Key Developments For Investors Real Estate Trust
Investors Real Estate Trust (IRET.O) (Nasdaq)
Investors Real Estate Trust Announces Increase in Regular Quarterly Common Share Distribution, and Declares Series A Preferred Share Distribution
Investors Real Estate Trust announced that its Board of Trustees has declared a regular quarterly distribution of $0.1715 per share/unit payable on January 15, 2010, to common shareholders and unit holders of record at the close of business on January 4, 2010. This $0.1715 per common share/unit distribution represents an increase of .3% over the previous regular quarterly distribution of $0.1710 per common share/unit paid October 1, 2009. The Company's Board of Trustees also declared a distribution of $0.5156 per share on the Company's Series A Cumulative Redeemable Preferred Shares. This distribution will be payable December 31, 2009, to Series A preferred shareholders of record on December 15, 2009.
Investors Real Estate Trust Announces Exercise Of Over-Allotment Option By Underwriters
Investors Real Estate Trust announced that underwriters of its recent public offering of common shares of beneficial interest have fully exercised their over-allotment option, which will result in the issuance of an additional 1,200,000 common shares. The option was granted in connection with the Company's public offering of 8,000,000 common shares at a public offering price of $8.25 per share, which closed on October 9, 2009. The exercise of the over-allotment option will result in additional net proceeds of approximately $9.4 million, bringing the expected total net proceeds of the offering to approximately $72 million, after deducting the underwriting discount and estimated offering expenses. The exercise of the over-allotment option brings the total number of common shares sold by the Company in the offering to 9,200,000. Robert W. Baird & Co. and RBC Capital Markets were the bookrunning managers for the offering. Janney Montgomery Scott, D.A. Davidson & Co., and J.J.B. Hilliard, W.L. Lyons, LLC were co-managers. The Company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition, development, renovation, expansion or improvement of income-producing real estate properties and debt repayment.
Investors Real Estate Trust Announces Closing Of Public Offering Of 8,000,000 Common Shares Of Beneficial Interest
Investors Real Estate Trust announced the closing of its previously announced $66 million underwritten public offering of 8,000,000 common shares of beneficial interest at a public offering price of $8.25 per share. The total net proceeds to the Company, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $62.6 million. Robert W. Baird & Co. and RBC Capital Markets were the bookrunning managers for the offering. Janney Montgomery Scott, D.A. Davidson & Co. and J.J.B. Hilliard, W.L. Lyons, LLC were co-managers. The Company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition, development, renovation, expansion or improvement of income-producing real estate properties and debt repayment.
Investors Real Estate Trust Announces Pricing of Public Offering of 8,000,000 Common Shares of Beneficial Interest
Investors Real Estate Trust announced the pricing of its public offering of 8,000,000 common shares of beneficial interest at $8.25 per share (before underwriting discounts and commissions). The Company has granted the underwriters a 30-day option to acquire up to an additional 1,200,000 common shares of beneficial interest at the public offering price to cover over-allotments, if any. Total net proceeds to the Company will be approximately $62,600,000, or approximately $72,005,000 if the underwriters exercise their over-allotment option in full, after deducting the underwriting discount and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition, development, renovation, expansion or improvement of income-producing real estate properties and debt repayment. Robert W. Baird & Co. and RBC Capital Markets are the book running managers for the offering.
Investors Real Estate Trust Announces Public Offering of 8,000,000 Common Shares
Investors Real Estate Trust announced plans to sell 8,000,000 newly-issued common shares of beneficial interest in an underwritten public offering pursuant to its effective registration statement previously filed with the Securities and Exchange Commission. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,200,000 common shares of beneficial interest at the public offering price to cover over-allotments, if any. Robert W. Baird & Co. and RBC Capital Markets are the bookrunning managers for the offering. Janney Montgomery Scott, D.A. Davidson & Co., and J.J.B. Hilliard, W.L. Lyons, LLC are co-managers. The Company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition, development, renovation, expansion or improvement of income-producing real estate properties and debt repayment.
