ILPT completes $21.00/share acquisition of Monmouth REIT, obtains $3.485B in new debt

Industrial Logistics Properties Trust

Merger: MNR common holders received $21.00/share; preferred $25.00 plus accrued dividends.
Joint venture with third party: investor paid ~$587M for 39% of 95 properties; ILPT retains 61%.
Loans: $1.4B floating (SOFR+2.25%, matures 2024), $1.385B bridge (SOFR+1.75%+8.0% mezz, matures 2023), $700M fixed (4.417%, matures 2032).
Repaid $185M on $750M revolver; credit agreement terminated without penalty.
Merger closed Feb 25, 2022; MNR shares converted to cash, no longer outstanding.

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