Monmouth Real Estate Investment Corp. : MNR-US: Dividend Analysis : May 15th, 2017 (record date) : By the numbers : May 11, 2017

Our analysis is based on comparing Monmouth Real Estate Investment Corp. with the following peers – Select Income REIT, First Potomac Realty Trust, First Industrial Realty Trust, Inc., New York & Company, Inc., Destination Maternity Corporation, Christopher & Banks Corporation, dELiA*s, Inc., One Liberty Properties, Inc., Duke Realty Corporation and Pennsylvania Real Estate Investment Trust (SIR-US, FPO-US, FR-US, NWY-US, DEST-US, CBK-US, DLIAQ-US, OLP-US, DRE-US and PEI-US).

Monmouth Real Estate Investment Corp.’s dividend yield is 4.51 percent and its dividend payout is 200 percent. This compares to a peer median dividend yield of 4.12 percent and a payout level of 74.68 percent. This type of dividend performance might make it a good stock for dividend investors. However, the company’s relatively low dividend quality score of 25 out of a possible score of 100 raises questions on the sustainability of its robust payout ratio.

Dividend Yield
Dividend Quality Score

Dividend Quality Overview

  • Over the last twelve months (prior to March 31, 2017), MNR-US paid a medium quality dividend, which represents a yield of 4.51% at the current price.
  • Dividend quality trend has not been consistent over the last five years. Dividends were paid during each of these years — of these 3 were medium quality and 2 were low quality.
  • The ending cash balance is less than the last full year dividend payment and cannot be relied on to cushion any significant reduction of cash flows in the future.
Dividend Quality Score Vs Dividend Yield

Quadrant label definitions. Hover to know more

High Score;High Yield, High Score;Low Yield, Low Score;Low Yield, Low Score;High Yield

Dividend Coverage

Over the last twelve months (prior to March 31, 2017), MNR-US paid a medium quality dividend.

The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 1.61x), investing cash flow (coverage of -6.23x), issuance cash flow (coverage of 5.98x) and twelve-month prior cash (coverage of 0.28x), for a total dividend coverage of 1.65x.

Dividend Coverage by Cash Flow (TTM)

These coverage ratio factors imply that the firm’s net cash inflow from issuance was required (in addition to operating and investment cash) to pay the dividend, which suggests a medium dividend quality.

Dividend History

Item 2012-09-30 2013-09-30 2014-09-30 2015-09-30 2016-09-30 Latest
Dividend Yield (%) 4.68 4.62 3.8 4.46 3.42 4.51
Dividend Payout (%) 160.26 204.64 260.87 296.59 206.45 200

A complete list of metrics and analysis is available on the company page.

Company Profile

Monmouth Real Estate Investment Corp. engages the ownership and management of real estate. It invests in well-located, modern, single tenant, industrial buildings, leased primarily to investment-grade tenants on long-term net leases. The company was founded by Eugene W. Landy in 1968 and is headquartered in Freehold, NJ.


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