MINOT, N.D., Sept. 29, 2017 /PRNewswire/ -- IRET
(NYSE: IRET) (the "Company") today provided notice to the record holders (the "Notice of Redemption") of the Company's 7.95%
Series B Cumulative Redeemable Preferred Shares of Beneficial Interest (the "Series B Preferred Shares") of the redemption of all
4,600,000 of the issued and outstanding Series B Preferred Shares. The cash redemption amount (the "Redemption Amount") for
each Series B Preferred Share is $25.00 plus accrued and unpaid dividends to, but excluding, the
redemption date of October 30, 2017 (the "Redemption Date").
On the Redemption Date, dividends on the Series B Preferred Shares will cease to accrue. Payment of the Redemption
Amount will be made only upon delivery and surrender of the Series B Preferred Shares to American Stock Transfer & Trust
Company, LLC, the Company's redemption and paying agent, during its normal business hours at the address specified in the Notice
of Redemption.
The Notice of Redemption and related materials were mailed today to holders of record of the Series B Preferred Shares.
Questions relating to the Notice of Redemption and related materials should be directed to American Stock Transfer & Trust
Company, LLC at 877-248-6417.
About IRET
IRET is a multifamily real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily
communities located primarily in select growth markets. As of July 31, 2017, IRET owned
interests in 130 properties that were held for investment, including 88 multifamily properties consisting of 13,076 units and 42
commercial properties, which includes 29 healthcare properties, containing a total of approximately 2.6 million square feet of
leasable space.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's
expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon
forward-looking statements. These statements relate to the redemption of the Series B Preferred Shares and the payment of
the Redemption Amount. The redemption of the Series B Preferred Shares and related payment are subject to numerous
conditions, many of which are beyond the control of the Company, including, without limitation, general economic conditions,
market conditions and other factors, including those set forth in the Risk Factors section of the Company's periodic reports and
other documents filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements after the
date of this release.
Contact Information
Matthew Volpano
Senior Vice President – Capital Markets
Phone: 701-837-7104
E-mail: IR@iret.com
View original content:http://www.prnewswire.com/news-releases/iret-announces-redemption-of-795-series-b-cumulative-redeemable-preferred-shares-of-beneficial-interest-300528548.html
SOURCE IRET