This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

IRET Properties Completes New $60 Million Bank Facility

MINOT, N.D., Aug. 18, 2010 (GLOBE NEWSWIRE) -- Investors Real Estate Trust ("IRET") (Nasdaq:IRET) (Nasdaq:IRETP) announced today that its operating partnership, IRET Properties, has arranged a $60 million line of credit to be used for general corporate purposes, including acquisition and development, the ND based REIT says.   First International Bank & Trust, a North Dakota state bank ("Lender"), has agreed to provide a revolving credit line with a commitment amount at the time of close of $39 million. At the discretion of the Lender, the total commitment available under the credit line may be increased to $60 million. 

Thomas A. Wentz, Jr., IRET's senior vice president and chief operating officer, commented, "IRET views the new credit facility as a flexible mechanism to leverage the value of its portfolio using the funds to acquire additional income producing properties in IRET's core markets as well as pay down more expensive debt."

As of August 13, 2010, the Lender has informed IRET that participants in the credit line include First International Bank & Trust, First Western Bank & Trust and The Bank of North Dakota, each at $12 million; United Community Bank of North Dakota at $2 million; and American State Bank & Trust Company at $1 million. The line of credit is secured by mortgages on various properties owned by IRET and IRET Properties. 

Wentz further commented, "Despite the well publicized uncertainty in the lending market, IRET's relationship with a core group of North Dakota Banks has allowed it to access the value of its unencumbered real estate assets on terms and at a rate which will allow IRET to continue to grow its portfolio."

The recently established credit line replaces a number of smaller and shorter term borrowing facilities which will provide IRET with the ability to pursue attractive real estate opportunities. IRET will report its financial results for the first quarter of fiscal year 2011, on September 9, 2010.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs