Investors Real Estate Trust Announces Public Offering of Common Shares of
MINOT, N.D., April 1, 2013 (GLOBE NEWSWIRE) -- Investors Real Estate Trust
(NYSE:IRET) (the "Company"), a self-advised real estate investment trust that
owns and operates multi-family residential properties and commercial office,
medical, industrial and retail properties located primarily in the upper
Midwest, today announced the commencement of an underwritten public offering
of 8,000,000 common shares of beneficial interest, no par value per share, of
the Company ("Common Shares"). The Company intends to grant the underwriters
of the offering a 30-day option to purchase up to an additional 1,200,000
Common Shares at the public offering price to cover over-allotments, if any.
The Common Shares will be offered pursuant to the Company's effective shelf
registration statement on Form S-3 that was filed with the Securities and
Exchange Commission on April 9, 2010.
The Company intends to contribute the net proceeds of the offering to its
operating partnership, which will use the net proceeds for general business
purposes, which may include acquiring, developing, renovating, expanding or
improving land and income-producing real estate properties in accordance with
the Company's investment strategy and reducing its debt.
BMO Capital Markets, Baird and RBC Capital Markets are the joint book-running
managers for the offering.
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, these 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.Any
offer will be made solely by means of a prospectus, including a preliminary
prospectus supplement, forming part of the effective shelf registration
Copies of the preliminary prospectus supplement and base prospectus relating
to the common shares may be obtained by contacting: BMO Capital Markets at 3
Times Square, 28th Floor, New York, NY 10036, Attention: Syndicate Desk, or by
telephone at (800) 414-3627; Robert W. Baird & Co. Incorporated, Attention:
Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202, or
by telephone at (800) 792-2413, or by e-mail at email@example.com; or RBC
Capital Markets, Attention: Equity Syndicate, Three World Financial Center,
200 Vesey Street, 8th Floor, New York, NY 10281-8098, or by telephone at (877)
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.
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
securities offering discussed above will be completed on the terms described,
or at all, or that the net proceeds of the offering will be used as indicated.
Completion of the securities offering on the terms described, and the
application of net proceeds, are 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, www.sec.gov. The Company undertakes no
obligation to update these statements after the date of this release.
CONTACT: Diane Bryantt
Chief Financial Officer
1400 31st Ave SW, Suite 60
PO Box 1988
Minot, North Dakota 58702-1988
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