Investors Real Estate Trust Acquires Idaho Senior Living Portfolio; Signs 20,000 Square-Foot Lease at Its Gateway Corporate C...
02 Septiembre 2011 - 3:22PM
Investors Real Estate Trust (Nasdaq:IRET) (Nasdaq:IRETP) announced
today that on September 1, 2011 its operating partnership, IRET
Properties, completed the acquisition of a senior housing portfolio
comprised of seven properties located in Idaho for a total purchase
price of $33.8 million. The portfolio consists of seven buildings
with approximately 261 units totaling 149,744 square feet, with two
properties each in Boise and Meridian, and one each in American
Falls, Soda Springs and Eagle, Idaho. IRET will lease each of
the new properties to a subsidiary affiliate of Edgewood Vista, an
operator of senior living communities in the upper Midwest with
which IRET has had a long-standing business relationship. The
Company placed mortgage debt of $9.5 million on these properties on
September 1, 2011, and currently expects to close on an additional
$6.6 million in mortgage loans by the end of September 2011.
IRET additionally announced that it has signed a lease with a
Connecticut-based energy company for approximately 20,000 square
feet in its approximately 59,827-square foot Gateway Corporate
Center located in Woodbury, MN. The lease has an initial term
of seven years, commencing September 1, 2011. Following this
transaction, the Company's Gateway Corporate Center is
approximately one-third leased.
Separately, the Company announced that its Board of Trustees has
declared a regular quarterly distribution of 13.00 cents per
share/unit payable on October 3, 2011 to common shareholders and
unitholders of record at the close of business on September 12,
2011. The distribution reinvestment price will be the volume
weighted average price on October 3, 2011, less a discount of
5%. The Company has filed a registration statement with the
Securities and Exchange Commission to register the number of common
shares necessary to meet distribution reinvestment elections.
This 13.00 cents per common share/unit distribution represents
the 162nd consecutive quarterly distribution paid by IRET since its
inception in 1970. The previous regular quarterly
distribution, of 17.15 cents per common share/unit, was paid July
1, 2011. During the first quarter of fiscal year 2012, the
Company announced that its Board of Trustees had approved a plan
recommended by Company management to reduce the Company's quarterly
distribution to 13.00 cents per common share and limited
partnership unit from its former level of 17.15 cents per
share/unit, effective with the quarterly distribution planned for
October 3, 2011. The Company stated at that time that the
Board intended to maintain this level of cash distribution for at
least the next four quarters and anticipated growing the
distribution over time in line with FFO growth. All future
distributions remain subject to the discretion of the Company's
Board of Trustees.
Investors Real Estate Trust's Board of Trustees also declared
today a distribution of 51.56 cents per share on the Company's
Series A Cumulative Redeemable Preferred Shares
(Nasdaq:IRETP). This distribution will be payable September
30, 2011 to Series A preferred shareholders of record on September
15, 2011.
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 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: the availability of expected mortgage loans, fluctuations
in interest rates, the effect of government regulations, 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 2011 Form 10-K. We assume
no obligation to update or supplement forward-looking statements
that become untrue because of subsequent events.
CONTACT: 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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