Monmouth Real Estate CEO Reflects on Decade of Sustained Growth

Michael Landy, president and CEO of Monmouth Real Estate Investment Corp. (NYSE: MNR), joined Nareit in New York for a video interview at REITweek: 2019 Investor Conference.

Landy discussed the REIT’s significant, sustained growth over the past decade. He noted that 10 years ago the portfolio totaled 7 million square feet, whereas today it stands at about 22 million. While acknowledging that Monmouth’s portfolio may not be the largest in the industry, “from a qualitative viewpoint, we have one of the best portfolios around.”

Adjusted funds from operations (AFFO) per share have grown at about a 14% annual rate over the last five years, Landy said, while Monmouth has raised dividend two times in the past three years. Total returns over the past decade stand at 360%, “handily outperforming the benchmark indices,” he noted.

Looking ahead, Landy said the anticipated 20 million increase in the population over the next five years bodes well both for industrial and other forms of real estate.