Revenue during the quarter grew 18.90 percent to $27.31 million from $22.97 million in the previous year period.

Total expenses were $13.79 million for the quarter, up 9.95 percent or $1.25 million from year-ago period. Operating margin for the quarter expanded 411 basis points over the previous year period to 49.52 percent.

Operating income for the quarter was $13.52 million, compared with $10.43 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $22.55 million compared with $18.37 million in the prior year period. At the same time, adjusted EBITDA margin improved 260 basis points in the quarter to 82.59 percent from 79.99 percent in the last year period.

Revenue from real estate activities during the quarter increased 18.90 percent or $4.34 million to $27.31 million.

Income from operating leases during the quarter rose 20.40 percent or $4 million to $23.61 million. Revenue from tenant reimbursements was $3.70 million for the quarter, up 10.17 percent or $0.34 million from year-ago period.

Michael P. Landy, president and chief executive officer, commented on the results for the second quarter of fiscal 2017, "Monmouth continues to make substantial progress. While Net Income Attributable to Common Shareholders per diluted share, (which includes depreciation expense), decreased 13% for the quarter, our AFFO per diluted share, (which does not include depreciation expense), increased to $0.18, representing a 6% increase over the prior year period. We had additional preferred dividend costs this quarter as the result of our recent follow-on offering. As the proceeds from this recent offering are fully put to work we expect our income to offset these costs."

The company has spent $79.13 million cash to meet investing activities during the first six months as against cash outgo of $86.28 million in the last year period. It has incurred net capital expenditure of $51.99 million on net basis during the first six months, down 34.78 percent or $27.72 million from year ago period.

The company has spent $24.51 million cash to carry out financing activities during the first six months as against cash inflow of $55.71 million in the last year period.

Cash and cash equivalents stood at $22.95 million as on Mar. 31, 2017, up 131.03 percent or $13.02 million from $9.93 million on Mar. 31, 2016.

Investments stood at $99.41 million as on Mar. 31, 2017, up 44.81 percent or $30.76 million from year-ago.

Total assets grew 22.06 percent or $220.56 million to $1,220.22 million on Mar. 31, 2017. On the other hand, total liabilities were almost stable over the past one year at $520.91 million on Mar. 31, 2017.

Return on assets moved down 4 basis points to 1.23 percent in the quarter. At the same time, return on equity moved down 35 basis points to 0.69 percent in the quarter.