Press Release

IRET Announces Completion of 1-for-10 Reverse Stock Split

- Previously Announced January 2019 Dividend of $0.07 Per Share Will Now Be $0.70 Per Share

Company Release - 12/31/2018 4:30 PM ET

MINNEAPOLIS, Dec. 31, 2018 /PRNewswire/ -- IRET (NYSE: IRET) announced today that it has completed its previously announced 1-for-10 reverse stock split of its outstanding shares of common stock and operating units.  The reverse stock split took effect after the market closed on December 27, 2018, with trading commencing on a split-adjusted basis on December 28, 2018.

Pursuant to the reverse stock split, every ten (10) issued and outstanding shares of common stock and operating units of IRET were converted into one (1) share of common stock or operating unit of IRET. Accordingly, the previously announced quarterly dividend of $0.07 per common share payable on January 15, 2019 to shareholders of record as of January 2, 2019 will now be $0.70 per common share, reflecting the 1-for-10 reverse stock split. IRET shares will continue to trade on the NYSE under the same ticker "IRET" and with a new CUSIP number (461730 509).

The reverse stock split affected all record holders of IRET common stock and operating units uniformly and did not affect any record holder's percentage ownership interest in IRET, except for de minimus changes as a result of the elimination of fractional shares. The reverse stock split reduced the number of shares of common stock and operating units outstanding from approximately 133,405,000 shares and units as of October 31, 2018 to approximately 13,340,500 shares and units following the reverse stock split (prior to adjustments for fractional shares).

Holders of common stock who hold in "street name" in their brokerage accounts do not have to take any action as a result of the reverse stock split. Their accounts will be automatically adjusted to reflect the number of shares owned. A letter of transmittal relating to the reverse stock split will be sent to record holders of certificates of common stock by American Stock Transfer & Trust Company, IRET's transfer agent, within twenty days of the effective time. Shareholders who receive a letter of transmittal should follow the instructions in that letter.

About IRET

IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of apartment communities.  IRET owns interests in 87 communities consisting of 13,702 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 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.

Contact Information
Jonathan Bishop
Vice President – Investments
Phone: 701-837-7104
E-mail: IR@iret.com 

IRET logo (PRNewsfoto/IRET)

 

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SOURCE IRET