SOURCE: Investors Real Estate Trust

October 30, 2007 17:00 ET

Investors Real Estate Trust's Underwriters Exercise Over-Allotment Option

MINOT, ND--(Marketwire - October 30, 2007) - Investors Real Estate Trust (NASDAQ: IRETS) announced today that it has closed the sale of 900,000 of its common shares of beneficial interest pursuant to the underwriters' over-allotment option in connection with the Company's recent public equity offering. The shares were sold at the public offering price of $10.20 per share, less the applicable underwriting discount. The exercise of the over-allotment option brings the total shares sold in the offering to 6,900,000. The Company received aggregate net proceeds from the offering of approximately $66.3 million, after deducting underwriting discounts and commissions and estimated offering expenses.

Investors Real Estate Trust is a real estate investment trust with a diversified portfolio of multi-family residential and commercial office, medical, industrial and retail properties located primarily in the upper Midwest.

Robert W. Baird & Co., Incorporated was the bookrunning manager for the offering. D.A. Davidson & Co. and J.J.B. Hilliard, W.L. Lyons, Inc. were co-managers.

A registration statement relating to these securities was filed with and declared effective by the Securities and Exchange Commission. The offering is being made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from:

Robert W. Baird & Co., Incorporated
Attn:  Syndicate Department
777 E. Wisconsin Avenue
Milwaukee, WI  53202
Tel.: (414) 765-3632

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Contact Information

  • Contact:
    Michelle R. Saari
    Investors Real Estate Trust
    PO Box 1988
    12 Main Street South
    Minot, North Dakota 58701
    701.837.4738 phone
    701.838.8875 fax
    e-mail: info@iret.com
    www.iret.com