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Monmouth Real Estate Investment

NYSE:MNR
Snowflake Description

Proven track record average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MNR
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$1B
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Last updated 2018/06/20 21:44
Company description

Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the U.S. The last earnings update was 81 days ago. More info.

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MNR Share Price and Events
Price Volatility
MNR
Industry
5yr Volatility vs Market

MNR Value

 Is Monmouth Real Estate Investment undervalued based on future cash flows and its price relative to the stock market?

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Monmouth Real Estate Investment.

NYSE:MNR Discounted Cash Flow Data Sources
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.

Calculation of Discount Rate/ Cost of Equity for NYSE:MNR
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 0.5
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.499 (1 + (1- 21%) (63.69%)) 		0.75
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.

NYSE:MNR DCF 1st Stage: Next 5 year cash flow forecast
2018 2019 2020 2021 2022
Adjusted Funds From Operations (AFFO) (USD, Millions) 69.32 80.47 93.06 107.63 124.47
Source Analyst x3 Analyst x3 Extrapolated @ (15.65%) Extrapolated @ (15.65%) Extrapolated @ (15.65%)
Present Value
Discounted (@ 8.59%) 		63.84 68.24 72.68 77.40 82.43
Present value of next 5 years cash flows $365
NYSE:MNR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2022 × (1 + g) ÷ (Discount Rate – g)
= $124 × (1 + 2.95%) ÷ (8.59% – 2.95%) 		$2,272
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= $2,272 ÷ (1 + 8.59%)5 		$1,505
NYSE:MNR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= $365 + $1,505 		$1,869
Equity Value per Share
(USD)		 = Total value / Shares Outstanding
= $1,869 / 79 		$23.6
NYSE:MNR Discount to Share Price
Calculation Result
Value per share (USD) From above. $23.60
Current discount Discount to share price of $15.59
= -1 x ($15.59 - $23.60) / $23.60 		33.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Monmouth Real Estate Investment is available for.
Intrinsic value
34%
Share price is $15.59 vs Future cash flow value of $23.6
Current Discount Checks
For Monmouth Real Estate Investment to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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, but not 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?
Raw Data
NYSE:MNR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings () in USD $0.43
NYSE:MNR Share Price ** NYSE (2018-06-19) in USD $15.59
United States of America REITs Industry PE Ratio Median Figure of 256 Publicly-Listed REITs Companies 20.01x
United States of America Market PE Ratio Median Figure of 7,865 Publicly-Listed Companies 18.38x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Monmouth Real Estate Investment.

NYSE:MNR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:MNR Share Price ÷ EPS (both in USD)

= 15.59 ÷ 0.43

 36.03x

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?
Raw Data
NYSE:MNR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 36.03x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts		 12.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 214 Publicly-Listed REITs Companies 1.39x
United States of America Market PEG Ratio Median Figure of 5,963 Publicly-Listed Companies 1.59x

*Line of best fit is calculated by linear regression .

NYSE:MNR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 36.03x ÷ 12.9%

 2.8x

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?
Raw Data
NYSE:MNR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings () in USD $6.00
NYSE:MNR Share Price * NYSE (2018-06-19) in USD $15.59
United States of America REITs Industry PB Ratio Median Figure of 300 Publicly-Listed REITs Companies 1.31x
United States of America Market PB Ratio Median Figure of 13,233 Publicly-Listed Companies 1.75x
NYSE:MNR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:MNR Share Price ÷ Book Value per Share (both in USD)

= 15.59 ÷ 6.00

 2.6x

* 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.
X
Value checks
We assess Monmouth Real Estate Investment's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
    5. Monmouth Real Estate Investment has a total score of 1/6, 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

 How is Monmouth Real Estate Investment expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

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!
Annual Growth Rate
12.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Monmouth Real Estate Investment expected to grow at an attractive rate?
  • 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 expected to exceed 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
Raw Data
NYSE:MNR Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:MNR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 12.9%
NYSE:MNR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 10%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 11.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 6.3%

*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
Raw Data
NYSE:MNR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:MNR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2019-09-30 147 42 1
2018-09-30 137 91 39 2
NYSE:MNR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
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
2015-06-30 74 34 12

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Monmouth Real Estate Investment's earnings are expected to grow by 12.9% yearly, however this is not considered high growth (20% yearly).
  • Monmouth Real Estate Investment's revenue is expected to grow by 10% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:MNR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 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 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:MNR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2019-09-30 0.45 0.45 0.45 1.00
2018-09-30 0.51 0.51 0.50 2.00
NYSE:MNR Past Financials Data
Date (Data in USD Millions) EPS *
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
2015-06-30 0.21

*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.
Show me more growth companies in the REITs industry
X
Future performance checks
We assess Monmouth Real Estate Investment's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Monmouth Real Estate Investment has a total score of 3/6, 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
Below we compare Monmouth Real Estate Investment's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Monmouth Real Estate Investment's year on year earnings growth rate has been positive over the past 5 years.
  • Monmouth Real Estate Investment's 1-year earnings growth exceeds its 5-year average (50% vs 14.9%)
  • Monmouth Real Estate Investment's earnings growth has exceeded the US REITs industry average in the past year (50% vs 14.6%).
Earnings and Revenue History
Monmouth Real Estate Investment's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Monmouth Real Estate Investment Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:MNR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
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 7.64
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
2011-09-30 48.14 11.18 3.88
2011-06-30 47.67 11.98 3.72

*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).
Show me more strong past performing companies in the REITs industry
X
Past performance checks
We assess Monmouth Real Estate Investment's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Monmouth Real Estate Investment's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x 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.
Raw Data

All data from Monmouth Real Estate Investment Company Filings, last reported 2 months ago.

NYSE:MNR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
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
2011-09-30 234.54 237.39 6.38
2011-06-30 239.70 231.66 7.72
  • Monmouth Real Estate Investment's level of debt (104.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (81.9% vs 104.8% today).
  • Debt is not well covered by operating cash flow (10.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.4x coverage).
X
Financial health checks
We assess Monmouth Real Estate Investment's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. Monmouth Real Estate Investment has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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

 What is Monmouth Real Estate Investment's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.36%
Current annual income from Monmouth Real Estate Investment dividends. Estimated to be 4.3% next year.
If you bought $2,000 of Monmouth Real Estate Investment shares you are expected to receive $87 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Monmouth Real Estate Investment's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.5%).
  • Monmouth Real Estate Investment's dividend is above the markets top 25% of dividend payers in United States of America (4.11%).
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.
Raw Data
NYSE:MNR Annualized Past and Future Dividends
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 288 Stocks 4.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 5932 Stocks 3%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 4.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:MNR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2019-09-30 0.64 1.00
2018-09-30 0.68 3.00
NYSE:MNR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-04-02 0.680 4.416
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
2008-10-01 0.600 8.994
2008-07-01 0.600 8.421
2008-06-23 0.600 9.170

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 not well covered by net profit (0.7x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
Show me more dividend paying companies in the REITs industry
X
Income/ dividend checks
We assess Monmouth Real Estate Investment's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
    7. Monmouth Real Estate Investment has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MNR Management

 What is the CEO of Monmouth Real Estate Investment's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michael Landy, image provided by Google.
Michael Landy
COMPENSATION $1,134,010
AGE 55
TENURE AS CEO 5.2 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 compensation is higher than average for a company of this size and profit level.
Management Team Tenure

Average tenure and age of the Monmouth Real Estate Investment management team in years:

9.4
Average Tenure
53.5
Average Age
  • 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

TITLE
Founder & Chairman
COMPENSATION
$840K
AGE
83
TENURE
50.4 yrs

Michael Landy

TITLE
CEO, President & Executive Director
COMPENSATION
$1M
AGE
55
TENURE
5.2 yrs

Kevin Miller

TITLE
Chief Financial & Accounting Officer
COMPENSATION
$575K
AGE
47
TENURE
5.9 yrs

Allison Nagelberg

TITLE
General Counsel
COMPENSATION
$472K
AGE
52
TENURE
18.4 yrs

Susan Jordan

TITLE
Vice President of Investor Relations
TENURE
9.4 yrs

Rich Molke

TITLE
Vice President of Asset Management

Katie Rytter

TITLE
Controller

Michael Prashad

TITLE
Secretary & In-House Counsel

Laura Teman

TITLE
Assistant Controller
Board of Directors Tenure

Average tenure and age of the Monmouth Real Estate Investment board of directors in years:

12.5
Average Tenure
57.5
Average Age
  • 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

TITLE
Founder & Chairman
COMPENSATION
$840K
AGE
83
TENURE
50.4 yrs

Michael Landy

TITLE
CEO, President & Executive Director
COMPENSATION
$1M
AGE
55
TENURE
10.9 yrs

Kevin Miller

TITLE
Chief Financial & Accounting Officer
COMPENSATION
$575K
AGE
47
TENURE
1 yrs

Matthew Hirsch

TITLE
Independent Director
COMPENSATION
$84K
AGE
58
TENURE
17.9 yrs

Steve Wolgin

TITLE
Lead Independent Director
COMPENSATION
$84K
AGE
63
TENURE
2.4 yrs

Brian Haimm

TITLE
Independent Director
COMPENSATION
$83K
AGE
48
TENURE
5 yrs

Daniel Cronheim

TITLE
Director
COMPENSATION
$76K
AGE
63
TENURE
29.4 yrs

Samuel Landy

TITLE
Non-Executive Non-Independent Director
COMPENSATION
$76K
AGE
57
TENURE
29.4 yrs

Neal Herstik

TITLE
Independent Director
COMPENSATION
$78K
AGE
58
TENURE
14.2 yrs

Catherine Elflein

TITLE
Independent Director
COMPENSATION
$81K
AGE
56
TENURE
10.7 yrs
Recent Insider Trading
  • More shares have been bought than sold by Monmouth Real Estate Investment insiders in the past 3 months, but not in substantial volumes.
Show me more companies with insider buying in the REITs industry
Who owns this company?
X
Management checks
We assess Monmouth Real Estate Investment's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap and profit (greater than 0.5% of the company's profit + 0.03% of market cap)? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. 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
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Simply Wall St News

Monmouth 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 - –

Monmouth 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 - –

April 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 - –

Should 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 - –

Best 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 - –

Is 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 - –

January 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 - –

Is Monmouth Real Estate Investment Corporation (MNR) A Sell At Its Current PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for MNR Price per share = $17.81 Earnings per share = $0.297 ∴ Price-Earnings Ratio = $17.81 ÷ $0.297 = 60x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … For example, if you inadvertently compared riskier firms with MNR, then investors would naturally value MNR at a higher price since it is a less risky investment. … Similarly, if you accidentally compared lower growth firms with MNR, investors would also value MNR at a higher price since it is a higher growth investment.

Simply Wall St - –

Only 3 Days Left Before Monmouth Real Estate Investment Corporation (MNR) Will Start Trading Ex-Dividend, Should Investors 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: Is their annual yield among the top 25% of dividend payers? … NYSE:MNR Historical Dividend Yield Nov 11th 17 How does Monmouth Real Estate Investment fare? … For a dividend investor Monmouth Real Estate Investment is probably not the best pick.

Simply Wall St - –

MNR Company Info

Map
Description

Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the U.S. 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 110 properties containing a total of approximately 20.3 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
$1,234,732,334
79,200,278
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
Staff numbers
15
Monmouth Real Estate Investment employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/06/20 21:44
End of day share price update: 2018/06/19 00:00
Last estimates confirmation: 2018/05/29
Last earnings update: 2018/03/31
Last annual earnings update: 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.

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