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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Thursday, January 23, 2:15 PM

Slide #476. Investors Real Estate Trust Preferred Stock Offering

Company: Investors Real Estate Trust (NYSE: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 that is 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 a number of other subsidiary entities.

Preferreds: IRETP, IRET.PRB, IRET.PR, IRET.PRC


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Name:  Investors Real Estate Trust
Website:  www.iret.com
Sector:  REITs
Number of ETFs Holding IRET:  30 (see which ones)
Total Market Value Held by ETFs:  $228,965,425
Total Market Capitalization:  $857,000,000
% of Market Cap. Held by ETFs:  26.72%
 

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