Investors Real Estate Trust to participate in the 7th Annual North American Real Estate BMO Conference and announces the development of River Ridge

Minot, ND – Investors Real Estate Trust (NASDAQ: IRET) (NASDAQ:IRETP) (NYSE:IRET PRB) today announced that Timothy Mihalick, IRET’s President and CEO, will participate in the panel “Local Sharpshooters and Specialists: Is Less More?” at the BMO Capital Markets 7^th Annual North American Real Estate Conference on Thursday, September 6, 2012 at 8:00 am CDT.

BMO will provide a live webcast of the panel discussion on its website at:

http://www.bmocm.com/conferences/NARealEstate2012/webcast

The webcast will be archived for 6 months following the conference.

Additionally, IRET’s newest addition to our Bismarck-Mandan, ND family of apartment homes, River Ridge, recently broke ground.  The 146-unit luxury apartments will feature numerous amenities including a pool, exercise facility, underground parking, and distinctive apartment floor plans.

 

River Ridge is located next to IRET’s Cottonwood Apartment Homes.  The completion of the project is estimated for fall 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 an additional office in Minneapolis, Minnesota.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company’s expectations, but these statements are not guaranteed to occur.  Investors should not place undue reliance upon forward-looking statements.  These statements relate to the Company’s development project and the timing of its expected completion. No assurances can be given that the project will be completed as described; development projects are subject to numerous conditions many of which are beyond the control of the Company, including, without limitation, factors affecting the progress of construction and other factors, including those set forth in the Risk Factors section of the Company’s periodic reports and other documents filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, http://www.sec.gov. The Company undertakes no obligation to update these statements after the date of this release.

 

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Investors Real Estate Trust announces exercise of underwriters’ over-allotment option and subsequent completion of public offering of 7.95% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest

Minot, ND – Investors Real Estate Trust (NASDAQ: IRET) (NASDAQ: IRETP), a real estate investment trust with a diversified portfolio of multi-family residential and commercial office, medical, industrial and retail properties located primarily in the upper Midwest (the “Company”), today announced the full exercise of the underwriters’ over-allotment option and the sale of an additional 600,000 shares of the Company’s 7.95% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest (Liquidation Preference $25 per Share), no par value per share (the “Series B Preferred Shares”).  The over-allotment option was granted in connection with the Company’s underwritten public offering of 4,000,000 Series B Preferred Shares, which priced on July 31, 2012 (the “Series B Offering”).

The Company also announced the closing today on the Series B Offering of 4,600,000 Series B Preferred Shares, including 600,000 Series B Preferred Shares pursuant to the full exercise of the underwriters’ over-allotment option, at a public offering price of $25.00 per share. Total net proceeds, after deducting the underwriting discount and estimated offering-related costs payable by the Company, were approximately $111.2 million.

The Company will contribute the net proceeds of the offering to its operating partnership, which will use the net proceeds for general business purposes, including the acquisition, development, renovation, expansion or improvement of income-producing real estate properties and debt repayment.

The Series B Preferred Shares have been approved for listing on the New York Stock Exchange under the symbol “IRET PR B.”

Robert W. Baird & Co. Incorporated and RBC Capital Markets, LLC were the joint book-running managers of the offering.  D.A. Davidson & Co. was the co-lead manager.  Janney Montgomery Scott LLC; Wunderlich Securities, Inc.; J.J.B. Hilliard, W.L. Lyons, LLC; and Ladenburg Thalmann & Co. Inc. acted as co-managers.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of or any solicitation of an offer to buy, securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering was made pursuant to the Company’s existing shelf registration statement, which was declared effective by the Securities and Exchange Commission (“SEC”) on July 12, 2012.  The offering of these securities was made only by means of a prospectus and a related prospectus supplement, a copy of which may be obtained from: Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin  53202, or by calling (800) 792-2413, or by e-mail at syndicate@rwbaird.com; or RBC Capital Markets, LLC, Attention: Prospectus Department, Three World Financial Center, 200 Vesey Street, 8th floor, New York, New York 10281-8098, or by calling (866) 375-6829, or by email at rbcnyfixedincomeprospectus@rbccm.com.

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 and St. Cloud, Minnesota.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company’s expectations, but these statements are not guaranteed to occur.  Investors should not place undue reliance upon forward-looking statements.  These statements relate to the Company’s securities offering and the anticipated use of the net proceeds.  No assurance can be given that the net proceeds of the offering will be used as indicated. The application of net proceeds is subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, general economic conditions, market conditions and other factors, including those set forth in the Risk Factors section of the Company’s periodic reports and other documents filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, http://www.sec.gov. The Company undertakes no obligation to update these statements after the date of this release.

 

 

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