Renaissance Heights Development Project Underway in Williston, ND

MINOT, ND – May 30, 2013 – Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRET PRB), and Brutger Equities, Inc. announced today that that their partnership, IRET-WRH 1, LLC, has commenced construction on Phase I of the Renaissance Heights Apartments project in Williston, North Dakota. The Renaissance Heights Apartments project will add approximately 750 units to the area upon completion of the planned three phases.

Phase I of the Renaissance Heights Apartments project will consist of 288 units spread over five buildings, and commenced construction in April 2013. The project will feature tuck under- and detached parking, an indoor pool and spa, a modern fitness center, and a theatre with lounge seating.

The luxury apartment units at the complex offer one, two, and three bedroom floor plan options, featuring in-unit washer and dryer, fully-equipped kitchens, oak cabinetry, and electronic key fobs at unit entry doors. Floor plans will range from 800 square feet to 1,460 square feet, with cable and Wi-Fi internet service accessible in each unit.

“As more families relocate to this area, we believe there will continue to be a strong demand for high quality housing in western North Dakota, and we are pleased to provide it.” said Larry Brutger, President of Brutger Equities, Inc. “We are excited to again partner with IRET.”

“IRET is continuing to focus on the need for quality multi-family housing in the markets in which it currently has a presence, in accordance with the company’s strategic plan.” according to Tim Mihalick, President and CEO of IRET.

The project, with First International Bank and Trust acting as lead lender with participation and support from the Bank of North Dakota, will be holding a ground breaking event on June 26^th, at 4:00 PM. IRET-WRH 1, LLC expects to begin opening buildings in January 2014.

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.

 

About Brutger Equities, Inc.

 

Brutger Equities, Inc. is a privately owned and operated real estate development and management company based in St. Cloud, Minnesota.  Brutger Equities specializes in hotels and market rate multi-family apartment home communities in the Central and Western United States.

 

 

Forward-Looking Statements

Certain matters discussed in this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although IRET believes the expectations reflected in the forward- looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be met. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K, and include risks that we may not be able to proceed with or obtain necessary approvals or financing for planned development projects, and that development projects may cost more, take more time to complete, or fail to perform as expected; and other risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected,  that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. We make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in our Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission.

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IRET Announces Disposition of Four Industrial Properties

MINOT, ND – May 14, 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 four commercial industrial properties from its portfolio on May 13,^, 2013. In accordance with the company’s strategic plan, IRET is continuing to dispose of selected assets and reallocate sales proceeds to development projects and deleveraging its balance sheet.

Bodycote Industrial: a 41,880 sq. ft. industrial building located in Eden Prairie, MN was sold for $3.15 million.

Metal Improvement: a 49,620 sq. ft. industrial building located in New Brighton, MN was sold for $2.35 million.

Roseville 2929 Long Lake Road: a 172,057 sq. ft. industrial building located in Roseville, MN was sold for $9.275 million.

Fargo 1320 45^th St: a 42,244 sq. ft. industrial building located in Fargo, ND was sold for $4.70 million.

All four properties were sold to the same buyer, for a total purchase price of $19.475 million.

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 ANNOUNCES RECENT ACQUISITION AND DISPOSITION ACTIVITY

MINOT, ND – May 7, 2013 – Investors Real Estate Trust (NYSE: IRET, IRETPR, IRETPRB) announced today that its operating partnership, IRET Properties, recently completed its acquisition of Whispering Ridge Apartments, a nine-building, 336-unit apartment property constructed in 2010 on approximately 18 acres in northwest Omaha, NE. With this acquisition, IRET Properties now owns approximately 1,370 apartment units in the Omaha/Lincoln area, IRET’s largest apartment market. IRET is continuing to focus its acquisition and development efforts on the markets in which it currently operates, in accordance with the company’s strategic plan.

The Whispering Ridge Apartments property was acquired for a purchase price of approximately $28.3 million, of which approximately $2.5 million consisted of UPREIT exchange contributions. Whispering Ridge Apartments will be internally managed by IRET Properties.

IRET also announced today the recent completion of the acquisition by IRET Properties of the Alps Park Apartments in Rapid City, SD for a purchase price of approximately $6.2 million, including the issuance of UPREIT units of IRET Properties valued at approximately $3.3 million. The property was constructed in 1995, and consists of 71 apartment units on approximately 3.23 acres. The Alps Park Apartments will also be internally managed by IRET Properties. In addition to the recently-acquired Alps Park Apartments, IRET Properties also owns the 109 unit Canyon Lake Apartments and the 90 unit Pointe West Apartments in Rapid City.

Also announced was IRET Properties’ recent acquisition of approximately two acres of vacant land in Golden Valley, MN for a purchase price of $2.1 million. The parcel of land, at the Xenia Avenue/Golden Hills Drive intersection, is located across the street from IRET’s Golden Hills Office Center, located near the Interstate 394/Xenia exchange. IRET currently plans to construct an apartment property on this parcel.

Separately, IRET announced today the recent sale of a senior housing facility from the company’s commercial medical portfolio. The Stevens Point Senior Housing property, initially purchased in 2006, is located in Stevens Point, WI, and was sold for approximately $16.1 million to its current tenant, following the tenant’s exercise of the purchase option in its lease with IRET. Net cash to IRET from the sale, following debt repayment, was approximately $6.5 million.

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.

Forward-Looking Statements

Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although IRET believes the expectations reflected in the forward- looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, due to factors including, but not limited to, the risk factors described in our Annual Report on Form 10-K, and include risks that we may choose not to proceed with planned development projects, or may not be able to proceed with or obtain necessary approvals or financing for planned development projects, and that completion of anticipated development projects may cost more, take more time to complete, or fail to perform as expected; and also include risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. We make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in our Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission.

CONTACT INFO

Lindsey Knoop Anderson
Director of Investor Relations
1400 31st Ave SW Suite 60
PO Box 1988
Minot, North Dakota 58702-1988
phone: 701.837.4738
fax: 701.838.7785
email:landerson@iret.com

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