Monmouth Real Estate Investment
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Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. The last earnings update was 79 days ago. More info.
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MNR Share Price and Events
MNR Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Monmouth Real Estate Investment
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Monmouth Real Estate Investment.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 2 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 8.6% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 3% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 3% |
| Equity Risk Premium | S&P Global | 7.1% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.47 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.474 (1 + (1- 21%) (58.3%)) |
0.693 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.95% + (0.8 * 7.05%) |
8.59% |
Discounted Cash Flow Calculation for NYSE:MNR using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Monmouth Real Estate Investment is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
Monmouth Real Estate Investment is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Adjusted Funds From Operations (AFFO) (USD, Millions) | 87.44 | 108.91 | 127.02 | 148.13 | 171.83 |
| Source | Analyst x4 | Analyst x1 | Est @ 16.62% | Est @ 16.62% | Est @ 16%, capped from 16.62% |
|
Present Value Discounted (@ 8.59%) |
80.52 | 92.36 | 99.19 | 106.53 | 113.80 |
| Present value of next 5 years cash flows | $492.41 |
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= $171.83 × (1 + 2.95%) ÷ (8.59% – 2.95%) |
$3,136.54 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= $3,136.54 ÷ (1 + 8.59%)5 |
$2,077.31 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= $492.41 + $2,077.31 |
$2,569.73 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $2,569.73 / 90.70 |
$28.46 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $28.46 |
| Current discount | Discount to share price of
$15.48
= -1 x ($15.48 - $28.46) / $28.46 |
45.6% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Monmouth Real Estate Investment's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Monmouth Real Estate Investment's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Monmouth Real Estate Investment's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Monmouth Real Estate Investment's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-06-30) in USD | $0.49 |
| NYSE:MNR Share Price ** | NYSE (2018-10-19) in USD | $15.48 |
| United States of America REITs Industry PE Ratio | Median Figure of 152 Publicly-Listed REITs Companies | 29x |
| United States of America Market PE Ratio | Median Figure of 2,940 Publicly-Listed Companies | 19.17x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Monmouth Real Estate Investment.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:MNR Share Price ÷ EPS (both in USD) = 15.48 ÷ 0.49 |
31.61x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Monmouth Real Estate Investment is overvalued based on earnings compared to the US REITs industry average.
- Monmouth Real Estate Investment is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Monmouth Real Estate Investment's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 31.61x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts |
11.2%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 1.47x |
| United States of America Market PEG Ratio | Median Figure of 2,060 Publicly-Listed Companies | 1.28x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 31.61x ÷ 11.2% |
2.83x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Monmouth Real Estate Investment is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Monmouth Real Estate Investment's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-06-30) in USD | $6.38 |
| NYSE:MNR Share Price * | NYSE (2018-10-19) in USD | $15.48 |
| United States of America REITs Industry PB Ratio | Median Figure of 190 Publicly-Listed REITs Companies | 1.68x |
| United States of America Market PB Ratio | Median Figure of 4,942 Publicly-Listed Companies | 1.93x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:MNR Share Price ÷ Book Value per Share (both in USD) = 15.48 ÷ 6.38 |
2.43x |
* Primary Listing of Monmouth Real Estate Investment.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Monmouth Real Estate Investment is overvalued based on assets compared to the US REITs industry average.
Value checks
We assess Monmouth Real Estate Investment's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Monmouth Real Estate Investment has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
MNR Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Monmouth Real Estate Investment's earnings growth is expected to exceed the low risk savings rate of 3%.
Growth vs Market Checks
- Monmouth Real Estate Investment's earnings growth is positive but not above the United States of America market average.
- Monmouth Real Estate Investment's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:MNR Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts | 11.2% |
| NYSE:MNR Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts | 19.1% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 6.7% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 16.1% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.6% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-09-30 | ||||
| 2019-09-30 | 168 | 44 | 2 | |
| 2018-09-30 | 140 | 93 | 40 | 3 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-06-30 | 133 | 87 | 38 |
| 2018-03-31 | 125 | 86 | 33 |
| 2017-12-31 | 119 | 77 | 30 |
| 2017-09-30 | 114 | 74 | 23 |
| 2017-06-30 | 109 | 62 | 21 |
| 2017-03-31 | 104 | 57 | 22 |
| 2016-12-31 | 100 | 57 | 22 |
| 2016-09-30 | 95 | 55 | 21 |
| 2016-06-30 | 90 | 53 | 24 |
| 2016-03-31 | 86 | 49 | 21 |
| 2015-12-31 | 82 | 41 | 19 |
| 2015-09-30 | 78 | 38 | 17 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
All data from Monmouth Real Estate Investment Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-09-30 | ||||
| 2019-09-30 | 0.49 | 0.49 | 0.49 | 2.00 |
| 2018-09-30 | 0.51 | 0.53 | 0.50 | 3.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2018-06-30 | 0.49 |
| 2018-03-31 | 0.43 |
| 2017-12-31 | 0.41 |
| 2017-09-30 | 0.32 |
| 2017-06-30 | 0.30 |
| 2017-03-31 | 0.32 |
| 2016-12-31 | 0.33 |
| 2016-09-30 | 0.31 |
| 2016-06-30 | 0.37 |
| 2016-03-31 | 0.34 |
| 2015-12-31 | 0.31 |
| 2015-09-30 | 0.29 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if Monmouth Real Estate Investment will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess Monmouth Real Estate Investment's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Monmouth Real Estate Investment has a total score of 2/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
MNR Past Performance
How has Monmouth Real Estate Investment performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Monmouth Real Estate Investment has delivered over 20% year on year earnings growth in the past 5 years.
- Monmouth Real Estate Investment's 1-year earnings growth exceeds its 5-year average (80.7% vs 25.3%)
- Monmouth Real Estate Investment's earnings growth has exceeded the US REITs industry average in the past year (80.7% vs 5%).
Earnings and Revenue History
All data from Monmouth Real Estate Investment Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-06-30 | 133.01 | 37.76 | 8.55 | |
| 2018-03-31 | 125.42 | 32.65 | 8.45 | |
| 2017-12-31 | 119.11 | 30.10 | 8.31 | |
| 2017-09-30 | 113.55 | 22.94 | 7.81 | |
| 2017-06-30 | 108.67 | 20.90 | 7.10 | |
| 2017-03-31 | 104.18 | 21.76 | 7.25 | |
| 2016-12-31 | 99.84 | 21.90 | 7.00 | |
| 2016-09-30 | 94.92 | 20.53 | 6.89 | |
| 2016-06-30 | 89.91 | 23.88 | 6.99 | |
| 2016-03-31 | 86.47 | 20.83 | 6.66 | |
| 2015-12-31 | 82.36 | 18.51 | 6.40 | |
| 2015-09-30 | 77.78 | 17.00 | 6.31 | |
| 2015-06-30 | 74.13 | 12.02 | 6.17 | |
| 2015-03-31 | 69.20 | 12.43 | 6.07 | |
| 2014-12-31 | 66.69 | 12.37 | 5.83 | |
| 2014-09-30 | 64.67 | 11.24 | 5.71 | |
| 2014-06-30 | 62.17 | 9.90 | 5.29 | |
| 2014-03-31 | 60.48 | 8.49 | 5.19 | |
| 2013-12-31 | 57.44 | 11.08 | 4.83 | |
| 2013-09-30 | 54.61 | 12.50 | 4.98 | |
| 2013-06-30 | 53.21 | 11.47 | 4.99 | |
| 2013-03-31 | 51.70 | 10.35 | 4.73 | |
| 2012-12-31 | 50.96 | 12.45 | 4.69 | |
| 2012-09-30 | 50.37 | 13.19 | 4.64 | |
| 2012-06-30 | 49.31 | 14.13 | 4.23 | |
| 2012-03-31 | 48.82 | 16.22 | 4.00 | |
| 2011-12-31 | 48.34 | 11.67 | 4.03 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Monmouth Real Estate Investment has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Monmouth Real Estate Investment used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
- Monmouth Real Estate Investment has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Monmouth Real Estate Investment's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Monmouth Real Estate Investment has a total score of 4/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
MNR Health
How is Monmouth Real Estate Investment's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Monmouth Real Estate Investment's finances.
The net worth of a company is the difference between its assets and liabilities.
- Monmouth Real Estate Investment's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Monmouth Real Estate Investment's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Monmouth Real Estate Investment Company Filings, last reported 3 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-06-30 | 788.91 | 814.88 | 6.89 |
| 2018-03-31 | 750.36 | 786.39 | 12.47 |
| 2017-12-31 | 754.08 | 722.65 | 10.76 |
| 2017-09-30 | 712.87 | 711.46 | 10.23 |
| 2017-06-30 | 658.25 | 676.58 | 11.75 |
| 2017-03-31 | 699.31 | 503.60 | 22.95 |
| 2016-12-31 | 611.14 | 581.57 | 30.72 |
| 2016-09-30 | 651.35 | 558.27 | 95.75 |
| 2016-06-30 | 501.25 | 566.21 | 6.89 |
| 2016-03-31 | 476.81 | 506.34 | 9.93 |
| 2015-12-31 | 458.39 | 500.70 | 12.93 |
| 2015-09-30 | 446.01 | 459.03 | 12.07 |
| 2015-06-30 | 435.19 | 430.17 | 14.05 |
| 2015-03-31 | 430.83 | 412.33 | 25.50 |
| 2014-12-31 | 424.03 | 364.65 | 15.30 |
| 2014-09-30 | 420.63 | 313.00 | 20.47 |
| 2014-06-30 | 423.54 | 305.07 | 42.72 |
| 2014-03-31 | 352.64 | 334.12 | 10.70 |
| 2013-12-31 | 343.77 | 343.53 | 8.45 |
| 2013-09-30 | 335.91 | 272.29 | 12.40 |
| 2013-06-30 | 331.73 | 264.82 | 13.13 |
| 2013-03-31 | 327.94 | 268.55 | 20.13 |
| 2012-12-31 | 318.47 | 283.99 | 10.28 |
| 2012-09-30 | 315.69 | 251.76 | 24.65 |
| 2012-06-30 | 317.56 | 249.72 | 47.44 |
| 2012-03-31 | 265.83 | 256.13 | 11.56 |
| 2011-12-31 | 255.57 | 250.63 | 8.72 |
- Monmouth Real Estate Investment's level of debt (103.3%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (79.8% vs 103.3% today).
- Debt is not well covered by operating cash flow (10.6%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 3.5x coverage).
Financial health checks
We assess Monmouth Real Estate Investment's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Monmouth Real Estate Investment has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
MNR Dividends
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Monmouth Real Estate Investment
shares you are expected to receive
$88
in your first year as a dividend.
Dividend Amount
- Monmouth Real Estate Investment's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.37%).
- Monmouth Real Estate Investment's dividend is above the markets top 25% of dividend payers in United States of America (3.48%).
Upcoming dividend payment
Purchase Monmouth Real Estate Investment on or before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 181 Stocks | 4.3% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 1972 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.5% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2020-09-30 | ||
| 2019-09-30 | 0.70 | 4.00 |
| 2018-09-30 | 0.68 | 5.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2018-10-01 | 0.680 | 4.411 |
| 2018-07-02 | 0.680 | 4.033 |
| 2018-04-02 | 0.680 | 4.390 |
| 2017-10-02 | 0.680 | 4.153 |
| 2017-07-03 | 0.640 | 4.096 |
| 2017-04-04 | 0.640 | 4.328 |
| 2017-01-18 | 0.640 | 4.433 |
| 2016-10-03 | 0.640 | 4.584 |
| 2016-07-01 | 0.640 | 4.610 |
| 2016-04-05 | 0.640 | 5.294 |
| 2016-01-20 | 0.640 | 5.872 |
| 2015-10-01 | 0.640 | 6.206 |
| 2015-07-01 | 0.600 | 6.219 |
| 2015-04-01 | 0.600 | 5.968 |
| 2015-01-22 | 0.600 | 5.268 |
| 2014-10-01 | 0.600 | 5.414 |
| 2014-07-01 | 0.600 | 5.745 |
| 2014-04-01 | 0.600 | 6.335 |
| 2014-01-15 | 0.600 | 6.352 |
| 2013-10-01 | 0.600 | 6.586 |
| 2013-07-01 | 0.600 | 6.351 |
| 2013-04-09 | 0.600 | 5.745 |
| 2013-01-17 | 0.600 | 5.529 |
| 2012-10-01 | 0.600 | 5.680 |
| 2012-07-09 | 0.600 | 5.320 |
| 2012-04-18 | 0.600 | 5.729 |
| 2012-01-19 | 0.600 | 6.315 |
| 2011-10-04 | 0.600 | 6.943 |
| 2011-07-05 | 0.600 | 7.437 |
| 2011-04-07 | 0.600 | 7.192 |
| 2011-01-14 | 0.600 | 7.244 |
| 2010-10-01 | 0.600 | 7.246 |
| 2010-07-01 | 0.600 | 7.996 |
| 2010-04-09 | 0.600 | 7.974 |
| 2009-10-06 | 0.600 | 8.155 |
| 2009-08-05 | 0.600 | 8.804 |
| 2009-05-05 | 0.600 | 9.951 |
| 2009-02-03 | 0.600 | 9.922 |
| 2008-10-20 | 0.600 | 9.021 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Monmouth Real Estate Investment's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.2x coverage).
- Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
Income/ dividend checks
We assess Monmouth Real Estate Investment's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Monmouth Real Estate Investment afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Monmouth Real Estate Investment has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
MNR Management
CEO
| COMPENSATION | $1,134,010 |
| AGE | 56 |
| TENURE AS CEO | 5.5 years |
CEO Bio
Mr. Michael P. Landy has been the Chief Executive Officer and President of Monmouth Real Estate Investment Corporation since April 9, 2013 and has been its Director since July 2007 and previously served as Chief Operating Officer from January 2011 to April 2013, Executive Vice President from 2009 to 2010, Vice President of Investments since 2001 until 2006, Executive Vice President of Investments since 2006 to 2009. Mr. Landy joined Monmouth Real Estate Investment Corporation in 2001. He served as an Executive Vice President since 2010 until 2012 and as Vice President of Investments since 2001 until 2010 at UMH Properties Inc. He served as the President at Siam Records LLC from 1998 to 2001. He served as the Chief Engineer and Technical Director at GRP Recording Company from 1987 to 1998. Mr. Landy has been a Director of UMH Properties Inc., since April 18, 2011. He is a Member of New York University’s REIT Center Board of Advisors since 2013.
CEO Compensation
- Michael's compensation has been consistent with company performance over the past year.
- Michael's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Monmouth Real Estate Investment management team in years:
- The average tenure for the Monmouth Real Estate Investment management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Eugene Landy
Founder & Chairman
$840K
84
50.8 yrs
Michael Landy
CEO, President & Executive Director
$1M
56
5.5 yrs
Kevin Miller
Chief Financial & Accounting Officer
$575K
48
6.3 yrs
Allison Nagelberg
General Counsel
$472K
53
18.8 yrs
Susan Jordan
Vice President of Investor Relations
9.8 yrs
Rich Molke
Vice President of Asset Management
Katie Rytter
Controller
Michael Prashad
Secretary & In-House Counsel
Laura Teman
Assistant Controller
Board of Directors Tenure
Average tenure and age of the Monmouth Real Estate Investment board of directors in years:
- The average tenure for the Monmouth Real Estate Investment board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors
Eugene Landy
Founder & Chairman
$840K
84
50.8 yrs
Michael Landy
CEO, President & Executive Director
$1M
56
11.3 yrs
Kevin Miller
Chief Financial & Accounting Officer
$575K
48
1.3 yrs
Matthew Hirsch
Independent Director
$84K
59
18.3 yrs
Steve Wolgin
Lead Independent Director
$84K
64
2.8 yrs
Brian Haimm
Independent Director
$83K
49
5.3 yrs
Daniel Cronheim
Director
$76K
64
29.8 yrs
Samuel Landy
Non-Executive Non-Independent Director
$76K
58
29.8 yrs
Neal Herstik
Independent Director
$78K
59
14.5 yrs
Catherine Elflein
Independent Director
$81K
57
11 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by Monmouth Real Estate Investment insiders in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Start | End | Shares | Value (USD) |
|---|---|---|---|---|---|---|---|
| 16. Oct 18 | Buy | Neal Herstik | Individual | 15. Oct 18 | 15. Oct 18 | 693 | $9,999.99 |
| 16. Oct 18 | Buy | Michael Landy | Individual | 15. Oct 18 | 15. Oct 18 | 139 | $2,000.00 |
| 16. Oct 18 | Buy | Kevin Miller | Individual | 15. Oct 18 | 15. Oct 18 | 69 | $1,000.00 |
| 19. Sep 18 | Buy | Michael Landy | Individual | 17. Sep 18 | 17. Sep 18 | 122 | $1,999.99 |
| 20. Sep 18 | Buy | UMH Properties, Inc. | Company | 17. Sep 18 | 17. Sep 18 | 10,006 | $164,000.00 |
| 18. Sep 18 | Buy | Kevin Miller | Individual | 17. Sep 18 | 17. Sep 18 | 122 | $2,000.00 |
| 16. Aug 18 | Buy | Neal Herstik | Individual | 15. Aug 18 | 15. Aug 18 | 623 | $9,999.99 |
| 16. Aug 18 | Buy | Michael Landy | Individual | 15. Aug 18 | 15. Aug 18 | 125 | $2,000.00 |
| 16. Aug 18 | Buy | Allison Nagelberg | Individual | 15. Aug 18 | 15. Aug 18 | 1,247 | $19,999.99 |
| 06. Aug 18 | Buy | Gregory Otto | Individual | 06. Aug 18 | 06. Aug 18 | 500 | $8,420.00 |
| 18. Jul 18 | Buy | Michael Landy | Individual | 16. Jul 18 | 16. Jul 18 | 125 | $2,000.00 |
| 18. Jul 18 | Buy | Kevin Miller | Individual | 16. Jul 18 | 16. Jul 18 | 62 | $1,000.00 |
| 17. Jul 18 | Buy | Eugene Landy | Individual | 16. Jul 18 | 16. Jul 18 | 623 | $10,000.00 |
| 28. Jun 18 | Buy | Brian Haimm | Individual | 22. Jun 18 | 22. Jun 18 | 1,000 | $15,844.90 |
| 19. Jun 18 | Buy | Kevin Miller | Individual | 15. Jun 18 | 15. Jun 18 | 68 | $1,000.00 |
| 19. Jun 18 | Buy | Eugene Landy | Individual | 15. Jun 18 | 15. Jun 18 | 682 | $10,000.00 |
| 19. Jun 18 | Buy | Michael Landy | Individual | 15. Jun 18 | 15. Jun 18 | 136 | $1,999.99 |
| 18. Jun 18 | Buy | UMH Properties, Inc. | Company | 15. Jun 18 | 15. Jun 18 | 10,505 | $154,000.00 |
| 16. May 18 | Buy | Eugene Landy | Individual | 15. May 18 | 15. May 18 | 676 | $9,999.99 |
| 16. May 18 | Buy | Michael Landy | Individual | 15. May 18 | 15. May 18 | 135 | $2,000.00 |
| 16. May 18 | Buy | Kevin Miller | Individual | 15. May 18 | 15. May 18 | 68 | $999.99 |
| 10. May 18 | Buy | Michael Landy | Individual | 10. May 18 | 10. May 18 | 1,200 | $18,996.00 |
| 17. Apr 18 | Buy | Kevin Miller | Individual | 16. Apr 18 | 16. Apr 18 | 70 | $999.99 |
| 17. Apr 18 | Buy | Michael Landy | Individual | 16. Apr 18 | 16. Apr 18 | 139 | $1,999.99 |
| 19. Mar 18 | Buy | Allison Nagelberg | Individual | 15. Mar 18 | 15. Mar 18 | 1,414 | $20,000.00 |
| 19. Mar 18 | Buy | UMH Properties, Inc. | Company | 15. Mar 18 | 15. Mar 18 | 10,891 | $154,000.00 |
| 19. Mar 18 | Buy | Kevin Miller | Individual | 15. Mar 18 | 15. Mar 18 | 71 | $1,000.00 |
| 16. Mar 18 | Buy | Michael Landy | Individual | 15. Mar 18 | 15. Mar 18 | 141 | $1,999.99 |
| 23. Feb 18 | Buy | Catherine Elflein | Individual | 23. Feb 18 | 23. Feb 18 | 3,460 | $49,738.88 |
| 19. Dec 17 | Buy | Michael Landy | Individual | 18. Dec 17 | 19. Dec 17 | 1,400 | $25,274.00 |
| 18. Dec 17 | Buy | UMH Properties, Inc. | Company | 15. Dec 17 | 15. Dec 17 | 9,054 | $154,000.00 |
| 18. Dec 17 | Buy | Kevin Miller | Individual | 15. Dec 17 | 15. Dec 17 | 59 | $1,000.00 |
| 16. Nov 17 | Buy | Kevin Miller | Individual | 15. Nov 17 | 15. Nov 17 | 61 | $1,000.00 |
Management checks
We assess Monmouth Real Estate Investment's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Monmouth Real Estate Investment has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
MNR News
External News
Simply Wall St News
Is Monmouth Real Estate Investment Corporation (NYSE:MNR) An Industry Laggard Or Leader?
Monmouth Real Estate Investment Corporation (NYSE:MNR), a US$1.37b. … is a real estate company operating in an industry … Real estate investment trust, or a REIT, is a collective vehicle for investing in real estate that began in the US and has since been adopted worldwide as an investment asset
Simply Wall St - – Full articleShould You Invest In Monmouth Real Estate Investment Corporation (NYSE:MNR)?
Monmouth Real Estate Investment Corporation is a US$1.34b. … real estate investment trust (REIT) based in Freehold, United States. … View our latest analysis for Monmouth Real Estate Investment
Simply Wall St - – Full articleShould You Buy Monmouth Real Estate Investment Corporation (NYSE:MNR) At US$015.84?
Monmouth Real Estate Investment Corporation (NYSE:MNR), a reits company based in United States,. … saw a double-digit share price rise of over 10% in the past couple of months on the NYSE. … Today I will analyse the most recent data on Monmouth Real Estate Investment’s outlook and valuation to see if the opportunity still exists
Simply Wall St - – Full articleMonmouth Real Estate Investment Corporation (NYSE:MNR) Has Attractive Fundamentals, Here's Why
Monmouth Real Estate Investment Corporation (NYSE:MNR) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of MNR, it
Simply Wall St - – Full articleMonmouth Real Estate Investment Corporation (NYSE:MNR): Dividend Is Coming In 3 Days, Should You Buy?
Check out our latest analysis for Monmouth Real Estate Investment 5 checks you should use to assess a dividend stock When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Does it pay an annual yield higher than 75% of dividend payers? … NYSE:MNR Historical Dividend Yield May 10th 18 How well does Monmouth Real Estate Investment fit our criteria? … Next Steps: With this in mind, I definitely rank Monmouth Real Estate Investment as a strong dividend stock, and makes it worth further research for anyone who likes steady income generation from their portfolio.
Simply Wall St - – Full articleApril Real Estate Dividend Favorites – Monmouth Real Estate Investment And More
These factors drive the profitability and cash flows of real estate companies, which in turn steer the dividend payout and yield for investors. … Monmouth Real Estate Investment Corporation (NYSE:MNR) MNR has a substantial dividend yield of 4.54% and is paying out 159.34% of profits as dividends. … NYSE:LTC Historical Dividend Yield Apr 9th 18 Agree Realty Corporation (NYSE:ADC) ADC has a sumptuous dividend yield of 4.20% and is paying out 96.26% of profits as dividends , with analysts expecting this ratio to be 118.86% in the next three years.
Simply Wall St - – Full articleShould You Invest In Monmouth Real Estate Investment Corporation (NYSE:MNR)?
Monmouth Real Estate Investment Corporation is a US$1.14B small-cap real estate investment trust (REIT) based in Freehold, United States. … See our latest analysis for Monmouth Real Estate Investment A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent. … Next Steps: As a REIT, Monmouth Real Estate Investment offers some unique characteristics which could help diversify your portfolio.
Simply Wall St - – Full articleBest NYSE Real Estate Dividend Paying Companies
These factors drive the profitability and cash flows of real estate companies, which in turn steer the dividend payout and yield for investors. … Monmouth Real Estate Investment Corporation (NYSE:MNR) MNR has an alluring dividend yield of 4.80% and distributes 159.34% of its earnings to shareholders as dividends. … NYSE:SKT Historical Dividend Yield Mar 5th 18 For more solid dividend payers to add to your portfolio, you can use our free platform to explore our interactive list of top dividend payers.
Simply Wall St - – Full articleIs Monmouth Real Estate Investment Corporation (NYSE:MNR) Cheap And High Growth?
Monmouth Real Estate Investment Corporation (NYSE:MNR), a US$1.22B small-cap, operates in the real estate industry which remains the single largest sector globally, and has continued to play a key role in investor portfolios as an asset class. … Today, I will analyse the industry outlook, and also determine whether Monmouth Real Estate Investment is a laggard or leader relative to its real estate sector peers. … See our latest analysis for Monmouth Real Estate Investment What’s the catalyst for Monmouth Real Estate Investment's sector growth?
Simply Wall St - – Full articleJanuary Top Real Estate Dividend Payers
These factors drive the profitability and cash flows of real estate companies, which in turn steer the dividend payout and yield for investors. … Monmouth Real Estate Investment Corporation (NYSE:MNR) MNR has a sizeable dividend yield of 3.90% with a high payout ratio. … NYSE:MNR Historical Dividend Yield Jan 22nd 18 Agree Realty Corporation (NYSE:ADC) ADC has a enticing dividend yield of 4.18% and pays out 97.82% of its profit as dividends , with analysts expecting the payout in three years to be 121.21%.
Simply Wall St - – Full articleMNR Company Info
Map
Description
Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. The Company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully-integrated and self-managed real estate company, whose property portfolio consists of 109 properties containing a total of approximately 20.5 million rentable square feet, geographically diversified across 30 states. In addition, the Company owns a portfolio of REIT securities.
Details
| Name: | Monmouth Real Estate Investment Corporation |
| MNR | |
| Exchange: | NYSE |
| Founded: | 1968 |
| $1,397,735,294 | |
| 90,703,134 | |
| Website: | http://www.mreic.reit |
| Address: |
Monmouth Real Estate Investment Corporation Juniper Business Plaza, Suite 3-D, Freehold, New Jersey, 07728, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | MNR | Common Stock | New York Stock Exchange | US | USD | 14. Dec 1972 | |
| NYSE | MNR.PRC | PFD SER C | New York Stock Exchange | US | USD | 07. Sep 2016 |
Number of employees
Current staff
Industry
| Industrial REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2018/10/19 21:09 |
| End of day share price update: | 2018/10/19 00:00 |
| Last estimates confirmation: | 2018/10/15 |
| Last earnings filing: | 2018/08/01 |
| Last earnings reported: | 2018/06/30 |
| Last annual earnings reported: | 2017/09/30 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
