MINOT, N.D., April 2, 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 pricing of its underwritten public offering of 5,750,000 common shares of beneficial interest, no par value per share (the "Common Shares"), at a public offering price of $9.25 per share, for net proceeds of approximately $50.9 million, after deducting the underwriting discount and other estimated offering-related costs.
The offering is expected to close on April 5, 2013 and is subject to customary closing conditions. The underwriters have a 30-day option to purchase up to an additional 1,200,000 Common Shares to cover over-allotments, if any.
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 are the joint book-running managers for the offering. D.A. Davidson & Co. and J.J.B. Hilliard, W.L. Lyons, LLC are acting as co-managers.
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.
The offering is being made only by means of a prospectus and related prospectus supplement, copies of which may be obtained (when available) 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; or 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.
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. For example, the fact that this offering has priced may imply that this offering will close, but the closing is subject to conditions customary in transactions of this type and may be delayed or may not occur at all. Investors should not place undue reliance upon forward-looking statements.