Investors Real Estate Trust Completes Sale of Commercial Retail Assets for $79 Million

MINOT, N.D., Oct. 1, 2015 /PRNewswire/ -- Investors Real Estate Trust (NYSE:IRET) (NYSE:IRET PR) (NYSE:IRET PRB) ("IRET" or the "Company") announced today that it successfully closed on the sale of 15 commercial retail properties for $79 million, netting the Company approximately $51 million in cash after retiring debt associated with these assets.

This announced closing was the final of three portfolio sales the Company completed in its fiscal 2016 second quarter, which began August 1, 2015.  IRET previously announced its plans to divest its Office and Retail segments with the objective of focusing its portfolio strategy and enhancing its operating platform.  Proceeds from this sale will be used to fund new acquisitions and development projects already underway, pay down debt, and increase the Company's overall liquidity.

"Selling these property segments was a bold and monumental shift for IRET, and we are thrilled by the outcome," said Matt Volpano, IRET's Vice President of Investments.  "With renewed energy, focus, and resources, we can now turn our attention to growing our core portfolio, creating new opportunities for our employees, and increasing value for our shareholders."

About Investors Real Estate Trust

Investors Real Estate Trust is a self-advised equity real estate investment trust. Its business focus consists of owning and operating income-producing multifamily and healthcare properties located primarily in the upper Midwest states of Minnesota and North Dakota. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis and St. Cloud, Minnesota.

Safe Harbor

Statements about IRET's future expectations and all other statements in this press release other than historical facts, including statements regarding 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.

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SOURCE Investors Real Estate Trust