Monmouth Real Estate Investment Corp. did not obtain the necessary stockholder votes to approve the previously announced merger with Equity Commonwealth.
“Maximizing value is our top priority at Monmouth, and stockholders’ views play an important role in how we run our business and execute our strategy,” said Michael P. Landy, president and CEO of Monmouth. “While we recognize that stockholders have a wide range of views and differing time horizons and tax considerations, we are disappointed in the outcome of today’s vote. We continue to believe in the merits of a transaction that offers Monmouth stockholders the opportunity to continue to participate in the growth of the industrial real estate sector.”
Landy continued, “With an attractive industrial-based portfolio, we are confident Monmouth is well-positioned for long-term growth and success in our industry. The accelerated rate of adoption of ecommerce has resulted in unprecedented demand for industria