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 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
 Open the IRET Page at Preferred Stock Channel »
Open the IRET.PRB Page at Preferred Stock Channel for More Information About this Preferred »
| 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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