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MINOT, N.D., May 16, 2013 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRETPRB), announced today that its operating partnership, IRET Properties, has closed on the sale of three commercial retail properties from its portfolio on May 14, 2013. In accordance with the company's strategic plan, IRET is continuing to dispose of selected assets and reallocate sales proceeds to development projects and deleveraging its balance sheet.
Eagan Retail I & II: a 19,301 sq. ft. retail center located in Eagan, MN was sold for $1,975,000.
Eagan Retail III: a 3,886 sq. ft. retail building located in Eagan, MN was sold for $334,688.
All of the Eagan properties were sold to the same buyer, for a collective sale price of $2,309,688.
About Investors Real Estate Trust
Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.
Statements about IRET's future expectations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
CONTACT: Lindsey Knoop Anderson
Director of Investor Relations
1400 31st Ave SW Suite 60
PO Box 1988
Minot, North Dakota 58702-1988