Investors Real Estate Trust (IRET) said Monday that it has commenced an underwritten public offering of 8 million common shares of beneficial interest, no par value per share, of the company.
The company plans to grant the underwriters of the offering a 30-day option to purchase up to an additional 1.2 million common shares at the public offering price to cover over-allotments, if any.
The company said it plans to contribute the net proceeds of the offering to its operating partnership, which will use the net proceeds for general business purposes, which may include acquiring, developing, renovating, expanding or improving land and income-producing real estate properties in accordance with the company's investment strategy and reducing its debt.
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