Monmouth Real Estate Investment Corporation Prices Offering

FREEHOLD, N.J., Nov. 30 /PRNewswire-FirstCall/ -- Monmouth Real Estate Investment Corporation (Nasdaq: MNRTA) (the "Company") today announced the pricing of its previously announced offering of 1,150,000 shares of its Series A Cumulative Redeemable Preferred Stock at an initial public offering price of $25.00 per share. The dividend rate on the Series A Preferred Stock will be at a fixed rate of 7.625% of the liquidation preference per year, which is equivalent to an annual dividend of $1.90625 per share. Dividends will be payable quarterly in arrears. The offering is expected to result in approximately $27.84 million of net proceeds to the Company (assuming no exercise of the underwriters' over-allotment option).

The offering is being made pursuant to an existing shelf registration statement and is expected to close on December 5, 2006. Up to 172,500 additional shares may be issued pursuant to the underwriter's over-allotment option within 30 days of the initial issuance of the shares. The Company anticipates listing the Series A Preferred Stock on the NASDAQ.

The sole bookrunning manager for the offering is Stifel, Nicolaus & Company, Incorporated. Co-managers for the offering are Cohen & Steers Capital Advisors, LLC, Ryan Beck & Co., Inc. and Ferris, Baker Watts, Incorporated.