Monmouth Real Estate Investment Corporation (NYSE: MNR) today announced that on November 15, 2019 it entered into an Amended and Restated Credit Agreement to amend its prior unsecured credit facility to provide an additional $100.0 million of bank commitments, extend the current maturity date, and reduce the capitalization rate used for valuation from 6.5% to 6.25%, thus increasing the value of the borrowing base properties. Additionally, in connection with the Amended Agreement overall pricing was improved by a range of 5 basis points to 35 basis points, based on Monmouth's leverage levels. The Amended Agreement provides Monmouth with a $300.0 million unsecured credit facility that is comprised of two tranches:

• a $225.0 million unsecured revolving credit facility (the "Revolver") that, based on Monmouth's overall current leverage, bears interest at a spread of 145 basis points over LIBOR

• a $75.0 million unsecured term loan (the "Term Loan") that, based on Monmouth's overall current leverage, bears interest at a spread of 140 basis points over LIBOR

The Amended Agreement includes an accordion feature that will allow Monmouth to further increase the unsecured credit facility to $400.0 million, under certain conditions. The Revolver currently bears interest at a rate of 3.21% and will mature on January 31, 2024, with two options to extend for additional six-month periods. The Term Loan will mature on January 31, 2025. To reduce floating interest rate exposure, Monmouth also entered into an interest rate swap agreement to fix LIBOR on the entire $75.0 million for the full duration of the Term Loan. At closing, the all-in rate on the $75.0 million Term Loan was 2.92%.

The Amended Agreement was arranged by BMO Capital Markets Corp, J.P. Morgan Chase Bank, N.A. ("JPMorgan"), and RBC Capital Markets ("RBC"), who served as joint lead arrangers and joint book runners. Bank of Montreal served as administrative agent and JPMorgan and RBC acted as co-syndication agents.

Kevin Miller, CFO, commented, "We are very pleased to announce our amended revolving credit facility and our new term loan which increases our borrowing capacity, extends our maturity and reduces our borrowing rates. This new revolving credit facility, along with the new term loan, provide us with significant liquidity as we continue to grow our unencumbered property portfolio and pay down higher interest rate mortgage debt. In addition, this new revolving credit facility, with the addition of the new term loan, along with our At-The-Market Preferred Equity Program and our Dividend Reinvestment and Stock Purchase Plan, provides Monmouth with ample capital to help fund our acquisition pipeline, which is currently $150.5 million and is expected to grow. We are very pleased with our long-term relationships and we look forward to continued success with our partners BMO, JPMorgan and RBC."

About Monmouth Real Estate Investment Corporation

Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. We specialize 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 115 properties, containing a total of approximately 22.9 million rentable square feet, geographically diversified across 30 states. In addition, the Company owns a portfolio of REIT securities.