SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C.  20549

                        SCHEDULE 13G

          Under the Securities Exchange Act of 1934
                     (Amendment No. 18)*

         Monmouth Real Estate Investment Corporation
                      (Name of Issuer)

                        Common Stock
                (Title of Class of Security)

                          609720107
                       (CUSIP Number)


Check  the  following box if a fee is being paid  with  this
statement _____.  (A fee is not required only if the  filing
person:  (1)  has  a  previous statement on  file  reporting
beneficial ownership of more than five percent of the  class
of  securities  described in Item 1; and (2)  has  filed  no
amendment  subsequent thereto reporting beneficial ownership
of five percent or less of such class.)  (See Rule 13d-7.)

*The remainder of this cover page shall be filled out for  a
reporting person's initial filing on this form with  respect
to  the  subject class of securities, and for any subsequent
amendment  containing  information  which  would  alter  the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section
18  of  the  Securities  Exchange Act  of  1934  ("Act")  or
otherwise subject to the liabilities of that section of  the
Act  but shall be subject to all other provisions of the Act
(however, see the Notes).

              (Continued on following page(s))

                      Page 1 of 3 Pages



CUSIP  No. 11-1897375          13G         Page 2 of 3 Pages

1.   NAME OF REPORTING PERSON
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Eugene W. Landy          S.S. #150-24-4993

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                             (a) _____
                                             (b)        X
3.   SEC USE ONLY

4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Mr. Landy is a United States citizen.

               5.   SOLE VOTING POWER

                    218,223.7819    Direct
                     88,927.8238    Wife

 NUMBER OF     6.   SHARED VOTING POWER
  SHARES            161,764.6727   E.W. Landy Profit Sharing
BENEFICIALLY        126,585.1955   E.W. Landy Pension Plan
  OWNED BY
  EACH         7.   SOLE DISPOSITIVE POWER
REPORTING
 PERSON             218,223.7819    Direct
  WITH               88,927.8238    Wife

               8.   SHARED DISPOSITIVE POWER

                    161,764.6727   E.W. Landy Profit Sharing
                    126,585.1955   E.W. Landy Pension Plan

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      218,223.7819  Direct         288,349.8682 Trustee
       87,118.2623  Wife           Total:  595,501.4739*
*Does not include (a) 65,000 shares on which Mr. Landy has
an option to purchase pursuant to the Company's Stock Option Plan,
which option expires on 4/12/05; and (b) 65,000 shares on which
Mr. Landy has an option to purchase pursuant to the Company's
Stock Option Plan, which option expires on 10/4/06.



CUSIP No. 11-1897375          13G        Page 3 of 3 Pages


10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     CERTAIN SHARES*

     Excludes shares held by Mr. Landy's adult children  in
     which he disclaims any beneficial interest.

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN. ROW 9

     5.27%

12.  TYPE OF REPORTING PERSON*

     Individual.

                        CERTIFICATION

           After  reasonable inquiry and to the best  of  my
knowledge and belief, I certify that the information set forth
in this statement is true, complete and correct.

Dated:  April 25, 2002


                  		/s/Eugene W. Landy