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Investors Real Estate Trust, 7.95% Series B Cumulative Redeem Preferred Shares
Ticker Symbol: IRET-B* CUSIP: 461730301 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/30/2017
Security has been Called for: Monday, October 30, 2017
Sept. 29, 2017 -- IRET (NYSE: IRET) today provided notice to the record holders of the Company's 7.95% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest of the redemption of all 4,600,000 of the issued and outstanding Series B Preferred Shares. The cash redemption amount for each Series B Preferred Share is $25.00 plus accrued and unpaid dividends to, but excluding, the redemption date of October 30, 2017. On the Redemption Date, dividends on the Series B Preferred Shares will cease to accrue. Payment of the Redemption Amount will be made only upon delivery and surrender of the Series B Preferred Shares to American Stock Transfer & Trust Company, LLC, the Company's redemption and paying agent, during its normal business hours at the address specified in the Notice of Redemption. The Notice of Redemption and related materials were mailed today to holders of record of the Series B Preferred Shares. Questions relating to the Notice of Redemption and related materials should be directed to American Stock Transfer & Trust Company, LLC at 877-248-6417. ____________ Sept. 26, 2017 -- IRET today announced the pricing of an underwritten public offering of 4,000,000 of its 6.625% Series C Cumulative Redeemable Preferred Shares at a public offering price of $25.00 per share, for gross proceeds of approximately $100.0 million. The Company will contribute the net proceeds from the offering to its operating partnership, which will use the net proceeds to redeem the Company's outstanding 7.95% Series B Cumulative Redeemable Preferred Shares with an aggregate liquidation preference of approximately $115.0 million, plus accrued but unpaid dividends payable therewith. Pending the redemption of the Series B Preferred Shares, the operating partnership will use the net proceeds from the offering to reduce amounts outstanding under its unsecured revolving, multi-bank line of credit. To the extent that the net proceeds from the offering are insufficient to redeem all of the outstanding Series B Preferred Shares, the operating partnership plans to fund the deficiency with additional borrowings from its line of credit.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Investors Real Estate Trust, 7.95% Series B Cumulative Redeem Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 8/7/2017 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 7.95% per annum ($1.9875 per annum or $0.496875 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date that will be the 15th calendar day of the month in which the payment is due or on the record date fixed by the board, not more than 90 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Upon the occurrence of a change of control resulting in the common shares of the surviving entity no longer being listed listed on the NYSE, the AMEX or the Nasdaq exchanges, the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). 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 regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, 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 - 8/1/2012 - 4.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $100.0 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
Matthew Volpano
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701-837-7104
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| Toll Free Phone Number |
888-478-4738 |
| CEO - Mark O. Decker Jr. |
CFO - John Kirchmann |
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