UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

                                        

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     

     

Date of Report (Date of earliest event reported)              June 9, 2008

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

(Exact name of Registrant as specified in its charter)

MARYLAND                         000-04258                22-1897375

(State or other jurisdiction     (Commission        (IRS Employer

of incorporation)                 File Number)    Identification Number)

3499 Route 9N, Suite 3C, Freehold, NJ    07728

(Address of principal executive offices)   (Zip Code)

Registrant's telephone number, including area code         (732) 577-9996

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

[  ] Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 142-12 under the Exchange Act (17 CFR 240.14a-12

[  ] Pre-commencement communications pursuant to rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

Item 1.01  Entry into a Material Definitive Agreement

 

On June 9, 2008, Monmouth Real Estate Investment Corporation (the Company) modified its line of credit agreement (the modified line) with Capital One, N.A. (formerly North Fork Bank).  The $15 million line is unsecured and can be used for working capital purposes or acquisitions.  This modified line replaces the $25 million line of credit which was designated $5 million for working capital and $20 million for acquisitions.  The modified line’s rate is variable at LIBOR plus 200 basis points and its term is through March 31, 2011.   The Company must keep not less than $1,000,000 in average net collected balances at Capital One, N.A.

Page 2

---

SIGNATURES

                                        

                                        

     Pursuant to the requirements of the Securities Exchange Act of 1934,

     the Registrant has duly caused this report to be signed on its behalf

     by the undersigned hereunto duly authorized.

     

     

     

                                MONMOUTH REAL ESTATE INVESTMENT CORPORATION

     

     

     

     

                                /s/   Anna T. Chew

                                ANNA T. CHEW

                                Chief Financial Officer

     

     

     Date        June 19, 2008

Page 3