North Dakota
|
001-35624
|
45-0311232
|
(State or Other Jurisdiction
of Incorporation or Organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
☐ | Written communications pursuant to Rule 425 under the Securities Act |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Item 2.02. | Results of Operations and Financial Condition. |
Item 7.01. | Regulation FD Disclosure. |
ITEM 9.01 | Financial Statements and Exhibits |
(d) | Exhibits |
Exhibit
Number |
Description
|
Supplemental Information
|
INVESTORS REAL ESTATE TRUST
|
|||
Date: July 16, 2015
|
|||
By:
|
/s/ Timothy P. Mihalick
|
||
Timothy P. Mihalick
|
|||
President & Chief Executive Officer
|
CONTACT:
Cindy Bradehoft
Director of Investor Relations
Direct Dial: 952-401-4835
E-Mail: cbradehoft@iret.com
|
1400 31st Avenue SW, Suite 60
Minot, ND 58701
Tel: 701.837.4738
Fax: 701.838.7785
www.iret.com
|
Page
|
|
Company Background and Highlights
|
2
|
Property Cost by Segment and by State
|
5
|
Key Financial Data
|
|
Condensed Consolidated Balance Sheets
|
6
|
Condensed Consolidated Statements of Operations
|
7
|
Funds From Operations
|
8
|
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)
|
9
|
Capital Analysis
|
|
Long-Term Mortgage Debt Analysis
|
10
|
Long-Term Mortgage Debt Detail
|
11-13
|
Capital Analysis
|
14
|
Portfolio Analysis
|
|
Same-Store Properties Net Operating Income Summary
|
15
|
Net Operating Income Detail
|
16-19
|
Same-Store Properties and All Properties Occupancy Levels by Segment
|
20
|
Tenant Analysis
|
|
Multi-Family Residential Summary
|
21
|
Commercial Leasing Summary
|
22-25
|
10 Largest Commercial Tenants - Based on Annualized Base Rent
|
26
|
Commercial Lease Expirations
|
27
|
Growth and Strategy
|
|
Acquisition Summary
|
28
|
Development Placed in Service Summary
|
29
|
Development in Progress Summary
|
30
|
Acquisitions and Development Liquidity Profile
|
31
|
Definitions
|
32
|
Company Headquarters
|
Minot, North Dakota
|
Fiscal Year-End
|
April 30
|
Reportable Segments
|
Multi-Family Residential, Office, Healthcare, Industrial, Retail
|
Total Properties
|
249
|
Total Square Feet
|
|
(commercial properties)
|
9.6 million
|
Total Units
|
|
(multi-family residential properties)
|
11,844
|
Common Shares Outstanding (thousands)
|
124,456
|
Limited Partnership Units Outstanding (thousands)
|
14,000
|
Common Share Distribution - Quarter/Annualized
|
$0.13/$0.52
|
Dividend Yield
|
7.3%
|
Total Capitalization (see p.14 for detail)
|
$2.5 billion
|
Jeffrey L. Miller
|
Trustee and Chairman
|
John D. Stewart
|
Trustee, Vice Chairman, and Chair of Nominating and Governance Committee
|
Jeffrey K. Woodbury
|
Trustee, Chair of Audit Committee
|
Linda J. Hall
|
Trustee, Chair of Compensation Committee
|
Jeffrey P. Caira
|
Trustee
|
Terrance P. Maxwell
|
Trustee
|
Pamela J. Moret
|
Trustee
|
Stephen L. Stenehjem
|
Trustee
|
Timothy P. Mihalick
|
Trustee, President and Chief Executive Officer
|
Timothy P. Mihalick
|
President and Chief Executive Officer; Trustee
|
Diane K. Bryantt
|
Executive Vice President and Chief Operating Officer
|
Ted E. Holmes
|
Executive Vice President and Chief Financial Officer
|
Michael A. Bosh
|
Executive Vice President, General Counsel and Assistant Secretary
|
Mark Reiling
|
Executive Vice President and Chief Investment Officer
|
Charles A. Greenberg
|
Senior Vice President, Commercial Asset Management
|
Andrew Martin
|
Senior Vice President, Residential Property Management
|
4th Quarter
Fiscal Year 2015
|
3rd Quarter
Fiscal Year 2015
|
2nd Quarter
Fiscal Year 2015
|
1st Quarter
Fiscal Year 2015
|
4th Quarter
Fiscal Year 2014
|
||||||||||||||||
High Closing Price
|
$
|
8.31
|
$
|
8.60
|
$
|
8.59
|
$
|
9.21
|
$
|
9.06
|
||||||||||
Low Closing Price
|
$
|
7.09
|
$
|
8.05
|
$
|
7.49
|
$
|
8.52
|
$
|
8.34
|
||||||||||
Average Closing Price
|
$
|
7.52
|
$
|
8.35
|
$
|
8.11
|
$
|
8.82
|
$
|
8.71
|
||||||||||
Closing Price at end of quarter
|
$
|
7.17
|
$
|
8.25
|
$
|
8.40
|
$
|
8.52
|
$
|
8.72
|
||||||||||
Common Share Distributions—annualized
|
$
|
0.520
|
$
|
0.520
|
$
|
0.520
|
$
|
0.520
|
$
|
0.520
|
||||||||||
Closing Dividend Yield - annualized
|
7.3
|
%
|
6.3
|
%
|
6.2
|
%
|
6.1
|
%
|
6.0
|
%
|
||||||||||
Closing common shares outstanding (thousands)
|
124,456
|
122,134
|
119,809
|
114,763
|
109,019
|
|||||||||||||||
Closing limited partnership units outstanding (thousands)
|
14,000
|
14,398
|
14,731
|
17,975
|
21,094
|
|||||||||||||||
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)
|
$
|
992,729
|
$
|
1,126,389
|
$
|
1,130,136
|
$
|
1,130,928
|
$
|
1,134,585
|
![]() |
![]() |
Legacy Heights (exterior)
Bismarck, ND
|
Legacy Heights (interior)
Bismarck, ND
|
4/30/2015
|
1/31/2015
|
10/31/2014
|
7/31/2014
|
4/30/2014
|
||||||||||||||||
ASSETS
|
||||||||||||||||||||
Real estate investments
|
||||||||||||||||||||
Property owned
|
$
|
2,098,037
|
$
|
2,093,148
|
$
|
2,013,770
|
$
|
2,025,327
|
$
|
1,996,031
|
||||||||||
Less accumulated depreciation
|
(448,987
|
)
|
(439,153
|
)
|
(426,545
|
)
|
(435,317
|
)
|
(424,288
|
)
|
||||||||||
1,649,050
|
1,653,995
|
1,587,225
|
1,590,010
|
1,571,743
|
||||||||||||||||
Development in progress
|
153,994
|
114,005
|
146,390
|
131,862
|
104,609
|
|||||||||||||||
Unimproved land
|
25,827
|
27,675
|
24,947
|
24,772
|
22,864
|
|||||||||||||||
Total real estate investments
|
1,828,871
|
1,795,675
|
1,758,562
|
1,746,644
|
1,699,216
|
|||||||||||||||
Real estate held for sale
|
22,912
|
44,259
|
41,183
|
6,508
|
2,951
|
|||||||||||||||
Cash and cash equivalents
|
48,970
|
52,148
|
52,999
|
60,620
|
47,267
|
|||||||||||||||
Other investments
|
329
|
329
|
329
|
329
|
329
|
|||||||||||||||
Receivable arising from straight-lining of rents, net of allowance
|
26,211
|
27,169
|
27,425
|
27,286
|
27,096
|
|||||||||||||||
Accounts receivable, net of allowance
|
3,675
|
5,574
|
3,719
|
7,013
|
10,206
|
|||||||||||||||
Real estate deposits
|
2,489
|
7,494
|
4,924
|
3,741
|
145
|
|||||||||||||||
Prepaid and other assets
|
3,907
|
5,580
|
2,263
|
3,428
|
4,639
|
|||||||||||||||
Intangible assets, net of accumulated amortization
|
27,267
|
28,475
|
29,745
|
31,478
|
32,639
|
|||||||||||||||
Tax, insurance, and other escrow
|
11,249
|
11,277
|
16,338
|
20,451
|
20,880
|
|||||||||||||||
Property and equipment, net of accumulated depreciation
|
1,542
|
1,619
|
1,598
|
1,641
|
1,681
|
|||||||||||||||
Goodwill
|
1,911
|
1,940
|
1,940
|
1,951
|
1,100
|
|||||||||||||||
Deferred charges and leasing costs, net of accumulated amortization
|
18,504
|
19,803
|
20,445
|
20,677
|
21,072
|
|||||||||||||||
TOTAL ASSETS
|
$
|
1,997,837
|
$
|
2,001,342
|
$
|
1,961,470
|
$
|
1,931,767
|
$
|
1,869,221
|
||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||
LIABILITIES
|
||||||||||||||||||||
Accounts payable and accrued expenses
|
$
|
71,072
|
$
|
69,901
|
$
|
67,037
|
$
|
62,517
|
$
|
59,105
|
||||||||||
Revolving line of credit
|
60,500
|
50,500
|
40,500
|
35,500
|
22,500
|
|||||||||||||||
Mortgages payable
|
974,828
|
1,006,179
|
1,013,161
|
1,017,574
|
997,689
|
|||||||||||||||
Construction debt and other
|
144,115
|
132,210
|
107,731
|
83,666
|
63,178
|
|||||||||||||||
TOTAL LIABILITIES
|
1,250,515
|
1,258,790
|
1,228,429
|
1,199,257
|
1,142,472
|
|||||||||||||||
REDEEMABLE NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE ENTITIES
|
6,368
|
6,340
|
6,373
|
6,313
|
6,203
|
|||||||||||||||
EQUITY
|
||||||||||||||||||||
Investors Real Estate Trust shareholders’ equity
|
||||||||||||||||||||
Series A Preferred Shares of Beneficial Interest
|
27,317
|
27,317
|
27,317
|
27,317
|
27,317
|
|||||||||||||||
Series B Preferred Shares of Beneficial Interest
|
111,357
|
111,357
|
111,357
|
111,357
|
111,357
|
|||||||||||||||
Common Shares of Beneficial Interest
|
951,868
|
935,287
|
918,221
|
884,415
|
843,268
|
|||||||||||||||
Accumulated distributions in excess of net income
|
(438,432
|
)
|
(430,282
|
)
|
(420,036
|
)
|
(407,052
|
)
|
(389,758
|
)
|
||||||||||
Total Investors Real Estate Trust shareholders’ equity
|
652,110
|
643,679
|
636,859
|
616,037
|
592,184
|
|||||||||||||||
Noncontrolling interests – Operating Partnership
|
58,325
|
61,177
|
63,207
|
84,250
|
105,724
|
|||||||||||||||
Noncontrolling interests – consolidated real estate entities
|
30,519
|
31,356
|
26,602
|
25,910
|
22,638
|
|||||||||||||||
Total equity
|
740,954
|
736,212
|
726,668
|
726,197
|
720,546
|
|||||||||||||||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
$
|
1,997,837
|
$
|
2,001,342
|
$
|
1,961,470
|
$
|
1,931,767
|
$
|
1,869,221
|
Twelve Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||
OPERATING RESULTS
|
4/30/2015
|
4/30/2014
|
4/30/2015
|
1/31/2015
|
10/31/2014
|
7/31/2014
|
4/30/2014
|
|||||||||||||||||||||
Real estate revenue
|
$
|
279,670
|
$
|
265,482
|
$
|
69,838
|
$
|
71,953
|
$
|
70,042
|
$
|
67,837
|
$
|
66,983
|
||||||||||||||
Real estate expenses
|
110,997
|
108,487
|
27,808
|
28,434
|
27,237
|
27,518
|
29,589
|
|||||||||||||||||||||
Gain on involuntary conversion
|
0
|
2,480
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||||||
Net operating income
|
168,673
|
159,475
|
42,030
|
43,519
|
42,805
|
40,319
|
37,394
|
|||||||||||||||||||||
TRS senior housing revenue
|
3,520
|
1,627
|
921
|
963
|
843
|
793
|
823
|
|||||||||||||||||||||
TRS senior housing expenses
|
(2,997
|
)
|
(1,331
|
)
|
(754
|
)
|
(825
|
)
|
(725
|
)
|
(693
|
)
|
(660
|
)
|
||||||||||||||
Depreciation/amortization
|
(70,607
|
)
|
(70,918
|
)
|
(18,133
|
)
|
(17,750
|
)
|
(17,668
|
)
|
(17,056
|
)
|
(17,262
|
)
|
||||||||||||||
Administrative expenses
|
(11,824
|
)
|
(10,743
|
)
|
(2,516
|
)
|
(2,754
|
)
|
(2,890
|
)
|
(3,664
|
)
|
(2,801
|
)
|
||||||||||||||
Other expenses
|
(2,010
|
)
|
(2,132
|
)
|
(332
|
)
|
(488
|
)
|
(578
|
)
|
(612
|
)
|
(502
|
)
|
||||||||||||||
Impairment of real estate investments
|
(6,105
|
)
|
(42,566
|
)
|
0
|
(540
|
)
|
(3,245
|
)
|
(2,320
|
)
|
(37,768
|
)
|
|||||||||||||||
Interest expense
|
(59,020
|
)
|
(59,142
|
)
|
(15,162
|
)
|
(14,595
|
)
|
(14,599
|
)
|
(14,664
|
)
|
(14,617
|
)
|
||||||||||||||
Interest and other income
|
2,961
|
2,391
|
904
|
670
|
696
|
691
|
922
|
|||||||||||||||||||||
Income (loss) before loss on sale of real estate and other investments and income from discontinued operations
|
22,591
|
(23,339
|
)
|
6,958
|
8,200
|
4,639
|
2,794
|
(34,471
|
)
|
|||||||||||||||||||
Income (loss) on sale of real estate and other investments
|
6,093
|
(51
|
)
|
6,904
|
951
|
1,231
|
(2,993
|
)
|
(51
|
)
|
||||||||||||||||||
Income (loss) from continuing operations
|
28,684
|
(23,390
|
)
|
13,862
|
9,151
|
5,870
|
(199
|
)
|
(34,522
|
)
|
||||||||||||||||||
Income from discontinued operations
|
0
|
6,450
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||||||
Net income (loss)
|
$
|
28,684
|
$
|
(16,940
|
)
|
$
|
13,862
|
$
|
9,151
|
$
|
5,870
|
$
|
(199
|
)
|
$
|
(34,522
|
)
|
|||||||||||
Net loss (income) attributable to noncontrolling interest – Operating Partnership
|
(1,526
|
)
|
4,676
|
(908
|
)
|
(657
|
)
|
(363
|
)
|
402
|
6,082
|
|||||||||||||||||
Net income attributable to noncontrolling interests – consolidated real estate entities
|
(3,071
|
)
|
(910
|
)
|
(2,201
|
)
|
(123
|
)
|
(393
|
)
|
(354
|
)
|
(102
|
)
|
||||||||||||||
Net (loss) income attributable to Investors Real Estate Trust
|
24,087
|
(13,174
|
)
|
10,753
|
8,371
|
5,114
|
(151
|
)
|
(28,542
|
)
|
||||||||||||||||||
Dividends to preferred shareholders
|
(11,514
|
)
|
(11,514
|
)
|
(2,878
|
)
|
(2,879
|
)
|
(2,878
|
)
|
(2,879
|
)
|
(2,878
|
)
|
||||||||||||||
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS
|
$
|
12,573
|
$
|
(24,688
|
)
|
$
|
7,875
|
$
|
5,492
|
$
|
2,236
|
$
|
(3,030
|
)
|
$
|
(31,420
|
)
|
|||||||||||
Per Share Data
|
||||||||||||||||||||||||||||
Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic & diluted
|
$
|
.11
|
$
|
(.28
|
)
|
$
|
.07
|
$
|
.05
|
$
|
.02
|
$
|
(.03
|
)
|
$
|
(.29
|
)
|
|||||||||||
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic & diluted
|
.11
|
.05
|
.00
|
.00
|
.00
|
.00
|
.00
|
|||||||||||||||||||||
Net income per common share – basic & diluted
|
$
|
.11
|
$
|
(.23
|
)
|
$
|
.07
|
$
|
.05
|
$
|
.02
|
$
|
(.03
|
)
|
$
|
(.29
|
)
|
|||||||||||
Percentage of Revenues
|
||||||||||||||||||||||||||||
Real estate expenses
|
39.7
|
%
|
40.9
|
%
|
39.8
|
%
|
39.5
|
%
|
38.9
|
%
|
40.6
|
%
|
44.2
|
%
|
||||||||||||||
Depreciation/amortization
|
25.2
|
%
|
26.7
|
%
|
26.0
|
%
|
24.7
|
%
|
25.2
|
%
|
25.1
|
%
|
25.8
|
%
|
||||||||||||||
Administrative expenses
|
4.2
|
%
|
4.0
|
%
|
3.6
|
%
|
3.8
|
%
|
4.1
|
%
|
5.4
|
%
|
4.2
|
%
|
||||||||||||||
Interest
|
21.1
|
%
|
22.3
|
%
|
21.7
|
%
|
20.3
|
%
|
20.8
|
%
|
21.6
|
%
|
21.8
|
%
|
||||||||||||||
Income from discontinued operations
|
0.0
|
%
|
2.4
|
%
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
||||||||||||||
Net (loss) income
|
10.3
|
%
|
(6.4
|
)%
|
19.8
|
%
|
12.7
|
%
|
8.4
|
%
|
(0.3
|
)%
|
(51.5
|
)%
|
||||||||||||||
Ratios
|
||||||||||||||||||||||||||||
Adjusted EBITDA(1)/Interest expense
|
2.63
|
x
|
2.36
|
x
|
2.41
|
x
|
2.53
|
x
|
2.48
|
x
|
2.29
|
x
|
2.26
|
x
|
||||||||||||||
Adjusted EBITDA(1)/Interest expense plus preferred distributions
|
2.20
|
x
|
1.97
|
x
|
2.05
|
x
|
2.14
|
x
|
2.10
|
x
|
1.94
|
x
|
1.90
|
x
|
(1) | See Definitions on page 32. Adjusted EBITDA is a non-GAAP measure; see page 9 for a reconciliation of Adjusted EBITDA to net income. |
Twelve Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||
4/30/2015
|
4/30/2014
|
4/30/2015
|
1/31/2015
|
10/31/2014
|
7/31/2014
|
4/30/2014
|
||||||||||||||||||||||
Funds From Operations(1)
|
||||||||||||||||||||||||||||
Net income (loss) attributable to Investors Real Estate Trust
|
$
|
24,087
|
$
|
(13,174
|
)
|
$
|
10,753
|
$
|
8,371
|
$
|
5,114
|
$
|
(151
|
)
|
$
|
(28,542
|
)
|
|||||||||||
Less dividends to preferred shareholders
|
(11,514
|
)
|
(11,514
|
)
|
(2,878
|
)
|
(2,879
|
)
|
(2,878
|
)
|
(2,879
|
)
|
(2,878
|
)
|
||||||||||||||
Net (loss) income available to common shareholders
|
12,573
|
(24,688
|
)
|
7,875
|
5,492
|
2,236
|
(3,030
|
)
|
(31,420
|
)
|
||||||||||||||||||
Adjustments:
|
||||||||||||||||||||||||||||
Noncontrolling interests – Operating Partnership
|
1,526
|
(4,676
|
)
|
908
|
657
|
363
|
(402
|
)
|
(6,082
|
)
|
||||||||||||||||||
Depreciation and amortization
|
70,450
|
71,830
|
18,083
|
17,706
|
17,624
|
17,037
|
17,239
|
|||||||||||||||||||||
Impairment of real estate investments
|
6,105
|
44,426
|
0
|
540
|
3,245
|
2,320
|
37,768
|
|||||||||||||||||||||
(Gain) loss on depreciable property sales attributable to Investors Real Estate Trust
|
$
|
(4,079
|
)
|
$
|
(6,948
|
)
|
(4,890
|
)
|
(951
|
)
|
(1,231
|
)
|
2,993
|
51
|
||||||||||||||
Funds from operations applicable to common shares and Units
|
86,575
|
79,944
|
$
|
21,976
|
$
|
23,444
|
$
|
22,237
|
$
|
18,918
|
$
|
17,556
|
||||||||||||||||
FFO per share and unit - basic and diluted
|
$
|
0.64
|
$
|
0.63
|
$
|
0.16
|
$
|
0.17
|
$
|
0.17
|
$
|
0.14
|
$
|
0.14
|
||||||||||||||
Adjusted funds from operations(1)
|
||||||||||||||||||||||||||||
Funds from operations applicable to common shares and Units
|
$
|
86,575
|
$
|
79,944
|
$
|
21,976
|
$
|
23,444
|
$
|
22,237
|
$
|
18,918
|
$
|
17,556
|
||||||||||||||
Adjustments:
|
||||||||||||||||||||||||||||
Tenant improvements at same-store(2) properties
|
(7,589
|
)
|
(9,937
|
)
|
(2,939
|
)
|
(1,984
|
)
|
(542
|
)
|
(2,169
|
)
|
(1,610
|
)
|
||||||||||||||
Leasing costs at same-store properties(2)
|
(2,290
|
)
|
(3,797
|
)
|
(684
|
)
|
(358
|
)
|
(699
|
)
|
(578
|
)
|
(1,038
|
)
|
||||||||||||||
Recurring capital expenditures(1)(2)
|
(6,135
|
)
|
(4,956
|
)
|
(1,342
|
)
|
(1,865
|
)
|
(1,567
|
)
|
(1,386
|
)
|
(1,118
|
)
|
||||||||||||||
Straight-line rents
|
12
|
(2,206
|
)
|
198
|
184
|
(103
|
)
|
(268
|
)
|
(70
|
)
|
|||||||||||||||||
Non-real estate depreciation
|
388
|
368
|
100
|
94
|
96
|
99
|
102
|
|||||||||||||||||||||
Default interest
|
528
|
0
|
528
|
0
|
0
|
0
|
0
|
|||||||||||||||||||||
Share based compensation expense(3)
|
2,215
|
1,162
|
280
|
260
|
601
|
1,073
|
272
|
|||||||||||||||||||||
Gain on involuntary conversion
|
0
|
(2,480
|
)
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||||||
Adjusted funds from operations applicable to common shares and Units
|
$
|
73,704
|
$
|
58,098
|
$
|
18,117
|
$
|
19,775
|
$
|
20,023
|
$
|
15,689
|
$
|
14,094
|
||||||||||||||
AFFO per share and unit - basic and diluted
|
$
|
0.55
|
$
|
0.46
|
$
|
0.13
|
$
|
0.15
|
$
|
0.15
|
$
|
0.12
|
$
|
0.11
|
||||||||||||||
Weighted average shares and units
|
134,598
|
127,028
|
137,412
|
135,315
|
133,295
|
131,332
|
129,244
|
(1) | See Definitions on page 32. |
(2) | Quarterly information is for properties in the same-store pool at that point in time; consequently, quarterly numbers may not total to year-to-date numbers. |
(3) | Twelve months ended 4/30/14 revised to include share based compensation expense. Three months ended 7/31/14 and 4/30/14 revised to include trustee share-based compensation expense. |
Twelve Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||
4/30/2015
|
4/30/2014
|
4/30/2015
|
1/31/2015
|
10/31/2014
|
7/31/2014
|
4/30/2014
|
||||||||||||||||||||||
Adjusted EBITDA(1)
|
||||||||||||||||||||||||||||
Net income (loss) attributable to Investors Real Estate Trust
|
$
|
24,087
|
$
|
(13,174
|
)
|
$
|
10,753
|
$
|
8,371
|
$
|
5,114
|
$
|
(151
|
)
|
$
|
(28,542
|
)
|
|||||||||||
Adjustments:
|
||||||||||||||||||||||||||||
Noncontrolling interests – Operating Partnership
|
1,526
|
(4,676
|
)
|
908
|
657
|
363
|
(402
|
)
|
(6,082
|
)
|
||||||||||||||||||
Income (loss) before noncontrolling interests – Operating Partnership
|
25,613
|
(17,850
|
)
|
11,661
|
9,028
|
5,477
|
(553
|
)
|
(34,624
|
)
|
||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||
Interest expense
|
59,020
|
59,563
|
15,162
|
14,595
|
14,599
|
14,664
|
14,617
|
|||||||||||||||||||||
Depreciation/amortization related to real estate investments
|
67,112
|
68,542
|
17,266
|
16,834
|
16,814
|
16,198
|
16,449
|
|||||||||||||||||||||
Amortization related to non-real estate investments
|
3,495
|
3,416
|
867
|
916
|
840
|
872
|
826
|
|||||||||||||||||||||
Amortization related to real estate revenues(2)
|
231
|
241
|
50
|
50
|
66
|
65
|
66
|
|||||||||||||||||||||
Impairment of real estate investments
|
6,105
|
44,426
|
0
|
540
|
3,245
|
2,320
|
37,768
|
|||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||
Interest income
|
(2,238
|
)
|
(1,908
|
)
|
(557
|
)
|
(561
|
)
|
(560
|
)
|
(560
|
)
|
(562
|
)
|
||||||||||||||
Gain on depreciable property sales attributable to Investors Real Estate Trust
|
(4,079
|
)
|
(6,948
|
)
|
(4,890
|
)
|
(951
|
)
|
(1,231
|
)
|
2,993
|
51
|
||||||||||||||||
Gain on involuntary conversion
|
0
|
(2,480
|
)
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||||||
Adjusted EBITDA
|
$
|
155,259
|
$
|
147,002
|
39,559
|
40,451
|
39,250
|
35,999
|
34,591
|
(1) | See Definitions on page 32. |
(2) | Included in real estate revenue in the Statement of Operations. |
|
Future Maturities of Mortgage Debt
|
|||||||||||||||||||
Fiscal Year
|
Fixed Debt
|
Variable Debt
|
Total Debt
|
Weighted
Average(1)
|
% of
Total Debt
|
|||||||||||||||
2016
|
$
|
97,993
|
$
|
0
|
$
|
97,993
|
4.23
|
%
|
10.1
|
%
|
||||||||||
2017
|
167,804
|
15,000
|
182,804
|
5.85
|
%
|
18.7
|
%
|
|||||||||||||
2018
|
32,718
|
31,000
|
63,718
|
4.32
|
%
|
6.5
|
%
|
|||||||||||||
2019
|
80,828
|
5,345
|
86,173
|
5.80
|
%
|
8.8
|
%
|
|||||||||||||
2020
|
112,812
|
18,622
|
131,434
|
5.37
|
%
|
13.5
|
%
|
|||||||||||||
2021
|
128,720
|
0
|
128,720
|
5.30
|
%
|
13.2
|
%
|
|||||||||||||
2022
|
128,774
|
0
|
128,774
|
5.61
|
%
|
13.2
|
%
|
|||||||||||||
2023
|
37,164
|
0
|
37,164
|
4.25
|
%
|
3.8
|
%
|
|||||||||||||
2024
|
66,326
|
0
|
66,326
|
4.29
|
%
|
6.8
|
%
|
|||||||||||||
2025
|
19,845
|
0
|
19,845
|
4.04
|
%
|
2.1
|
%
|
|||||||||||||
Thereafter
|
31,877
|
0
|
31,877
|
4.41
|
%
|
3.3
|
%
|
|||||||||||||
Total maturities
|
$
|
904,861
|
$
|
69,967
|
$
|
974,828
|
5.16
|
%
|
100.0
|
%
|
(1) | Weighted average interest rate of debt that matures in fiscal year. |
4/30/15
|
1/31/2015
|
10/31/2014
|
7/31/2014
|
4/30/2014
|
||||||||||||||||
Balances Outstanding
|
||||||||||||||||||||
Mortgage
|
||||||||||||||||||||
Fixed rate
|
$
|
904,861
|
$
|
927,724
|
$
|
949,002
|
$
|
972,142
|
$
|
977,224
|
||||||||||
Variable rate
|
69,967
|
78,455
|
64,159
|
45,432
|
20,465
|
|||||||||||||||
Mortgage total
|
$
|
974,828
|
$
|
1,006,179
|
$
|
1,013,161
|
$
|
1,017,574
|
$
|
997,689
|
||||||||||
Weighted Average Interest Rates Secured
|
5.16
|
%
|
5.17
|
%
|
5.26
|
%
|
5.32
|
%
|
5.37
|
%
|
Property
|
Maturity Date
|
Fiscal 2016
|
Fiscal 2017
|
Fiscal 2018
|
Fiscal 2019
|
Thereafter
|
Total(1)
|
||||||||||||||||||
Multi-Family Residential
|
|||||||||||||||||||||||||
Campus Center - St Cloud, MN(2)
|
6/1/2015
|
$
|
1,127
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
1,127
|
||||||||||||
Campus Knoll - St Cloud, MN(2)
|
6/1/2015
|
752
|
0
|
0
|
0
|
0
|
752
|
||||||||||||||||||
Landmark - Grand Forks, ND
|
8/24/2015
|
1,573
|
0
|
0
|
0
|
0
|
1,573
|
||||||||||||||||||
Regency Park Estates - St Cloud, MN
|
1/1/2016
|
6,680
|
0
|
0
|
0
|
0
|
6,680
|
||||||||||||||||||
Pebble Springs – Bismarck, ND
|
7/1/2016
|
0
|
757
|
0
|
0
|
0
|
757
|
||||||||||||||||||
Southview – Minot, ND
|
7/1/2016
|
0
|
1,035
|
0
|
0
|
0
|
1,035
|
||||||||||||||||||
Homestead Gardens I – Rapid City, SD
|
7/11/16
|
0
|
6,895
|
0
|
0
|
0
|
6,895
|
||||||||||||||||||
River Ridge – Bismarck, ND
|
6/30/17
|
0
|
0
|
13,200
|
0
|
0
|
13,200
|
||||||||||||||||||
Evergreen II – Isanti, MN
|
11/1/2017
|
0
|
0
|
2,066
|
0
|
0
|
2,066
|
||||||||||||||||||
Ponds – Sartell, MN
|
11/1/2017
|
0
|
0
|
3,852
|
0
|
0
|
3,852
|
||||||||||||||||||
Homestead Gardens II - Rapid City, SD
|
6/1/2018
|
0
|
0
|
0
|
3,433
|
0
|
3,433
|
||||||||||||||||||
IRET Corporate Plaza Apts - Minot, ND
|
8/1/2018
|
0
|
0
|
0
|
5,348
|
0
|
5,348
|
||||||||||||||||||
Greenfield - Omaha, NE
|
2/1/2019
|
0
|
0
|
0
|
3,552
|
0
|
3,552
|
||||||||||||||||||
Grand Gateway - St. Cloud, MN
|
3/1/2019
|
0
|
0
|
0
|
5,345
|
0
|
5,345
|
||||||||||||||||||
Brooklyn Heights - Minot, ND
|
4/1/2019
|
0
|
0
|
0
|
694
|
0
|
694
|
||||||||||||||||||
Colton Heights - Minot, ND
|
4/1/2019
|
0
|
0
|
0
|
391
|
0
|
391
|
||||||||||||||||||
Pines - Minot, ND
|
4/1/2019
|
0
|
0
|
0
|
111
|
0
|
111
|
||||||||||||||||||
Summit Park - Minot, ND
|
4/1/2019
|
0
|
0
|
0
|
963
|
0
|
963
|
||||||||||||||||||
Terrace Heights - Minot, ND
|
4/1/2019
|
0
|
0
|
0
|
160
|
0
|
160
|
||||||||||||||||||
Summary of Debt due after Fiscal 2019
|
0
|
0
|
0
|
0
|
366,018
|
366,018
|
|||||||||||||||||||
Sub-Total Multi-Family Residential
|
$
|
10,132
|
$
|
8,687
|
$
|
19,118
|
$
|
19,997
|
$
|
366,018
|
$
|
423,952
|
|||||||||||||
Office
|
|||||||||||||||||||||||||
US Bank Financial Center - Bloomington, MN
|
7/1/2015
|
12,766
|
0
|
0
|
0
|
0
|
12,766
|
||||||||||||||||||
Rapid City 900 Concourse Drive - Rapid City, SD
|
8/1/2015
|
181
|
0
|
0
|
0
|
0
|
181
|
||||||||||||||||||
Westgate I - Boise, ID
|
8/1/2015
|
1,115
|
0
|
0
|
0
|
0
|
1,115
|
||||||||||||||||||
Westgate II - Boise, ID
|
8/1/2015
|
2,729
|
0
|
0
|
0
|
0
|
2,729
|
||||||||||||||||||
Brook Valley I - LaVista, NE
|
1/1/2016
|
1,209
|
0
|
0
|
0
|
0
|
1,209
|
||||||||||||||||||
Spring Valley IV - Omaha, NE
|
1/1/2016
|
720
|
0
|
0
|
0
|
0
|
720
|
||||||||||||||||||
Spring Valley V - Omaha, NE
|
1/1/2016
|
792
|
0
|
0
|
0
|
0
|
792
|
||||||||||||||||||
Spring Valley X - Omaha, NE
|
1/1/2016
|
734
|
0
|
0
|
0
|
0
|
734
|
||||||||||||||||||
Spring Valley XI - Omaha, NE
|
1/1/2016
|
720
|
0
|
0
|
0
|
0
|
720
|
||||||||||||||||||
American Corporate Center – Mendota Heights, MN
|
9/1/2016
|
0
|
8,670
|
0
|
0
|
0
|
8,670
|
||||||||||||||||||
Mendota Office Center I – Mendota Heights, MN
|
9/1/2016
|
0
|
3,734
|
0
|
0
|
0
|
3,734
|
||||||||||||||||||
Mendota Office Center II - Mendota Heights, MN
|
9/1/2016
|
0
|
5,516
|
0
|
0
|
0
|
5,516
|
||||||||||||||||||
Mendota Office Center III - Mendota Heights, MN
|
9/1/2016
|
0
|
3,791
|
0
|
0
|
0
|
3,791
|
||||||||||||||||||
Mendota Office Center IV - Mendota Heights, MN
|
9/1/2016
|
0
|
4,507
|
0
|
0
|
0
|
4,507
|
||||||||||||||||||
Corporate Center West – Omaha, NE(3)
|
10/6/2016
|
0
|
17,315
|
0
|
0
|
0
|
17,315
|
||||||||||||||||||
Farnam Executive Center – Omaha, NE(3)
|
10/6/2016
|
0
|
12,160
|
0
|
0
|
0
|
12,160
|
||||||||||||||||||
Flagship – Eden Prairie, MN(3)
|
10/6/2016
|
0
|
21,565
|
0
|
0
|
0
|
21,565
|
||||||||||||||||||
Gateway Corporate Center – Woodbury, MN(3)
|
10/6/2016
|
0
|
8,700
|
0
|
0
|
0
|
8,700
|
Property
|
Maturity Date
|
Fiscal 2016
|
Fiscal 2017
|
Fiscal 2018
|
Fiscal 2019
|
Thereafter
|
Total(1)
|
||||||||||||||||||
Office - continued
|
|||||||||||||||||||||||||
Miracle Hills One – Omaha, NE(3)
|
10/6/2016
|
$
|
0
|
$
|
8,895
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
8,895
|
||||||||||||
Pacific Hills – Omaha, NE(3)
|
10/6/2016
|
0
|
16,770
|
0
|
0
|
0
|
16,770
|
||||||||||||||||||
Riverport – Maryland Heights, MO(3)
|
10/6/2016
|
0
|
19,690
|
0
|
0
|
0
|
19,690
|
||||||||||||||||||
Timberlands – Leawood, KS(3)
|
10/6/2016
|
0
|
13,155
|
0
|
0
|
0
|
13,155
|
||||||||||||||||||
Woodlands Plaza IV – Maryland Heights, MO(3)
|
10/6/2016
|
0
|
4,360
|
0
|
0
|
0
|
4,360
|
||||||||||||||||||
TCA Building – Eagan, MN
|
2/3/2017
|
0
|
7,500
|
0
|
0
|
0
|
7,500
|
||||||||||||||||||
Interlachen Corporate Center – Eagan, MN
|
6/30/17
|
0
|
0
|
8,800
|
0
|
0
|
8,800
|
||||||||||||||||||
Plymouth 5095 Nathan Lane – Plymouth, MN
|
11/1/2017
|
0
|
0
|
1,147
|
0
|
0
|
1,147
|
||||||||||||||||||
Prairie Oak Business Center – Eden Prairie, MN
|
11/1/2017
|
0
|
0
|
3,120
|
0
|
0
|
3,120
|
||||||||||||||||||
Crosstown Centre – Eden Prairie, MN
|
12/1/2017
|
0
|
0
|
9,000
|
0
|
0
|
9,000
|
||||||||||||||||||
7800 West Brown Deer Road – Milwaukee, WI
|
4/1/2018
|
0
|
0
|
10,320
|
0
|
0
|
10,320
|
||||||||||||||||||
Intertech Building- Fenton, MO
|
5/1/2018
|
0
|
0
|
0
|
4,177
|
0
|
4,177
|
||||||||||||||||||
610 Business Center IV - Brooklyn Park, MN
|
7/1/2018
|
0
|
0
|
0
|
6,759
|
0
|
6,759
|
||||||||||||||||||
Plaza 16 - Minot, ND
|
8/1/2018
|
0
|
0
|
0
|
7,098
|
0
|
7,098
|
||||||||||||||||||
Wells Fargo Center - St Cloud, MN
|
8/1/2018
|
0
|
0
|
0
|
5,787
|
0
|
5,787
|
||||||||||||||||||
Ameritrade - Omaha, NE
|
4/1/2019
|
0
|
0
|
0
|
2,020
|
0
|
2,020
|
||||||||||||||||||
Summary of Debt due after Fiscal 2019
|
0
|
0
|
0
|
0
|
43,785
|
43,785
|
|||||||||||||||||||
Sub-Total Office
|
$
|
20,966
|
$
|
156,328
|
$
|
32,387
|
$
|
25,841
|
$
|
43,785
|
$
|
279,307
|
|||||||||||||
Healthcare
|
|||||||||||||||||||||||||
Edina 6363 France Medical - St Paul, MN
|
8/6/2015
|
9,567
|
0
|
0
|
0
|
0
|
9,567
|
||||||||||||||||||
Edina 6405 France Medical - Edina, MN
|
9/1/2015
|
8,145
|
0
|
0
|
0
|
0
|
8,145
|
||||||||||||||||||
Ritchie Medical Plaza - St Paul, MN(2)
|
9/1/2015
|
5,980
|
0
|
0
|
0
|
0
|
5,980
|
||||||||||||||||||
Edgewood Vista – Fargo, ND
|
2/25/2016
|
11,846
|
0
|
0
|
0
|
0
|
11,846
|
||||||||||||||||||
Edgewood Vista – Fremont, NE
|
2/25/2016
|
550
|
0
|
0
|
0
|
0
|
550
|
||||||||||||||||||
Edgewood Vista – Hastings, NE
|
2/25/2016
|
567
|
0
|
0
|
0
|
0
|
567
|
||||||||||||||||||
Edgewood Vista – Hermantown I, MN
|
2/25/2016
|
15,197
|
0
|
0
|
0
|
0
|
15,197
|
||||||||||||||||||
Edgewood Vista – Kalispell, MT
|
2/25/2016
|
568
|
0
|
0
|
0
|
0
|
568
|
||||||||||||||||||
Edgewood Vista – Missoula, MT
|
2/25/2016
|
807
|
0
|
0
|
0
|
0
|
807
|
||||||||||||||||||
Edgewood Vista – Omaha, NE
|
2/25/2016
|
359
|
0
|
0
|
0
|
0
|
359
|
||||||||||||||||||
Edgewood Vista – Virginia, MN
|
2/25/2016
|
12,927
|
0
|
0
|
0
|
0
|
12,927
|
||||||||||||||||||
Airport Medical – Bloomington, MN
|
6/1/2016
|
0
|
431
|
0
|
0
|
0
|
431
|
||||||||||||||||||
Park Dental – Brooklyn Center, MN
|
6/1/2016
|
0
|
247
|
0
|
0
|
0
|
247
|
||||||||||||||||||
Sartell 2000 23rd St S – Sartell, MN
|
12/1/2016
|
0
|
1,593
|
0
|
0
|
0
|
1,593
|
||||||||||||||||||
Billings 2300 Grant Road – Billings, MT
|
12/31/2016
|
0
|
1,226
|
0
|
0
|
0
|
1,226
|
||||||||||||||||||
Missoula 3050 Great Northern Ave – Missoula, MT
|
12/31/2016
|
0
|
1,267
|
0
|
0
|
0
|
1,267
|
||||||||||||||||||
High Pointe Health Campus – Lake Elmo, MN
|
4/1/2017
|
0
|
7,500
|
0
|
0
|
0
|
7,500
|
||||||||||||||||||
Edgewood Vista – Billings, MT
|
4/10/2017
|
0
|
1,785
|
0
|
0
|
0
|
1,785
|
||||||||||||||||||
Edgewood Vista – East Grand Forks, MN
|
4/10/2017
|
0
|
2,718
|
0
|
0
|
0
|
2,718
|
||||||||||||||||||
Edgewood Vista – Sioux Falls, SD
|
4/10/2017
|
0
|
1,022
|
0
|
0
|
0
|
1,022
|
||||||||||||||||||
St Michael Clinic – St. Michael, MN
|
4/1/2018
|
0
|
0
|
1,795
|
0
|
0
|
1,795
|
||||||||||||||||||
Spring Creek - American Falls - American Falls, ID
|
9/1/2018
|
0
|
0
|
0
|
2,086
|
0
|
2,086
|
||||||||||||||||||
Spring Creek - Eagle - Eagle, ID
|
9/1/2018
|
0
|
0
|
0
|
1,919
|
0
|
1,919
|
||||||||||||||||||
Spring Creek - Meridian - Meridian, ID
|
9/1/2018
|
0
|
0
|
0
|
3,171
|
0
|
3,171
|
||||||||||||||||||
Spring Creek - Soda Springs - Soda Springs, ID
|
9/1/2018
|
0
|
0
|
0
|
751
|
0
|
751
|
Property
|
Maturity Date
|
Fiscal 2016
|
Fiscal 2017
|
Fiscal 2018
|
Fiscal 2019
|
Thereafter
|
Total(1)
|
||||||||||||||||||
Healthcare - continued
|
|||||||||||||||||||||||||
Barry Pointe Office Park - Kansas City, MO
|
12/15/2018
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
1,369
|
$
|
0
|
$
|
1,369
|
||||||||||||
Health East St John & Woodwinds - Maplewood & Woodbury, MN
|
2/1/2019
|
0
|
0
|
0
|
7,366
|
0
|
7,366
|
||||||||||||||||||
Nebraska Orthopedic Hospital - Omaha, NE
|
4/1/2019
|
0
|
0
|
0
|
11,039
|
0
|
11,039
|
||||||||||||||||||
Summary of Debt due after Fiscal 2019
|
0
|
0
|
0
|
0
|
118,680
|
118,680
|
|||||||||||||||||||
Sub-Total Healthcare
|
$
|
66,513
|
$
|
17,789
|
$
|
1,795
|
$
|
27,701
|
$
|
118,680
|
$
|
232,478
|
|||||||||||||
Industrial
|
|||||||||||||||||||||||||
Stone Container - Fargo, ND
|
12/1/2015
|
172
|
0
|
0
|
0
|
0
|
172
|
||||||||||||||||||
Stone Container - Fargo, ND
|
12/1/2015
|
210
|
0
|
0
|
0
|
0
|
210
|
||||||||||||||||||
Urbandale 3900 106th Street – Urbandale, IA
|
7/5/2017
|
0
|
0
|
10,418
|
0
|
0
|
10,418
|
||||||||||||||||||
Summary of Debt due after Fiscal 2019
|
0
|
0
|
0
|
0
|
1,604
|
1,604
|
|||||||||||||||||||
Sub-Total Industrial
|
$
|
382
|
$
|
0
|
$
|
10,418
|
$
|
0
|
$
|
1,604
|
$
|
12,404
|
|||||||||||||
Retail
|
|||||||||||||||||||||||||
Chan West Village - Chanhassen, MN
|
0
|
0
|
0
|
12,307
|
0
|
12,307
|
|||||||||||||||||||
Jamestown Business Center – Jamestown, MN
|
0
|
0
|
0
|
327
|
0
|
327
|
|||||||||||||||||||
Summary of Debt due after Fiscal 2019
|
0
|
0
|
0
|
0
|
14,053
|
14,053
|
|||||||||||||||||||
Sub-Total Retail
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
12,634
|
$
|
14,053
|
$
|
26,687
|
|||||||||||||
Total
|
$
|
97,993
|
$
|
182,804
|
$
|
63,718
|
$
|
86,173
|
$
|
544,140
|
$
|
974,828
|
* | Mortgage debt does not include the Company’s multi-bank line of credit or construction loans. The line of credit has a maturity date of September 1, 2017; as of April 30, 2015, the Company had borrowings of $60.5 million outstanding under this line. Construction loans and other debt totaled $144.1 million as of April 30, 2015. |
(1) | Totals are principal balances as of April 30, 2015. |
(2) | Loan was paid off subsequent to April 30, 2015. |
(3) | Amount is part of a non-recourse $122.6 million CMBS loan, for which nine of the Company’s office properties serve as collateral and under which a special-purpose subsidiary of the Company is the borrower. This loan matures in October 2016. Because the loan amount significantly exceeds the Company’s current estimate of the fair value of this nine-property portfolio, the Company contacted the master servicer to initiate discussions on various alternatives with regard to the loan. During the first quarter of fiscal year 2015, the Company was notified that the loan has been transferred to the special servicer. On April 14, 2015 the Company received a letter from the special servicer advising that the loan was in default due to a nonpayment on April 6, 2015. The Company cannot predict the outcome of discussions with the special servicer regarding the loan. |
Three Months Ended
|
||||||||||||||||||||
4/30/2015
|
1/31/2015
|
10/31/2014
|
7/31/2014
|
4/30/2014
|
||||||||||||||||
Equity Capitalization
|
||||||||||||||||||||
Common shares outstanding
|
124,456
|
122,134
|
119,809
|
114,763
|
109,019
|
|||||||||||||||
Operating partnership (OP) units outstanding
|
14,000
|
14,398
|
14,731
|
17,975
|
21,094
|
|||||||||||||||
Total common shares and OP units outstanding
|
138,456
|
136,532
|
134,540
|
132,738
|
130,113
|
|||||||||||||||
Market price per common share (closing price at end of period)
|
$
|
7.17
|
$
|
8.25
|
$
|
8.40
|
$
|
8.52
|
$
|
8.72
|
||||||||||
Equity capitalization-common shares and OP units
|
$
|
1,142,262
|
$
|
1,126,389
|
$
|
1,130,136
|
$
|
1,130,928
|
$
|
1,134,585
|
||||||||||
Recorded book value of preferred shares
|
$
|
138,674
|
$
|
138,674
|
$
|
138,674
|
$
|
138,674
|
$
|
138,674
|
||||||||||
Total equity capitalization
|
$
|
1,280,936
|
$
|
1,265,063
|
$
|
1,268,810
|
$
|
1,269,602
|
$
|
1,273,259
|
||||||||||
Debt Capitalization
|
||||||||||||||||||||
Total debt
|
$
|
1,178,851
|
$
|
1,188,218
|
$
|
1,160,628
|
$
|
1,135,892
|
$
|
1,083,321
|
||||||||||
Total capitalization
|
$
|
2,459,787
|
$
|
2,453,281
|
$
|
2,429,438
|
$
|
2,405,494
|
$
|
2,356,580
|
||||||||||
Total debt to total capitalization
|
0.48:1
|
0.48:1
|
0.48:1
|
0.47:1
|
0.46:1
|
Twelve Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||
4/30/2015
|
4/30/2014
|
4/30/2015
|
1/31/2015
|
10/31/2014
|
7/31/2014
|
4/30/2014
|
||||||||||||||||||||||
Earnings to fixed charges(1)
|
1.33
|
x
|
(2)
|
1.63
|
x
|
1.48
|
x
|
1.27
|
x
|
(3)
|
(4)
|
|||||||||||||||||
Earnings to combined fixed charges and preferred distributions(1)
|
1.12
|
x
|
(2)
|
1.39
|
x
|
1.25
|
x
|
1.08
|
x
|
(3)
|
(4)
|
|||||||||||||||||
Debt service coverage ratio(1)
|
1.91
|
x
|
1.59
|
x
|
2.41
|
x
|
1.70
|
x
|
1.71
|
x
|
1.57
|
x
|
1.53
|
x
|
||||||||||||||
Distribution Data
|
||||||||||||||||||||||||||||
Common shares and units outstanding at record date
|
137,596
|
129,372
|
137,596
|
135,490
|
133,527
|
130,795
|
129,372
|
|||||||||||||||||||||
Total common distribution paid
|
$
|
69,854
|
$
|
66,012
|
$
|
17,879
|
$
|
17,613
|
$
|
17,358
|
$
|
17,004
|
$
|
16,819
|
||||||||||||||
Common distribution per share and unit
|
$
|
.5200
|
$
|
.5200
|
$
|
.1300
|
$
|
.1300
|
$
|
.1300
|
$
|
.1300
|
$
|
.1300
|
||||||||||||||
Payout ratio (FFO per share and unit basis)(1)
|
81.3
|
%
|
82.5
|
%
|
81.3
|
%
|
76.5
|
%
|
76.5
|
%
|
92.9
|
%
|
92.9
|
%
|
||||||||||||||
Payout ratio (AFFO per share and unit basis)(1)
|
94.5
|
%
|
115.6
|
%
|
100.0
|
%
|
86.7
|
%
|
86.7
|
%
|
108.3
|
%
|
118.2
|
%
|
(1) | See Definitions on page 32. |
(2) | Due to non-cash asset impairment charges of $42.6 million in the twelve months ended April 30, 2014, earnings were inadequate to cover fixed charges and combined fixed charges and preferred distributions by $27.2 million and $38.7 million, respectively. Excluding the asset impairment charge, the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred distributions would have been 1.25 and 1.05, respectively, for the fiscal year ended April 30, 2014. |
(3) | Due to non-cash asset impairment and loss on sale charges of $5.3 million in the three months ended July 31, 2014, earnings were inadequate to cover fixed charges and combined fixed charges and preferred distributions by $1.6 million and $4.5 million, respectively. Excluding the asset impairment and loss on sale charges, the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred distributions would have been 1.24 and 1.05, respectively, for the three months ended July 31, 2014. |
(4) | Due to non-cash asset impairment charges of $37.8 million in the three months ended April 30, 2014, earnings were inadequate to cover fixed charges and combined fixed charges and preferred distributions by $35.3 million and $38.2 million, respectively. Excluding the asset impairment charge, the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred distributions would have been 1.16 and 0.98, respectively, for the three months ended April 30, 2014 |
Same-Store Properties(1)
|
Same-Store Properties(1)
|
|||||||||||||||||||||||
Three Months Ended
April 30
|
Twelve Months Ended
April 30
|
|||||||||||||||||||||||
Segment
|
2015
|
2014
|
%
Change
|
2015
|
2014
|
%
Change
|
||||||||||||||||||
Multi-Family Residential
|
$
|
13,839
|
$
|
12,151
|
13.9
|
%
|
$
|
54,932
|
$
|
52,930
|
3.8
|
%
|
||||||||||||
Office
|
9,151
|
8,968
|
2.0
|
%
|
36,095
|
36,942
|
(2.3
|
%)
|
||||||||||||||||
Healthcare
|
10,989
|
10,465
|
5.0
|
%
|
45,850
|
45,192
|
1.5
|
%
|
||||||||||||||||
Industrial
|
1,343
|
1,210
|
11.0
|
%
|
4,996
|
4,840
|
3.2
|
%
|
||||||||||||||||
Retail
|
2,118
|
2,103
|
0.7
|
%
|
8,160
|
8,087
|
0.9
|
%
|
||||||||||||||||
$
|
37,440
|
$
|
34,897
|
7.3
|
%
|
$
|
150,033
|
$
|
147,991
|
1.4
|
%
|
(1) | See list of properties excluded from same-store properties on page ii. |
Three Months Ended April 30, 2015
|
||||||||||||||||||||||||||||
Reporting Segments
|
||||||||||||||||||||||||||||
Multi-Family
Residential
|
Office
|
Healthcare
|
Industrial
|
Retail
|
Corporate and
Other
|
Total
|
||||||||||||||||||||||
Real estate rental revenue
|
||||||||||||||||||||||||||||
Same-store(1)
|
$
|
24,866
|
$
|
17,346
|
$
|
15,172
|
$
|
1,546
|
$
|
3,237
|
$
|
0
|
$
|
62,167
|
||||||||||||||
Non-same-store
|
6,083
|
716
|
737
|
40
|
95
|
0
|
7,671
|
|||||||||||||||||||||
Total
|
30,949
|
18,062
|
15,909
|
1,586
|
3,332
|
0
|
69,838
|
|||||||||||||||||||||
Real estate expenses
|
||||||||||||||||||||||||||||
Same-store(1)
|
11,027
|
8,195
|
4,183
|
203
|
1,119
|
0
|
24,727
|
|||||||||||||||||||||
Non-same-store
|
2,442
|
423
|
88
|
113
|
15
|
0
|
3,081
|
|||||||||||||||||||||
Total
|
13,469
|
8,618
|
4,271
|
316
|
1,134
|
0
|
27,808
|
|||||||||||||||||||||
Net operating income (NOI)
|
||||||||||||||||||||||||||||
Same-store(1)
|
13,839
|
9,151
|
10,989
|
1,343
|
2,118
|
0
|
37,440
|
|||||||||||||||||||||
Non-same-store
|
3,641
|
293
|
649
|
(73
|
)
|
80
|
0
|
4,590
|
||||||||||||||||||||
Net operating income
|
$
|
17,480
|
$
|
9,444
|
$
|
11,638
|
$
|
1,270
|
$
|
2,198
|
$
|
0
|
$
|
42,030
|
||||||||||||||
Reconciliation of NOI to net income (loss) available to common shareholders
|
||||||||||||||||||||||||||||
TRS senior housing revenue
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
921
|
$
|
921
|
||||||||||||||
TRS senior housing expenses
|
0
|
0
|
0
|
0
|
0
|
(754
|
)
|
(754
|
)
|
|||||||||||||||||||
Depreciation/amortization
|
(7,519
|
)
|
(4,389
|
)
|
(4,915
|
)
|
(457
|
)
|
(753
|
)
|
(100
|
)
|
(18,133
|
)
|
||||||||||||||
Administrative expenses
|
0
|
0
|
0
|
0
|
0
|
(2,516
|
)
|
(2,516
|
)
|
|||||||||||||||||||
Other expenses
|
0
|
0
|
0
|
0
|
0
|
(332
|
)
|
(332
|
)
|
|||||||||||||||||||
Interest expense
|
(5,921
|
)
|
(5,313
|
)
|
(3,406
|
)
|
(220
|
)
|
(323
|
)
|
21
|
(15,162
|
)
|
|||||||||||||||
Interest and other income
|
0
|
0
|
0
|
0
|
0
|
904
|
904
|
|||||||||||||||||||||
Income (loss) before gain on sale of real estate and other investments
|
4,040
|
(258
|
)
|
3,317
|
593
|
1,122
|
(1,856
|
)
|
6,958
|
|||||||||||||||||||
Gain on sale of real estate and other investments
|
0
|
117
|
4,109
|
0
|
3,025
|
(347
|
)
|
6,904
|
||||||||||||||||||||
Net income (loss)
|
4,040
|
(141
|
)
|
7,426
|
593
|
4,147
|
(2,203
|
)
|
13,862
|
|||||||||||||||||||
Net income attributable to noncontrolling interests – Operating Partnership
|
0
|
0
|
0
|
0
|
0
|
(908
|
)
|
(908
|
)
|
|||||||||||||||||||
Net income attributable to noncontrolling interests – consolidated real estate entities
|
0
|
0
|
0
|
0
|
0
|
(2,201
|
)
|
(2,201
|
)
|
|||||||||||||||||||
Net income (loss) attributable to Investors Real Estate Trust
|
4,040
|
(141
|
)
|
7,426
|
593
|
4,147
|
(5,312
|
)
|
10,753
|
|||||||||||||||||||
Dividends to preferred shareholders
|
0
|
0
|
0
|
0
|
0
|
(2,878
|
)
|
(2,878
|
)
|
|||||||||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$
|
4,040
|
$
|
(141
|
)
|
$
|
7,426
|
$
|
593
|
$
|
4,147
|
$
|
(8,190
|
)
|
$
|
7,875
|
(1) | See list of properties excluded from same-store properties on page ii. |
Three Months Ended April 30, 2014
|
||||||||||||||||||||||||||||
Reporting Segments
|
||||||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Healthcare
|
Commercial
Industrial
|
Commercial
Retail
|
Corporate and
Other
|
Total
|
||||||||||||||||||||||
Real estate rental revenue
|
||||||||||||||||||||||||||||
Same-store(1)
|
$
|
23,942
|
$
|
17,859
|
$
|
14,893
|
$
|
1,526
|
$
|
3,415
|
$
|
0
|
$
|
61,635
|
||||||||||||||
Non-same-store
|
2,458
|
1,506
|
1,024
|
96
|
264
|
0
|
5,348
|
|||||||||||||||||||||
Total
|
26,400
|
19,365
|
15,917
|
1,622
|
3,679
|
0
|
66,983
|
|||||||||||||||||||||
Real estate expenses
|
||||||||||||||||||||||||||||
Same-store(1)
|
11,791
|
8,891
|
4,428
|
316
|
1,312
|
0
|
26,738
|
|||||||||||||||||||||
Non-same-store
|
1,342
|
985
|
167
|
278
|
79
|
0
|
2,851
|
|||||||||||||||||||||
Total
|
13,133
|
9,876
|
4,595
|
594
|
1,391
|
0
|
29,589
|
|||||||||||||||||||||
Net operating income (NOI)
|
||||||||||||||||||||||||||||
Same-store(1)
|
12,151
|
8,968
|
10,465
|
1,210
|
2,103
|
0
|
34,897
|
|||||||||||||||||||||
Non-same-store
|
1,116
|
521
|
857
|
(182
|
)
|
185
|
0
|
2,497
|
||||||||||||||||||||
Net operating income
|
$
|
13,267
|
$
|
9,489
|
$
|
11,322
|
$
|
1,028
|
$
|
2,288
|
$
|
0
|
$
|
37,394
|
||||||||||||||
Reconciliation of NOI to net income (loss) available to common shareholders
|
||||||||||||||||||||||||||||
TRS senior housing revenue
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
823
|
$
|
823
|
||||||||||||||
TRS senior housing expenses
|
0
|
0
|
0
|
0
|
0
|
(660
|
)
|
(660
|
)
|
|||||||||||||||||||
Depreciation/amortization
|
(5,683
|
)
|
(5,276
|
)
|
(5,029
|
)
|
(379
|
)
|
(805
|
)
|
(90
|
)
|
(17,262
|
)
|
||||||||||||||
Administrative expenses
|
0
|
0
|
0
|
0
|
0
|
(2,801
|
)
|
(2,801
|
)
|
|||||||||||||||||||
Other expenses
|
0
|
0
|
0
|
0
|
0
|
(502
|
)
|
(502
|
)
|
|||||||||||||||||||
Impairment of real estate investments
|
0
|
(37,768
|
)
|
0
|
0
|
0
|
0
|
(37,768
|
)
|
|||||||||||||||||||
Interest expense
|
(5,455
|
)
|
(4,924
|
)
|
(3,839
|
)
|
(205
|
)
|
(381
|
)
|
187
|
(14,617
|
)
|
|||||||||||||||
Interest and other income
|
0
|
0
|
0
|
0
|
0
|
922
|
922
|
|||||||||||||||||||||
Income (loss) before loss on sale of real estate and other investments
|
2,129
|
(38,479
|
)
|
2,454
|
444
|
1,102
|
(2,121
|
)
|
(34,471
|
)
|
||||||||||||||||||
Loss on sale of real estate and other investments
|
0
|
0
|
0
|
0
|
0
|
(51
|
)
|
(51
|
)
|
|||||||||||||||||||
Net income (loss)
|
2,129
|
(38,479
|
)
|
2,454
|
444
|
1,102
|
(2,172
|
)
|
(34,522
|
)
|
||||||||||||||||||
Net loss attributable to noncontrolling interests – Operating Partnership
|
0
|
0
|
0
|
0
|
0
|
6,082
|
6,082
|
|||||||||||||||||||||
Net income attributable to noncontrolling interests – consolidated real estate entities
|
0
|
0
|
0
|
0
|
0
|
(102
|
)
|
(102
|
)
|
|||||||||||||||||||
Net income (loss) attributable to Investors Real Estate Trust
|
2,129
|
(38,479
|
)
|
2,454
|
444
|
1,102
|
3,808
|
(28,542
|
)
|
|||||||||||||||||||
Dividends to preferred shareholders
|
0
|
0
|
0
|
0
|
0
|
(2,878
|
)
|
(2,878
|
)
|
|||||||||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$
|
2,129
|
$
|
(38,479
|
)
|
$
|
2,454
|
$
|
444
|
$
|
1,102
|
$
|
930
|
$
|
(31,420
|
)
|
(1) | See list of properties excluded from same-store properties on page ii. |
Twelve Months Ended April 30, 2015
|
||||||||||||||||||||||||||||
Reporting Segments
|
||||||||||||||||||||||||||||
Multi-Family
Residential
|
Office
|
Healthcare
|
Industrial
|
Retail
|
Corporate and
Other
|
Total
|
||||||||||||||||||||||
Real estate rental revenue
|
||||||||||||||||||||||||||||
Same-store(1)
|
$
|
99,072
|
$
|
69,990
|
$
|
62,406
|
$
|
6,304
|
$
|
12,648
|
$
|
0
|
$
|
250,420
|
||||||||||||||
Non-same-store
|
19,454
|
4,988
|
3,824
|
187
|
797
|
0
|
29,250
|
|||||||||||||||||||||
Total
|
118,526
|
74,978
|
66,230
|
6,491
|
13,445
|
0
|
279,670
|
|||||||||||||||||||||
Real estate expenses
|
||||||||||||||||||||||||||||
Same-store(1)
|
44,140
|
33,895
|
16,556
|
1,308
|
4,488
|
0
|
100,387
|
|||||||||||||||||||||
Non-same-store
|
7,032
|
2,596
|
620
|
228
|
134
|
0
|
10,610
|
|||||||||||||||||||||
Total
|
51,172
|
36,491
|
17,176
|
1,536
|
4,622
|
0
|
110,997
|
|||||||||||||||||||||
Net operating income (NOI)
|
||||||||||||||||||||||||||||
Same-store(1)
|
54,932
|
36,095
|
45,850
|
4,996
|
8,160
|
0
|
150,033
|
|||||||||||||||||||||
Non-same-store
|
12,422
|
2,392
|
3,204
|
(41
|
)
|
663
|
0
|
18,640
|
||||||||||||||||||||
Net operating income
|
$
|
67,354
|
$
|
38,487
|
$
|
49,054
|
$
|
4,955
|
$
|
8,823
|
$
|
0
|
$
|
168,673
|
||||||||||||||
Reconciliation of NOI to net income (loss) available to common shareholders
|
||||||||||||||||||||||||||||
TRS senior housing revenue
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
3,520
|
$
|
3,520
|
||||||||||||||
TRS senior housing expenses
|
0
|
0
|
0
|
0
|
0
|
(2,997
|
)
|
(2,997
|
)
|
|||||||||||||||||||
Depreciation/amortization
|
(26,638
|
)
|
(18,621
|
)
|
(19,910
|
)
|
(1,628
|
)
|
(3,422
|
)
|
(388
|
)
|
(70,607
|
)
|
||||||||||||||
Administrative expenses
|
0
|
0
|
0
|
0
|
0
|
(11,824
|
)
|
(11,824
|
)
|
|||||||||||||||||||
Other expenses
|
0
|
0
|
0
|
0
|
0
|
(2,010
|
)
|
(2,010
|
)
|
|||||||||||||||||||
Impairment of real estate investments
|
0
|
(3,428
|
)
|
0
|
0
|
(1,384
|
)
|
(1,293
|
)
|
(6,105
|
)
|
|||||||||||||||||
Interest expense
|
(22,782
|
)
|
(19,792
|
)
|
(14,617
|
)
|
(825
|
)
|
(1,359
|
)
|
355
|
(59,020
|
)
|
|||||||||||||||
Interest and other income
|
0
|
0
|
0
|
0
|
0
|
2,961
|
2,961
|
|||||||||||||||||||||
Income (loss) before loss on sale of real estate and other investments
|
17,934
|
(3,354
|
)
|
14,527
|
2,502
|
2,658
|
(11,676
|
)
|
22,591
|
|||||||||||||||||||
Loss on sale of real estate and other investments
|
1,418
|
242
|
4,109
|
(1,793
|
)
|
3,658
|
(1,541
|
)
|
6,093
|
|||||||||||||||||||
Net income (loss)
|
19,352
|
(3,112
|
)
|
18,636
|
709
|
6,316
|
(13,217
|
)
|
28,684
|
|||||||||||||||||||
Net income attributable to noncontrolling interests – Operating Partnership
|
0
|
0
|
0
|
0
|
0
|
(1,526
|
)
|
(1,526
|
)
|
|||||||||||||||||||
Net income attributable to noncontrolling interests – consolidated real estate entities
|
0
|
0
|
0
|
0
|
0
|
(3,071
|
)
|
(3,071
|
)
|
|||||||||||||||||||
Net income (loss) attributable to Investors Real Estate Trust
|
19,352
|
(3,112
|
)
|
18,636
|
709
|
6,316
|
(17,814
|
)
|
24,087
|
|||||||||||||||||||
Dividends to preferred shareholders
|
0
|
0
|
0
|
0
|
0
|
(11,514
|
)
|
(11,514
|
)
|
|||||||||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$
|
19,352
|
$
|
(3,112
|
)
|
$
|
18,636
|
$
|
709
|
$
|
6,316
|
$
|
(29,328
|
)
|
$
|
12,573
|
(1) | See list of properties excluded from same-store properties on page ii. |
Twelve Months Ended April 30, 2014
|
||||||||||||||||||||||||||||
Reporting Segments
|
||||||||||||||||||||||||||||
Multi-Family
Residential
|
Office
|
Healthcare
|
Industrial
|
Retail
|
Corporate and
Other
|
Total
|
||||||||||||||||||||||
Real estate rental revenue
|
||||||||||||||||||||||||||||
Same-store(1)
|
$
|
95,831
|
$
|
71,398
|
$
|
61,750
|
$
|
6,179
|
$
|
12,805
|
$
|
0
|
$
|
247,963
|
||||||||||||||
Non-same-store
|
6,228
|
6,042
|
3,508
|
715
|
1,026
|
0
|
17,519
|
|||||||||||||||||||||
Total
|
102,059
|
77,440
|
65,258
|
6,894
|
13,831
|
0
|
265,482
|
|||||||||||||||||||||
Real estate expenses
|
||||||||||||||||||||||||||||
Same-store(1)
|
42,901
|
34,456
|
16,558
|
1,339
|
4,718
|
0
|
99,972
|
|||||||||||||||||||||
Non-same-store
|
3,237
|
3,734
|
569
|
704
|
271
|
0
|
8,515
|
|||||||||||||||||||||
Total
|
46,138
|
38,190
|
17,127
|
2,043
|
4,989
|
0
|
108,487
|
|||||||||||||||||||||
Gain on involuntary conversion
|
||||||||||||||||||||||||||||
Same-store(1)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||||||
Non-same-store
|
2,480
|
0
|
0
|
0
|
0
|
0
|
2,480
|
|||||||||||||||||||||
Total
|
2,480
|
0
|
0
|
0
|
0
|
0
|
2,480
|
|||||||||||||||||||||
Net operating income (NOI)
|
||||||||||||||||||||||||||||
Same-store(1)
|
52,930
|
36,942
|
45,192
|
4,840
|
8,087
|
0
|
147,991
|
|||||||||||||||||||||
Non-same-store
|
5,471
|
2,308
|
2,939
|
11
|
755
|
0
|
11,484
|
|||||||||||||||||||||
Net operating income
|
$
|
58,401
|
$
|
39,250
|
$
|
48,131
|
$
|
4,851
|
$
|
8,842
|
$
|
0
|
$
|
159,475
|
||||||||||||||
Reconciliation of NOI to net income (loss) available to common shareholders
|
||||||||||||||||||||||||||||
TRS senior housing revenue
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
1,627
|
$
|
1,627
|
||||||||||||||
TRS senior housing expenses
|
0
|
0
|
0
|
0
|
0
|
(1,331
|
)
|
(1,331
|
)
|
|||||||||||||||||||
Depreciation/amortization
|
(22,210
|
)
|
(21,840
|
)
|
(21,539
|
)
|
(1,789
|
)
|
(3,201
|
)
|
(339
|
)
|
(70,918
|
)
|
||||||||||||||
Administrative expenses
|
0
|
0
|
0
|
0
|
0
|
(10,743
|
)
|
(10,743
|
)
|
|||||||||||||||||||
Other expenses
|
0
|
0
|
0
|
0
|
0
|
(2,132
|
)
|
(2,132
|
)
|
|||||||||||||||||||
Impairment of real estate investments
|
0
|
(37,768
|
)
|
0
|
(4,798
|
)
|
0
|
0
|
(42,566
|
)
|
||||||||||||||||||
Interest expense
|
(21,731
|
)
|
(20,195
|
)
|
(15,615
|
)
|
(973
|
)
|
(1,787
|
)
|
1,159
|
(59,142
|
)
|
|||||||||||||||
Interest and other income
|
0
|
0
|
0
|
0
|
0
|
2,391
|
2,391
|
|||||||||||||||||||||
Income (loss) before loss on sale of real estate and other investments
|
14,460
|
(40,553
|
)
|
10,977
|
(2,709
|
)
|
3,854
|
(9,368
|
)
|
(23,339
|
)
|
|||||||||||||||||
Loss on sale of real estate and other investments
|
0
|
0
|
0
|
0
|
0
|
(51
|
)
|
(51
|
)
|
|||||||||||||||||||
(Loss) income from continuing operations
|
14,460
|
(40,553
|
)
|
10,977
|
(2,709
|
)
|
3,854
|
(9,419
|
)
|
(23,390
|
)
|
|||||||||||||||||
(Loss) income from discontinued operations
|
(99
|
)
|
(1,794
|
)
|
0
|
8,923
|
(580
|
)
|
0
|
6,450
|
||||||||||||||||||
Net income (loss)
|
14,361
|
(42,347
|
)
|
10,977
|
6,214
|
3,274
|
(9,419
|
)
|
(16,940
|
)
|
||||||||||||||||||
Net income attributable to noncontrolling interests – Operating Partnership
|
0
|
0
|
0
|
0
|
0
|
4,676
|
4,676
|
|||||||||||||||||||||
Net income attributable to noncontrolling interests – consolidated real estate entities
|
0
|
0
|
0
|
0
|
0
|
(910
|
)
|
(910
|
)
|
|||||||||||||||||||
Net income (loss) attributable to Investors Real Estate Trust
|
14,361
|
(42,347
|
)
|
10,977
|
6,214
|
3,274
|
(5,653
|
)
|
(13,174
|
)
|
||||||||||||||||||
Dividends to preferred shareholders
|
0
|
0
|
0
|
0
|
0
|
(11,514
|
)
|
(11,514
|
)
|
|||||||||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$
|
14,361
|
$
|
(42,347
|
)
|
$
|
10,977
|
$
|
6,214
|
$
|
3,274
|
$
|
(17,167
|
)
|
$
|
(24,688
|
)
|
(1) | See list of properties excluded from same-store properties on page ii. |
Segments
|
Same-Store Properties
|
All Properties
|
||||||||||||||
April 30, 2015
|
April 30, 2014
|
April 30, 2015
|
April 30, 2014
|
|||||||||||||
Multi-Family Residential
|
94.7
|
%
|
93.4
|
%
|
92.0
|
%
|
93.0
|
%
|
||||||||
Office
|
84.8
|
%
|
84.0
|
%
|
83.2
|
%
|
80.7
|
%
|
||||||||
Healthcare
|
95.7
|
%
|
96.2
|
%
|
95.8
|
%
|
96.3
|
%
|
||||||||
Industrial
|
100.0
|
%
|
100.0
|
%
|
83.4
|
%
|
87.8
|
%
|
||||||||
Retail
|
83.3
|
%
|
88.2
|
%
|
83.4
|
%
|
87.4
|
%
|
Three Months Ended
|
||||||||||||||||||||
4/30/2015
|
01/31/15
|
10/31/14
|
07/31/14
|
04/30/14
|
||||||||||||||||
Number of Units
|
11,844
|
11,765
|
11,292
|
11,080
|
10,779
|
|||||||||||||||
Average Investment Per Unit
|
||||||||||||||||||||
Same-Store
|
$
|
66,741
|
$
|
66,466
|
$
|
66,233
|
$
|
65,956
|
$
|
61,323
|
||||||||||
Non-Same-Store
|
146,337
|
143,999
|
133,763
|
125,239
|
100,374
|
|||||||||||||||
All Properties
|
$
|
79,617
|
$
|
77,723
|
$
|
74,190
|
$
|
71,326
|
$
|
69,905
|
||||||||||
Average Scheduled Rent(1) per Unit
|
||||||||||||||||||||
Same-Store
|
$
|
843
|
$
|
841
|
$
|
835
|
$
|
825
|
$
|
785
|
||||||||||
Non-Same-Store
|
1,452
|
1,390
|
1,320
|
1,220
|
1,051
|
|||||||||||||||
All Properties
|
$
|
942
|
$
|
920
|
$
|
892
|
$
|
861
|
$
|
843
|
||||||||||
Total Receipts per Unit
|
||||||||||||||||||||
Same-Store
|
$
|
838
|
$
|
835
|
$
|
844
|
$
|
820
|
$
|
773
|
||||||||||
Non-Same-Store
|
1,062
|
1,087
|
1,121
|
1,067
|
971
|
|||||||||||||||
All Properties
|
$
|
874
|
$
|
871
|
$
|
877
|
$
|
842
|
$
|
816
|
||||||||||
Total Recurring Capital Expenditures per Unit(1)
|
$
|
136
|
$
|
119
|
$
|
158
|
$
|
139
|
$
|
133
|
||||||||||
Occupancy%
|
||||||||||||||||||||
Same-Store
|
94.7
|
%
|
94.0
|
%
|
95.6
|
%
|
93.8
|
%
|
94.5
|
%
|
||||||||||
Non-Same-Store
|
78.6
|
%
|
77.1
|
%
|
87.6
|
%
|
89.5
|
%
|
87.6
|
%
|
||||||||||
All Properties
|
92.0
|
%
|
91.3
|
%
|
94.6
|
%
|
93.4
|
%
|
93.0
|
%
|
||||||||||
Operating Expenses as a % of Scheduled Rent
|
||||||||||||||||||||
Same-Store
|
44.2
|
%
|
46.0
|
%
|
43.7
|
%
|
46.0
|
%
|
50.2
|
%
|
||||||||||
Non-Same-Store
|
30.0
|
%
|
27.0
|
%
|
28.8
|
%
|
29.5
|
%
|
45.9
|
%
|
||||||||||
All Properties
|
40.7
|
%
|
41.8
|
%
|
41.1
|
%
|
43.9
|
%
|
49.0
|
%
|
(1) | See Definitions on page 32. |
(2) | Previously-reported amounts are not revised for discontinued operations or changes in the composition of the same-store properties pool. |
Square Feet of
New Leases(1)
|
Square Feet of
Leases Renewed(1)
|
Total
Square Feet of
Leases Executed(1)
|
Occupancy
|
|||||||||||||||||||||||||||||
Segments
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
||||||||||||||||||||||||
Office
|
48,383
|
77,881
|
90,766
|
89,038
|
139,149
|
166,919
|
84.8
|
%
|
84.0
|
%
|
||||||||||||||||||||||
Healthcare
|
3,174
|
6,360
|
1,270
|
5,971
|
4,444
|
12,331
|
95.7
|
%
|
96.2
|
%
|
||||||||||||||||||||||
Industrial
|
0
|
0
|
9,702
|
0
|
9,702
|
0
|
100.0
|
%
|
100.0
|
%
|
||||||||||||||||||||||
Retail
|
6,525
|
3,498
|
74,769
|
45,629
|
81,294
|
49,127
|
83.3
|
%
|
88.2
|
%
|
||||||||||||||||||||||
Total
|
58,082
|
87,739
|
176,507
|
140,638
|
234,589
|
228,377
|
89.7
|
%
|
90.1
|
%
|
(1) | The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP. Prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations or non-same-store in the current period. |
Square Feet of
New Leases(1)
|
Square Feet of
Leases Renewed(1)
|
Total
Square Feet of
Leases Executed(1)
|
Occupancy
|
|||||||||||||||||||||||||||||
Segments
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
||||||||||||||||||||||||
Office
|
168,007
|
356,024
|
421,006
|
311,836
|
589,013
|
667,860
|
84.8
|
%
|
84.0
|
%
|
||||||||||||||||||||||
Healthcare
|
21,153
|
37,628
|
109,661
|
40,967
|
130,814
|
78,595
|
95.7
|
%
|
96.2
|
%
|
||||||||||||||||||||||
Industrial
|
0
|
234,403
|
39,697
|
251,831
|
39,697
|
486,234
|
100.0
|
%
|
100.0
|
%
|
||||||||||||||||||||||
Retail
|
57,777
|
128,464
|
257,707
|
123,886
|
315,484
|
252,350
|
83.3
|
%
|
88.2
|
%
|
||||||||||||||||||||||
Total
|
246,937
|
756,519
|
828,071
|
728,520
|
1,075,008
|
1,485,039
|
89.7
|
%
|
90.1
|
%
|
(1) | The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP. Prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations or non-same-store in the current period. |
Square Feet of
New Leases(1)
|
Average Term
in Years
|
Average
Effective Rent(2)
|
Estimated Tenant
Improvement Cost per
Square Foot(1)
|
Leasing
Commissions per
Square Foot(1)
|
||||||||||||||||||||||||||||||||||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||||||||||||||||||||
Office
|
48,383
|
77,881
|
4.7
|
4.1
|
$
|
11.81
|
$
|
10.42
|
$
|
23.85
|
$
|
14.03
|
$
|
6.37
|
$
|
4.32
|
||||||||||||||||||||||||
Healthcare
|
3,174
|
6,360
|
0.3
|
6.0
|
3.78
|
22.56
|
0
|
50.00
|
0
|
7.50
|
||||||||||||||||||||||||||||||
Industrial
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||||||||||||||||
Retail
|
6,525
|
3,498
|
2.1
|
1.5
|
10.14
|
10.47
|
0
|
0
|
2.74
|
0
|
||||||||||||||||||||||||||||||
Total
|
58,082
|
87,739
|
3.8
|
3.5
|
$
|
11.18
|
$
|
11.30
|
$
|
19.87
|
$
|
16.08
|
$
|
5.62
|
$
|
4.38
|
(1) | The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP. Prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations or non-same-store in the current period. Tenant improvements and leasing commissions presented are based on square feet leased during the period. |
(2) | Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net. |
Square Feet of
New Leases(1)
|
Average Term
in Years
|
Average
Effective Rent(2)
|
Estimated Tenant
Improvement Cost per
Square Foot(1)
|
Leasing
Commissions per
Square Foot(1)
|
||||||||||||||||||||||||||||||||||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||||||||||||||||||||
Office
|
168,007
|
356,024
|
4.7
|
4.2
|
$
|
13.37
|
$
|
13.42
|
$
|
18.01
|
$
|
13.30
|
$
|
5.63
|
$
|
4.33
|
||||||||||||||||||||||||
Healthcare
|
21,153
|
37,628
|
5.4
|
4.9
|
17.57
|
21.58
|
31.58
|
49.71
|
5.81
|
6.88
|
||||||||||||||||||||||||||||||
Industrial
|
0
|
234,403
|
0
|
3.1
|
0
|
3.55
|
0
|
0.13
|
0
|
0.50
|
||||||||||||||||||||||||||||||
Retail
|
57,777
|
128,464
|
3.3
|
4.5
|
8.56
|
5.83
|
14.42
|
1.79
|
3.38
|
4.35
|
||||||||||||||||||||||||||||||
Total
|
246,937
|
759,519
|
4.4
|
4.3
|
$
|
12.60
|
$
|
9.48
|
$
|
18.33
|
$
|
9.08
|
$
|
5.12
|
$
|
3.27
|
(1) | The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP. Prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations or non-same-store in the current period. Tenant improvements and leasing commissions presented are based on square feet leased during the period. |
(2) | Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net. |
Square Feet of Leases
Renewed(1)
|
Percent of Expiring
Leases Renewed(2)
|
Average Term
in Years
|
Weighted Average
Growth (Decline)
in Effective Rents(3)
|
Estimated
Tenant Improvement
Cost per Square
Foot(1)
|
Leasing
Commissions per
Square Foot(1)
|
|||||||||||||||||||||||||||||||||||||||||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||||||||||||||||||||||||||
Office
|
90,766
|
89,038
|
93.4
|
%
|
43.0
|
%
|
3.3
|
2.8
|
6.2
|
%
|
(3.1
|
%)
|
$
|
1.96
|
$
|
5.13
|
$
|
1.34
|
$
|
3.59
|
||||||||||||||||||||||||||||
Healthcare
|
1,270
|
5,971
|
72.9
|
%
|
22.1
|
%
|
3.0
|
2.9
|
(0.1
|
%)
|
3.6
|
%
|
0
|
0
|
3.15
|
0
|
||||||||||||||||||||||||||||||||
Industrial
|
9,702
|
0
|
0
|
%
|
100.0
|
%
|
2.0
|
0
|
11.4
|
%
|
0
|
%
|
0
|
0
|
0.38
|
0
|
||||||||||||||||||||||||||||||||
Retail
|
74,769
|
45,629
|
93.8
|
%
|
100.0
|
%
|
3.2
|
3.2
|
(0.1
|
%)
|
4.9
|
%
|
0
|
0
|
0.96
|
0.14
|
||||||||||||||||||||||||||||||||
Total
|
176,507
|
140,638
|
92.0
|
%
|
50.1
|
%
|
3.2
|
3.0
|
4.1
|
%
|
(1.2
|
%)
|
$
|
1.01
|
$
|
3.25
|
$
|
1.14
|
$
|
2.32
|
(1) | The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP. Prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations or non-same-store in the current period. Tenant improvements and leasing commissions are based on square feet leased during the period. |
(2) | Renewal percentage of expiring leases is based on square footage of renewed leases and not the number of leases renewed. Beginning in the first quarter of fiscal year 2015, the category of renewed leases does not include leases that have become month-to-month leases; these month-to-month leases are considered lease amendments. Previous-period data has been revised to reflect this change. |
(3) | Represents the percentage change in effective rent between the original leases and the renewal leases. Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net. |
Square Feet of Leases
Renewed(1)
|
Percent of Expiring
Leases Renewed(2)
|
Average Term
in Years
|
Weighted Average
Growth (Decline)
in Effective Rents(3)
|
Estimated
Tenant Improvement
Cost per Square
Foot(1)
|
Leasing
Commissions per
Square Foot(1)
|
|||||||||||||||||||||||||||||||||||||||||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||||||||||||||||||||||||||
Office
|
421,006
|
311,836
|
72.6
|
%
|
50.8
|
%
|
2.8
|
3.4
|
9.6
|
%
|
(2.6
|
%)
|
$
|
2.29
|
$
|
4.82
|
$
|
1.52
|
$
|
3.39
|
||||||||||||||||||||||||||||
Healthcare
|
109,661
|
40,967
|
73.2
|
%
|
91.4
|
%
|
5.8
|
3.3
|
(3.5
|
%)
|
8.0
|
%
|
10.87
|
8.51
|
1.56
|
0.94
|
||||||||||||||||||||||||||||||||
Industrial
|
39,697
|
251,831
|
0.0
|
%
|
45.6
|
%
|
2.5
|
3.2
|
(2.1
|
%)
|
7.5
|
%
|
0
|
0.32
|
1.01
|
0.48
|
||||||||||||||||||||||||||||||||
Retail
|
257,707
|
123,886
|
57.1
|
%
|
40.2
|
%
|
3.7
|
3.6
|
18.3
|
%
|
8.9
|
%
|
1.33
|
1.19
|
0.30
|
0.08
|
||||||||||||||||||||||||||||||||
Total
|
828,071
|
728,520
|
67.7
|
%
|
50.8
|
%
|
3.6
|
3.4
|
8.0
|
%
|
1.9
|
%
|
$
|
3.01
|
$
|
2.85
|
$
|
1.12
|
$
|
1.68
|
(1) | The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP. Prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations or non-same-store in the current period. Tenant improvements and leasing commissions are based on square feet leased during the period. |
(2) | Renewal percentage of expiring leases is based on square footage of renewed leases and not the number of leases renewed. Beginning in the first quarter of fiscal year 2015, the category of renewed leases does not include leases that have become month-to-month leases; these month-to-month leases are considered lease amendments. Previous-period data has been revised to reflect this change. |
(3) | Represents the percentage change in effective rent between the original leases and the renewal leases. Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net. |
Fiscal Year of Lease Expiration
|
# of Leases
|
Square Footage of
Expiring Leases(3)
|
Percentage of Total
Commercial
Segments
Leased Square
Footage
|
Annualized Base
Rent of Expiring
Leases at Expiration(2)
|
Percentage of Total
Commercial
Segments
Annualized Base Rent
|
|||||||||||||||
2016(1)
|
166
|
1,228,799
|
14.8
|
%
|
$
|
14,724,258
|
13.1
|
%
|
||||||||||||
2017
|
142
|
1,211,526
|
14.6
|
%
|
19,243,120
|
17.1
|
%
|
|||||||||||||
2018
|
101
|
724,033
|
8.7
|
%
|
11,485,971
|
10.2
|
%
|
|||||||||||||
2019
|
90
|
1,273,808
|
15.4
|
%
|
17,987,792
|
16.0
|
%
|
|||||||||||||
2020
|
61
|
675,357
|
8.2
|
%
|
8,179,205
|
7.3
|
%
|
|||||||||||||
2021
|
54
|
463,342
|
5.6
|
%
|
6,832,314
|
6.1
|
%
|
|||||||||||||
2022
|
49
|
1,408,667
|
17.0
|
%
|
17,928,424
|
15.9
|
%
|
|||||||||||||
2023
|
16
|
499,626
|
6.0
|
%
|
2,533,159
|
2.3
|
%
|
|||||||||||||
2024
|
42
|
384,820
|
4.7
|
%
|
5,963,158
|
5.3
|
%
|
|||||||||||||
2025
|
13
|
198,574
|
2.4
|
%
|
2,847,879
|
2.5
|
%
|
|||||||||||||
Thereafter
|
11
|
218,325
|
2.6
|
%
|
4,701,895
|
4.2
|
%
|
|||||||||||||
Totals
|
745
|
8,286,877
|
100.0
|
%
|
$
|
112,427,175
|
100.0
|
%
|
(1) | Includes month-to-month leases. As of April 30, 2015month-to-month leases accounted for 357,422 square feet. |
(2) | Annualized Base Rent is monthly scheduled rent as of April 1, 2015, multiplied by 12. |
(3) | Assuming that none of the tenants exercise renewal or termination options, and including leases renewed prior to expiration. Also excludes 140,022 square feet of space occupied by IRET, of which 98,174 square feet is income producing real estate operated within a Taxable REIT Subsidiary. |
Tenant
|
Number of
Properties
|
Average
Remaining
Lease Term
in Months
|
% of Total
Commercial
Segments’
Minimum
Rents
|
Aggregate
Rentable
Square Feet
|
% of Aggregate
Occupied
Square
Feet
|
|||||||||||||||
Affiliates of Edgewood Vista
|
33
|
65
|
15.1
|
%
|
1,521,147
|
18.3
|
%
|
|||||||||||||
Fairview Health Services
|
10
|
37
|
4.0
|
%
|
256,609
|
3.1
|
%
|
|||||||||||||
St. Luke’s Hospital of Duluth, Inc.
|
6
|
31
|
3.7
|
%
|
198,775
|
2.4
|
%
|
|||||||||||||
Applied Underwriters
|
3
|
22
|
2.6
|
%
|
141,724
|
1.7
|
%
|
|||||||||||||
HealthEast Care System
|
1
|
46
|
1.8
|
%
|
114,316
|
1.4
|
%
|
|||||||||||||
Microsoft (NASDAQ: MSFT)
|
1
|
44
|
1.5
|
%
|
122,040
|
1.5
|
%
|
|||||||||||||
Arcadis Corporate Services, Inc.
|
1
|
15
|
1.4
|
%
|
71,430
|
0.9
|
%
|
|||||||||||||
Nebraska Orthopaedic Hospital(2)
|
1
|
167
|
1.4
|
%
|
61,758
|
0.7
|
%
|
|||||||||||||
State of Idaho Department of Health and Welfare
|
2
|
34
|
1.2
|
%
|
103,342
|
1.2
|
%
|
|||||||||||||
Affiliates of Siemens USA (NYSE: SI)
|
1
|
18
|
1.2
|
%
|
78,360
|
0.9
|
%
|
|||||||||||||
Total/Weighted Average
|
48
|
33.9
|
%
|
2,669,501
|
32.1
|
%
|
(1) | See Definitions on page 32. |
(2) | The tenant in the Company’s Nebraska Orthopaedic Hospital property has exercised its option to purchase the property. The Company and its tenant are currently engaged in an arbitration proceeding pursuant to the lease agreement to determine the purchase price. The Company currently can give no assurance that the sale of the property pursuant to the purchase option will be completed. |
(dollars in thousands except average rental rates)
|
||||||||||||||||||||||||
Fiscal Year
|
Number of
Leases
|
Rentable
Square Feet(1)
|
% of Rentable
Square Feet
|
Annualized
Rent(2)
|
Average
Rental
Rate
|
% of
Annualized
Base Rent
|
||||||||||||||||||
Office
|
||||||||||||||||||||||||
2016(3)
|
67
|
462,010
|
13.4
|
%
|
$
|
6,215
|
$
|
13.45
|
12.1
|
%
|
||||||||||||||
2017
|
74
|
839,492
|
24.3
|
%
|
14,261
|
16.99
|
27.9
|
%
|
||||||||||||||||
2018
|
54
|
463,499
|
13.4
|
%
|
6,537
|
14.10
|
12.8
|
%
|
||||||||||||||||
2019
|
51
|
883,177
|
25.6
|
%
|
12,745
|
14.43
|
24.9
|
%
|
||||||||||||||||
2020
|
31
|
367,590
|
10.7
|
%
|
4,670
|
12.70
|
9.1
|
%
|
||||||||||||||||
2021 and thereafter
|
48
|
435,423
|
12.6
|
%
|
6,779
|
15.57
|
13.2
|
%
|
||||||||||||||||
325
|
3,451,191
|
100.0
|
%
|
$
|
51,207
|
$
|
14.84
|
100.0
|
%
|
|||||||||||||||
Healthcare
|
||||||||||||||||||||||||
2016(4)
|
49
|
465,396
|
16.5
|
%
|
$
|
6,515
|
$
|
14.00
|
13.9
|
%
|
||||||||||||||
2017
|
30
|
156,931
|
5.5
|
%
|
3,313
|
21.11
|
7.1
|
%
|
||||||||||||||||
2018
|
19
|
167,999
|
5.9
|
%
|
4,145
|
24.67
|
8.8
|
%
|
||||||||||||||||
2019
|
15
|
192,457
|
6.8
|
%
|
3,962
|
20.59
|
8.4
|
%
|
||||||||||||||||
2020
|
11
|
64,130
|
2.3
|
%
|
1,305
|
20.35
|
2.8
|
%
|
||||||||||||||||
2021 and thereafter
|
97
|
1,779,322
|
63.0
|
%
|
27,724
|
15.58
|
59.0
|
%
|
||||||||||||||||
221
|
2,826,235
|
100.0
|
%
|
$
|
46,964
|
$
|
16.62
|
100.0
|
%
|
|||||||||||||||
Industrial
|
||||||||||||||||||||||||
2016(5)
|
2
|
208,401
|
20.4
|
%
|
$
|
1,131
|
$
|
5.43
|
22.3
|
%
|
||||||||||||||
2017
|
1
|
69,600
|
6.8
|
%
|
374
|
5.37
|
7.4
|
%
|
||||||||||||||||
2018
|
1
|
9,702
|
0.9
|
%
|
58
|
5.98
|
1.2
|
%
|
||||||||||||||||
2019
|
6
|
157,595
|
15.5
|
%
|
834
|
5.29
|
16.5
|
%
|
||||||||||||||||
20120
|
1
|
101,567
|
10.0
|
%
|
593
|
5.84
|
11.7
|
%
|
||||||||||||||||
2021 and thereafter
|
4
|
473,246
|
46.4
|
%
|
2,071
|
4.38
|
40.9
|
%
|
||||||||||||||||
15
|
1,020,111
|
100.0
|
%
|
$
|
5,061
|
$
|
4.96
|
100.0
|
%
|
|||||||||||||||
Retail
|
||||||||||||||||||||||||
2016(6)
|
48
|
92,992
|
9.4
|
%
|
$
|
863
|
$
|
9.28
|
9.4
|
%
|
||||||||||||||
2017
|
37
|
145,503
|
14.7
|
%
|
1,295
|
8.90
|
14.1
|
%
|
||||||||||||||||
2018
|
27
|
82,833
|
8.4
|
%
|
746
|
9.01
|
8.1
|
%
|
||||||||||||||||
2019
|
18
|
40,579
|
4.1
|
%
|
447
|
11.02
|
4.9
|
%
|
||||||||||||||||
2020
|
18
|
142,070
|
14.3
|
%
|
1,611
|
11.34
|
17.5
|
%
|
||||||||||||||||
2021 and thereafter
|
36
|
485,363
|
49.1
|
%
|
4,233
|
8.72
|
46.0
|
%
|
||||||||||||||||
184
|
989,340
|
100.0
|
%
|
$
|
9,195
|
$
|
9.29
|
100.0
|
%
|
|||||||||||||||
Commercial Total
|
||||||||||||||||||||||||
2016(7)
|
166
|
1,228,799
|
14.8
|
%
|
$
|
14,724
|
$
|
11.98
|
13.1
|
%
|
||||||||||||||
2017
|
142
|
1,211,526
|
14.6
|
%
|
19,243
|
15.88
|
17.1
|
%
|
||||||||||||||||
2018
|
101
|
724,033
|
8.7
|
%
|
11,486
|
15.86
|
10.2
|
%
|
||||||||||||||||
2019
|
90
|
1,273,808
|
15.4
|
%
|
17,988
|
14.12
|
16.0
|
%
|
||||||||||||||||
20120
|
61
|
675,357
|
8.2
|
%
|
8,179
|
12.11
|
7.3
|
%
|
||||||||||||||||
2021 and thereafter
|
185
|
3,173,354
|
38.3
|
%
|
40,807
|
12.86
|
36.3
|
%
|
||||||||||||||||
745
|
8,286,877
|
100.0
|
%
|
$
|
112,427
|
$
|
13.57
|
100.0
|
%
|
(1) | Excludes 140,022 square feet of space occupied by IRET, of which 98,174 square feet is income producing real estate operated within a Taxable REIT Subsidiary. |
(2) | Annualized Base Rent is monthly scheduled rent as of April 1, 2015 (cash basis), multiplied by 12. |
(3) | Includes month-to-month leases. As of April 30, 2015 month-to-month leases accounted for 15,567 square feet. |
(4) | Includes month-to-month leases. As of April 30, 2015 month-to-month leases accounted for 305,405 square feet. |
(5) | The Industrial segment has no month-to-month leases in place as of April 30, 2015. |
(6) | Includes month-to-month leases. As of April 30, 2015 month-to-month leases accounted for 36,450 square feet. |
(7) | Includes month-to-month leases. As of April 30, 2015 month-to-month leases accounted for 357,422 square feet. |
Property
|
Location
|
Property Type
|
Acquisition
Date
|
Rentable Square
Feet/Units
|
Occupancy
At
Acquisition
|
April 30,
2015 Occupancy
|
Acquisition
Cost
|
||||||||||||
Creekside Crossing
|
Bismarck, ND
|
Unimproved Land
|
May 22, 2014
|
n/a
|
|
n/a
|
|
n/a
|
|
$
|
4,269
|
||||||||
Homestead Garden
|
Rapid City, SD
|
Multi-Family Residential
|
June 2, 2014
|
152
|
96.7
|
%
|
94.7
|
%
|
15,000
|
||||||||||
Silver Springs
|
Rapid City, SD
|
Multi-Family Residential
|
June 2, 2014
|
52
|
98.0
|
%
|
98.1
|
%
|
3,280
|
||||||||||
PrairieCare Medical
|
Brooklyn Park, MN
|
Unimproved Land
|
June 5, 2014
|
n/a
|
|
n/a
|
|
n/a
|
|
2,616
|
|||||||||
71 France Phase I(1)
|
Edina, MN
|
Unimproved Land
|
June 12, 2014
|
n/a
|
|
n/
|
|
n/a
|
|
1,413
|
|||||||||
Northridge(2)
|
Bismarck, ND
|
Multi-Family Residential
|
September 12, 2014
|
68
|
55.9
|
%
|
95.6
|
%
|
8,500
|
||||||||||
Monticello 7th Addition
|
Monticello, MN
|
Unimproved Land
|
October 9, 2014
|
n/a
|
|
n/a
|
|
n/a
|
|
1,660
|
|||||||||
71 France Phase II & III(1)
|
Edina, MN
|
Unimproved Land
|
November 4, 2014
|
n/a
|
|
n/a
|
|
n/a
|
|
3,309
|
|||||||||
Minot 1525 24th Ave SW
|
Minot, ND
|
Unimproved Land
|
December 23,2014
|
n/a
|
|
n/a
|
|
n/a
|
|
1,250
|
|||||||||
Legacy Heights(2)
|
Bismarck, ND
|
Multi-Family Residential
|
March 19,2015
|
40
|
30.0
|
%
|
42.5
|
%
|
15,000
|
||||||||||
Total Square Feet
|
0
|
$
|
56,297
|
||||||||||||||||
Total Units
|
312
|
(1) | Land is owned by a joint venture in which the Company will have an approximately 52.6% interest after the development project is completed. The joint venture is consolidated in IRET’s financial statements. |
(2) | Newly constructed project was purchased from developer and was still in lease-up at time of acquisition. |
Property(1)
|
Location
|
Segment Type
|
Date Placed in
Service
|
Rentable Square
Feet/Units
|
Occupancy
At
Date Placed in
Service
|
April 30,
2015 Occupancy
|
Development
Cost
|
||||||||||||
Dakota Commons
|
Williston, ND
|
Multi-Family Residential
|
July 15, 2014
|
44
|
40.9
|
%
|
95.5
|
%
|
$
|
10,419
|
|||||||||
Commons at Southgate(2)
|
Minot, ND
|
Multi-Family Residential
|
December 9, 2014
|
233
|
75.1
|
%
|
92.7
|
%
|
35,042
|
||||||||||
Minot Southgate Wells Fargo Bank
|
Minot, ND
|
Retail
|
November 10, 2014
|
4,998
|
100
|
%
|
100
|
%
|
3,186
|
||||||||||
Cypress Court II(3)
|
St. Cloud, MN
|
Multi-Family Residential
|
January 1, 2015
|
64
|
50.0
|
%
|
96.9
|
%
|
6,767
|
||||||||||
Arcata
|
Golden Valley, MN
|
Multi-Family Residential
|
January 1, 2015
|
165
|
9.1
|
%
|
20.0
|
%
|
31,728
|
||||||||||
Red 20(4)
|
Minneapolis, MN
|
Multi-Family Residential
|
November 21, 2014
|
130
|
29.2
|
%
|
75.4
|
%
|
28,312
|
||||||||||
Roseville 3075 Long Lake Road
|
Roseville, MN
|
Industrial
|
February 2, 2015
|
22,807
|
5.0
|
%
|
5.0
|
%
|
9,036
|
||||||||||
Total Square Feet
|
27,805
|
$
|
124,490
|
||||||||||||||||
Total Units
|
636
|
(1) | Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Development In Progress Summary for additional information on the Renaissance Heights project, which was partially placed in service during the fiscal year 2014 and the twelve months ended April 30, 2015. |
(2) | The Company is currently an approximately 52.9% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. |
(3) | The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. |
(4) | The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. The anticipated total cost includes approximately 10,625 square feet of retail space. |
(in thousands)
|
||||||||||||||||
Project Name and Location
|
Planned Segment
|
Rentable
Square Feet
or Number of Units
|
Percentage
Leased
or Committed
|
Anticipated
Total Cost
|
Costs as of
April 30, 2015(1)
|
Anticipated Construction Completion
|
||||||||||
Chateau II - Minot, ND
|
Multi-Family Residential
|
72 units
|
13.9
|
%
|
14,711
|
13,129
|
1Q 2016
|
|||||||||
Edina 6565 France SMC III - Edina, MN
|
Healthcare
|
57,479 sq ft
|
24.2
|
%
|
36,752
|
22,549
|
1Q 2016
|
|||||||||
Minot Southgate Retail - Minot, ND
|
Retail
|
7,963 sq ft
|
0
|
%
|
2,923
|
2,164
|
1Q 2016
|
|||||||||
Renaissance Heights - Williston, ND(2)
|
Multi-Family Residential
|
288 units
|
44.5
|
%
|
62,362
|
59,087
|
1Q 2016
|
|||||||||
Deer Ridge – Jamestown, ND
|
Multi-Family Residential
|
163 units
|
8.6
|
%
|
24,519
|
15,355
|
2Q 2016
|
|||||||||
PrairieCare Medical - Brooklyn Park, MN
|
Healthcare
|
72,895 sq ft
|
100
|
%
|
24,251
|
19,457
|
2Q 2016
|
|||||||||
Cardinal Point - Grand Forks, ND
|
Multi-Family Residential
|
251 units
|
18.3
|
%
|
40,042
|
26,450
|
2Q 2016
|
|||||||||
71 France Phases I, II, & III - Edina, MN(3)
|
Multi-Family Residential
|
241 units
|
6.2
|
%
|
73,290
|
35,137
|
1Q 2017
|
|||||||||
Other
|
n/a
|
n/a
|
n/
|
a
|
n/
|
a
|
6,618
|
n/a
|
||||||||
$
|
278,850
|
$
|
199,946
|
(1) | Includes costs related to development projects that are placed in service in phases (Renaissance Heights - $46.0 million). |
(2) | The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. |
(3) | The project will be constructed in three phases by a joint venture entity in which the Company has an approximately 52.6% interest. The anticipated total cost amount given is the total cost to the joint venture entity. The anticipated total cost includes approximately 21,772 square feet of retail space. |
Sources of Liquidity
|
Liquidity Needs
|
||||||||
Liquidity Source
|
Amount
|
Liquidity Need
|
Amount
|
||||||
Cash on balance sheet as of 04/30/15(1)
|
$
|
49
|
Acquisitions(4)
|
$
|
16
|
||||
Line of credit availability(2)
|
$
|
30
|
Development(5)
|
$
|
8
|
||||
Disposition proceeds(3)
|
$
|
7
|
|||||||
Estimated new debt on Acquisitions(4)
|
$
|
10
|
|||||||
Total Potential Liquidity
|
$
|
96
|
Total Liquidity Needs
|
$
|
24
|
||||
Excess Liquidity / (Need)
|
$
|
72
|
|||||||
Capital Sources
|
|||||||||
FY2015
|
FY2014
|
||||||||
Capital Source
|
Proceeds Generated
|
Capital Source
|
Proceeds Generated
|
||||||
Sale of common shares under dividend reinvestment and share purchase plan
|
$
|
49
|
Sale of common shares under dividend reinvestment and share purchase plan
|
$
|
41
|
||||
Proceeds from sales of real estate and discontinued operations
|
$
|
74
|
Proceeds from sales of real estate and discontinued operations
|
$
|
80
|
||||
Total Capital Generated
|
$
|
123
|
Total Capital Generated
|
$
|
121
|
(1) | Includes compensating balances of $14 million |
(2) | Line of credit of $90 million less $60 million drawn as of 04/30/15 |
(3) | Disposition proceeds consists of $7 million of estimated gross proceeds, less estimated outstanding debt and estimated closing costs of $0 million from closed and pending sales for the period from 04/30/15 through 06/29/15. No assurances can be given that pending transactions will be completed on terms currently proposed, or at all. |
(4) | Acquisitions amount consists of estimated gross costs for closed and pending acquisitions for the period from 04/30/15 through 06/29/15. No assurances can be given that pending transactions will be completed on terms currently proposed, or at all. Assumes new acquisitions will be leveraged at 65%. |
(5) | Development in progress of $279 million less construction loans closed or committed of $145 million = IRET equity required of $134 million. IRET equity required of $134 million less $126 million invested as of 04/30/15 = amount remaining to be invested of $8 million. |
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