Investors Real Estate Trust Announces Disposition of Two South Dakota Properties

MINOT, ND – December 19, 2013 – Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRET PRB), announced today that its operating partnership, IRET Properties, closed on the sale of two residential properties from its portfolio on December 18, 2013.

A single buyer acquired the two residential properties in South Dakota for a total purchase price of $3.5 million. The properties included:

East Park Apartments: a two building, 84 unit apartment complex located in Sioux Falls, SD sold for $2.2 million.

Sycamore Village Apartments: a two building, 48 unit apartment complex located in Sioux Falls, SD sold for $1.3 million.

“The sale is in concert with IRET Properties plan of selling certain smaller and older properties and redeploying the proceeds into new, larger apartment developments,” said Mark Reiling, IRET’s Executive Vice President of Asset Management. “At the end of November, the East Park Apartments were approximately 99.0% occupied, and the Sycamore Village Apartments were 100.0% occupied. Both of these properties have enjoyed a good occupancy history while part of the IRET portfolio.”

About Investors Real Estate Trust

Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.

Safe Harbor

Statements about IRET’s future expectations and all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company’s actual results could differ materially from expected results.

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Investors Real Estate Trust Declares Regular Quarterly Common Share Distribution, and Declares Series A and Series B Preferred Share Distributions

Minot, ND – December 5, 2013 Investors Real Estate Trust (NYSE: IRET) announced today that its Board of Trustees has declared a regular quarterly distribution of $0.1300 per share/unit payable on January 15, 2014 to common shareholders and unitholders of record at the close of business on January 2, 2014. 

This $0.1300 per common share/unit distribution will be the 171st consecutive quarterly distribution paid by IRET since its inception in 1970. The previous regular quarterly distribution, also of $0.1300 per common share/unit, was paid October 1, 2013.

Investors Real Estate Trust’s Board of Trustees also declared on December 5, 2013 a distribution of $0.515625 cents per share on the Company’s Series A Cumulative Redeemable Preferred Shares (NYSE: IRET PR). This distribution will be payable December 31, 2013 to Series A preferred shareholders of record at the close of business on December 16, 2013. Series A preferred share distributions are cumulative and payable quarterly in arrears at an annual rate of $2.0625 per share.

Also on December 5, 2013, the Board of Trustees declared a distribution of $0.496875 per share on the Company’s 7.95% Series B Cumulative Redeemable Preferred Shares (NYSE: IRET PRB), payable December 31, 2013 to Series B preferred shareholders of record at the close of business on December 16, 2013. Series B preferred share distributions are cumulative and payable quarterly in arrears at an annual rate of $1.9875 per share.

 

About Investors Real Estate Trust

 Investors Real Estate Trust is a self‐advised equity real estate investment trust. Its business consists of owning and operating income‐producing multi‐family residential and commercial properties located primarily in the upper Midwest states of Minnesota and North Dakota. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.

 

 

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Investors Real Estate Trust’s Chateau Apartments in Minot, ND Suffers a Fire

Minot, ND – December 5, 2013 – A fire occurred this morning at the Chateau Apartment Homes complex in Minot, North Dakota.  There are no reported injuries from the fire.

 It appears the fire was confined to the 15-unit and 57-unit buildings on the east side of the complex.  Both buildings were currently under construction, and were not occupied.  The 15-unit building was anticipated to open in February of 2014, and the 57-unit building was anticipated to open in the Summer of 2014.  The 32-unit building on the west side of the complex did not suffer any fire damage, and residents of the west building have been allowed to return to their homes.

 IRET is grateful for the quick response and action of the Minot Fire Department to extinguish the fire, and to protect the surrounding neighborhood, in bitterly cold conditions.  The Minot Fire Department, along with local law enforcement, will work to identify the cause of the fire as soon as it is deemed safe to do so.

 

About Investors Real Estate Trust

Investors Real Estate Trust is a self-advised equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest states of Minnesota and North Dakota. Investors Real Estate Trust is based in Minot, North Dakota, and has an additional office in Minneapolis, Minnesota.

 

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Investors Real Estate Trust announces 2nd quarter Fiscal 2014 earnings release date and conference call information

Minot, ND – November 27, 2013 – Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRET PRB) has scheduled a conference call for Wednesday, December 11, 2013 at 9:00 a.m. Central Time, to discuss the Company’s second quarter fiscal year 2014 financial and operating results.

IRET’s quarterly report on Form 10-Q for the quarter ended October 31, 2013, will be filed with the Securities and Exchange Commission on Tuesday, December 10, 2013.  The Company will also post on its website that day, and furnish via a Current Report on Form 8-K, an earnings release summarizing the financial and operational results reported in more detail in its Form 10-Q, and providing certain additional supplemental operating and financial data.  The complete earnings release, along with the Supplemental Operating and Financial Data package, will also be available directly at the following web page no earlier than 4:30 p.m. ET on Tuesday, December 10, 2013:

http://www.iret.com/2ndQtrFY2014.pdf

During the conference call, IRET senior management will discuss the second quarter fiscal 2014 financial and operational results reported in the Form 10-Q and earnings release, and will respond to questions from analysts, investors and the public.  The call will be limited to one hour, including questions and answers.

Conference call access information is as follows:

USA Toll Free Number: 1-888-317-6016

International Toll Free Number: 1-412-317-6016

Canada Toll Free Number: 1-855-669-9657

The Conference Call is also available online on a listen-in only basis.  To access the call live, go to IRET’s website, http://www.iret.com, click on the 2^nd Qtr Fiscal 2014 Earnings Call link under Earnings Calls and register.

A replay of the call will be archived on the “Investor Relations/Presentation and Events” page of IRET’s website, http://www.iret.com, through Thursday, December 11, 2014.

Conference replay will be available one hour after the end of the conference through December 26, 2013 at 9:00 a.m. Eastern Time.  Replay access information is as follows:

USA Toll Free:  1-877-344-7529

International Toll:  1-412-317-0088

Canada Toll Free:  1-855-669-9658

Conference Number:  10037443

Company management will take questions on an interactive basis during the conference call, following the prepared remarks. The call will be limited to one hour, including questions and answers.

Questions regarding the conference call should be directed to IRET’s Investor Relations at landerson@iret.com.

About Investors Real Estate Trust

Investors Real Estate Trust is a self-advised equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest states of Minnesota and North Dakota. Investors Real Estate Trust is based in Minot, North Dakota, and has an additional office in Minneapolis, Minnesota.

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results.  Such risks, uncertainties and other factors include, but are not limited to:  fluctuations in interest rates, the effect of government regulation, the availability of capital, changes in general and local economic and real estate market conditions, competition, our ability to attract and retain skilled personnel, and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our 2013 Form 10-K.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

 

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Investors Real Estate Trust Announces Amended and Restated Loan Agreement

MINOT, ND – November 25, 2013 – Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRET PRB), announced today that its operating partnership, IRET Properties, has entered into an Amended and Restated Loan Agreement with First International Bank & Trust, a North Dakota state bank, as lender, under which First International has agreed to provide a revolving credit facility with a commitment amount at the time of close of $72 million. At the discretion of First International, the total commitment available under the credit facility may be increased to $75 million. The Loan Agreement amends and restates IRET Properties’ previous secured line of credit with First International and participant banks.

IRET Properties advanced $2.5 million under the facility on November 22, 2013, which, in addition to the $10 million advanced under the Borrower’s previous secured line of credit with First International, totals $12.5 million currently drawn and outstanding under the facility. IRET Properties expects to borrow additional amounts under the facility from time to time for general corporate purposes, to finance acquisitions, development and redevelopment projects, and tenant improvements and potentially to repay debt.  The facility is secured by mortgages on fourteen properties owned by IRET Properties and its subsidiaries.  The initial term of the facility is three years, with a maturity of December 1, 2016. IRET Properties, at its discretion, may extend the term for one additional year, to December 1, 2017. The interest rate on borrowings under the facility is the Wall Street Journal Prime Rate +1.25%, with a floor of 4.75% and a cap of 8.65% during the initial term of the facility.

First International has informed IRET Properties that as of November 20, 2013, participants in the credit facility and their respective commitment amounts are as follows: First International Bank & Trust (Lead Bank), $12 million; The Bank of North Dakota, $19.5 million; First Western Bank & Trust, $15 million; Dacotah Bank, $10.5 million; MidCountry Bank, $4 million; Highland Bank, $3 million; Town & Country Credit Union, $3 million; American State Bank & Trust Company, $3 million;  and United Community Bank of North Dakota, $2 million.

Ted Holmes, IRET’s Senior Vice President, Finance, commented: “IRET believes that this renewed credit facility will continue to provide adequate liquidity as it evaluates its leverage policy on the portfolio given current development and acquisition pipeline activity.  IRET’s relationship with a core group of North Dakota banks has allowed it to access the value of various unencumbered real estate assets on terms which we believe are competitive given the credit market in our region and IRET’s current balance sheet makeup.  We believe the facility will help fund the accretive growth our shareholders are expecting as we evaluate all of the real estate opportunities facing IRET.

IRET will report its financial results for the second quarter of fiscal year 2014 on December 10, 2013.

 

About Investors Real Estate Trust

 

Investors Real Estate Trust is a self‐advised equity real estate investment trust. Its business consists of owning and operating income‐producing multi‐family residential and commercial properties located primarily in the upper Midwest states of Minnesota and North Dakota. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.

 

Forward-Looking Statements

 

Statements made in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws.  Statements regarding future events and developments and the Company’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected.  Management believes that these forward-looking statements are reasonable; however, these statements are based on current expectations as of the date of such statements, and various factors could cause the Company’s actual results to differ materially from those described.  The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.  Following are some of the factors that could cause the Company’s actual results and its expectations to differ materially from those described in forward-looking statements:  the success of the Company’s business strategies; future local and national economic conditions, including changes in job growth, interest rates, the availability of mortgage and other financing and related factors; demand for commercial and multi-family residential space in the Company’s markets and the effect on occupancy and rates; the impact of competition on the Company’s business, including competition for tenants in the Company’s  properties; uncertainties associated with the Company’s real estate development activities, including actual costs exceeding the Company’s budgets or development periods exceeding expectations; and other risk factors included in the filings the Company makes from time to time with the Securities and Exchange Commission, including the risk factors under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2013.

 

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