open to All available options to maximize long-term shareholder value
HOLMDEL, NJ Aug 31, 2021 (GLOBE NEWS) – Monmouth Real Estate Investment Corporation (NYSE: MNR, “Monmouth” or “The Company”) announced today that based on a preliminary vote count of the Company’s Special Shareholders Meeting (“Special Meeting”), Monmouth did not. obtain the required number of shareholders’ votes to approve the previously announced merger with Equity Commonwealth (NYSE: EQC, “EQC”). Monmouth remains open to all available options to maximize long-term shareholder value and fully realize the potential of the company’s high-quality industrial portfolio.
“Maximizing value is our top priority at Monmouth, and shareholder feedback plays an important role in how we conduct our business and deliver our strategy,” said Michael P. Landy, President and CEO of Monmouth. “While we recognize that shareholders have a wide range of views, different time horizons and tax considerations, we are disappointed with the results of today’s vote. We continue to believe in the merits of a deal that will enable Monmouth shareholders to continue to participate in the growth of the industrial real estate sector. ”
Mr Landy continued, “With an attractive industrial portfolio, we are confident that Monmouth is well positioned for long-term growth and success in our industry. The accelerating pace of e-commerce adoption has resulted in unprecedented demand for industrial real estate, creating an excellent opportunity for shareholders to participate in the continuous increase in the value of our assets. Given the rapidly changing and expanding industrial landscape, we will remain disciplined and flexible in our consideration of potential strategic and financial alternatives to maximize long-term shareholder value. ”
The Independent Electoral Officer will tabulate all powers of attorney and ballots presented at the Special Meeting and confirm the final results. Final results will be submitted to the Securities and Exchange Commission after confirmation of the results, which Monmouth expects will happen over the next few days.
Monmouth’s Board of Directors will set a record date and date for the 2021 Monmouth AGM. These dates will be announced shortly.
Founded in 1968, Monmouth Real Estate Investment Corporation is one of the oldest public REIT funds in the world. The company specializes in leasing industrial facilities with an individual tenant on a long-term lease basis, primarily to investment grade tenants. Monmouth Real Estate Investment Corporation is a fully integrated and self-managed real estate company with a portfolio of 122 rental properties totaling approximately 24.9 million square feet, geographically diversified across 32 states. The occupancy rate of the company as of this date is 99.7%.
Some of the statements contained in this press release constitute forward-looking statements within the meaning of federal securities laws, including, but not limited to, statements regarding the merger with EQC. Any forward-looking statements contained in this press release must be made in accordance with the safe harbor provisions of Section 21E of the Stock Exchange Act 1934, as amended. Forward-looking statements refer to expectations, beliefs, projections, plans and strategies for the future, expected events or trends, and similar statements regarding matters that are not historical facts. In some cases, you may identify forward-looking statements using forward-looking terminology such as may, will, should, expects, intends, plans, expects, believes. , ”“ Estimates ”,“ predictions ”,“ potential ”or negative of these words and phrases or similar words or phrases that are predictions or indicate future events or trends and which do not relate exclusively to historical issues. You can also define forward-looking statements by discussing strategy, plans, or intentions. Any forward-looking statements contained in this press release reflect Monmouth’s current views of future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that could cause actual results to differ materially from those that expressed in any forward-looking statement. For further discussion of other factors that could cause Monmouth’s future results to differ materially from any forward-looking statements, see the Risk Factors Section in Monmouth’s most recent Form 10-K Annual Report and its Quarterly Form 10 reports. -Q. While forward-looking statements reflect the good faith of Monmouth, they are not guarantees of future results. Monmouth disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes.
Participants in the petition
Monmouth and some of its directors, executive officers and other employees may be deemed to have requested proxies from Monmouth shareholders in connection with the proposed merger with EQC in accordance with SEC rules. Investors can obtain information on the names, memberships, and interests of Monmouth directors and executives in the Monmouth Annual Report Form 10-K for Monmouth’s fiscal year ended September 30, 2020, which was filed with the SEC on November 23, 2020, as well as other Monmouth documents to the SEC. Other information about the participants in the proxy request and a description of their direct and indirect interests, whether held by the securities or otherwise, will be contained in the proxy / prospectus and other relevant proxy materials filed with the SEC in relation to the proposed merger.
No suggestions or motions
This communication is not intended and should not constitute an offer to buy or sell, or a solicitation to offer to buy or sell any securities, or a solicitation for voting or approval, nor is it permitted to sell securities in any jurisdiction in such an offer. a solicitation or sale will be unlawful until registered or qualified under the securities laws of any such jurisdiction. Placement of securities is not permitted except through a prospectus complying with the requirements of Section 10 of the United States Securities Act of 1933, as amended.
Additional information and where to find it
In connection with the proposed merger with EQC, EQC filed an S-4 filing application with the SEC, which took effect on 23 July 2021, to register EQC ordinary shares with beneficial interest to be issued as a result of the merger. … The registration application includes a joint proxy / prospectus statement that has been filed by EQC and Monmouth with the SEC and sent out to the common shareholders of EQC requesting their approval for the issue of shares and to the common shareholders of Monmouth requesting their approval of the issue of shares. merger (“joint power of attorney / prospectus”). EQC and Monmouth have also filed with the Securities and Exchange Commission and sent their respective common shareholders an amendment to the joint proxy statement / prospectus describing the amended terms of the merger. Monmouth and EQC may also file other documents regarding the proposed merger with the SEC. This press release is not intended to replace such documents or any other document that Monmouth and / or EQC may file with the SEC in connection with the proposed merger. Before the adoption of any vote or investment decision, investors and security holders REQUESTS PLEASE READ ALL THE REGISTRATION STATEMENT AND JOINT STATEMENT / PROJECT, and amendments thereto, as well as any additional documents or additional documents or additional documents or additional documents. TO THESE DOCUMENTS CAREFULLY AND COMPLETELY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT MONMOUTH, EQC AND THE PROPOSED MERGER. Investors and securities holders will be able to obtain free copies of the proxy statement / prospectus and other documents filed with the SEC by Monmouth through the SEC maintained website at: www.sec.gov… In addition, investors and securities holders will be able to obtain free copies of the proxy statement / prospectus and other documents filed with the SEC on the Monmouth website at: www.mreic.reit…
Andrew Siegel / Amy Feng / Kara Brickman