Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Investors Real Estate Trust
Preferred Equity Offering
Baird served as lead book-running manager in this offering.
Investors Real Estate Trust (Nasdaq: IRET) (“IRET” or the “Company”) recently completed an offering of 4,000,000 shares of its 7.950% Series B Cumulative Redeemable Preferred Stock at a price of $25.00 per share, generating $100.0 million in gross proceeds. The Company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition, development, renovation, expansion or improvement of income-producing real estate properties and debt repayment.
IRET is an equity real estate investment trust. The Company’s business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. IRET is based in Minot, North Dakota, and has additional offices in Minneapolis and St. Cloud, Minnesota.