On September 12, 2017, the Board of Directors of Monmouth Real Estate Investment Corporation increased the number of its directors from eleven to twelve. The Board elected Mr. Gregory Otto as a Class I Director, to serve for the remaining term of Class I Directors, until the Company's 2019 annual meeting of stockholders and when his successor is duly elected and qualifies. The Board has determined that Mr. Otto is an independent director under the listing standards of the New York Stock Exchange. Mr. Otto is an expert in logistics, transportation, trade and global markets.