Overview

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.

Board of Directors

Daniel D. Cronheim
Director
Mr. Cronheim is a Director of Monmouth Real Estate Investment Corporation (1989 to present). He is an Attorney at Law (1979 to present) and a Certified Property Manager (2010 to present). He is President (2000 to present) of David Cronheim Mortgage Company. He serves as Executive Vice President of Cronheim Management Services, Inc. (1997 to present). He serves as Executive Vice President (1989 to present) and General Counsel (1983 to present) of David Cronheim Company.
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Catherine B. Elflein
Independent Director
Audit Committee
Ms. Elflein is an Independent Director (2007 to present) of Monmouth Real Estate Investment Corporation. She is a Certified Public Accountant. Ms. Elflein is Senior Director of Risk Management (2006 to present) at Celgene Corporation. She was previously Controller of Captive Insurance Companies (2004 to 2006) and Director of Treasury Operations (1998 to 2004) at Celanese Corporation.
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Brian H. Haimm
Independent Director
Audit Committee, Compensation Committee
Mr. Haimm is an Independent Director (2013 to present) of Monmouth Real Estate Investment Corporation. He serves as Chief Financial Officer and Chief Operating Officer (2006 to present) of Ascend Capital.
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Neal Herstik
Independent Director
Nominating Committee
Mr. Herstik is an Independent Director (2004 to present) of Monmouth Real Estate Investment Corporation. He serves as an Attorney at Law at Gross, Truss & Herstik, PC (1997 to present).
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Matthew I. Hirsch
Independent Director
Audit Committee, Compensation Committee,
Nominating Committee
Mr. Hirsch is an Independent Director (2000 to present) of Monmouth Real Estate Investment Corporation. He serves as an Attorney at Law (1985 to present) at The Law Office of Matthew I. Hirsch. He is an Adjunct Professor of Law (1993 to present) at Widener University School of Law. He serves as Director (2013 to present) of UMH Properties, Inc., an affiliated company.
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Eugene W. Landy
Chairman of the Board
Mr. Landy is Founder, Chairman of the Board and Director (1968 to present) of Monmouth Real Estate Investment Corporation. He previously served as President and Chief Executive Officer (1968-2013). He is an Attorney at Law. Mr. Landy also serves as Chairman of the Board (1995 to present), Director (1969 to present), and President (1969 to 1995), of UMH Properties, Inc., an affiliated company.
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Michael P. Landy
President and Chief Executive Officer
Mr. Landy serves as President and Chief Executive Officer (2013 to present) and Director (2007 to present) of Monmouth Real Estate Investment Corporation. He previously served as Chief Operating Officer (2011 to 2013), Executive Vice President (2009 to 2010), Executive Vice President-Investments (2006 to 2009), and Vice President-Investments (2001 to 2006). Mr. Landy is Director (2011 to present) and has previously served as Executive Vice President (2010 to 2012) and Vice President-Investments (2001 to 2010) of UMH Properties, Inc., an affiliated company. He is a Member of New York University's REIT Center Board of Advisors (2013 to present).

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Samuel A. Landy
Director
Mr. Landy is a Director of Monmouth Real Estate Investment Corporation (1989 to present). He is an Attorney at Law (1985 to present). He serves as President and Chief Executive Officer (1995 to present), Vice President (1991 to 1995), and Director (1992 to present) of UMH Properties, Inc., an affiliated company.
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Kevin S. Miller
Chief Financial Officer
Mr. Miller serves as Chief Financial Officer (July 2012 to present) and Director (June 2017 to present) of Monmouth Real Estate Investment Corporation. He also serves as Chief Accounting Officer (May 2012 to present). Mr. Miller is a Certified Public Accountant. He previously served as Controller and Assistant Vice President of Forest City Ratner (2005 to May 2012).
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Gregory T. Otto
Independent Director
Mr. Otto is an Independent Director of Monmouth Real Estate Investment Corporation (September 2017 to present). Mr. Otto serves in the U.S. Naval Reserves on an active duty assignment with the Office of the Chief of Naval Operations (2017). Mr. Otto also serves as a Consultant for Paul F. Richardson & Associates, a boutique firm specializing in international maritime affairs (2014 to present).
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Scott L. Robinson
Independent Director
Audit Committee
Mr. Robinson is an Independent Director of Monmouth Real Estate Investment Corporation (2005 to present). Mr. Robinson serves as Managing Director of Oberon Securities (2014 to present). He is a Director of the REIT Center at New York University (2008 to present) and Member of New York University's REIT Center Board of Advisors (2013 to present). Mr. Robinson was Partner of Cadence Capital Group (2009 to 2013), Vice President, Citi Markets and Banking at Citigroup (2006 to 2008), and Senior REIT and CMBS Analyst at Standard & Poor's (1998 to 2006).
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Stephen B. Wolgin
Lead Independent Director
Audit Committee, Compensation Committee,
Nominating Committee
Mr. Wolgin is an Independent Director of Monmouth Real Estate Investment Corporation (2003 to 2016) and Lead Independent Director (2016 to present). He serves as Managing Director of U. S. Real Estate Advisors, Inc., (2000 to present) and Partner with The Logan Equity Distressed Fund (2007 to present). He serves as Director (2007 to present) of UMH Properties, Inc., an affiliated company. He has had prior affiliations with J. P. Morgan, Odyssey Associates, The Prudential Realty Group, Standard & Poor's Corporation, and Grubb and Ellis.

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Governance Documents

Date
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Declaration Date

11/29/2016

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Declaration Date

11/29/2016

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Declaration Date

10/7/2015

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Declaration Date

10/7/2015

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Declaration Date

12/2/2014

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Declaration Date

9/30/2014

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Declaration Date

1/16/2013

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Declaration Date

1/16/2013

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Declaration Date

1/16/2013

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Declaration Date

1/16/2008

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