Monmouth Real Estate (NYSE: MNR) reported Q3 EPS of $0.13, $0.01 better than the analyst estimate of $0.12.

Michael P. Landy, President and CEO, commented on the results for the third quarter of fiscal 2018,

"We are pleased to report another strong quarter for Monmouth. During the quarter we:

• Increased our per share Core FFO to $0.23, representing a 10% increase over the prior year period
• Increased our per share AFFO to $0.22, representing a 16% increase over the prior year period
• Increased our Net Income Attributable to Common Shareholders to $0.13 per share, representing an 86% increase over the prior year period
• Increased our Net Operating Income (NOI) by 20% over the prior year period
• Increased our Gross Revenue by 31% to $39.8 million, compared to $30.5 million in the prior year period
• Acquired two, brand new, Class A built-to-suit properties comprising 762,000 square feet, for a cost of $64.4 million
• Grew our acquisition pipeline over the quarter to four, brand new, Class A build-to-suit properties, representing 1.1 million square feet for a total purchase price of $221.4 million, all net-leased to investment grade tenants
• Increased our gross leasable area (GLA) by 15% to 20.5 million square feet over the prior year period
• Maintained our weighted average lease maturity at 7.8 years
• Increased our occupancy rate by 40 bps sequentially and maintained our sector leading occupancy rate year over year at 99.6% as of the quarter end
• Renewed 9 of the sixteen leases scheduled to expire in fiscal 2018. These 9 leases consist of 890,000 square feet and result in a 3.9% increase in GAAP rents and a 2.4% increase on a cash basis. These lease renewals have a weighted average lease term of 6.5 years
• Increased our securities investments by 16% during the quarter to $167.6 million, all attributable to rising prices on our holdings, and
• Reduced our weighted average interest rate on our fixed rate debt by 10 bps to 4.11% as of the current quarter end, and maintained our weighted average debt maturity on our fixed rate debt at 11.5 years."

For earnings history and earnings-related data on Monmouth Real Estate (MNR) click here.