Monmouth Real Estate Investment Corporation

April 2018Investor Presentation

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, asamended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.Forward-looking statements provide Monmouth Real Estate Investment Corporation’s current expectations or forecasts of futureevents. Forward-looking statements include statements about Monmouth’s expectations, beliefs, intentions, plans, objectives,goals, strategies, future events, performance and underlying assumptions and other statements that are not historical facts. Youcan identify forward-looking statements by their use of forward-looking words, such as “may,” “will,” “anticipate,” “expect,”“believe,” “intend,” “plan,” “should,” “seek,” or comparable terms, or the negative use of those words, but the absence of thesewords does not necessarily mean that a statement is not forward-looking. The forward-looking statements are based onMonmouth’s beliefs, assumptions and expectations of its future performance, taking into account all information currently availableto it. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as aresult of many possible events or factors, not all of which are known to Monmouth. Some of these factors are described under theheadings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” as includedin Monmouth’s Annual Report on Form 10-K for the fiscal year ended September 30, 2017 and its other periodic reports filed with theSecurities and Exchange Commission, which are accessible on SEC’s Electronic Data Gathering, Analysis and Retrieval website, or“EDGAR” at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with othercautionary statements that are included in this presentation and in Monmouth’s SEC filings. These and other risks, uncertainties andfactors could cause Monmouth’s actual results to differ materially from those included in any forward-looking statements it makes.Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it isnot possible for Monmouth to predict those events or how they may affect it. Except as required by law, Monmouth is not obligatedto, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future eventsor otherwise. You should not place undue reliance on these forward-looking statements, as events described or implied in suchstatements may not occur.

This presentation may include references to “FFO”, “Core FFO” and “AFFO”, which are non-GAAP financial measures. Areconciliation of “FFO”, “Core FFO” and “AFFO” to the most comparable GAAP financial measures is included in our most recentAnnual Report on Form 10-Q and/or our Supplemental Information package as of December 31, 2017, furnished to shareholders onForm 8-K, and is available on our website at www.mreic.reit.

2

Select Properties

Kansas City MSA

Pittsburgh MSA Lexington MSA

Phoenix MSA

3

Indianapolis MSA

St. Louis MSA

Company Overview

Memphis MSA

Memphis MSA

Indianapolis MSA

Single tenant, net-leased Industrial REIT specializing in well-located, modern properties subject to long-term leases primarily to investment grade tenants or their subsidiaries

Property portfolio contains 19.9 million square feet, consisting of 109 properties with 99.6% occupancy

Geographically diversified portfolio from Coast to Coast across 30 states

Quality roster of investment grade tenants 85% of rental revenue from investment grade tenants or

their subsidiaries, including Amazon, Anheuser Busch, Coca-Cola, FedEx, General Electric, International Paper, Jim Beam, National Oilwell, Shaw, Siemens, Snap-on and United Technologies and other high-quality companies

Strong recent growth MNR successfully grew GLA by approximately 60%

during the past three years In fiscal 2017, closed on ten properties totaling 2.8 million

square feet for $287 million Thus far in fiscal 2018, closed on three properties with

approximately 1.3 million square feet for $109.6 million Current acquisition pipeline includes two properties

totaling 660,000 square feet with a total purchase price of $78.0 million

Conservative capital structure 30.1% Net Debt to Total Market Capitalization 6.2x Net Debt/Adjusted EBITDA 2.4x Fixed Charge Coverage

Source: MNR 10-Q and subsequent press releases 4

Portfolio Overview 109 properties geographically diversified across 30 states,

totaling approximately 19.9 million square feet of GLA Highest occupancy rate in the Industrial REIT sector at 99.6% Currently in our third consecutive year of above 99% occupancy Youngest weighted average building age in the Industrial REIT

sector at 9.1 years Average building size is approximately 183,000 square feet Weighted average lease maturity is 8.0 years Weighted average rent per square foot is $5.89 Simple business model

No off-balance sheet joint ventures No in-house development division No significant non-income producing land

95.2%96.0% 95.9%

97.7%

99.6% 99.3% 99.6%

90.0%

91.0%

92.0%

93.0%

94.0%

95.0%

96.0%

97.0%

98.0%

99.0%

100.0%

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Current

Occupancy

100.0% 100.0%

86.0%93.0%

53.0%

100.0% 100.0%92.0%

0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%

100.0%

FY 2010 FY 2011 FY 2012 FY 2013FY 2014*FY 2015 FY 2016 FY 2017

Tenant Retention

5

Charlotte MSA

Consistent Results

* Only 438,000 square feet, representing 4% of total GLA, came due in fiscal 2014. 60,400sf of the 208,400 sf that did not renew was re-leased to a new tenant.Source: MNR 10-Q and subsequent press releases

Portfolio Growth

6

8.5 9.6

11.2

13.9

16.0

18.820.6

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

Tota

l Squ

are

Feet

(In

Mill

ions

)

Total GLA

Total Real Estate Assets

$0.548$0.628

$0.738

$0.941

$0.941

$1.171

$1.620

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018E

Tota

l R

eal E

stat

e A

sset

s (in

Bill

ions

)

Source: MNR 10-Q and subsequent press releases

Capital Structure

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Q1'2018

Debt Preferred Equity Common Equity

Tota

l Mar

ket C

apita

lizat

ion

($ in

Bill

ions

)

7Source: MNR 10-Q and subsequent press releases

Financial Highlights

Source: MNR 10-Q and subsequent press releases

Gross Revenue

Adjusted Funds from Operations per Share

$10

$30

$50

$70

$90

$110

$130

2014 2015 2016 2017 Q1'2017 Q1'2018

+ 23%

+ 17%

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

2014 2015 2016 2017 Q1' 2017 Q1' 2018

+ 23%

8

$ in

Mill

ions

+ 20%

+ 9%

+ 10%

+ 16%

+ 26%

Ecommerce Trends and MNR’s Portfolio

Source: U.S. Census Bureau

The entire retail industry has been shifting its focus from traditional brick and mortar stores to ecommerce platforms which hasled to significant demand for large, modern industrial distribution centers

U.S. ecommerce sales are expected to increased to over $450 billion in 2017, representing a 72% increase from 2013 Excluding food, fuel, and auto ecommerce represents approximately 16% of total U.S. retail sales

ECommerce Sales

$-

$100

$200

$300

$400

$500

$600

2011 2012 2013 2014 2015 2016 2017 2018E

CAGR: 15.2%

9

Global Retail Sales

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

0

5

10

15

20

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

E

Online Sales (LHS)

In-Store Sales (LHS)

% Online (RHS)

$ in

trill

ions

Source: Goldman Sachs

Global consumer habits continue to change resulting in ever greater market share taking place online Global ecommerce sales are expected to rise to $2.4 trillion by 2018

10

Source: K.C. Conway, Director of Research, Chief Economist, Alabama Center for Real Estate11

Portfolio Markets & Panama Canal Expansion

Source: MNR 10-Q, subsequent press releases, Parsons Brinckerhoff Panama Canal Expansion Study, June 2012; Panama Canal Authority, Canal Expansion Programs – Components Report April 2012, Washington Post: “Modernization of the Panama Canal”; January 2013

Following nine years of construction costing $5.4 billion, the Panama Canal expansion project opened on June 26, 2016 North American ports have been spending billions of dollars in order to prepare for these larger ships

These ships have more than twice the cargo capacity of current ships The expanded Panama Canal allows larger vessels an approximate 29 day shorter transit time from the Atlantic to the Pacific oceans Container traffic has been shifting to the East Coast ports Over 70% of the U.S. population lives east of the Mississippi River

12

Panama Canal Affected Markets:

Eastern Coastal

East Coast Inland

Gulf coast & Mississippi valley

Non-impacted marketsExisting Properties

Acquisitions Under Contract

Source: K.C. Conway, Director of Research, Chief Economist, Alabama Center for Real Estate13

Source: K.C. Conway, Director of Research, Chief Economist, Alabama Center for Real Estate14

High Quality Tenant Base

85% of rental revenue is from investment grade tenants or subsidiaries Higher investment grade tenant base than any other REIT

Rental roster includes Amazon, Anheuser Busch, Coca-Cola, Dr Pepper Snapple Group, FedEx, General Electric, International Paper, Jim Beam, Milwaukee Tool, National Oilwell, Shaw, Sherwin Williams, Siemens, Snap-on, ULTA, United Technologies and other high quality companies

MNR began investing in properties leased to FedEx in 1994 Recent acquisitions include one property consisting of an additional 121,683 square feet leased to FedEx Fourteen FedEx expansion projects completed since Fiscal 2014, increasing the rent and lease terms of these

facilities

Higher Investment Grade Tenant Base Than Any Other REIT

15Source: MNR 10-Q and subsequent press releases

FedEx Ground, 39.9%

FedEx Express, 7.8%

Milwaukee Tool, 4.3%Shaw Industries,

4.2%

ULTA, 3.4%

Jim Beam Brands, 3.0%

International Paper, 2.9%

TreeHouse, 2.8%

CBOCS Distribution, 1.9%

Remaining Tenants, 29.8%

FedEx Ground, 50.9%

FedEx Express,

6.8%

Shaw Industries, 3.0%

Milwaukee Tool, 2.6%

ULTA, 2.3%

International Paper, 2.2%

United Technologies, 1.9%

TreeHouse, 1.9%

Jim Beam Brands, 1.8%

Amazon, 1.6%

Remaining Tenants, 25.0%

High Quality Tenants

Square Footage by TenantAnnual Rent by Tenant

16Source: MNR 10-Q and subsequent press releases

FDX and its subsidiaries represent 57.7% of Annual Rent

FDX and its subsidiaries represent 47.7% of Square Footage

Florida, 9.5%

Texas, 8.9%

Ohio, 7.8%

Kentucky, 6.5%

Mississippi, 5.8%

Georgia, 5.7%

South Carolina, 5.1%

Indiana, 5.0%Illinois, 4.8%

North Carolina, 4.7%

Remaining States, 36.2%

Texas, 12.1%

Florida, 11.6%

Ohio, 7.6%

South Carolina,

5.6%

Illinois, 5.2%

North Carolina, 4.9%

Michigan, 4.8%Kentucky, 4.4%

Georgia, 4.2%

Kansas, 4.0%

Remaining States, 35.6%

Geographic Focus

Annual Rent by State Square Footage by State

17

Our 19.9 million square foot portfolio is well diversified over 30 states

Source: MNR 10-Q and subsequent press releases

Summary Portfolio Metrics

Source: SNL Financial1. Occupancy for MNR and peers based on SEC reports available as of 1/31/18.2. On a per square foot weighted average basis, MNR’s portfolio is 9.1 years old. This chart uses simple average instead of weighted average for comparative purposes because its peers do not publish weighted average. 18

Current Occupancy (1)

Rate

Average Building Age (in Years) (2)

Rent Roll (% next 3 years by base revenues)

99.6%

97.4% 97.3% 97.2% 96.7%95.9% 95.9%

94.6% 94.0%

90.0%92.0%94.0%96.0%98.0%

100.0%102.0%

MNR EGP PLD FR TRNO DRE DCT STAG PSB

11.8%

31.0%

38.9%44.4% 44.4% 45.1%

49.3% 51.7% 54.5%

0.0%10.0%20.0%30.0%40.0%50.0%60.0%

MNR DRE TRNO DCT PLD FR STAG EGP PSB

13 15 19 19

23

31 31 32

-

10

20

30

40

MNR DRE EGP PLD DCT FR STAG TRNO

Highest occupancy rate in the sector

Youngest portfolio among peers

Limited near term rent roll

Fiscal 2017 Acquisitions In fiscal 2017, Monmouth acquired ten industrial properties, of which 77% are leased to investment grade tenants or their

subsidiaries for $287 million, containing approximately 2.8 million square feet Thus far in fiscal 2018, Monmouth acquired three industrial properties, all net leased to investment grade tenants for

approximately $109.6 million, containing approximately 1.3 million square feet Monmouth’s acquisition pipeline currently contains approximately 660,000 square feet of new build-to-suit properties of which

40% are leased to investment grade tenants or their subsidiaries with an aggregate purchase price of $78 million

Fiscal 2017 AcquisitionsBuffalo,

NYFt. Myers,

FLGrand Rapids,

MIDallas,

TXAugusta,

GAMiami,

FLOklahoma City,

OKCharlotte,

NCKenton,

OHStow,

OH

Tenant:

Credit Rating:(S&P/Moody’s) BBB/Baa2 BBB/Baa2 BBB/Baa2 BBB/Baa2 NR BBB/Baa2 NR BBB/Baa2 BBB/Baa2 NR

Year Built: 2016 2016 2017 2017 2017 2017 2017 2017 2017 2017

Size (sf): 338,584 213,672 343,483 351,874 315,560 237,756 110,361 354,482 298,472 219,765

Acres: 51.1 22.5 61.0 65.0 23.5 50.4 7.0 56.6 45.8 15.4

Purchase Price: $35,100,000 $21,001,538 $32,120,000 $50,621,072 $21,933,000 $38,347,933 $9,000,000 $40,598,446 $18,299,032 $19,500,000

Price/SF: $103.67 $98.29 $93.51 $143.86 $69.51 $161.29 $81.55 $114.53 $61.31 $88.73

Lease Maturity: 3/31/2031 9/30/2026 1/31/2032 3/31/2032 4/30/2032 3/31/2032 8/31/2024 5/31/2032 8/31/2027 8/31/2027

Annualized Rental Revenue:

$2,309,000 $1,365,000 $2,102,000 $3,194,000 $1,700,000 $2,282,000 $721,000 $2,537,000 $1,243,000 $1,500,000

19Source: MNR 10-Q and subsequent press releases

Select Recent Acquisitions

FedEx Ground – Orlando, FL MSA – 310,922 sf

20Source: MNR 10-Q and subsequent press releases

Walmart has recently constructed two large ecommerce fulfillment centers (one on each side of our FedEx facility) totaling 2.35 million square feet

The Changing of The Guard

Before

21Source: MNR

The Big Town Mall was for many years the largest mall in Texas, and today…

The Changing of The Guard

After

22Source: MNR

This large 65 acre parcel situated six miles east of downtown Dallas is now the site of Monmouth’s new 352,000 sf FedEx facility.

Select Recent Acquisitions (continued)

Indianapolis, IN MSA –671,354 sf

23Source: MNR 10-Q and subsequent press releases

Pittsburgh, PA MSA –125,860 sf

Acquisition Pipeline Strong acquisition pipeline comprising approximately 660,000 square

feet with a purchase price of $78 million Leases commence throughout fiscal 2018 One of the acquisitions included in the pipeline has a lease

maturity of 10 years & one has a lease maturity of 15 years Monmouth actively looks for new built-to-suit opportunities near

already owned FedEx facilities Five FedEx expansion projects completed within the last two years

with a total cost of $10.6 million as well as a 250,000 sf expansion for Milwaukee Tool at a total cost of $9.8 million

These expansions result in increased rents and extended lease terms Monmouth maintains excellent relationships with top merchant

builders

24

Built-to-Suit

Built-to-SuitBuilt-to-Suit Infrastructure Installation

Source: MNR 10-Q and subsequent press releases

Lease Expirations Are Well Dispersed In Fiscal 2017, 1.5 million square feet was set to expire of

which 92% renewed with a 1.1% decrease in the weighted average U.S. GAAP lease rate

Minimal rent roll down risk observed on lease renewals Weighted average lease maturity currently at 8.0 years Weighted average rent per occupied square foot of $5.89

National average rent psf for industrial real estate currently is $5.80 and trending higher

Monmouth historically averages over 90% annual tenant retention (100% renewed in Fiscal 2015 and 2016)

0 sq. ft.

500 sq. ft.

1,000 sq. ft.

1,500 sq. ft.

2,000 sq. ft.

2,500 sq. ft.

3,000 sq. ft.

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

$6.53

$5.21

$5.55

$4.55 $5.64

$5.68$6.42

$5.10

$3.95

$8.02

$4.66 $7.61

GLA 3.2% 6.9% 1.9% 5.5% 5.7% 8.4% 7.7% 12.1% 4.6% 11.6% 8.9% 1.3% 5.2% 4.8% 8.7% 0.0% 2.8%

ABR 3.6% 6.1% 1.8% 4.3% 5.5% 8.1% 8.4% 10.5% 6.3% 10.7% 7.0% 1.3% 6.3% 6.1% 11.2% 0.0% 1.9%

Expi

ring

Squa

re F

oota

ge (0

00’s

)

25

Expiring square footage (‘000’s)Average rent per occupied square foot of expiring square footage above each bar

Source: MNR 10-Q and subsequent press releases, GLA: Gross Leasable Area, ABR: Annual Base Rent

$5.78

$5.44

$7.39$7.09

Favorable US Industrial Fundamentals

Source: CBRE Research & Green Street

Current economic indicators are very favorable for the US industrial real estate sector due to: Rampant growth in ecommerce Limited new construction over the past 8 years Manufacturing growth due to increased domestic energy production Continued benefits from the recently completed Panama Canal expansion Resurgent Housing Sector

US Industrial Construction (000’s) US Industrial Occupancy

0

100,000

200,000

300,000

400,000

2003 2005 2007 2009 2011 2013 2015 201785%

90%

95%

100%

2003 2005 2007 2009 2011 2013 2015 2017

95.5%237,000

26

US Cap Rates

5%

6%

7%

8%

9%

10%

2004 2006 2008 2010 2012 2014 2016 2018

5.2%

Conservative Balance Sheet Conservative capital structure

30% Net debt to total market capitalization 6.2x Net Debt/Adjusted EBITDA 2.4x fixed charge coverage 85% fixed rate debt, weighted average interest rate of 4.2%

Limited debt maturities each year through 2022 85% of debt consists of modest LTV asset level mortgage financing Weighted average mortgage maturity of 11.5 years, representing

one of the longest debt maturity schedules in the REIT sector $331 million in potential liquidity

$130.4 million in REIT marketable securities $90.0 million available on our $200 million unsecured

revolving line of credit, plus an additional $100 million potentially available on an accordion feature

$10.8 million in cash

Source: MNR 10-Q and subsequent press releases (1): All dollar amounts except stock price are in millions

Debt Maturities

Total Market Capitalization (1)

Equity, 58%

Debt, 30.5%

Preferred, 11.5%

Total Shares Outstanding 77,209,110

Stock Price (12/31/17) $17.80

Equity Market Capitalization $1,374.3

Mortgage Notes Payable 612.7

Loans Payable 110.0

Total Debt $722.7

Total Preferred 272.0

Total Market Capitalization $2,369.0

27

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

2018 2019 2020 2021 2022 Thereafter

5.8%

20.7%

7.8%

52.1%

4.9%8.7%

Tota

l Deb

t (in

Mill

ions

)

Dallas MSA

Loans Payable

Mortgages

% of Total Debt Outstanding

Long Term Cash Dividend

Source: SNL Financial(1): REIT average based on the SNL US REIT Equity Index as of 1/31/2018.

On October 2, 2017, Monmouth increased its dividend by 6.25% to $0.68 per year, marking our second dividend increase in 3 years. These 2 dividend increases total 13%.

Monmouth has maintained or increased its dividend for 26 consecutive years Current AFFO dividend payout ratio is a conservative 77% Monmouth was one of the only REITs that maintained its dividend throughout the Great Recession 100% cash dividends since inception

$0.53 $0.57

$0.58 $0.58 $0.58 $0.58 $0.58 $0.58 $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.64 $0.64

$0.68

$-

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

E

Dividends Per Share

28

Peer Analysis

Source: SNL Financial as of 1/31/18NOTE: MNR peers include DCT, DRE, EGP, FR, PLD, PSB, STAG and TRNO.

Dividend Yield

2018E FFO Multiple 2018E FFO Payout Ratio

Total Debt/Total Market Capitalization

29

31.8x

23.6x21.7x 21.1x 20.0x 19.6x 19.5x 18.7x

14.8x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

TRNO DCT PLD DRE EGP FR PSB MNR STAG

30.5%28.8%

26.9% 26.5%

23.0%20.6%

19.0%17.1%

3.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

MNR STAG FR EGP DCT PLD TRNO DRE PSB

5.1%

4.0%

2.9% 2.9% 2.8% 2.7% 2.6% 2.4%2.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

STAG MNR DRE EGP FR PLD PSB TRNO DCT

84.2% 80.1%77.3%

64.7%60.8% 60.6% 58.7% 56.1% 54.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

STAG TRNO MNR DRE PLD EGP DCT PSB FR

Total Return Performance

Source: SNL Financial as of 1/31/18

10 Year

-100-50

050

100150200250300350

1/31

/200

8

5/31

/200

8

9/30

/200

8

1/31

/200

9

5/31

/200

9

9/30

/200

9

1/31

/201

0

5/31

/201

0

9/30

/201

0

1/31

/201

1

5/31

/201

1

9/30

/201

1

1/31

/201

2

5/31

/201

2

9/30

/201

2

1/31

/201

3

5/31

/201

3

9/30

/201

3

1/31

/201

4

5/31

/201

4

9/30

/201

4

1/31

/201

5

5/31

/201

5

9/30

/201

5

1/31

/201

6

5/31

/201

6

9/30

/201

6

1/31

/201

7

5/31

/201

7

9/30

/201

7

1/31

/201

8

30

Dividend Yield

5.1%

4.0%

2.9% 2.9% 2.8% 2.7% 2.6% 2.4%2.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

STAG MNR DRE EGP FR PLD PSB TRNO DCT

MNR Peer Group RMS

309.55%

106.00%97.25%

Monmouth is one of the top 10 performing REITs over a 2, 10 and 20 year period

Key Investment Highlights

Best-in-Class Net-Lease Industrial Portfolio

31

Geographically Diversified with a High Quality Tenant Base

Demonstrated Portfolio Growth and Well Positioned for Future Growth

Conservative Balance Sheet

Experienced & Aligned Management Team with 8% Ownership

Monmouth Real Estate Investment Corporationwww.MREIC.reit