On September 12, 2017, the Board of Directors of Monmouth Real Estate Investment Corporation (NYSE: MNR) increased the number of its directors from eleven to twelve. To fill the resulting vacancy, the Board elected Mr. Gregory Otto as a Class I Director, to serve for the remaining term of Class I Directors, until the Company's 2019 annual meeting of stockholders and when his successor is duly elected and qualifies. The Board has determined that Mr. Otto is an independent director under the listing standards of the New York Stock Exchange.
Mr. Otto is an expert in logistics, transportation, trade and global markets. A graduate of the United States Merchant Marine Academy, he is a licensed US Merchant Marine deck officer, and has served as a Lieutenant in the US Naval Reserves since 2011. He has worked on world trade and maritime security for Paul F. Richardson & Associates since 2014. During that time, he also worked on maritime projects for the Office of the Chief of Naval Operations and the United States Navy. Prior to his work for Paul F. Richardson, beginning in 2011, he worked on maritime logistics for Maersk Line Limited. He is a member of the American Society of Transportation & Logistics, the Center for International Maritime Security, and the Washington International Trade Association.
Commenting on the announcement, Eugene W. Landy, Chairman of the Board, said, "Gregory Otto has extensive experience in logistics, global markets and international maritime security. With his appointment, the Board of Directors recognizes his breadth and depth of expertise in commerce, trade and cybersecurity, making him an excellent addition to our Board."
ABOUT MONMOUTH REAL ESTATE INVESTMENT CORPORATION
Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the U.S. The Company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate Investment Corporation is a fully integrated and self-managed real estate company, whose property portfolio consists of 106 properties containing a total of approximately 18.3 million rentable square feet, geographically diversified across 30 states. In addition, the Company owns a portfolio of REIT securities.