Bullish stock to watch: Monmouth R.E. Inv. Corp. (NYSE: MNR)

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Monmouth R.E. Inv. Corp. (NYSE: MNR) stock rose over 2.1% on 26th November, 2019 (as of 11:06 am GMT-5; Source: Google finance) after the company posted mixed results for the fourth quarter of FY 19. MNR reported Net Income Attributable to Common Shareholders for the three months ended September 30, 2019 of $22.7 million as compared to $7.8 million for the three months ended September 30, 2018. FFO were $20.3 million for the three months ended September 30, 2019 as compared to $18.1 million for the three months ended September 30, 2018, representing a decrease in FFO per share of $0.01. AFFO for the three months ended September 30, 2019 were $20.1 million versus $17.7 million for the three months ended September 30, 2018, representing a decrease in AFFO per share of $0.01.

MNR in the fourth quarter of FY 19 has reported the adjusted funds from operations of 21 cents, missing the analysts’ estimates for the adjusted funds from operations of 22 cents, as per analysts surveyed by Zacks Investment Research. The company had reported the adjusted revenue of $40.6 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue of $40.2 million. The company in FY 19 has increased the Gross Revenue by 14.1% to $173.7 million and increased the Net Operating Income by 14.3% to $131.2 million. The company has reduced its Net Debt to Adjusted EBITDA to 5.9x from 7.1x as of the prior year period and reduced the Net Debt to Undepreciated Book Capitalization to 39.0% as of the current fiscal yearend from 46.7% as of the prior fiscal yearend.

Moreover, in FY 19, the company has entered into commitments for the acquisition of five new build-to-suit properties containing 1.6 million total square feet for a total cost of $232.0 million. Subsequent to fiscal yearend, the company has acquired one of these properties for $81.5 million representing a 616,000 square foot property. MNR has achieved the occupancy rate of 98.9%, representing the fourth consecutive year with above 98% occupancy. Subsequent to fiscal yearend, the company had increased the occupancy rate to 99.2%. MNR has renewed seven leases comprising 1.1 million square feet for a weighted-average lease term of 7.2 years. These lease renewals resulted in an increase in the weighted-average lease rate of 1.3% on a U.S. GAAP straight-line basis.

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