MINOT, N.D., Sept. 3, 2010 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (Nasdaq:IRET) (Nasdaq:IRETP) announced today that its Board of Trustees has declared a regular quarterly distribution of 17.15 cents per share/unit payable on October 1, 2010 to common shareholders and unitholders of record at the close of business on September 15, 2010. The distribution reinvestment price will be the market price on October 1, 2010, less a discount of 5%. The Company has filed a registration statement with the Securities and Exchange Commission to register the number of common shares necessary to meet distribution reinvestment elections.
This 17.15 cents per common share/unit distribution represents the 158th consecutive quarterly distribution paid by IRET since its inception in 1970. The previous regular quarterly distribution, also of 17.15 cents per common share/unit, was paid July 1, 2010.
Timothy Mihalick, IRET's President and Chief Executive Officer, stated: "IRET's Board of Trustees continues to evaluate the Company's distribution payout level on a quarter-by-quarter basis, in view of the sustained economic downturn. IRET will release its first quarter Fiscal Year 2011 earnings at close of business on Thursday, September 9, 2010, and management expects to comment in more detail on the Board's distribution decision during the Company's quarterly earnings conference call scheduled for Friday, September 10, 2010 at 9:00 A.M. CDT."
Access information for IRET's quarterly earnings call is as follows:
Investors Real Estate Trust's Board of Trustees also declared today a distribution of 51.56 cents per share on the Company's Series A Cumulative Redeemable Preferred Shares (Nasdaq:IRETP). This distribution will be payable September 30, 2010 to Series A preferred shareholders of record on September 15, 2010.
About Investors Real Estate Trust
Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results. Such risks, uncertainties and other factors include, but are not limited to: fluctuations in interest rates, the effect of government regulations, the availability of capital, changes in general and local economic and real estate market conditions, competition, our ability to attract and retain skilled personnel, and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our 2010 Form 10-K. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
CONTACT: Investors Real Estate Trust Lindsey Knoop Anderson, Director of Investor Relations 701.837.4738 fax: 701.838.7785 email@example.com 3015 16th Street SW, Suite 100 PO Box 1988 Minot, North Dakota 58702-1988