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MINOT, N.D., Sept. 3, 2010 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (Nasdaq:IRET) (Nasdaq:IRETP) announced today that its Board of Trustees has declared a regular quarterly distribution of 17.15 cents per share/unit payable on October 1, 2010 to common shareholders and unitholders of record at the close of business on September 15, 2010. The distribution reinvestment price will be the market price on October 1, 2010, less a discount of 5%. The Company has filed a registration statement with the Securities and Exchange Commission to register the number of common shares necessary to meet distribution reinvestment elections.
This 17.15 cents per common share/unit distribution represents the 158th consecutive quarterly distribution paid by IRET since its inception in 1970. The previous regular quarterly distribution, also of 17.15 cents per common share/unit, was paid July 1, 2010.
Timothy Mihalick, IRET's President and Chief Executive Officer, stated: "IRET's Board of Trustees continues to evaluate the Company's distribution payout level on a quarter-by-quarter basis, in view of the sustained economic downturn. IRET will release its first quarter Fiscal Year 2011 earnings at close of business on Thursday, September 9, 2010, and management expects to comment in more detail on the Board's distribution decision during the Company's quarterly earnings conference call scheduled for Friday, September 10, 2010 at 9:00 A.M. CDT."
Access information for IRET's quarterly earnings call is as follows:
USA Toll Free Number: 1-877-317-6789
International Toll Free Number: 1-412-317-6789
Canada Toll Free Number: 1-866-605-3852
Investors Real Estate Trust's Board of Trustees also declared today a distribution of 51.56 cents per share on the Company's Series A Cumulative Redeemable Preferred Shares (Nasdaq:IRETP). This distribution will be payable September 30, 2010 to Series A preferred shareholders of record on September 15, 2010.