Monmouth specializes in mammoth industrial properties, particularly warehouses and distribution centers. The real estate investment trust (REIT) owns about 80 industrial buildings and a single New Jersey shopping center, comprising some 10.7 million sq. ft. in more than 25 states, mostly in the East and Midwest. Most are net-leased (in which tenants pay insurance, taxes, and maintenance costs) under long-term leases. The REIT's two largest tenants, FedEx and Milwaukee Electric Tool, together account for half of its revenue. The firm also invests in REIT securities. Founded in 1968, Monmouth is one of the oldest public equity REITs in the nation.