Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Sun, August 14, 9:52 PM

Slide #582. Investors Real Estate Trust Preferred Stock Offering

Company: Investors Real Estate Trust (IRET)
Underwriters: Robert W. Baird & Co. Incorporated, RBC Capital Markets, LLC
Security type: Series B Preferred Shares (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 real estate investment trust focused on the ownership, management, acquisition, development, and redevelopment of apartment communities. Co. conducts a majority of its business activities through its consolidated operating partnership, IRET Properties, a North Dakota Limited Partnership, as well as through several other subsidiary entities.


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Investors Real Estate Trust

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