(Source: PRNewswire-FirstCall)
FREEHOLD, N.J., May 7 /PRNewswire-FirstCall/ -- Monmouth Real Estate Investment Corporation reported funds from operations (FFO), excluding the non-cash impairment charges and other losses on REIT securities, were $8,092,000 or $.33 per share for the six months ended March 31, 2009, as compared to $7,404,000 or $.31 per share for the six months ended March 31, 2008. Net loss applicable to common shareholders was ($2,027,000) or ($0.08) per common share for the three months ended March 31, 2009, as compared to net loss applicable to common shareholders of ($44,000) or ($0.01) per common share for the three months ended March 31, 2008, and net loss applicable to common shareholders of ($3,651,000) or ($.15) per common share for the six months ended March 31, 2009 as compared to net loss applicable to common shareholders of ($898,000) or ($.03) for the six months ended March 31, 2008. Net cash provided by operating activities for the six months ended March 31, 2009 was $10,240,000, as compared to $9,858,000 for the six months ended March 31, 2008.
A summary of significant financial information for the three and six months ended March 31, 2009 and 2008 is as follows:
Three Months Ended March 31, 2009 2008 Rental and Reimbursement Revenue $10,552,000 $9,572,000 Total Expenses $5,469,000 $5,053,000 Interest and Dividend Income $623,000 $369,000 Loss on Securities Transactions, net $(3,337,000) $(1,132,000) Net Loss Applicable to Common Shareholders $(2,027,000) $(44,000) Net Loss Applicable to Common Shareholders Per Common Share $(.08) $(.01) FFO (1) $707,000 $2,405,000 FFO Per Common Share (1) $.03 $.10 Weighted Avg. Common Shares Outstanding 24,808,000 23,968,000 Six Months Ended March 31, 2009 2008 Rental and Reimbursement Revenue $20,835,000 $19,022,000 Total Expenses $10,582,000 $9,766,000 Interest and Dividend Income $1,283,000 $773,000 Loss on Securities Transactions, net $(6,583,000) $(3,428,000) Net Loss Applicable to Common Shareholders $(3,651,000) $(898,000) Net Loss Applicable to Common Shareholders Per Common Share $(.15) $(.03) FFO (1) $1,509,000 $3,976,000 FFO Per Common Share (1) $.06 $.17 Weighted Avg. Common Shares Outstanding 24,709,000 23,965,000
A summary of significant balance sheet information as of March 31, 2009 and September 30, 2008 is as follows:
March 31, September 30, 2009 2008 Total Real Estate Investments $344,146,000 $346,605,000 Securities Available for Sale $13,361,000 $21,006,000 Total Assets $381,324,000 $389,078,000 Mortgage Notes Payable $188,954,000 $191,948,000 Subordinated Convertible Debentures $13,990,000 $14,990,000 Loans Payable $20,980,000 $14,551,000 Total Shareholders' Equity $149,196,000 $159,911,000
Eugene W.
