IRET Announces Recent Acquisition Activity
October 18 2011 - 3:17PM
Investors Real Estate Trust ("IRET") (Nasdaq:IRET) (Nasdaq:IRETP)
announced today that its operating partnership, IRET Properties,
has completed the acquisition of the 6525 Drew Avenue South medical
office building in Edina, Minnesota, along with the Cottage West
Twin Homes and the Gables Townhomes, both located in Sioux Falls,
South Dakota. In accordance with the company's strategic plan to
condense its geographic footprint, IRET is continuing to focus on
the markets in which it currently operates.
The medical office building located at 6525 Drew Avenue South
was acquired for a purchase price of $505,000, and has
approximately 3,431 square feet. The 6525 building adjoins the 6517
Drew Avenue property already owned by IRET, and will also be
managed internally by IRET Properties.
The Cottage West Twin Homes were acquired for a purchase price
of $4,730,000 and consists of 50 units (25 twin homes) sitting on
approximately 8.81 acres. Gables, which has 24 units (8 3-Plex
Townhomes) sits on approximately 2.8 acres, and was acquired for a
purchase price of $2,270,000. Both the Cottage West Twin Homes and
the Gables Townhomes will be internally managed by IRET
Properties.
About Investors Real Estate Trust
IRET is an equity real estate investment trust founded in 1970
with a diversified portfolio of multi-family residential, office,
medical, industrial and retail properties located in 13 states,
primarily in the upper Midwest. IRET's headquarters are located in
Minot, North Dakota, and it has additional offices in Minneapolis,
Minnesota and Omaha, Nebraska. IRET's common shares of
beneficial interest trade on the NASDAQ Global Select Market under
the symbol IRET. For more information, visit IRET's website at
www.iret.com.
Safe Harbor
Statements about IRET's future expectations and all other
statements in this press release other than historical facts are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934, and as that term is defined in the Private Securities
Litigation Reform Act of 1995. The Company intends that such
forward-looking statements be subject to the safe harbors created
thereby. Since these statements involve risks and
uncertainties and are subject to change at any time, the Company's
actual results could differ materially from expected results.
CONTACT: Lindsey Anderson
Director of Investor Relations
1400 31st Ave SW, Suite 60
PO Box 1988
Minot, North Dakota 58702-1988
phone: 701.837.4738
fax: 701.838.7785
email:landerson@iret.com
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