MINOT, ND (NASDAQ: IRETS) (NASDAQ: IRETP) reported financial and
operating results today for the third quarter ended January 31,
2008. These results are summarized below; for the full report,
please access the IRET website at www.iret.com to view the
quarterly report on Form 10-Q filed with the Securities and
Exchange Commission for the quarter ended January 31, 2008 (click
on "Investor Relations" and then on "SEC Filings").
During the third quarter of fiscal year 2008, IRET's revenues
increased from the year-earlier period, due primarily to property
acquisitions and a decrease in the level of tenant concessions
offered. Funds From Operations (FFO)(1) increased on an absolute
basis from the year-earlier period, but declined slightly on a per
share and unit basis, primarily due to dilution following the
Company's October 2007 public offering of 6.9 million common
shares. Net income declined from the year-earlier period, primarily
due to the effect of a gain on sale included within discontinued
operations in the three and nine months ended January 31, 2007. For
the three month period ended January 31, 2008, as compared to the
same period of the prior fiscal year:
-- Revenues increased to $54.5 million from $51.1 million.
-- FFO increased to $15.7 million on approximately 75,755,000 weighted
average shares and units outstanding, from $15.6 million on approximately
67,471,000 weighted average shares and units outstanding ($.21 per share
and unit compared to $.23 per share and unit).
-- Net Income Available to Common Shareholders, as computed under
generally accepted accounting principles, was $2.4 million, compared to
$2.9 million.
For the nine month period ended January 31, 2008, as compared to
the same period of the prior fiscal year:
-- Revenues increased to $162.4 million from $144.1 million.
-- FFO increased to $47.1 million on approximately 71,620,000 weighted
average shares and units outstanding, from $41.7 million on approximately
63,832,000 weighted average shares and units outstanding ($.66 per share
and unit compared to $.65 per share and unit).
-- Net Income Available to Common Shareholders, as computed under
generally accepted accounting principles, was $7.0 million, compared to
$8.3 million.
Operating Results
Net Operating Income (NOI)(2) from stabilized properties(3)
decreased 0.5%, or $128,000, during the three months ended January
31, 2008, compared to the same period one year ago. NOI from
stabilized properties decreased in all of our segments except
Multi-Family Residential and Commercial Retail: Multi-Family
Residential saw a slight increase of 1.4% and Commercial Retail an
increase of 6.7%. NOI from stabilized properties increased 0.7%, or
$549,000, for the nine months ended January 31, 2008, compared to
the nine months ended January 31, 2007.
Economic occupancy(4) levels on a stabilized property basis
declined in three of our five reportable segments during the three
months ended January 31, 2008, compared to the three months ended
January 31, 2007. Economic occupancy levels on an all-property
basis declined in all reportable segments during the three months
ended January 31, 2008, compared to the three months ended January
31, 2007. Economic occupancy rates on a stabilized property and
all-property basis for the three months ended January 31, 2008, as
compared to the three months ended January 31, 2007, were as
follows:
Economic Occupancy Levels on a Stabilized Property and All-Property Basis:
Stabilized Properties All Properties
---------------- ----------------
3rd QTR 3rd QTR 3rd QTR 3rd QTR
Segments 2008 2007 2008 2007
------- ------- ------- -------
Multi-family Residential 93.7% 93.2% 93.1% 93.2%
Commercial Office 90.8% 90.3% 91.3% 92.3%
Commercial Medical 95.2% 96.8% 95.4% 96.9%
Commercial Industrial 93.9% 96.4% 94.3% 96.6%
Commercial Retail 87.1% 89.4% 87.4% 89.7%
(i) For 3rd Quarter 2008 and 3rd Quarter 2007, stabilized properties
excluded:
Multi-family Residential - 17 South Main Apartments, Minot, ND; Arbors
Apartments, S. Sioux City, NE; Indian Hills,
Sioux City, IA; Quarry Ridge Apartments,
Rochester, MN; Rum River Apartments, Isanti,
MN; St. Cloud Student Housing, St. Cloud, MN;
Cottonwood IV Apartments, Bismarck, ND and
Greenfield Apartments, Omaha, NE.
Commercial Office - 17 South Main, Minot, ND; Corporate Center
West, Omaha, NE; Farnam Executive Center,
Omaha, NE; Flagship, Eden Prairie, MN; Gateway
Corporate, Woodbury, MN; Highlands Ranch I,
Highlands Ranch, CO; Miracle Hills One, Omaha,
NE; Pacific Hills, Omaha, NE; Riverport,
Maryland Heights, MO; Timberlands, Leawood,
KS; Woodlands Plaza, Maryland Heights, MO; 610
Business Center, Brooklyn Park, MN; Intertech,
Fenton, MO and Plymouth 5095, Plymouth, MN.
Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN; Fox River
Cottages, Grand Chute, WI; St. Michaels, St.
Michael, MN and Barry Point, Kansas City, MO.
Commercial Industrial - Bloomington 2000, Bloomington, MN; Roseville
2929, Roseville, MN; Cedar Lake Business
Center, St. Louis Park, MN; Urbandale,
Urbandale, IA and Woodbury 1865, Woodbury, MN.
Commercial Retail - 17 South Main, Minot, ND; Dakota West Plaza,
Minot, ND and Weston Walgreens, Weston, WI.
Also excluded from Stabilized Properties in Q3 2008 and Q3 2007 are Sold
Properties: 405 Grant Avenue Apartments, Harvey, ND and Minnetonka Office
Building, Minnetonka, MN.
Acquisition and Disposition Activity
During the third quarter of fiscal year 2008, IRET acquired two
commercial office properties and a multi-family residential complex
for a total of approximately $18.2 million, and completed
construction of an apartment building for a cost of $6.2 million.
The Company had no material dispositions in the third quarter of
fiscal year 2008. The acquisitions were financed with cash from
operations and operating partnership units. The following table
details the Company's acquisitions during the three months ended
January 31, 2008:
(in thousands)
--------------
Acquisition
Acquisitions Cost
--------------
Multi-Family Residential
96-unit Greenfield Apartments - Omaha, NE $ 4,700
67-unit Cottonwood Lake IV - Bismarck, ND* 6,191
--------------
Commercial Property - Office
78,190 sq. ft. 610 Business Center IV - Brooklyn Park, MN 6,500
64,607 sq. ft. Intertech Office Building - Fenton, MO 7,000
--------------
Total Property Acquisitions $ 24,391
==============
* Development property placed in service January 2, 2008.
Development Activity
The Company has several ongoing development projects. As of
January 31, 2008, IRET is engaged in the following development
activity:
Southdale Medical Building Expansion Project: In July 2007, the
Company signed a lease with an anchor tenant committing the Company
to construct an approximately 26,000-square-foot addition to the
Company's existing Southdale Medical Building located in Edina,
Minnesota. The estimated cost of this expansion project is
approximately $7.5 million, with an additional approximately $2.0
million in relocation, tenant improvement and leasing costs
expected to be incurred to relocate tenants in the existing
facility. Construction began in September 2007, and the expansion
project is scheduled for completion in July 2008. As of January 31,
2008, the Company has funded approximately $3.0 million in
construction costs for this expansion project.
IRET Corporate Plaza: During fiscal year 2007, the Company
purchased an unimproved parcel of land in Minot, North Dakota for
approximately $1.8 million. The Company is constructing a mixed-use
project on this site, to consist of approximately 67 apartments and
60,100 rentable square feet of office and retail space. The Company
currently plans to move its Minot, North Dakota offices to this
location, occupying approximately one-third of the proposed
office/retail space. Current estimates are that the project would
be completed in the second quarter of the Company's fiscal year
2009, at a total cost of approximately $17.8 million. As of January
31, 2008, the Company has funded approximately $6.7 million of the
estimated construction cost of this project.
2828 Chicago Avenue Medical Building: In fiscal year 2006, IRET
purchased an approximately 55,000-square-foot, five-story medical
office building located in Minneapolis, Minnesota. During fiscal
year 2007, IRET committed to construct an approximately
56,239-square-foot medical office building adjacent to the existing
structure, and an adjoining parking ramp, with a planned project
completion date of August 2008 and an estimated total project cost
of $15.7 million. As of January 31, 2008, approximately 71% of this
new medical office building was pre-leased to two tenants.
Construction on the project began in August 2007, and as of January
31, 2008, the Company has paid approximately $5.1 million in
construction costs.
During the third quarter of fiscal year 2008, the Company
completed development of its 67-unit Cottonwood IV multi-family
apartment building, adjacent to three existing apartment buildings
owned by the Company in Bismarck, North Dakota. The project cost
approximately $6.2 million to construct, and was completed in
January 2008.
Shareholder Equity, Distributions and Capital Structure
On January 14, 2008, IRET paid a quarterly distribution of
$0.1675 per share and unit on its common shares and limited
partnership units of IRET Properties. This was IRET's 147th
consecutive distribution at equal or increasing rates. IRET also
paid, on December 31, 2007, a quarterly distribution of $0.5156 per
share on its Series A preferred shares.
As of January 31, 2008, IRET had a total market capitalization
of $1.76 billion.
Conference Call Information
On February 27, 2008, IRET announced its plans to begin hosting
regular quarterly conference calls to discuss the Company's
quarterly financial and operational results. The first such call,
to discuss 3rd Quarter Fiscal Year 2008 Earnings, is scheduled for
Thursday, March 13, 2008 at 9:00 a.m. Central Daylight Time. In
order to use the limited time available more efficiently, the
Company requests that questions be submitted in advance, via e-mail
to the attention of IRET's Investor Relations Director at
msaari@iret.com, by 5:00 p.m. Central Daylight Time on Wednesday,
March 12, 2008. During the question and answer period, priority
will be given to addressing questions submitted in advance. The
call will be limited to 45 minutes, including questions and
answers. Conference call access information is as follows:
USA Toll Free Number: 1-800-860-2442
International Toll Free Number: 1-412-858-4600
A replay of the call will be archived on the "Investor
Relations/Upcoming Events and Presentations" page of IRET's
website, http://www.iret.com, through Friday, March 28, 2008.
Questions regarding the conference call should be directed to IRET
Investor Relations at msaari@iret.com.
About IRET
IRET is a self-administered, equity real estate investment trust
investing in income-producing properties located primarily in the
upper Midwest. IRET common and preferred owns a diversified
portfolio of properties consisting of 70 multi-family residential
properties with 9,548 apartment units; and 66 office properties, 35
medical properties (including senior housing), 16 industrial
properties and 37 retail properties with a total of approximately
10.8 million square feet of leasable space. IRET's distributions
have increased every year for 37 consecutive years. IRET common and
preferred shares are publicly traded on the NASDAQ Global Select
Market (symbols: IRETS and IRETP). IRET's press releases and
supplemental information are available on the Company website at
www.iret.com or by contacting Investor Relations at
701-837-4738.
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:
fluctuations in interest rates, the effect of government
regulation, 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 2007 Form
10-K. We assume no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
(1) The National Association of Real Estate Investment Trusts,
Inc. (NAREIT) defines FFO as net income (computed in accordance
with generally accepted accounting principles, excluding
gains/losses from sales of property plus real estate depreciation
and amortization. We consider FFO to be a standard supplemental
measure for equity real estate investment trusts because it
facilitates an understanding of the operating performance of
properties without giving effect to real estate depreciation and
amortization, which assume that the value of real estate assets
diminishes predictably over time. Since real estate values instead
historically rise or fall with market conditions, we believe that
FFO provides investors and management with a more accurate
indication of our financial and operating results.
(2) We measure the performance of our segments based on NOI,
which we define as total revenues less property operating expenses
and real estate taxes. We believe that NOI is an important
supplemental measure of operating performance for a real estate
investment trust's operating real estate because it provides a
measure of core operations that is unaffected by depreciation,
amortization, financing and general and administrative expense. NOI
does not represent cash generated by operating activities in
accordance with GAAP, and should not be considered an alternative
to net income, net income available for common shareholders or cash
flow from operating activities as a measure of financial
performance.
(3) Stabilized properties are those properties owned for the
entirety of both periods being compared. While results presented on
a stabilized property basis are not determined in accordance with
GAAP, management believes that measuring performance on a
stabilized property basis is useful to investors and to management
because it enables evaluation of how the Company's properties are
performing year over year.
(4) Economic occupancy represents actual rental revenues
recognized for the period indicated as a percentage of scheduled
rental revenues for the period. Percentage rents, tenant
concessions, straightline adjustments and expense reimbursements
are not considered in computing either actual revenues or scheduled
rent revenues.
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
for the three months and nine months ended January 31, 2008 and 2007
Three Months Ended Nine Months Ended
January 31 January 31
-------------------- --------------------
(in thousands, except per share data)
------------------------------------------
2008 2007 2008 2007
--------- --------- --------- ---------
REVENUE
Real estate rentals $ 44,703 $ 42,286 $ 133,469 $ 118,822
Tenant reimbursement 9,769 8,810 28,919 25,255
--------- --------- --------- ---------
TOTAL REVENUE 54,472 51,096 162,388 144,077
--------- --------- --------- ---------
OPERATING EXPENSE
Interest 15,840 15,220 46,969 43,126
Depreciation/amortization
related to real estate
investments 12,165 11,718 36,547 32,663
Utilities 4,192 4,003 12,454 10,634
Maintenance 6,188 4,987 18,225 15,424
Real estate taxes 6,749 6,147 19,659 16,959
Insurance 670 612 1,928 1,761
Property management expenses 3,794 3,309 11,317 10,029
Administrative expenses 1,234 1,169 3,457 3,066
Advisory and trustee services 114 68 354 208
Other operating expenses 343 319 1,053 933
Amortization related to
non-real estate investments 356 261 1,039 720
--------- --------- --------- ---------
TOTAL OPERATING EXPENSE 51,645 47,813 153,002 135,523
--------- --------- --------- ---------
Operating income 2,827 3,283 9,386 8,554
Interest income 953 700 1,646 1,403
Other non-operating income 70 308 443 567
--------- --------- --------- ---------
Income before minority interest
and discontinued operations
and gain (loss) on sale of
other investments 3,850 4,291 11,475 10,524
Gain (loss) on sale of other
investments 2 0 4 (36)
Minority interest portion of
operating partnership income (858) (1,054) (2,704) (2,303)
Minority interest portion of
other partnerships' (income)
loss (11) 12 25 (13)
--------- --------- --------- ---------
Income from continuing
operations 2,983 3,249 8,800 8,172
Discontinued operations, net of
minority interest 0 205 0 1,903
--------- --------- --------- ---------
NET INCOME 2,983 3,454 8,800 10,075
Dividends to preferred
shareholders (593) (593) (1,779) (1,779)
--------- --------- --------- ---------
NET INCOME AVAILABLE TO
COMMON SHAREHOLDERS $ 2,390 $ 2,861 $ 7,021 $ 8,296
========= ========= ========= =========
Earnings per common share from
continuing operations $ .04 $ .06 $ .14 $ .13
Earnings per common share from
discontinued operations .00 .00 .00 .04
--------- --------- --------- ---------
NET INCOME PER COMMON SHARE -
BASIC AND DILUTED $ .04 $ .06 $ .14 $ .17
========= ========= ========= =========
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS
Three Months Ended January 31,
(in thousands, except per share amounts)
--------------------------- ---------------------------
2008 2007
--------------------------- ---------------------------
Weighted Per Weighted Per
Avg Shares Share Avg Shares Share
and and and and
Amount units(2) unit(3) Amount units(2) unit(3)
------- ---------- ------- ------- ---------- -------
Net income $ 2,983 $ 3,454
Less dividends to
preferred
shareholders (593) (593)
------- -------
Net income
available to
common shareholders 2,390 55,304 $ .04 2,861 47,895 $ .06
Adjustments:
Minority interest
in earnings of
Unitholders 858 20,451 1,139 19,576
Depreciation and
amortization(1) 12,456 11,971
(Gains)/loss on
depreciable
property sales (2) (349)
------- ---------- ------- ------- ---------- -------
Funds from operations
applicable to common
shares and Units $15,702 75,755 $ .21 $15,622 67,471 $ .23
======= ========== ======= ======= ========== =======
Nine Months Ended January 31,
(in thousands, except per share amounts)
--------------------------- ---------------------------
2008 2007
--------------------------- ---------------------------
Weighted Per Weighted Per
Avg Shares Share Avg Shares Share
and and and and
Amount units(2) unit(3) Amount units(2) unit(3)
------- ---------- ------- ------- ---------- -------
Net income $ 8,800 $10,075
Less dividends to
preferred
shareholders (1,779) (1,779)
------- -------
Net income available
to common
shareholders 7,021 51,214 $ .14 8,296 47,466 $ .17
Adjustments:
Minority interest
in earnings of
Unitholders 2,704 20,406 2,909 16,366
Depreciation and
amortization(4) 37,393 33,439
(Gains)/loss on
depreciable
property sales (4) (2,986)
------- ---------- ------- ------- ---------- -------
Funds from operations
applicable to common
shares and Units $47,114 71,620 $ .66 $41,658 63,832 $ .65
======= ========== ======= ======= ========== =======
(1) Real estate depreciation and amortization consists of the sum of
depreciation/amortization related to real estate investments and
amortization related to non-real estate investments from the Condensed
Consolidated Statements of Operations, totaling $12,521 and $11,979, and
depreciation/amortization from Discontinued Operations of $0 and $50, less
corporate-related depreciation and amortization on office equipment and
other assets of $65 and $58, for the three months ended January 31, 2008
and 2007, respectively.
(2) UPREIT Units of the Operating Partnership are exchangeable for common
shares of beneficial interest on a one-for-one basis.
(3) Net income is calculated on a per share basis. FFO is calculated on a
per share and unit basis.
(4) Real estate depreciation and amortization consists of the sum of
depreciation/amortization related to real estate investments and
amortization related to non-real estate investments from the Condensed
Consolidated Statements of Operations, totaling $37,586 and $33,383, and
depreciation/amortization from Discontinued Operations of $0 and $231, less
corporate-related depreciation and amortization on office equipment and
other assets of $193 and $175, for the nine months ended January 31, 2008
and 2007, respectively.
RECONCILATION OF NET OPERATING INCOME TO THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands)
----------------------------------------------------------
Three Months Multi-
Ended January Family Commercial Commercial Commercial Commercial
31, 2008 Residential Office Medical Industrial Retail Total
--------- --------- --------- --------- --------- --------
Real estate
revenue $ 18,419 $ 20,621 $ 8,879 $ 3,028 $ 3,525 $ 54,472
Real estate
expenses 8,640 8,853 2,259 710 1,131 21,593
--------- --------- --------- --------- --------- --------
Net operating
income $ 9,779 $ 11,768 $ 6,620 $ 2,318 $ 2,394 32,879
========= ========= ========= ========= ========= --------
Interest (15,840)
Depreciation/
amortization (12,521)
Administrative,
advisory
and trustee
fees (1,348)
Operating
expenses (343)
Non-operating
income 1,023
--------- --------- --------- --------- --------- --------
Income before minority interest and discontinued operations and
(loss) gain on sale of other investments $ 3,850
========= ========= ========= ========= ========= ========
(in thousands)
----------------------------------------------------------
Three Months Multi-
Ended January Family Commercial Commercial Commercial Commercial
31, 2007 Residential Office Medical Industrial Retail Total
--------- --------- --------- --------- --------- --------
Real estate
revenue $ 16,956 $ 19,950 $ 8,729 $ 2,058 $ 3,403 $ 51,096
Real estate
expenses 7,708 7,940 2,009 297 1,104 19,058
--------- --------- --------- --------- --------- --------
Net operating
income $ 9,248 $ 12,010 $ 6,720 $ 1,761 $ 2,299 32,038
========= ========= ========= ========= ========= --------
Interest (15,220)
Depreciation/
amortization (11,979)
Administrative,
advisory
and trustee
fees (1,237)
Operating
expenses (319)
Non-operating
income 1,008
--------- --------- --------- --------- --------- --------
Income before minority interest and discontinued operations and
(loss) gain on sale of other investments $ 4,291
========= ========= ========= ========= ========= ========
(in thousands)
----------------------------------------------------------
Nine Months Multi-
Ended January Family Commercial Commercial Commercial Commercial
31, 2008 Residential Office Medical Industrial Retail Total
--------- --------- --------- --------- --------- --------
Real estate
revenue $ 54,529 $ 61,835 $ 26,764 $ 8,718 $ 10,542 $162,388
Real estate
expenses 25,655 26,297 6,575 1,836 3,220 63,583
--------- --------- --------- --------- --------- --------
Net operating
income $ 28,874 $ 35,538 $ 20,189 $ 6,882 $ 7,322 98,805
========= ========= ========= ========= ========= --------
Interest (46,969)
Depreciation/
amortization (37,586)
Administrative,
advisory
and trustee
fees (3,811)
Operating
expenses (1,053)
Non-operating
income 2,089
--------- --------- --------- --------- --------- --------
Income before minority interest and discontinued operations and
(loss) gain on sale of other investments $ 11,475
========= ========= ========= ========= ========= ========
(in thousands)
----------------------------------------------------------
Nine Months Multi-
Ended January Family Commercial Commercial Commercial Commercial
31, 2007 Residential Office Medical Industrial Retail Total
--------- --------- --------- --------- --------- --------
Real estate
revenue $ 49,822 $ 52,574 $ 25,817 $ 5,637 $ 10,227 $144,077
Real estate
expenses 23,055 21,447 6,296 800 3,209 54,807
--------- --------- --------- --------- --------- --------
Net operating
income $ 26,767 $ 31,127 $ 19,521 $ 4,837 $ 7,018 89,270
========= ========= ========= ========= ========= --------
Interest (43,126)
Depreciation/
amortization (33,383)
Administrative,
advisory
and trustee
fees (3,274)
Operating
expenses (933)
Non-operating
income 1,970
--------- --------- --------- --------- --------- --------
Income before minority interest and discontinued operations and
(loss) gain on sale of other investments $ 10,524
========= ========= ========= ========= ========= ========
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
--------------------------
January 31, April 30,
2008 2007
------------ ------------
ASSETS
Real estate investments
Property owned $ 1,558,560 $ 1,489,287
Less accumulated depreciation (209,400) (180,544)
------------ ------------
1,349,160 1,308,743
Unimproved land 18,635 7,392
Mortgage loan receivable, net of allowance 548 399
------------ ------------
Total real estate investments 1,368,343 1,316,534
------------ ------------
Other assets
Cash and cash equivalents 76,392 44,516
Marketable securities - available-for-sale 2,160 2,048
Receivable arising from straight-lining of
rents, net of allowance 13,753 12,558
Accounts receivable, net of allowance 3,842 3,171
Real estate deposits 1,103 735
Prepaid and other assets 821 568
Intangible assets, net of accumulated
amortization 29,025 33,240
Tax, insurance, and other escrow 8,060 7,222
Property and equipment, net 1,487 1,458
Goodwill 1,396 1,397
Deferred charges and leasing costs, net 13,528 11,942
------------ ------------
TOTAL ASSETS $ 1,519,910 $ 1,435,389
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Accounts payable and accrued expenses $ 29,573 $ 28,995
Mortgages payable 975,785 951,139
Other 1,019 896
------------ ------------
TOTAL LIABILITIES 1,006,377 981,030
------------ ------------
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST IN PARTNERSHIPS 12,768 12,925
MINORITY INTEREST OF UNITHOLDERS IN OPERATING
PARTNERSHIP (20,395,411 units at January 31, 2008
and 19,981,259 units at April 30, 2007) 155,301 156,465
SHAREHOLDERS' EQUITY
Preferred Shares of Beneficial Interest
(Cumulative redeemable preferred shares, no
par value, 1,150,000 shares issued and
outstanding at January 31, 2008 and April 30,
2007, aggregate liquidation preference of
$28,750,000) 27,317 27,317
Common Shares of Beneficial Interest (Unlimited
authorization, no par value, 56,977,406 shares
issued and outstanding at January 31, 2008,
and 48,570,461 shares issued and outstanding
at April 30, 2007) 433,645 354,495
Accumulated distributions in excess of net
income (115,546) (96,827)
Accumulated other comprehensive income (loss) 48 (16)
------------ ------------
Total shareholders' equity 345,464 284,969
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,519,910 $ 1,435,389
============ ============
CONTACT INFO Michelle R. Saari Investors Real Estate Trust PO
Box 1988 12 Main Street S Minot, North Dakota 58701 phone:
701.837.4738 fax: 701.838.7785 email: msaari@iret.com
Investors Real Estate Trust (NASDAQ:IRETS)
Historical Stock Chart
From May 2024 to Jun 2024
Investors Real Estate Trust (NASDAQ:IRETS)
Historical Stock Chart
From Jun 2023 to Jun 2024
