Investors Real Estate Trust (IRET) said Friday that it has completed an underwritten public offering of about 6.01 million common shares of beneficial interest, no par value per share, including 263,300 shares issued pursuant to the underwriters' over-allotment option, at a public offering price of $9.25 per share, for net proceeds of about $53.0 million, after deducting the underwriting discount and other estimated offering-related costs.
The company 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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