Press Release

IRET Completes Sale of Two Additional Medical Office Buildings

Company Release - 1/22/2018 4:30 PM ET

MINNEAPOLIS, Jan. 22, 2018 /PRNewswire/ -- IRET (NYSE: IRET) completed the sale of two additional medical office buildings on January 19, 2018, for an aggregate sale price of approximately $30.5 million.  This follows the Company's announcement on January 2, 2018, that it sold 25 medical office buildings for an aggregate sale price of approximately $367.7 million.

With these latest transactions, IRET has now sold 27 of its 28 healthcare properties for an aggregate sale price of approximately $398.2 million.  The final property remains under contract for sale pending the satisfaction of certain closing conditions.  Over the next six months, if the closing conditions are met, IRET expects to complete the sale of the final property for a sale price of approximately $1.9 million.

About IRET
IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of multifamily apartment communities.  As of October 31, 2017, IRET owned interests in 89 multifamily properties consisting of 13,576 apartment homes and 40 commercial properties, including 28 healthcare and 12 other commercial properties, with a total of 2.5 million square feet of leasable space.  IRET's common shares and Series C preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRET PRC, respectively).  IRET's press releases and supplemental information are available on its website at www.iretapartments.com or by calling Investor Relations at 701-837-7104.

Forward-Looking Statements
Certain statements in this press release are based on our current expectations and assumptions, and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future.  Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and variations of those words and similar expressions are intended to identify forward-looking statements.  These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from projected results.  Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be achieved.  Any statements contained herein that are not statements of historical fact should be deemed to be forward-looking statements.  As a result, reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from our actual results and performance.  Such risks and uncertainties those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" contained in our Annual Report on Form 10-K for the fiscal year ended April 30, 2017, and in subsequent quarterly reports on Form 10-Q.  We assume no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.

Contact Information
Matthew Volpano
Senior Vice President – Capital Markets
Phone: 701-837-7104
E-mail: IR@iret.com

 

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SOURCE IRET