MONMOUTH REAL ESTATE INVESTMENT CORPORATION PLACES 1,257,253 SHARES WITH PALISADE CONCENTRATED EQUITY PARTNERSHIP, L.P. FOR $8,324,901

FREEHOLD, NJ, February 27, 2003...........Monmouth Real Estate Investment Corporation (NASDAQ/NMS:MNRTA) today announced the private placement of 1,257,253 shares with Palisade Concentrated Equity Partnership, L.P. for consideration of $8,324,901 or $6.6215 a share. The proceeds of the private placement will be used for working capital and will initially be used to pay down the Company’s outstanding credit facility.

Eugene W. Landy, President, stated that “MNRTA is very pleased to have an institutional shareholder of the caliber of Palisade Concentrated Equity Partnership, L.P. MNRTA is now approaching the $100 million market capitalization milestone. When MNRTA reaches that milestone, management believes that MNRTA will be eligible for inclusion in various REIT index funds. Management also believes that its larger size will attract additional institutional investor interest.”
 

About Monmouth Real Estate Investment Corporation
Monmouth Real Estate Investment Corporation, which was organized in 1968, is a publicly-owned real estate investment trust specializing in net-leased industrial properties to credit tenants. The Company’s equity portfolio consists of thirty-one industrial properties and one shopping center located in New Jersey, New York, Connecticut, Maryland, Michigan, Mississippi, Missouri, Massachusetts, Iowa, Illinois, Nebraska, North Carolina, Kansas, Pennsylvania, Florida, Virginia, Ohio, Wisconsin and Arizona. In addition, the Company owns a portfolio of REIT securities.
 

CONTACT:
Monmouth Real Estate Investment Corporation
Juniper Business Plaza
3499 Rt. 9 North Suite 3-C
Freehold, New Jersey, 07728
(732)577-9996

Rosemarie Faccone
732-577-9996

Source: Monmouth Real Estate Investment Corporation Press Release