Monmouth Real Estate Investment Corporation operating is a real estate investment trust (REIT). The Company’s primary business is the ownership of real estate. Its investment focus is to own net leased industrial properties, which are leased to investment-grade tenants on long-term leases. In addition, the Company holds a portfolio of REIT securities. As of September 30, 2009, the Company derived its income primarily from real estate rental operations. The Company has approximately 6,132,000 square feet of space that it leases, of which approximately 2,910,000 square feet, or 47%, is leased to Federal Express Corporation (FDX) and its subsidiaries, and approximately 279,000 square feet, or 5%, is leased to Keebler Company, a subsidiary of the Kellogg Company. As of September 30, 2009, the Company’s occupancy was 96%.