 HOLMDEL, NJ, Feb. 04, 2021 GLOBE NEWSWIRE -- Monmouth Real Estate Investment Corporation NYSE:MNR reported Net Income Attributable to Common Shareholders of 25.7 million or 0.26 per diluted share for the three months ended December 31, 2020 as compared to Net Income Attributable to Common Shareholders of 3.5 million or 0.04 per diluted share for the three months ended December 31, 2019, representing an increase of 22.2 million or 0.22 per diluted share. During the three months ended December 31, 2020, we recognized a 19.7 million unrealized gain or 0.20 per diluted share as compared to a 3.6 million unrealized loss or 0.04 per diluted share for the three months ended December 31, 2019. Funds from Operations FFO, which excludes unrealized gains or losses from our securities portfolio, for the three months ended December 31, 2020 were 18.9 million or 0.19 per diluted share versus 19.3 million or 0.20 per diluted share for the three months ended December 31, 2019, representing a 0.01 decrease in FFO per diluted share. Adjusted Funds from Operations AFFO, which also excludes unrealized and realized gains or losses from our securities portfolio, for the three months ended December 31, 2020 were 18.2 million or 0.19 per diluted share versus 19.9 million or 0.21 per diluted share for the three months ended December 31, 2019, representing a 0.02 decrease in AFFO per diluted share. The decrease in FFO and AFFO was primarily attributable to an increase in our preferred dividend expense of 2.1 million and a reduction in dividend income of 1.6 million partially offset by an increase in Net Operating Income of 2.1 million, compared to the same prior year period. AFFO of 18.2 million or 0.19 per diluted share for the current quarter ended December 31, 2020 is unchanged sequentially with AFFO of 18.2 million or 0.19 per diluted share for the quarter ended September 30, 2020. During the last two weeks of the current quarter, we purchased two properties, one on December 17, 2020 and one on December 24, 2020, for an aggregate purchase price of 170.0 million which will generate 10.1 million in annualized revenue. The current quarter does not reflect the full run-rate NOI effect of these two recent acquisitions. A portion of the preferred offering proceeds raised earlier in the quarter were used to fund these two transactions at the end of the period. We also ended the quarter with approximately 29.3 million in cash and cash equivalents which we expect to use to fund our near-term pipeline. We expect that the full run-rate NOI generated from these recent acquisitions, the deployment of our excess cash proceeds along with our 169.3 million acquisition pipeline, as well as our large expansion pipeline, to meaningfully grow our FFO and AFFO per share earnings going forward. 