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 statement.
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 syndicate@rwbaird.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) 822-4089.
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.
Forward-Looking Statements
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.