Michael Landy, president and CEO of Monmouth Real Estate Investment Corp. (NYSE: MNR), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
Monmouth specializes in net-leased industrial properties subject to long-term leases. The portfolio consists of 96 properties in 30 states.
Landy spoke about the “tremendous demand” that e-commerce is generating for the industrial property segment. The biggest challenge for retailers, according to Landy, is to learn how to become “e-tailers.”
He pointed out that Monmouth’s largest tenant, FedEx, has been particularly helpful to retailers establishing their online presence. Monmouth’s portfolio currently houses 7 percent of the FedEx ground network in the United States, Landy pointed out.
Meanwhile, Landy commented on Monmouth’s record of two consecutive years of 100 percent tenant retention.
“Because we specialize specifically on long-term leases to investment-grade tenants, we want to keep our tenants as long as possible,” Landy said. He also noted that the company has an occupancy rate of 99.6 percent.
Looking to the remainder of 2016, Landy said the company will continue to grow “one high-quality asset at a time.”