MINNEAPOLIS, Sept. 1, 2020 /PRNewswire/ -- IRET (NYSE:
IRET) announced today that it sold four apartment communities
consisting of 690 apartment homes in Grand Forks, North Dakota for an aggregate
sale price of $42.5 million. The four
Grand Forks properties are
Forest Park, Landmark, Southwind and
Valley Park. These dispositions continue the strategy of improving
the quality of our portfolio and capital recycling to focus on
expansion in the target markets of Denver, Nashville, and Minneapolis.
"There continues to be robust demand for our properties across
all markets," said Mark O. Decker
Jr., President and CEO. "We remain opportunistic. The
Grand Forks sale price represents
a premium to our long-term view of asset value. More importantly,
the overall quality and efficiency of our communities improve with
this transaction."
Operating Performance Update
IRET provided the following updates regarding August operating
performance:
- Collections were 98.6% of total revenues for August 2020 and 98.8% for the two months ended
August 31, 2020.
- Physical occupancy for same-store communities as of
August 31, 2020 was 94.5%, compared
to 93.5% as of August 31, 2019, and
94.8% as of June 30, 2020.
Upcoming Events
IRET will be participating in BMO's Real Assets Virtual Conference
September 2-3, 2020, and has posted
its updated Investor Presentation on its website at
http://ir.iretapartments.com/.
About IRET
IRET is a real estate company focused on
the ownership, management, acquisition, redevelopment, and
development of apartment communities. Currently, we own
interest in 66 apartment communities consisting of 11,445 apartment
homes. IRET's common shares and Series C preferred shares are
publicly traded on the New York Stock Exchange (NYSE symbols:
"IRET" and "IRET PC," respectively).
Investor Relations Contact Information
Emily Miller
Investor Relations
Phone: 701-837-7104
E-mail: IR@iret.com
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SOURCE IRET