FREEHOLD, N.J., April 3 -- On April 3, 2006, the
Board of Directors of Monmouth Capital Corporation (Nasdaq: MONM) declared a
dividend of $0.25 a share, payable June 15, 2006 to shareholders of record May
Eugene W. Landy, President, stated, "Future dividend policy will depend on
the Company's earnings, capital requirements, financial condition,
availability and cost of bank financing and other factors considered relevant
by the Board of Directors." Mr. Landy also stated, "Monmouth Capital
Corporation is a very small REIT and is a company in transition. Management
believes MONM must grow to a $100 million asset REIT in order to operate
efficiently. MONM is seeking new real property acquisitions in a very
competitive market for acquisitions."
Monmouth Capital Corporation is currently operating as a hybrid real
estate investment trust (REIT), investing in real estate equities, mortgages,
mortgage-backed securities and other REIT securities.
MONM is part of a family of REITs including UMH Properties, Inc.
(Amex: UMH), which invests in manufactured home communities, and Monmouth Real
Estate Investment Corporation (Nasdaq: MNRTA), which invests in net-leased
industrial properties on long-term leases to investment grade tenants. It is
MONM's intention to pursue any real estate opportunities other than the
specialized areas of UMH Properties, Inc. and Monmouth Real Estate Investment
SOURCE Monmouth Capital Corporation
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