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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 207 slides",
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      "text": "In December 2020, Blackwells offered to acquire Monmouth Real Estate Investment Corp (NYSE: MNR) in a $3.8 billion transaction, representing a 22% premium to its unaffected share price on 12/01/20. Largest announced real estate transaction since COVID-19; second largest industrial real estate deal of the last two years, second only to Colony's industrial portfolio $5.7 billion sale to Blackstone. MNR is an industrial REIT that has significantly underperformed its public peers over the last five years, has a long history of poor corporate governance, and as structured is not appropriate for the public markets. Blackwells’ cash offer provided shareholders immediate liquidity at a 17% premium above consensus net asset value and the proposed price exceeds the unaffected 1-month, 3-month, and 6-month VWAPs by 19.3%, 23.8%, and 24.8%, respectively. MNR acquisition is part of Blackwells' industrial real estate consolidation strategy to build a 100mm square feet industrial real estate platform over the next few years, which would be one of the top five platforms in North America.",
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      "text": "Monmouth’s Key Operating Statistics: Number of Industrial Buildings (119), Number of States (31), Gross Leasable Area (23.4 million sq. ft.), Current Occupancy (99.4%), Weighted Average Lease Maturity (7.1 years), Weighted Average Mortgage Maturity (11.1 years), % of Rental Revenue from IG Tenants (81%)",
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      "text": "Blackwells' Activism Practice Has Unique Ability to Take Companies Private",
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