Monmouth Real Estate Investment Corporation (NYSE:MNR) reported Net
Income Attributable to Common Shareholders of $44.8 million or
$0.45 per diluted share for the fiscal year ended September 30,
2021 as compared to Net Loss Attributable to Common Shareholders of
$48.6 million or $0.50 per diluted share for the fiscal year ended
September 30, 2020, representing an increase in Net Income
Attributable to Common Shareholders of $93.4 million or $0.95 per
diluted share. The increase primarily resulted from a change in our
unrealized gains from our securities investments whereas the
unrealized gains for the current fiscal year were $50.2 million or
$0.51 per diluted share as compared to an unrealized loss of
$(77.4) million or $(0.79) per diluted share during the prior
fiscal year for a net increase of $127.6 million or $1.30 per
diluted share. This increase was offset by $35.9 million or $0.36
per diluted share in Non-recurring Strategic Alternatives and Proxy
Costs related to our strategic alternatives process and our proxy
process. Funds from Operations (FFO), which excludes unrealized
gains or losses from our securities portfolio, for the fiscal year
ended September 30, 2021 were $46.1 million or $0.47 per diluted
share versus $78.4 million or $0.80 per diluted share for the
fiscal year ended September 30, 2020, representing a decrease of
$32.3 million or $0.33 per diluted share. The decrease in FFO is
primarily attributable to the Non-recurring Strategic Alternatives
and Proxy Costs. FFO excluding these non-recurring costs for the
fiscal year ended September 30, 2021 were $82.0 million or $0.83
per diluted share versus $78.4 million or $0.80 per diluted share
for the fiscal year ended September 30, 2020, representing an
increase of $0.03 per diluted share. For the fiscal year ended
September 30, 2021, Adjusted Funds from Operations (AFFO), which
excludes non-recurring items, including costs related to our
non-recurring strategic alternatives process and our proxy process
and unrealized and realized gains or losses from our securities
portfolio were $77.0 million or $0.78 per diluted share compared to
$76.9 million or $0.78 per diluted share for the fiscal year ended
September 30, 2020, representing unchanged per diluted share
earnings year over year.
Net Loss Attributable to Common Shareholders for
the three months ended September 30, 2021, was $24.2 million or
$0.25 per diluted share as compared to Net Loss Attributable to
Common Shareholders of $3.9 million or $0.04 per diluted share for
the three months ended September 30, 2020, representing an increase
in Net Loss Attributable to Common Shareholders of $0.21 per share.
FFO for the three months ended September 30, 2021, were $(4.9)
million or $(0.05) per diluted share as compared to $19.2 million
or $0.20 per diluted share for the three months ended September 30,
2020, representing a decrease of $0.25 per diluted share. The
increase in Net Loss Attributable to Common Shareholders and
decrease in FFO for the three months ended September 30, 2021, is
primarily attributable to Non-recurring Strategic Alternatives and
Proxy costs of $25.0 million or $0.25 per diluted share related to
our strategic alternatives process and our proxy process. Excluding
these non-recurring costs our Net Income Attributable to Common
Shareholders for the three months ended September 30, 2021, would
have been $837,000 or $0.01 per diluted share, representing an
increase of $0.05 per share from the three months ended September
30, 2020, and our FFO for the three months ended September 30,
2021, would have been $20.1 million or $0.20 per diluted share,
representing unchanged per diluted share earnings year over year.
For the three months ended September 30, 2021, AFFO were $19.5
million or $0.20 per diluted share compared to $18.2 million or
$0.19 per diluted share for the three months ended September 30,
2020, representing an increase of $0.01 per share.
A summary of significant financial information
for the three and twelve months ended September 30, 2021 and 2020
(in thousands, except per share amounts) is as follows:
|
|
Three Months EndedSeptember
30, |
|
|
2021 |
|
|
2020 |
|
Rental Revenue |
$ |
39,921 |
|
$ |
36,173 |
|
Reimbursement Revenue |
$ |
6,894 |
|
$ |
6,462 |
|
Net Operating Income (NOI)
(1) |
$ |
39,719 |
|
$ |
36,071 |
|
Total Expenses |
$ |
49,300 |
|
$ |
21,529 |
|
Dividend Income |
$ |
1,500 |
|
$ |
1,458 |
|
Unrealized Holding Losses Arising
During the Periods |
$ |
(5,139 |
) |
$ |
(10,280 |
) |
Net Income (Loss) |
$ |
(15,771 |
) |
$ |
3,143 |
|
Net Loss Attributable to Common
Shareholders |
$ |
(24,187 |
) |
$ |
(3,917 |
) |
Net Loss Attributable to Common
Shareholders Per Diluted Common Share |
$ |
(0.25 |
) |
$ |
(0.04 |
) |
FFO (1) |
$ |
(4,891 |
) |
$ |
19,205 |
|
FFO per Diluted Common Share
(1) |
$ |
(0.05 |
) |
$ |
0.20 |
|
FFO Excluding Non-recurring
Strategic Alternatives & Proxy Costs (1) |
$ |
20,133 |
|
$ |
19,205 |
|
FFO Excluding Non-recurring
Strategic Alternatives & Proxy Costs per Diluted Common Share
(1) |
$ |
0.20 |
|
$ |
0.20 |
|
AFFO (1) |
$ |
19,464 |
|
$ |
18,193 |
|
AFFO per Diluted Common Share
(1) |
$ |
0.20 |
|
$ |
0.19 |
|
Dividends Declared per Common
Share |
$ |
0.18 |
|
$ |
0.17 |
|
|
|
|
|
|
Weighted Avg. Diluted Common
Shares Outstanding |
|
98,542 |
|
|
98,083 |
|
|
|
Twelve Months
EndedSeptember 30, |
|
|
2021 |
|
2020 |
|
Rental Revenue |
$ |
155,044 |
$ |
141,583 |
|
Reimbursement Revenue |
$ |
27,712 |
$ |
26,234 |
|
Lease Termination Income |
$ |
377 |
$ |
-0- |
Net Operating Income (NOI)
(1) |
$ |
153,974 |
$ |
140,705 |
|
Total Expenses |
$ |
129,119 |
$ |
86,680 |
|
Dividend Income |
$ |
6,182 |
$ |
10,445 |
|
Realized Gain on Sale of Real
Estate Investment |
$ |
6,376 |
$ |
-0- |
Realized Gain on Sale of
Securities Transactions |
$ |
2,248 |
$ |
-0- |
Unrealized Holding Gains (Losses)
Arising During the Periods |
$ |
50,239 |
$ |
(77,380 |
) |
Net Income (Loss) |
$ |
81,179 |
$ |
(22,174 |
) |
Net Income (Loss) Attributable to
Common Shareholders |
$ |
44,764 |
$ |
(48,617 |
) |
Net Income (Loss) Attributable to
Common Shareholders Per Diluted Common Share |
$ |
0.45 |
$ |
(0.50 |
) |
FFO (1) |
$ |
46,091 |
$ |
78,409 |
|
FFO per Diluted Common Share
(1) |
$ |
0.47 |
$ |
0.80 |
|
FFO Excluding Non-recurring
Strategic Alternatives & Proxy Costs (1) |
$ |
82,011 |
$ |
78,409 |
|
FFO Excluding Non-recurring
Strategic Alternatives & Proxy Costs per Diluted Common Share
(1) |
$ |
0.83 |
$ |
0.80 |
|
AFFO (1) |
$ |
76,969 |
$ |
76,898 |
|
AFFO per Diluted Common Share
(1) |
$ |
0.78 |
$ |
0.78 |
|
Dividends Declared per Common
Share |
$ |
0.71 |
$ |
0.68 |
|
|
|
|
|
|
Weighted Avg. Diluted Common
Shares Outstanding |
|
98,443 |
|
98,164 |
|
A summary of significant balance sheet information as of
September 30, 2021 and September 30, 2020 (in thousands) is as
follows:
|
|
September
30, 2021 |
|
September 30, 2020 |
Cash and Cash Equivalents |
$ |
48,618 |
$ |
23,517 |
Real Estate Investments |
$ |
1,957,702 |
$ |
1,747,844 |
Securities Available for Sale at
Fair Value |
$ |
143,505 |
$ |
108,832 |
Total Assets |
$ |
2,215,883 |
$ |
1,939,783 |
Fixed Rate Mortgage Notes
Payable, net of Unamortized Debt Issuance Costs |
$ |
832,184 |
$ |
799,507 |
Loans Payable |
$ |
250,000 |
$ |
75,000 |
Total Shareholders’ Equity |
$ |
1,094,734 |
$ |
1,037,605 |
During the year, we accomplished the following:
Strong Growth Record and Solid Pipeline
- Acquired 1.6 million square feet
situated on over 316 acres representing an abundant land to
building ratio of 8.8 times consisting of high-quality industrial
space for $258.4 million, generating $15.2 million in annual rental
revenue, comprising four brand new Class A, built-to-suit
properties, all leased long-term to investment-grade tenants with
lease terms ranging from 15 to 20 years and with a weighted average
lease term of 17.1 years.
- Increased our Gross Leasable Area
(GLA) by 7% to 24.9 million square feet.
- Grew our acquisition pipeline to
four new build-to-suit properties containing 1.4 million total
square feet situated on over 208 acres representing an ample land
to building ratio of 6.6 times at an aggregate cost of $157.0
million, all of which are leased to Investment Grade tenants.
Subsequent to the yearend, we acquired one of these properties for
$30.2 million representing 291,000 square feet.
- Completed two parking lot
expansions for approximately $4.2 million, resulting in an initial
increase in annual rent of approximately $392,000. We currently
have nine FedEx Ground parking expansion projects underway that are
expected to cost approximately $42.6 million. These parking
expansion projects will result in additional rent and extensions to
the existing lease terms. We are also in discussions to expand
parking at eight additional locations.
Strong Portfolio Performance
- Increased our overall occupancy
rate by 30 basis points to a sector leading 99.7% currently.
- Achieved 100% tenant retention
through the renewal of all ten leases set to expire during fiscal
2021. These ten lease renewals, comprising 1.2 million square feet
resulted in a 6.2% increase in GAAP rent, a 0.4% increase in cash
rent, and have a weighted average lease renewal term of 4.2
years.
- Maintained a weighted average lease
term of 7.0 years.
- Increased our annualized average
base rent per occupied square foot to $6.61, an increase of 4%
compared to the prior year.
Solid Financial Results
- Achieved a 40.2% total return for
our common shareholders.
- Increased our common stock dividend
5.9% while maintaining an AFFO dividend payout ratio of 91%. This
increase represents the third dividend increase in the past five
years, representing a total increase of 20%. We have maintained or
increased our common stock cash dividend for 30 consecutive
years.
- Increased the high quality of our
cash flow with 83% of our revenue currently secured by leases with
tenants from companies, or subsidiaries of companies, that are
considered Investment Grade.
- Increased our Gross Revenue by 6%
to $188.9 million.
- Increased our Rental and
Reimbursement Revenue by 9% to $182.8 million.
- Increased our Net Operating Income
by 9% to $154.0 million.
- Reduced our Net Debt to Total
Market Capitalization to 29.8% as of fiscal yearend 2021 from 31.5%
as of fiscal yearend 2020.
- Reduced the weighted average
interest rate on our fixed-rate mortgage debt to 3.86% from 3.98%
and maintained a weighted average debt maturity on our fixed-rate
mortgage debt at 10.9 years.
- Reduced our General and
Administrative expenses as a percentage of gross assets by 8% to 37
basis points for fiscal 2021.
Merger Transaction with
Industrial Logistics Properties Trust
As previously announced, following a
comprehensive strategic review process, on November 5, 2021, we
entered into a definitive merger agreement with Industrial
Logistics Properties Trust (NASDAQ: ILPT) under which ILPT will
acquire all of the outstanding shares of Monmouth Real Estate
Investment Corporation (“Monmouth”) for $21.00 per share in an
all-cash transaction valued at approximately $4.0 billion including
the assumption of debt and the committed acquisition and expansion
pipeline (the “Transaction”). The Transaction has been unanimously
approved by our Board of Directors. The Transaction price of $21.00
per share represents a 24% premium to the unaffected closing share
price of $16.99 on December 18, 2020 and a 36% premium to the
30-day volume weighted average unaffected trading share price of
$15.43. This Transaction with ILPT is the culmination of the
comprehensive strategic review processes undertaken by our Board of
Directors, which were publicly announced and re-initiated in early
September of this year following the prior comprehensive process
initiated in January of this year. The Transaction is expected to
close in the first half of 2022, subject to approval by Monmouth’s
shareholders and the satisfaction of other customary closing
conditions. The Transaction is not contingent upon financing. Under
the terms of the agreement, Monmouth shareholders will be entitled
to receive the previously announced dividend of $0.18 payable on
December 15, 2021. If the Transaction is not consummated by March
31, 2022, Monmouth shareholders will also be entitled to receive a
dividend for that completed quarter up to $0.18 if and as declared.
In addition, Monmouth plans to continue to pay its regular
quarterly 6.125% Series C Cumulative Redeemable Preferred Stock
dividend through the closing of the Transaction. Upon completion of
the Transaction, Monmouth’s common stock will no longer be listed
on the New York Stock Exchange.
Due to the pending Transaction, Monmouth Real
Estate Investment Corporation will not hold a conference call in
connection with the release of its fourth quarter and full year
financial results.
Monmouth Real Estate Investment Corporation,
founded in 1968, is one of the oldest public equity REITs in the
world. We specialize in single tenant, net-leased industrial
properties, subject to long-term leases, primarily to
investment-grade tenants. Monmouth Real Estate is a fully
integrated and self-managed real estate company, whose property
portfolio consists of 123 properties, containing a total of
approximately 25.2 million rentable square feet, geographically
diversified across 32 states. Our occupancy rate is currently
99.7%, our weighted average building age is currently 10.1 years,
and our percentage of revenue derived from Investment Grade tenants
or their subsidiaries is currently 83%.
Additional Information and Where to Find
It
In connection with the Transaction, Monmouth
intends to file with the U.S. Securities and Exchange Commission
(“SEC”) a proxy/solicitation statement and associated white proxy
card, which will be sent to the common stockholders of Monmouth
seeking their approval of the merger (the “proxy statement”).
Monmouth may also file other documents regarding the Transaction
with the SEC. This communication is not intended to be, and is not,
a substitute for such filings or for any other document that
Monmouth may file with the SEC in connection with the Transaction.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND
SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE ENTIRE PROXY
STATEMENT, WHEN IT BECOMES AVAILABLE, AND ANY OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and
security holders will be able to obtain free copies of the proxy
statement and other documents filed with the SEC by Monmouth, when
they become available, through the website maintained by the SEC at
www.sec.gov. In addition, investors and security holders will be
able to obtain free copies of the proxy statement and other
documents filed with the SEC on Monmouth’s website at
www.mreic.reit.
Participants in the
Solicitation
Monmouth and certain of its directors and
executive officers may be deemed to be participants in the
solicitation of proxies from Monmouth’s stockholders in connection
with the Transaction under the rules of the SEC. Investors may
obtain information regarding the names, affiliations and interests
of directors and executive officers of Monmouth in Monmouth’s
Annual Report on Form 10-K for Monmouth’s fiscal year ended
September 30, 2020, which was filed with the SEC on November 23,
2020, as well as in its other filings with the SEC. Other
information regarding the participants in the proxy solicitation
and a description of their direct and indirect interests, by
security holdings or otherwise, will be contained in the proxy
statement and other relevant materials to be filed with the SEC in
respect of the Transaction when they become available.
Forward-Looking Statements
Some of the statements contained in this press
release constitute forward-looking statements within the meaning of
the federal securities laws, including, but not limited to,
statements regarding consummating the merger and the timing
thereof. Any forward-looking statements contained in this press
release are intended to be made pursuant to the safe harbor
provisions of Section 21E of the Securities Exchange Act of 1934,
as amended. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts. In some cases, you can identify
forward-looking statements by the use of forward-looking
terminology such as “may,” “will,” “should,” “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,”
“potential,” or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters. You
can also identify forward-looking statements by discussions of
strategy, plans or intentions.
The forward-looking statements contained in this
press release reflect Monmouth’s current views about future events
and are subject to numerous known and unknown risks, uncertainties,
assumptions and changes in circumstances that may cause actual
results to differ significantly from those expressed in any
forward-looking statement, including, without limitation, (i)
inability to complete the Transaction because, among other reasons,
one or more conditions to the closing of the Transaction may not be
satisfied or waived; (ii) uncertainty as to the timing of
completion of the Transaction; (iii) potential adverse effects or
changes to relationships with tenants, employees, service providers
or other parties resulting from the announcement or completion of
the Transaction; (iv) the outcome of any legal proceedings that may
be instituted against the parties and others related to the Merger
Agreement; (v) possible disruptions from the Transaction that could
harm Monmouth’s business, including current plans and operations;
(vi) unexpected costs, charges or expenses resulting from the
Transaction; (vii) legislative, regulatory and economic
developments; and (viii) unpredictability and severity of
catastrophic events, including, but not limited to, acts of
terrorism, outbreak of war or hostilities and epidemics and
pandemics, including COVID-19, as well as management’s response to
any of the aforementioned factors. Monmouth does not guarantee that
the Transaction and events described will happen as described (or
that they will happen at all). For a further discussion of other
factors that could cause Monmouth’s future results to differ
materially from any forward-looking statements, see the section
entitled “Risk Factors” in Monmouth’s most recent Annual Report on
Form 10-K and in its Quarterly Reports on Form 10-Q for subsequent
quarters.
While forward-looking statements reflect
Monmouth’s good faith beliefs, they are not guarantees of future
performance. Monmouth disclaims any obligation to publicly update
or revise any forward-looking statement to reflect changes in
underlying assumptions or factors, of new information, data or
methods, future events or other changes.
Notes:
(1) Non-U.S. GAAP Information: FFO, as defined
by the National Association of Real Estate Investment Trusts
(Nareit), represents net income attributable to common
shareholders, as defined by accounting principles generally
accepted in the United States of America (U.S. GAAP), excluding
gains or losses from sales of previously depreciated real estate
assets, impairment charges related to depreciable real estate
assets, certain non-cash items such as real estate asset
depreciation and amortization, plus our portion of these items
related to our consolidated investment that we have a
non-controlling interest in. Included in the Nareit FFO White Paper
- 2018 Restatement, is an option pertaining to assets incidental to
our main business in the calculation of Nareit FFO to make an
election to include or exclude mark-to-market changes in the value
recognized on these marketable equity securities. In conjunction
with the adoption of the FFO White Paper - 2018 Restatement, for
all periods presented, we have elected to exclude unrealized gains
and losses from our investments in marketable equity securities
from our FFO calculation. Nareit created FFO as a non-GAAP
supplemental measure of REIT operating performance. Our calculation
of Adjusted Funds From Operations (AFFO) differs from Nareit’s
definition of FFO because we exclude certain items that we view as
nonrecurring or impacting comparability from period to
period. We define AFFO as FFO, excluding stock based
compensation expense, depreciation of corporate office tenant
improvements, amortization of deferred financing costs, realized
gain on sale of securities transactions, lease termination income,
non-recurring strategic alternatives & proxy costs,
non-recurring severance expense, effect of non-cash U.S. GAAP
straight-line rent adjustments and subtracting recurring capital
expenditures, plus our portion of these items related to our
consolidated investment that we had a non-controlling interest in.
We define recurring capital expenditures as all capital
expenditures that are recurring in nature, excluding capital
expenditures related to expansions at our current locations or
capital expenditures that are incurred in conjunction with
obtaining a new lease or a lease renewal. We believe that, as
widely recognized measures of performance used by other REITs, FFO
and AFFO may be considered by investors as supplemental measures to
compare our operating performance to those of other REITs. FFO and
AFFO exclude historical cost depreciation as an expense and may
facilitate the comparison of REITs which have a different cost
basis. However, other REITs may use different methodologies to
calculate FFO and AFFO and, accordingly, our FFO and AFFO may not
be comparable to all other REITs. The items excluded from FFO and
AFFO are significant components in understanding our financial
performance.
FFO and AFFO are non-GAAP performance measures
and (i) do not represent Cash Flow from Operations as defined by
U.S. GAAP; (ii) should not be considered as an alternative to Net
Income or Net Income Attributable to Common Shareholders as a
measure of operating performance or to Cash Flows from Operating,
Investing and Financing Activities; and (iii) are not an
alternative to Cash Flows from Operating, Investing and Financing
Activities as a measure of liquidity. FFO and AFFO, as calculated
by us, may not be comparable to similarly titled measures reported
by other REITs.
The following is a reconciliation of the
Company’s U.S. GAAP Net Income (Loss) Attributable to Common
Shareholders to the Company’s FFO and AFFO for the three and twelve
months ended September 30, 2021 and 2020 (in thousands):
|
Three Months Ended |
|
Twelve Months Ended |
|
|
9/30/2021 |
|
9/30/2020 |
|
9/30/2021 |
|
9/30/2020 |
|
Net Income (Loss) Attributable to Common Shareholders |
$ |
(24,187 |
) |
|
$ |
(3,917 |
) |
|
$ |
44,764 |
|
|
$ |
(48,617 |
) |
|
Less/Plus: Unrealized Holding (Gains) Losses Arising During the
Periods |
|
5,139 |
|
|
|
10,280 |
|
|
|
(50,239 |
) |
|
|
77,380 |
|
|
Plus: Depreciation Expense (excluding Corporate Office Capitalized
Costs) |
|
13,263 |
|
|
|
11,950 |
|
|
|
51,223 |
|
|
|
46,385 |
|
|
Plus: Amortization of Intangible Assets |
|
608 |
|
|
|
598 |
|
|
|
2,339 |
|
|
|
2,137 |
|
|
Plus: Amortization of Capitalized Lease Costs |
|
286 |
|
|
|
294 |
|
|
|
1,256 |
|
|
|
1,124 |
|
|
Less: Realized Gain on Sale of Real Estate Investment (1) |
-0- |
|
-0- |
|
|
(3,252 |
) |
|
-0- |
|
FFO Attributable to Common Shareholders (2) |
|
(4,891 |
) |
|
|
19,205 |
|
|
|
46,091 |
|
|
|
78,409 |
|
|
Plus: Depreciation of Corporate Office Capitalized Costs |
|
57 |
|
|
|
57 |
|
|
|
230 |
|
|
|
234 |
|
|
Plus: Stock Compensation Expense |
|
77 |
|
|
|
84 |
|
|
|
287 |
|
|
|
452 |
|
|
Plus: Amortization of Financing Costs |
|
341 |
|
|
|
328 |
|
|
|
1,365 |
|
|
|
1,410 |
|
|
Plus: Non-recurring Strategic Alternatives & Proxy Costs |
|
25,024 |
|
|
-0- |
|
|
35,920 |
|
|
-0- |
|
Plus: Non-recurring Severance Expense |
-0- |
|
-0- |
|
-0- |
|
|
786 |
|
|
Less: Realized Gain on Sale of Securities Transactions |
-0- |
|
-0- |
|
|
(2,248 |
) |
|
-0- |
|
Less: Lease Termination Income |
-0- |
|
-0- |
|
|
(377 |
) |
|
-0- |
|
Less: Effect of Non-cash U.S. GAAP Straight-line Rent
Adjustment |
|
(646 |
) |
|
|
(472 |
) |
|
|
(3,010 |
) |
|
|
(1,940 |
) |
|
Less: Recurring Capital Expenditures |
|
(498 |
) |
|
|
(1,009 |
) |
|
|
(1,289 |
) |
|
|
(2,453 |
) |
|
AFFO Attributable to Common Shareholders |
$ |
19,464 |
|
|
$ |
18,193 |
|
|
$ |
76,969 |
|
|
$ |
76,898 |
|
|
(1) Fiscal 2021 Realized Gain on Sale
of Real Estate represents our portion of the net realized gain from
the sale of our property that we owned a 51% interest in.
(2) FFO Attributable
to Common Shareholders for the three and twelve months ended
September 30, 2021 includes Non-recurring Strategic Alternatives
& Proxy Costs of $25.0 million and $35.9 million, respectively.
FFO Attributable to Common Shareholders for the three and twelve
months ended September 30, 2021 excluding these Non-recurring
Strategic Alternatives & Proxy Costs is $20.1 million and $82.0
million, respectively.
The following are the Cash Flows provided (used)
by Operating, Investing and Financing Activities for the twelve
months ended September 30, 2021 and 2020 (in thousands):
|
Twelve Months Ended |
|
9/30/2021 |
|
9/30/2020 |
|
|
|
|
Operating Activities |
$ |
84,808 |
|
|
$ |
98,861 |
|
Investing Activities |
|
(237,817 |
) |
|
|
(180,676 |
) |
Financing Activities |
|
178,110 |
|
|
|
85,153 |
|
Contact: Becky
Coleridge732-577-9996
# # # # #
Mach Natural Resources (NYSE:MNR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mach Natural Resources (NYSE:MNR)
Historical Stock Chart
From Jul 2023 to Jul 2024