MINOT, N.D., Sept. 29, 2017 /PRNewswire/ -- IRET
(NYSE: IRET) (the "Company") today provided notice to the
record holders (the "Notice of Redemption") of the Company's 7.95%
Series B Cumulative Redeemable Preferred Shares of Beneficial
Interest (the "Series B Preferred Shares") of the redemption of all
4,600,000 of the issued and outstanding Series B Preferred
Shares. The cash redemption amount (the "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 (the "Redemption Date").
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.
About IRET
IRET is a multifamily real estate
investment trust (REIT) that acquires, develops, redevelops, and
manages multifamily communities located primarily in select growth
markets. As of July 31, 2017,
IRET owned interests in 130 properties that were held for
investment, including 88 multifamily properties consisting of
13,076 units and 42 commercial properties, which includes 29
healthcare properties, containing a total of approximately 2.6
million square feet of leasable space.
Forward-Looking Statements
This press release contains
certain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and other federal
securities laws. These forward-looking statements are based upon
the Company's expectations, but these statements are not guaranteed
to occur. Investors should not place undue reliance upon
forward-looking statements. These statements relate to the
redemption of the Series B Preferred Shares and the payment of the
Redemption Amount. The redemption of the Series B Preferred
Shares and related payment are subject to numerous conditions, many
of which are beyond the control of the Company, including, without
limitation, general economic conditions, market conditions and
other factors, including those set forth in the Risk Factors
section of the Company's periodic reports and other documents filed
with the Securities and Exchange Commission ("SEC"). Copies are
available on the SEC's website, www.sec.gov. The Company undertakes
no obligation to update these statements after the date of this
release.
Contact Information
Matthew
Volpano
Senior Vice President – Capital Markets
Phone: 701-837-7104
E-mail: IR@iret.com
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SOURCE IRET