Investors Real Estate Trust Announces Completion of Public Offering of
6,013,300 Common Shares of Beneficial Interest
MINOT, N.D., April 5, 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 completion of an underwritten public offering of
6,013,300 common shares of beneficial interest, no par value per share,
including 263,300 shares issued pursuant to the underwriters' over-allotment
option, at a public offering price of $9.25 per share, for net proceeds of
approximately $53.0 million, after deducting the underwriting discount and
other estimated offering-related costs.
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 and Baird served as the joint book-running managers for
the offering. D.A. Davidson & Co. and J.J.B. Hilliard, W.L. Lyons, LLC acted
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.
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, including estimates
of offering-related expenses, 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.
CONTACT: Diane Bryantt
Chief Financial Officer
1400 31st Ave SW, Suite 60
PO Box 1988
Minot, North Dakota 58702-1988
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