ILPT to acquire Monmouth REIT for $4.0B all-cash; adds 126 industrial properties

Industrial Logistics Properties Trust

ILPT will acquire Monmouth (MNR) for $21.00 per share in cash, valuing the deal at ~$4.0B including debt assumption.
Portfolio: 126 Class A single-tenant net-leased industrial properties, 26.3M sq ft, 99.7% occupied, 80% investment grade tenants.
Weighted average remaining lease term ~8 years; transaction expected to be immediately accretive to Normalized FFO per share.
Financing includes a joint venture with institutional investors ($430M-$1.3B equity), $4.0B bridge loan, and potential property sales up to $1.6B.
Closing expected in first half of 2022 subject to MNR shareholder approval; post-close net debt/Adjusted EBITDAre targeted at 6-8x.

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