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Monmouth board approves $40M increase in stock repurchase program

Monmouth Real Estate Investment Corp.'s board authorized a $40 million increase in the company's common stock repurchase program, taking the program's available total to $50 million.

The buybacks will be subject to economic and market conditions, stock price and legal requirements, among other factors, the industrial REIT said in a filing.

Monmouth has not yet repurchased any stock under the program, which has no termination date.