Business
Industrial Logistics Properties Trust to Acquire Monmouth Real Estate Investment Corporation for $4.0 Billion
High Quality Diversified Portfolio of 126 Class A, Single Tenant, Net Leased, E-commerce Focused Industrial Properties Over 26 Million Square Feet in 32
About this update from Industrial Logistics Properties Trust
[{"type":"text","content":"\nHigh Quality Diversified Portfolio of 126 Class A, Single Tenant, Net Leased, E-commerce Focused Industrial Properties\n\nOver 26 Million Square Feet in 32 States, 99.7% Leased for Weighted Average Lease Term of Approximately 8 Years\n\nAll-Cash Transaction Expected to be Immediately Accretive to Normalized FFO Per Share\n\nSignificantly Improves Quality and Diversity of ILPT’s High Quality Industrial and Logistics Portfolio\n\nILPT Expected to Benefit from Increased Scale and Growth Opportunities\n\nILPT Expects to Finance This Acquisition by Entering into a Joint Venture with Institutional Investors\n\nILPT to Host Conference Call Today at 8:30 a.m., Eastern Time\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nIndustrial Logistics Properties Trust (Nasdaq: ILPT) today announced that it has entered into a definitive agreement to acquire all of the outstanding shares of Monmouth Real Estate Investment Corporation (NYSE: MNR) for $21.00 per share in an all-cash transaction, valued at approximately $4.0 billion, including committed MNR acquisitions, transaction costs and the assumption of $409 million of debt. The transaction adds 126 new, Class A, single tenant, net leased, e-commerce focused industrial properties to ILPT’s existing high-quality portfolio and improves geographic and tenant diversity. The portfolio contains over 26 million square feet of space, has a weighted average remaining lease term of approximately 8 years, is over 80% leased to investment grade rated tenants and generates annualized rental revenue of $169.4 million. ILPT expects this transaction to be immediately accretive to Normalized Funds from Operations, or FFO, per share.\n\nJohn Murray, Chief Executive Officer of ILPT, made the following statement:\n\n“This transaction adds 126 high-quality industrial assets to ILPT’s portfolio and expands ILPT’s ability to benefit from ongoing strong fundamental tailwinds in the industrial sector. This accretive transaction more than doubles the properties in ILPT’s mainland portfolio and this scale is expected to expand ILPT’s growth opportunities and access to capital which we expect will drive cash flow growth and long-term value for our shareholders.”\n\nCertain highlights of the acquired portfolio include:\n\n\n126 industrial and logistics properties with approximately 26.3 million rentable square feet.\n\n\nGeographic...