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Investors Real Estate Trust, 8.25% Series A Cumul Redeem Preferred Shares
Ticker Symbol: IRET-* CUSIP: 461730202 Exchange: NYSE
* NOTE: This security is no longer trading as of 12/02/2016
Security has been Called for: Friday, December 2, 2016
Nov. 1, 2016 -- IRET (NYSE: IRET) today announced the completion of the sale of eight senior housing assets in Idaho, totaling 313 units, for a total sales price of approximately $43.9 million on October 31, 2016. Additionally, IRET today announced that it intends to redeem all 1,150,000 outstanding shares of its 8.25% Series A Cumulative Redeemable Preferred Shares (NYSE: IRET PR) on December 2, 2016, at a redemption price per share equal to the liquidation preference of $25.00 plus all accumulated and unpaid distributions up to and including the Redemption Date. Distributions on the Preferred A Shares will cease to accrue from and after the Redemption Date. As of the Redemption Date, the Preferred A Shares will no longer be deemed outstanding and all rights of the holders of the Preferred A Shares will terminate, except the right to receive the Redemption Price without interest. ____________ Sept. 1, 2016 -- Investors Real Estate Trust today announced that its Board of Trustees has authorized the redemption of some or all of its 1,150,000 outstanding shares of 8.25% Series A Cumulative Redeemable Preferred Shares (NYSE:IRET PR) from time to time, but no later than by December 31, 2016. Each redemption date and the number of shares to be redeemed will be determined by IRET, and may be contingent upon the occurrence of certain events. This authorization does not obligate IRET to redeem any particular amount of shares and the specifics of any particular redemption will be disclosed by IRET, as applicable, in subsequent press releases. The Preferred A Shares will be redeemed at a cash redemption price of $25.00 per share, plus any accumulated and unpaid distributions up to and including the applicable redemption date, without interest. All Preferred A Shares are held by Cede & Co. as nominee of the Depository Trust Company, or DTC, and are held in in book-entry form through DTC. Accordingly, any redemption of the Preferred A Shares, including payment of the redemption price, will be completed according to DTC's procedures. This press release does not constitute a notice of redemption under IRET's Articles of Amendment and Third Restated Declaration of Trust governing the Preferred A Shares.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Investors Real Estate Trust, 8.25% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25 per share, redeemable at the issuer's option on or after 4/26/2009 at $25 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 8.25% ($2.0625) per annum paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the 15th day of the month in which the payment is due or on the date fixed by the board, not more than 30 days or less than 10 days prior to the payment date. Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (CSR)
IPO - 4/22/2004 - 1.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: IRETP Changed: 12/18/2012
Market Value $25.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1400 31st Ave SW, Suite 60, Minot, ND 58702 |
| Main Phone Number |
701-837-4738 |
| Fax Number |
701-838-7785 |
| Investor Relations
Lindsey Knoop Anderson
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701-837-4738
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| Toll Free Phone Number |
888-478-4738 |
| CEO - Timothy P. Mihalick |
CFO - Diane K. Bryantt |
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