INVESTORS REAL ESTATE TRUST (NYSE:IRET) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01. Completion of Acquisition or Disposition of
As previously disclosed in a Current Report on Form8-K filed with
the Securities and Exchange Commission (SEC) on August31,
2016,IRET Properties, a North Dakota Limited Partnership and the
operating partnership of Investors Real Estate Trust (Company),
and various of its subsidiaries (collectively, IRET) entered into
six separate Agreements for Sale and Purchase of Property
(collectively, the Agreements) to sell 26 senior housing
properties and one multifamily property located in MN, MT, NE,
ND, SD and WY (collectively, Properties) for approximately $236.0
million in cash, with Edgewood Properties Management LLC,
Edgewood Properties, LLP and various of its affiliates and
subsidiaries who are tenants that leased and operated the
properties (collectively, Buyer).
As of March1, 2017,IRET completed the sales of 23 of the
Properties to four of the Agreements for a combined sales price
of $185.6 million. The sales to the remaining two Agreements are
expected to be completed no later than April28, 2017, although
such sales remain subject to customary closing conditions and,
accordingly, no assurances can be given as to the timing or
successful completion of the sales of these remaining Properties.
The above description of the Agreements is a summary only and is
qualified in its entirety by reference to the full text of the
Agreements, copies of which were previously filed as Exhibits
10.1 through 10.6 to the Companys Quarterly Report on Form10-Q
filed with the SEC on December12, 2016, and are incorporated
herein by reference.
In connection with the completion of the sales to the four
Agreements and the assumed closing of the sales to the remaining
two Agreements, the Company is filing, as Exhibit99.1 hereto, pro
forma financial information, which is incorporated herein by
Item 7.01. Regulation FD
On March7, 2017, the Company issued a press release announcing
the status of the closings of the Agreements, as described above
under Item 2.01, among other things, which is attached hereto as
Exhibit99.2 (Press Release), and is hereby incorporated by
The information set forth in this Item 7.01, including
Exhibit99.2, is being furnished to Item 7.01 and shall not be
deemed filed for purposes of Section18 of the Securities Exchange
Act of 1934, as amended (the Exchange Act), or otherwise subject
to the liabilities of that Section, and it shall not be deemed
incorporated by reference in any filing under the Securities Act
of 1933, as amended, or under the Exchange Act, except as
expressly provided by specific reference in such a filing.
Item 9.01 Financial Statements and
(b) Pro forma financial information. The following pro
forma financial information reflecting the sales described above
is filed herewith as Exhibit99.1:
Unaudited Pro Forma Condensed Consolidated Balance Sheet as of
Notes to Unaudited Pro Forma Financial Information
(d) Exhibits. The following exhibits are being filed
or furnished, as applicable, herewith.
Unaudited Pro Forma Financial Information.
Press Release dated March7, 2017.
About INVESTORS REAL ESTATE TRUST (NYSE:IRET)
Investors Real Estate Trust is a self-advised equity real estate investment trust (REIT). The Company’s business consists of owning and operating income-producing real estate properties. Its segments include Multifamily, Healthcare and All Other. Its investments consist of multifamily and healthcare properties located primarily in the upper Midwest states of Minnesota and North Dakota. It conducts its business operations through its operating partnership, IRET Properties, which is principally engaged in acquiring, owning, operating and leasing real estate. It invests in multifamily properties and commercial properties that are leased to single or multiple tenants, usually for approximately five years or longer. As of April 30, 2016, the Company held for investment 99 multifamily properties containing 12,950 apartment units and 47 commercial properties, consisting of healthcare, industrial, office and retail, containing approximately 2.9 million square feet of leasable space. INVESTORS REAL ESTATE TRUST (NYSE:IRET) Recent Trading Information
INVESTORS REAL ESTATE TRUST (NYSE:IRET) closed its last trading session down -0.11 at 6.32 with 340,643 shares trading hands.