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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Thursday, February 1, 2:23 AM

Slide #414. Investors Real Estate Trust Preferred Stock Offering

Company: Investors Real Estate Trust (NYSE:IRET)
Underwriters: Robert W. Baird & Co. Incorporated, RBC Capital Markets, LLC
Security type: Series B Preferred Shares (NYSE:IRET.PRB)
Shares Offered: 4,000,000
Date of Pricing: 7/31/2012
Price Per Share: $25.00
Closed Date: 8/7/2012
Date of Over-Allotment Closing: 8/7/2012
Final Completed Deal Size: 4,600,000
Preferred Stock Offering Details: Investors Real Estate Trust announced the full exercise of the underwriters' over-allotment option and the sale of an additional 600,000 shares of the Company's 7.95% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest (Liquidation Preference $25 per Share), no par value per share (the "Series B Preferred Shares"). The over-allotment option was granted in connection with the Company's underwritten public offering of 4,000,000 Series B Preferred Shares, which priced on July 31, 2012 (the "Series B Offering"). The Company also announced the closing today on the Series B Offering of 4,600,000 Series B Preferred Shares, including 600,000 Series B Preferred Shares pursuant to the full exercise of the underwriters' over-allotment option, at a public offering price of $25.00 per share. Total net proceeds, after deducting the underwriting discount and estimated offering-related costs payable by the Company, were approximately $111.2 million.

Investors Real Estate Trust is a self-advised equity real estate investment trust engaged in acquiring, owning and leasing real estate. Co. conducts its day-to-day business operations through its operating partnership, IRET Properties. Co.'s investments consist of multifamily and healthcare properties located primarily in the Midwest states of Minnesota and North Dakota. As of Apr 30 2017, Co. held for investment 87 multifamily properties containing apartment units and 42 commercial properties, consisting of healthcare, and office, retail and industrial. Co. operates in two reportable real estate segments: multifamily and healthcare.

Preferreds: IRETP, IRET.PRB, IRET.PR


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Name: Investors Real Estate Trust
Website: iret.com
Sector: REITs
Number of ETFs Holding IRET: 21 (see which ones)
Total Market Value Held by ETFs: $77,454,682
Total Market Capitalization: $676,000,000
% of Market Cap. Held by ETFs: 11.46%

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