Blackwells Capital Activist Presentation Deck
BLACKWELLS OFFERED $3.8 BN FOR MONMOUTH REIT IN ALL CASH OFFER
Blackwells' Activism Practice Has Unique Ability to Take Companies Private
In December 2020, Blackwells offered to acquire Monmouth Real Estate Investment Corp (NYSE: MNR) in
a $3.8 billion transaction, representing a 22% premium to its unaffected share price on 12/01/20
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Largest announced real estate transaction since COVID-19; second largest industrial real estate deal of the
last two years, second only to Colony's industrial portfolio $5.7 billion sale to Blackstone
MNR is an industrial REIT that has significantly underperformed its public peers over the last five years, has
a long history of poor corporate governance, and as structured is not appropriate for the public markets
Blackwells' cash offer provided shareholders immediate liquidity at a 17% premium above consensus net
asset value and the proposed price exceeds the unaffected 1-month, 3-month, and 6-month VWAPs by
19.3%, 23.8%, and 24.8%, respectively
MNR acquisition is part of Blackwells' industrial real estate consolidation strategy to build a 100mm square
feet industrial real estate platform over the next few years, which would be one of the top five platforms in
North America
Monmouth's Key Operating Statistics
Number of Industrial Buildings
Number of States
Gross Leasable Area
Current Occupancy
Weighted Average Lease Maturity
Weighted Average Mortgage Maturity
% of Rental Revenue from IG Tenants
BW
BLACKWELLS CAPITAL
119
31
23.4 million sq. ft.
99.4%
7.1 years
11.1 years
81%
Strictly Confidential & Trade Secret
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