MINNEAPOLIS, June 12, 2017 /PRNewswire/ -- IRET (NYSE: IRET) a real estate investment trust, announced today that Susan J. Picotte has been hired for the position of Vice President of Asset Management, effective immediately.
"We are pleased to welcome Susan to lead our asset management division. This addition completes our leadership team and enhances our ability to execute on our strategy. We believe her contributions will add meaningful value to our shareholders," Stated Mark O. Decker, Jr., Chief Executive Officer.
Ms. Picotte most recently served as director of client services and real estate at Greystar Real Estate, a privately held property management, development and investment firm. Her responsibilities included identifying real estate investment opportunities for current and prospective clients, and facilitating business-opportunity partnerships between current and prospective clients. Prior to working at Greystar Real Estate, Ms. Picotte was the Director of Asset Management at Steven Scott Management, with a direct focus on property portfolio operations management with numerous leadership responsibilities.
IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130 properties that were held for investment, consisting of: (1) 86 multifamily properties consisting of 12,813 units, and (2) 44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space. IRET's common shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRETPRB, respectively). IRET's press releases and supplemental information are available on its website at www.iret.com or by contacting Investor Relations at 701-837-7104.
Certain statements in this press release, including statements regarding IRET's plans and expectations with respect to its strategic transformation and the closing of the remaining sales of senior housing properties pursuant to two existing agreements, 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: changes in operating costs; the effect of government regulation; the availability of capital; changes in general and local economic and real estate market conditions; IRET's ability to complete acquisitions and dispositions on attractive terms, or at all; IRET's ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other payment dates; IRET's ability to maintain financial covenant compliance under its debt agreements; fluctuations in interest rates; IRET's ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; competition; IRET's ability to attract and retain skilled personnel; and those risks and uncertainties detailed from time to time in IRET's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended April 30, 2016. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
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