Blackwells Calls on Monmouth Shareholders:

VOTE AGAINST the Proposed All-Stock Merger with EQC on the GREEN CARD

Blackwells Capital LLC, together with its affiliates, which own 4.17% of Monmouth Real Estate Investment Corporation (NYSE: MNR), believes the proposed all-stock transaction with MNR is banefully flawed and intended to benefit the Landy family, who dominate the Company's Board, in a manner different from other shareholders.

In Blackwells' view, the Landys’ contempt for the democratic shareholder process, an overriding desire to protect themselves from criticism and accountability, and a ‘win at all cost’ attitude towards preserving employment and financial positions in Monmouth have guided their every decision.  As a result, Monmouth shareholders are being asked to accept a deal that values each share they hold at only $17.25 based on closing price of EQC. Meanwhile, Monmouth shares are currently worth $18.88 per share.1

MNR shareholders have a compelling alternative: reject the EQC transaction by voting AGAINST it on the GREEN CARD and elect new directors who are capable of unlocking the value of your Monmouth shares.

Monmouth’s industrial properties have great durable value. Blackwells is confident that through a new process, overseen by a committee of the Board that is focused, that is committed to creating value for the public shareholders and that can skillfully negotiate conflict-free and pressure-free, Monmouth shareholders will garner the consideration they deserve.

Once the EQC transaction is voted down, Monmouth must immediately call its overdue Annual Meeting to allow shareholders to elect new directors to the Board, ones who are capable of ensuring that the interests of all shareholders – not just the Landy family – are fully protected, and that value for Monmouth’s shareholders is maximized.

1Based on the respective shares' closing price, August 4, 2021.



History of Monmouth Board's flawed attempt to maximixe value for its shareholders, including its refusual to engage with Blackwells, its fourth largest shareholder and bona fide bidder for the company, and its campaign of litigation and intimidation.


Press releases, significant correspondence between Blackwells and Monmouth, and presentations.


Background information on Blackwells' four eminently skilled director candidates, who are independent of the Landy family


Shareholders are invited to share their views on Monmouth or sign up for updates on Blackwells' efforts to unlock value and liquidity for all shareholders.

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