Investors Real Estate Trust Announces Dispostion And Apartment Successes

May 19, 2015, 10:23 ET from Investors Real Estate Trust

MINOT, N.D., May 19, 2015 /PRNewswire/ -- Investors Real Estate Trust (NYSE: IRET) (NYSE: IRET PR) (NYSE: IRET PRB) ("IRET" or the "Company") today announced it sold the historic 117,144 sq. ft. Thresher Square Office Building for $7,000,000, which was 25% leased at the time of closing.  An affiliate of Sherman Associates, headquartered on the same block as Thresher, is the buyer and plans to convert most of the building into a hotel.  "This sale is in concert with IRET's plan to exit the office market during 2015", confirmed Mark Reiling, IRET's Chief Investment Officer.

Separately, on April 30th the Company held the grand opening for its 165 unit, class A Arcata Apartments development in Golden Valley, MN, at which time the project was 40% leased.

The Company also announced that its Red 20 Apartments joint venture development with Schafer Richardson in Northeast Minneapolis achieved 95% leased status on the 130 apartment units within 6 months of opening.

Safe Harbor

Statements about IRET's future expectations and all other statements in this press release other than historical facts, including statements regarding the potential sale of the Company's commercial office and retail properties and expected benefits from this update of the Company's strategic plan, are subject to various risks and uncertainties, and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.

CONTACT:      

Cindy Bradehoft

Director of Investor Relations

10050 Crosstown Circle, Suite 105

Eden Prairie, MN 55344

Phone: 952.401.4835

E-Mail: cbradehoft@iret.com

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SOURCE Investors Real Estate Trust