MONMOUTH REAL ESTATE INVESTMENT CORPORATION ISSUES STATEMENT

Highlights Track Record of Superior Value Creation Overseen by Diverse, Experienced Board of Directors

Monmouth Board Is Reviewing Blackwells’ Unsolicited Acquisition Proposal

Board’s Nominating and Corporate Governance Committee Will Evaluate
Director Nominations and Proposals Submitted by Blackwells and Land & Buildings

Monmouth was the Single Best Performing Industrial REIT
Based on Total Return to Stockholders, Over the Past Year

HOLMDEL, N.J, Dec. 31, 2020 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE: MNR) (“Monmouth” or the “Company”) today disclosed that, as of the deadline for receipt of such notices, it has received notice from Blackwells Capital LLC (“Blackwells”) of its intention to nominate four candidates to stand for election to the Company’s Board of Directors and submit six non-binding proposals, and has received notice from Land & Buildings Investment Management, LLC (“Land & Buildings”) of its intention to nominate four candidates to stand for election to the Company’s Board of Directors and submit one non-binding proposal to be voted on at Monmouth’s 2021 Annual Meeting of Stockholders.

As previously announced, the Monmouth Board is reviewing a non-binding, unsolicited proposal from Blackwells to acquire all of the outstanding common shares of the Company for $18.00 per share. In addition, the Board and its Nominating and Corporate Governance Committee will review Blackwells’ and Land & Buildings’ notices of proposed director nominations and stockholder proposals, and will make its recommendations to the Board at the appropriate time.

The Company issued the following statement:

Experienced & Engaged Board

Monmouth has a highly experienced and actively engaged Board that has overseen consistently outstanding operating and financial performance and total stockholder returns, and the Board remains committed to acting in the best interests of the Company and all stockholders.

Monmouth notes that over the past three years, it has meaningfully strengthened the independence and diversity of its Board with the addition of three new independent directors who bring fresh perspectives and relevant backgrounds in REITs, risk management, global commerce, security matters and real estate finance and investment. Monmouth’s Board regularly evaluates opportunities to enhance corporate governance, will carefully consider the nominations and proposals put forth by stockholders and, if appropriate, may propose its own recommendations.