SOURCE: Investors Real Estate Trust

November 19, 2008 15:40 ET

Investors Real Estate Trust Announces Increase in Regular Quarterly Common Share Distribution, and Declares Series A Preferred Share Distribution

MINOT, ND--(Marketwire - November 19, 2008) - Investors Real Estate Trust (NASDAQ: IRET) (NASDAQ: IRETP) announced today that its Board of Trustees has declared a regular quarterly distribution of 16.95 cents per share/unit payable on January 14, 2009, to common shareholders and unitholders of record at the close of business on January 2, 2009. The distribution reinvestment price will be the closing NASDAQ share price on January 14, 2009, less a discount of 5%. The Company has filed a registration statement with the Securities and Exchange Commission to register the number of common shares necessary to meet distribution reinvestment elections.

This 16.95 cents per common share/unit distribution represents the 151st consecutive quarterly distribution paid by IRET since its inception in 1970, and represents an increase of .05 cents or .3% over the previous regular quarterly distribution of 16.90 cents per common share/unit paid October 1, 2008.

Investors Real Estate Trust's Board of Trustees also declared today a distribution of 51.56 cents per share on the Company's Series A Cumulative Redeemable Preferred Shares (NASDAQ: IRETP). This distribution will be payable December 31, 2008, to Series A preferred shareholders of record on December 15, 2008.

About Investors Real Estate Trust

Investors Real Estate Trust is a self-advised equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial 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, Minnesota and Omaha, Nebraska.

Contact Information

  • CONTACT INFO

    Michelle R. Saari
    PO Box 1988
    12 Main Street S
    Minot, North Dakota 58701
    phone: 701.837.4738
    fax: 701.838.7785
    email: msaari@iret.com