Publicly traded since 1968, Monmouth Real Estate Investment Corporation has a long history of being an outstanding corporate citizen. Because management owns a substantial stake in the Company, investors should take comfort that our interests are aligned with that of our long-term shareholders. Transparency is a key attribute of good corporate governance. Our business model of investing in single-tenant, net-leased industrial properties on long-term leases to investment-grade tenants is a very simple and straightforward one. We are an internally advised and self-managed company with a cycle-tested track record of delivering value for our shareholders.
Much has been written on the subject of Corporate Governance of late. Today, there are unregulated third-party “proxy advisors” that are in the business of providing scorecards and voting recommendations for public companies based on what they deem to be Corporate Governance best practices. In our opinion, investors should be most focused on the long-term profitability of a company, rather than on the politically correct, one-size-fits-all issues that these third-party proxy advisors feel are paramount today.
Monmouth has one of the best long-term track records of any REIT with regards to dividends, profitability and investor total returns. We were recently named, The Best Performing Industrial REIT over the past ten-year period. There has been a 60% drop in the amount of U.S. companies choosing to go public today. We feel the recent advent of these unregulated third-party proxy advisors is in no small way a part of this most serious problem, one that will have lasting adverse effects on the U.S. economy as a whole.
At the end of the day, actions speak louder than words. We encourage ALL of our shareholders to VOTE their own shares during proxy season. We strongly recommend that you do NOT delegate your fiduciary duty to third-party proxy advisors and that you do not blindly follow their recommendations. The decision maker who makes the investment should be the one who votes his or her conscience. Thank you.