MINOT, N.D., Sept. 29, 2017 /PRNewswire/ -- IRET (NYSE: IRET) (the "Company") today provided notice to the record holders (the "Notice of Redemption") of the Company's 7.95% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest (the "Series B Preferred Shares") of the redemption of all 4,600,000 of the issued and outstanding Series B Preferred Shares. The cash redemption amount (the "Redemption Amount") for each Series B Preferred Share is $25.00 plus accrued and unpaid dividends to, but excluding, the redemption date of October 30, 2017 (the "Redemption Date").
On the Redemption Date, dividends on the Series B Preferred Shares will cease to accrue. Payment of the Redemption Amount will be made only upon delivery and surrender of the Series B Preferred Shares to American Stock Transfer & Trust Company, LLC, the Company's redemption and paying agent, during its normal business hours at the address specified in the Notice of Redemption.
The Notice of Redemption and related materials were mailed today to holders of record of the Series B Preferred Shares. Questions relating to the Notice of Redemption and related materials should be directed to American Stock Transfer & Trust Company, LLC at 877-248-6417.
IRET is a multifamily real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily communities located primarily in select growth markets. As of July 31, 2017, IRET owned interests in 130 properties that were held for investment, including 88 multifamily properties consisting of 13,076 units and 42 commercial properties, which includes 29 healthcare properties, containing a total of approximately 2.6 million square feet of leasable space.
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. These statements relate to the redemption of the Series B Preferred Shares and the payment of the Redemption Amount. The redemption of the Series B Preferred Shares and related payment are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, general economic conditions, market conditions and other factors, including those set forth in the Risk Factors section of the Company's periodic reports and other documents filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements after the date of this release.
Senior Vice President – Capital Markets