MINOT, N.D., April 4, 2016 /PRNewswire/ -- Investors Real Estate Trust (NYSE: IRET) (NYSE: IRETPR) (NYSE: IRETPRB), a self-administered, equity real estate investment trust investing in income-producing properties located primarily in the upper Midwest, today announced the sale of Nebraska Orthopaedic Hospital, a healthcare facility in Omaha, Nebraska for $24.3 million to the in-place tenant.
"The sale of Nebraska Orthopaedic Hospital provides us with an opportunity to recycle capital toward high quality multifamily assets in our core geographies. We remain focused on maximizing the value of our portfolio and continue to look for accretive acquisitions that match our long term objectives and drive shareholder returns," said Tim Mihalick, President and Chief Executive Officer of the Company.
The Nebraska Orthopaedic Hospital is located at 2808 South 143rd Plaza in Omaha, Nebraska, containing 61,758 rentable square feet. Nebraska Orthopaedic Hospital, LLC, the sole tenant, exercised its option under the lease agreement to purchase the property at the appraised value.
About Investors Real Estate Trust
We are a self-administered, equity real estate investment trust investing in income-producing properties located primarily in the upper Midwest. We hold for investment a portfolio of 173 properties consisting of 90 multifamily properties, 65 healthcare properties (including senior housing), 7 industrial properties and 10 other commercial properties with a total of 4.5 million square feet of leasable space. Our common shares, Series A preferred shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET, IRETPR and IRETPRB, respectively). Our press releases and supplemental information are available on our website at www.iret.com or by contacting Investor Relations at 203-682-8377.
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 regulation, 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 Annual Report on Form 10-K for fiscal year ended April 30, 2015. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
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SOURCE Investors Real Estate Trust