-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
NGlRUedU1QfD8B3Up90ic1lqG47qEZx8n8f/KFJqRcdyuWdslEPTVmCdyyIbJ1z0
N+4dolVRHDQ8yXFO6QC8yQ==
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices) |
(Zip code) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Applicant is a North Dakota Real Estate Investment Trust. As of January 31, 2001, it had 23,340,448 Shares of Beneficial Interest outstanding.
The accompanying condensed consolidated financial statements of Investors Real Estate Trust, and its subsidiaries (collectively, the Company), included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the footnotes thereto contained in the Annual Report on Form 10-K405 for the year ended April 30, 2000, of Investors Real Estate Trust, as filed with the SEC. The Condensed Consolidated Balance Sheet at April 30, 2000, contained herein, was derived from audited financial statements, but does not include all disclosures included in the Form 10-K405 and applicable under generally accepted accounting principles. Certain information and footnote disclosures normally included in interim financial statements prepared in accordance with generally accepted accounting principles have been omitted.
In the opinion of the company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (of a normal recurring nature) necessary for a fair presentation of the financial statements. The results of operations for the nine months ended January 31, 2001, are not necessarily indicative of operating results for the entire year.
ASSETS |
01/31/01 |
04/30/00 |
Real Estate Investments | ||
Real Estate Owned |
$ 553,295,579 |
$ 449,919,890 |
Less Accumulated Depreciation |
-42,181,649 |
-33,232,952 |
$ 511,113,930 |
$ 416,686,938 |
|
Mortgage Loans Receivable |
$ 1,555,043 |
$ 1,650,284 |
Less Discounts and Allowances |
-120,314 |
-120,706 |
Total Real Estate Investments |
$ 512,548,659 |
$ 418,216,516 |
OTHER ASSETS |
01/31/01 |
04/30/00 |
Cash |
$ 7,716,140 |
$ 3,449,264 |
Marketable Securities Held to Maturity |
2,419,184 |
2,601,420 |
Marketable Securities Available for Sale |
635,141 |
572,811 |
Accounts Receivable |
230,878 |
467,441 |
Rent Receivable |
1,713,077 |
1,055,922 |
Real Estate Deposits |
2,930,970 |
768,850 |
Prepaid Insurance |
180,753 |
110,183 |
Prepaid Dividend |
506,527 |
0 |
Tax and Insurance Escrow |
4,975,202 |
3,218,603 |
Deferred Charges |
1,157,406 |
2,517,289 |
Furniture and Fixtures |
331,942 |
0 |
Goodwill |
1,577,604 |
0 |
TOTAL ASSETS |
$ 536,923,483 |
$ 432,978,299 |
LIABILITIES | ||
Accounts Payable and Accrued Expenses |
$ 9,346,514 |
$ 6,343,595 |
Notes Payable |
7,500,000 |
6,452,420 |
Mortgages Payable |
343,797,275 |
265,056,767 |
Investment Certificates Issued |
10,924,787 |
10,087,256 |
TOTAL LIABILITIES |
$ 371,568,576 |
$ 287,940,038 |
Minority Interest in Partnerships
Limited Partner NSCM |
3,278,890 |
0 |
Minority Interest in Operating
Partnership Limited Partnership Units 6,194,395 on 01/31/01 4,621,618 on 04/30/00 |
$ 47,774,266 |
$ 35,117,670 |
SHAREHOLDERS'
EQUITY Shares of Beneficial Interest 23,340,448 on 01/31/01 22,452,069 on 04/30/00 |
$ 126,306,769 |
$ 119,233,172 |
Accumulated Distribution in Excess of Net Income |
-11,848,843 |
-9,094,076 |
Accumulated Other Comprehensive Income/Loss |
-156,175 |
-218,505 |
Total Shareholders Equity |
114,301,751 |
109,920,591 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 536,923,483 |
$ 432,978,299 |
Ended 01/31/01 |
Ended 01/31/00 |
Ended 01/31/01 |
Ended 01/31/00 |
|
REVENUE | ||||
Real Estate Rentals* |
$ 18,619,120 |
$ 13,764,781 |
$ 54,127,259 |
$ 37,216,450 |
Interest, Discounts and Fees |
385,617 |
289,879 |
713,382 |
940,820 |
Total Revenue |
$ 19,004,737 |
$ 14,054,660 |
$ 54,840,641 |
$ 38,157,270 |
OPERATING EXPENSE | ||||
Interest |
$ 6,301,051 |
$ 4,431,814 |
$ 18,079,455 |
$ 11,732,673 |
Utilities and Maintenance |
2,845,786 |
1,994,123 |
8,234,629 |
5,560,718 |
Taxes |
1,847,064 |
1,261,261 |
5,247,862 |
3,357,454 |
Insurance |
187,534 |
140,140 |
529,286 |
373,050 |
Property Management Expenses |
1,540,540 |
1,137,537 |
4,320,100 |
3,025,581 |
Administrative Expense & Trustee Services |
273,870 |
294,841 |
1,113,520 |
818,673 |
Operating Expenses |
60,899 |
129,158 |
265,454 |
500,763 |
Amortization |
124,576 |
43,666 |
335,491 |
155,474 |
Total Expenses |
$ 13,181,320 |
$ 9,432,540 |
$ 38,125,797 |
$ 25,524,386 |
OPERATING INCOME (before reserves) |
$ 5,823,417 |
$ 4,622,120 |
$ 16,714,844 |
$ 12,632,884 |
DEPRECIATION |
-3,103,738 |
-2,231,252 |
-8,802,084 |
-5,961,808 |
INCOME BEFORE GAIN/LOSS ON
PROPERTIES AND MINORITY INTEREST |
2,719,679 |
2,390,868 |
7,912,760 |
6,671,076 |
GAIN ON SALE OF INVESTMENT |
25,124 |
0 |
25,124 |
1,777,814 |
MINORITY INTEREST OTHER PARTNERSHIP |
8,775 |
0 |
8,775 |
0 |
MINORITY INTEREST PORTION OF OPERATING PARTNERSHIP INCOME |
-426,316 |
-369,028 |
-1,390,602 |
-1,184,588 |
NET INCOME |
$ 2,327,262 |
$ 2,021,840 |
$ 6,556,057 |
$ 7,264,302 |
|
Includes $251,252 and $881,713 for 3 months and 9 months ended 01/31/01 respectively of straight-line rents." Straight-line rents were not significant and, therefore, not included in the prior years results. |
Ended 01/31/01 |
Ended 01/31/00 |
Ended 01/31/01 |
Ended 01/31/00 |
|
PER SHARE | ||||
Income before Gain(Loss)
on Properties Sold (after minority interest and reserves) |
$ 0.10 |
$ 0.09 |
$ 0.28 |
$ 0.26 |
Gain on Sale of Investments |
0.00 |
0.00 |
0.00 |
0.09 |
Net Income Per Share |
0.10 |
0.09 |
0.29 |
0.35 |
Dividends Paid Per Share |
0.140 |
0.128 |
0.4075 |
0.378 |
Average Number of Shares Outstanding |
23,217,257 |
21,652,944 |
22,952,316 |
20,549,278 |
Ended 01/31/01 |
Ended 01/31/00 |
Ended 01/31/01 |
Ended 01/31/00 |
|
OPERATING PARTNERSHIP FUNDS
FROM OPERATIONS |
||||
Income before
Gain(Loss) on Properties Sold** |
$ 2,719,679 |
$ 2,390,868 |
$ 7,912,760 |
$ 6,671,076 |
Plus Depreciation |
3,103,738 |
2,231,252 |
8,802,084 |
5,961,808 |
Funds from Operations** |
$ 5,823,417 |
$ 4,622,120 |
$ 16,714,844 |
$ 12,632,884 |
Average Number of Shares and Operating Partnership Units Outstanding |
29,135,078 |
25,386,914 |
28,328,616 |
23,541,549 |
** | Includes $251,252 and $881,713 for 3 months and 9 months ended 01/31/01 respectively of straight-line rents." Straight-line rents were not significant and, therefore, not included in the prior years results. |
OPERATING SEGMENTS
The following information summarizes the Trust's segment reporting for Residential and Commercial properties along with reconciliations to the consolidated financial statements:
QUARTER ENDING January 31, 2001
Commercial |
Residential |
Total |
|
Segment Revenue | |||
Rental Revenue |
$ 4,729,718 |
$ 13,889,402 |
$ 18,619,120 |
Segment Expenses | |||
Mortgage Interest |
2,058,715 |
4,071,044 |
6,129,759 |
Utilities and Maintenance |
272,820 |
2,572,966 |
2,845,786 |
Taxes |
431,115 |
1,415,948 |
1,847,063 |
Insurance |
30,206 |
157,328 |
187,534 |
Property Management |
87,051 |
1,453,489 |
1,540,540 |
Total Segment Expense |
$ 2,879,907 |
$ 9,670,775 |
$ 12,550,682 |
Segment Gross Profit |
$ 1,849,811 |
$ 4,218,627 |
$ 6,068,438 |
Reconciliation to consolidated operations: | |
Interest Discounts and Fee Revenue |
$ 385,617 |
Other Interest Expense |
-171,292 |
Depreciation |
-3,103,738 |
Administrative Expense and Trustee Fees |
-273,870 |
Operating Expenses |
-60,899 |
Amortization |
-124,576 |
Income Before Gain/Loss on Properties and Minority Interest |
$ 2,719,680 |
QUARTER ENDING January 31, 2000
Commercial |
Residential |
Total |
|
Segment Revenue | |||
Rental Revenue |
$ 2,241,737 |
$ 11,523,044 |
$ 13,764,781 |
Segment Expenses | |||
Mortgage Interest |
1,050,697 |
3,208,359 |
4,259,056 |
Utilities and Maintenance |
147,384 |
1,846,739 |
1,994,123 |
Taxes |
203,631 |
1,057,630 |
1,261,261 |
Insurance |
22,626 |
117,514 |
140,140 |
Property Management |
30,200 |
1,107,337 |
1,137,537 |
Total Segment Expense |
$ 1,454,538 |
$ 7,337,579 |
$ 8,792,117 |
Segment Gross Profit |
$ 787,199 |
$ 4,185,465 |
$ 4,972,664 |
Reconciliation to consolidated operations: | |
Interest Discounts and Fee Revenue |
$ 289,879 |
Other Interest Expense |
-172,758 |
Depreciation |
-2,231,252 |
Administrative Expense and Trustee Fees |
-294,841 |
Operating Expenses |
-129,158 |
Amortization |
-43,666 |
Income Before Gain/Loss on Properties and Minority Interest |
$ 2,390,868 |
Year to date as of January 31, 2001
Commercial |
Residential |
Total |
|
Segment Revenue | |||
Rental Revenue |
$ 13,162,852 |
$ 40,964,407 |
$ 54,127,259 |
Segment Expenses | |||
Mortgage Interest |
5,774,542 |
11,764,371 |
17,538,913 |
Utilities and Maintenance |
692,954 |
7,541,675 |
8,234,629 |
Taxes |
931,096 |
4,316,765 |
5,247,861 |
Insurance |
71,111 |
458,175 |
529,286 |
Property Management |
266,935 |
4,053,165 |
4,320,100 |
Total Segment Expense |
$ 7,736,638 |
$ 28,134,151 |
$ 35,870,789 |
Segment Gross Profit |
$ 5,426,214 |
$ 12,830,256 |
$ 18,256,470 |
Reconciliation to consolidated operations: | |
Interest Discounts and Fee Revenue |
$ 713,382 |
Other Interest Expense |
-540,543 |
Depreciation |
-8,802,084 |
Administrative Expense and Trustee Fees |
-1,113,520 |
Operating Expenses |
-265,454 |
Amortization |
-335,491 |
Income Before Gain/Loss on Properties and Minority Interest |
$ 7,912,760 |
Year to date as of January 31, 2000
Commercial |
Residential |
Total |
|
Segment Revenue | |||
Rental Revenue |
$ 6,327,542 |
$ 30,888,908 |
$ 37,216,450 |
Segment Expenses | |||
Mortgage Interest |
2,867,673 |
8,457,805 |
11,325,478 |
Utilities and Maintenance |
283,043 |
5,277,675 |
5,560,718 |
Taxes |
315,509 |
3,041,945 |
3,357,454 |
Insurance |
67,872 |
305,178 |
373,050 |
Property Management |
67,442 |
2,958,139 |
3,025,581 |
Total Segment Expense |
$ 3,601,539 |
$ 20,040,742 |
$ 23,642,281 |
Segment Gross Profit |
$ 2,726,003 |
$ 10,848,166 |
$ 13,574,169 |
Reconciliation to consolidated operations: | |
Interest Discounts and Fee Revenue |
$ 940,820 |
Other Interest Expense |
-407,195 |
Depreciation |
-5,961,808 |
Administrative Expense and Trustee Fees |
-818,673 |
Operating Expenses |
-500,763 |
Amortization |
-155,474 |
Income Before Gain/Loss on Properties and Minority Interest |
$ 6,671,076 |
QUARTER ENDING January 31, 2001
Commercial |
Residential |
Total |
|
Segment Assets | |||
Property Owned |
$ 195,279,465 |
$ 358,016,114 |
$ 553,295,579 |
Less Accumulated Depreciation |
-11,754,874 |
-30,426,775 |
-42,181,649 |
Total Property Owned |
$ 183,524,591 |
$ 327,589,339 |
$ 511,113,930 |
YEAR ENDING APRIL 30, 2000
Commercial |
Residential |
Total |
|
Segment Assets | |||
Property Owned |
$ 120,714,774 |
$ 329,205,116 |
$ 449,919,890 |
Less Accumulated Depreciation |
-8,203,307 |
-25,029,645 |
-33,232,952 |
Total Property Owned |
$ 112,511,467 |
$ 304,175,471 |
$ 416,686,938 |
01/31/01 |
01/31/00 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | ||
NET INCOME |
$ 6,556,057 |
$ 7,264,301 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and Amortization |
9,137,575 |
6,117,282 |
Minority interest portion of operating partnership income |
1,390,602 |
1,184,588 |
Accretion of discount on contracts |
-392 |
-1,129 |
Gain on Sale of Properties |
-25,124 |
-1,777,814 |
Interest reinvested in investment certificates |
228,247 |
258,941 |
Changes in other assets and liabilities: | ||
(Increase) decrease in real estate deposits |
-2,162,120 |
-1,531,600 |
(Increase) decrease in other assets |
-1,329,630 |
-328,976 |
(Increase) decrease in rent receivable |
-405,903 |
0 |
(Increase) decrease in tax and insurance escrow |
-1,756,599 |
-1,540,373 |
(Increase) decrease in deferred charges |
-953,980 |
-866,186 |
Increase (decrease) in accounts payable & accrued expenses |
3,002,919 |
2,017,767 |
Net cash provided from operating activities |
$ 13,681,652 |
$ 10,796,801 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturity of marketable securities held to maturity |
$ 182,236 |
$ 268,784 |
Principal payments on mortgage loans receivable |
2,273,047 |
496,151 |
Proceeds from sale of property |
0 |
296,462 |
Payments for acquisition and improvements of properties |
-30,726,764 |
-42,537,828 |
Purchase of marketable securities available for sale |
0 |
0 |
Investment in Mortgage loan receivable |
-2,148,911 |
-902,102 |
Net Cash used for investing activities |
$ -30,420,392 |
$ -42,378,533 |
01/31/01 |
01/31/00 |
|
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of shares |
$ 5,796,595 |
$ 19,151,372 |
Proceeds from investment certificates issued |
2,095,676 |
2,965,096 |
Proceeds from mortgages payable |
33,033,971 |
30,195,762 |
Proceeds from short-term lines of credit |
17,139,308 |
13,300,000 |
Proceeds from sale of minority interest |
0 |
1,000 |
Repurchase of shares/minority interest |
-939,062 |
-826,306 |
Dividends/Distributions Paid |
-6,494,822 |
-4,330,022 |
Prepaid Advances to DRIP |
-4,857,009 |
-3,705,731 |
Redemption of investment certificates |
-1,486,192 |
-4,551,878 |
Principal payments on mortgage loans |
-5,095,961 |
-3,236,967 |
Payments on short-term lines of credit |
-18,186,888 |
-13,300,000 |
Net cash provided from financing activities |
$ 21,005,616 |
$ 35,662,326 |
NET INCREASE (DECREASE) IN CASH |
$ 4,266,876 |
$ 4,080,594 |
CASH AT BEGINNING OF YEAR |
$ 3,449,264 |
$ 3,713,053 |
CASH AT END OF 3rd QUARTER |
$ 7,716,140 |
$ 7,793,647 |
SUPPLEMENTARY SCHEDULE OF NON-CASH
INVESTING AND FINANCING ACTIVITIES 2001 and 2000 |
01/31/01 |
01/31/00 |
Dividends reinvested |
$ 5,011,992 |
$ 4,703,902 |
Real estate investment and mortgage loans receivable acquired through assumption of mortgage loans payable and accrual of costs |
22,901,205 |
2,122,200 |
Mortgage loan receivable transferred to property owned |
0 |
0 |
Proceeds from Sale of Properties deposited directly with escrow agent |
1,733,721 |
3,524,781 |
Properties acquired through the issuance of minority interest units in the operating partnership |
14,779,518 |
19,208,469 |
Interest reinvested directly in investment certificates |
228,247 |
258,941 |
Goodwill attributed through the issuance of minority interest units in the operating partnership |
1,577,604 |
0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid during the year for: | ||
Interest paid on mortgages |
$ 15,812,113 |
$ 10,656,200 |
Interest paid on margin account and other |
229,799 |
71,652 |
Interest paid on investment certificates |
301,099 |
445,499 |
$ 16,343,011 |
$ 11,173,351 |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Results from Operations. IRET experienced strong financial results for its third quarter of Fiscal 2001, which ended on January 31, 2001. Continuing the experience of the first two quarters, revenues, operating income, and funds from operations reached new highs on good results from newly acquired and existing properties. Highlights include:
|
An increase in revenues of 35% for the third quarter and 44% for the first nine months of Fiscal 2001 as compared to the prior year. |
|
An increase in Funds From Operations of the Operating Partnership of 26% for the third quarter and 32% for the nine-month period over the prior year. |
|
Natural gas and snow removal costs for many of our apartment communities were substantially higher than last year, but the overall portfolio still provided an increased return over the prior year. |
|
The addition of $44,989,063 of new real estate investments to our portfolio in the Third Quarter bringing the nine month acquisition total to $100,975,512. |
Revenues. Revenues for the third quarter were $19,004,737, compared to $14,054,660 received in the comparable period of Fiscal Year 2000, an increase of 35%. For the first nine months of the current fiscal year, revenues reached $54,840,641 compared to the year-earlier figure of $38,157,270, an increase of 44%.
Net Operating Income. Operating income before depreciation for the third quarter increased to $5,823,417 from the year-earlier figure of $4,622,120, an increase of 26%. For the first nine months of Fiscal 2001, operating income before depreciation was $16,714,844 versus $12,632,884, an increase of 32%.
Net Income. Net income (after depreciation, but before capital gain income) for the third quarter was $2,719,679, compared to $2,390,868 in the prior year an increase of 14%. For the first nine months of the current year, net income was $7,912,760, compared to the year earlier figure of $6,671,076, a 19% increase. This years third quarter results were affected by higher natural gas and snow removal costs.
Capital Gains. IRET has not made any significant sales of properties during the first three quarters of the current fiscal year with only $25,124 of capital gains income this year, compared with $1,777,814 of capital gains recorded to this point in the prior fiscal year. Two apartment communities (one in Bismarck and one in Fargo) are under sales contract and are expected to close either in the fourth quarter or in the first quarter of Fiscal 2002.
Funds From Operations. Funds From Operations of the Operating Partnership (net income computed for generally accepted accounting practices, less capital gain and extraordinary items, plus real estate depreciation) increased to $5,823,417 from the year-earlier figure of $4,622,120, an increase of 26%. For the nine-month period, Funds From Operations of the Operating Partnership reached $16,714,844, compared to $12,632,884, an increase of 32%. Of these increases in FFO, $251,252 of the third quarter increase and $881,713 of the nine-month increase was due to the straight-line rent accounting rule which requires us to record as income future revenues (straight-line rent) from long term commercial property leases with periodic rent increases. Funds From Operations is the generally accepted measure of performance for real estate investment trusts.
Property Acquisitions. The following properties were acquired by IRET during the third quarter of Fiscal 2001 and are producing income:
COST |
||
|
Dewey Hill Business Center
73,338 sq. ft. Office/Showroom Edina, MN |
$ 4,472,895 |
|
3 Edgewood Vista Care Facilities in Hastings, Fremont & Omaha, NE |
1,700,062 |
|
Addition to Edgewood Vista Assisted Living Center Duluth, MN |
2,200,000 |
|
134-unit Ridge Oaks apartment community Sioux City, IA |
4,195,036 |
|
60.31% Partnership interest in Southdale Medical Center Edina, MN |
32,421,070 |
|
$ 44,989,063 |
Pending Acquisitions. The following properties are under construction or under purchase contract:
COST |
||
|
Stone Container Addition Fargo, ND |
$ 2,000,000 |
|
2 Edgewood Vista Care Facilities
in Kalispell, MT & East Grand Forks, MN |
991,700 |
|
73-unit Sunset Trail Phase II Apartment Community Rochester, MN |
6,300,000 |
|
27-unit Meadows III Apartment Community Jamestown, ND |
1,825,000 |
|
Six Office Buildings (448,042 sq. ft.) Minneapolis, MN Suburb Area |
33,200,000 |
|
Cold Spring Center 77,533 sq. ft. Office Building St. Cloud, MN |
8,250,000 |
|
Hagen Systems Building 25,000
sq. ft. Office Building Eden Prairie, MN |
3,000,000 |
|
Flannery Commercial Portfolio - Minnesota |
6,300,000 |
|
$ 61,866,700 |
Financial Condition. IRET continues to maintain a strong balance sheet, which will allow the acquisition of additional real estate properties. The relevant balance sheet figures at the end of the third quarter, compared with the beginning of this fiscal year, are:
01/31/01 |
04/30/00 |
|
Cash On Hand |
$ 7,716,140 |
$ 3,449,264 |
Real Estate Owned |
553,295,579 |
449,919,890 |
Notes Payable |
7,500,000 |
6,452,420 |
Mortgages Payable |
343,797,275 |
265,056,767 |
Shareholder Equity |
114,037,956 |
109,920,591 |
Increased Dividend. IRET paid a regular dividend of 14 cents per share on January 15, 2001, to shareholders of record at the close of business on January 2, 2001. This was an increase from the 13.5 cents per share paid as a dividend on October 1, 2000, and was the 119th consecutive quarterly dividend paid by IRET. An increased dividend of 14.25 cents per share will be paid on April 2, 2001, to shareholders of record at the close of business on March 16, 2001.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities.
None
Item 3. Defaults Upon Senior Securities.
None
Item 4. Submission of Matters to a Vote of Security Holders.
None
Item 5. Other Information SALE OF SHARES OF BENEFICIAL INTEREST
IRET files this Report of Sales of Securities and Use of Proceeds therefrom in accordance with Rule 463 (17 CFR 230.463).
|
Effective date of the registration statement for which this form is filed: |
June 13, 2000 | |
|
SEC file number assigned to the registration statement: |
333-35600 | |
|
IRET CUSIP Number: |
461730 | |
|
The date the offering commenced: |
June 13, 2000 | |
|
As of January 31, 2001, 590,388.093 shares of the 1,000,000 share offering had been sold. |
|
The offering continues on the date of this report. |
|
The name(s) of the managing underwriter(s) are: |
American Investment Services, Inc.
Berthel Fisher Financial Services, Inc. Eagle One Investments, L.L.C. Fintegra Financial Solutions Garry Pierce Financial Services, L.L.P. Huntingdon Securities Corporation Inland National Securities, Inc., Iron Street Securities, Inc. Invest Financial Investment Centers of America, Inc. ND Capital, Inc. Netcap Preferred Equity, Ltd. Okoboji Financial Services, Inc. Primevest Financial Services, Inc. Proequities, Inc. Protective Group Securities VSR Financial Services, Inc. |
|
|
The title and code of each class
of securities registered: Title of Security (01) Shares of Beneficial
Interest Code EQ |
|
The following table shows the amount and aggregate offering price of securities registered and sold for the account of the issuer as of January 31, 2001: |
|
|
|
|
|
|
|
|
|
|
|
The following is the amount of expenses incurred for the issuers account in connection with the issuance and distribution of the securities registered for each category listed below as of January 31, 2001. |
|
|
|
(01) Underwriting discounts and commissions |
$ 0 |
$412,018 |
(02) Finders' Fees |
$ 0 |
$ 0 |
(03) Expenses paid to or for underwriters |
$ 0 |
$ 0 |
(04) Other expenses |
$ 0 |
$ 19,765 |
(05) Total Expenses |
$ 0 |
$431,783 |
|
The net offering proceeds to the
issuer after the total expenses listed above as of January 31,
2001. $4,645,555 |
|
The amount of net offering proceeds to the issuer used for each of the purposes listed below as of January 31, 2001. |
|
|
|
(01) Construction of plant, building and facilities |
$ 0 |
$ 0 |
(02) Purchase and installation of
machinery and equipment |
$ 0 |
$ 0 |
(03) Purchase of real estate |
$ 0 |
$ 4,645,555 |
(04) Acquisition of other business(es) |
$ 0 |
$ 0 |
(05) Total Expenses |
$ 0 |
$ 0 |
(06) Working Capital |
$ 0 |
$ 0 |
Temporary investment (specify) None. | ||
Other purposes (specify) None. |
The use of proceeds shown above does not represent a material change in the use of proceeds described in the prospectus.
Item 6. Exhibits and Reports on Form 8-K.
None
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
INVESTORS
REAL ESTATE TRUST
(Registrant)
By:
/S/ Thomas A. Wentz, Sr.
Thomas
A. Wentz, Sr., President
Date: March 14, 2001