Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K CURRENT REPORT - CENTERSPACE | iretform8k-12102009.htm |
| EX-99.1 - EARNINGS RELEASE - CENTERSPACE | iretex991-12102009.htm |
Exhibit
99.2
Second
Quarter Fiscal 2010
Supplemental
Operating and Financial Data
for
the Quarter Ended October 31, 2009
|
CONTACT:
Michelle
Saari
VP
- Investors Relations
Direct
Dial: 701-837-4738
E-Mail:
msaari@iret.com
|
3015
16th Street SW, Suite 100
Minot,
ND 58701
Tel:
701.837.4738
Fax:
701.838.7785
www.iret.com
|
Supplemental
Financial and Operating Data
October
31, 2009
|
Page
|
|
|
Company
Background and Highlights
|
2
|
|
Investment
Cost by Segment
|
5
|
|
Key
Financial Data
|
|
|
Condensed
Consolidated Balance Sheets
|
6
|
|
Condensed
Consolidated Statements of Operations
|
7
|
|
Funds
From Operations
|
8
|
|
Earnings
Before Interest, Taxes, Depreciation and Amortization
(EBITDA)
|
9
|
|
Capital
Analysis
|
|
|
Long-Term
Mortgage Debt Analysis
|
10
|
|
Long-Term
Mortgage Debt Detail
|
11-12
|
|
Capital
Analysis
|
13
|
|
Portfolio
Analysis
|
|
|
Stabilized
Properties Net Operating Income Summary
|
14
|
|
Net
Operating Income Detail
|
15-18
|
|
Stabilized
Properties and Overall Economic Occupancy Levels by
Segment
|
19
|
|
Tenant
Analysis
|
|
|
Commercial
Leasing Summary
|
20-21
|
|
Multi-Family
Residential Summary
|
22
|
|
10
Largest Commercial Tenants - Based on Annualized Base Rent
|
23
|
|
Lease
Expirations as of October 31, 2009
|
24
|
|
Growth
and Strategy
|
|
|
Fiscal
2010 Acquisition Summary
|
25
|
|
Definitions
|
26
|
Company
Background and Highlights
Second
Quarter Fiscal 2010
Investors
Real Estate Trust is a self-administered, equity real estate investment trust
(REIT) investing in a portfolio of income-producing properties located primarily
in the upper Midwest. IRET’s portfolio is diversified among
multi-family residential, commercial office, medical (including senior housing),
industrial and retail segments.
During
the three months ended October 31, 2009, IRET acquired two properties: an
approximately 42,180 square foot showroom/warehouse property located in a
western suburb of Des Moines, Iowa, triple-net leased to a single tenant, for
which the Company paid a total of approximately $3.4 million, a portion of which
was paid in UPREIT Units valued at a total of approximately $2.9 million, or
$10.25 per Unit, with the remainder paid in cash; and an approximately 15,000
square foot, 2-story office building on 1.5 acres located near the Company’s
corporate headquarters building in Minot, North Dakota, for a total of $2.4
million, a portion of which the Company paid in UPREIT Units valued at a total
of approximately $90,000, with the remainder paid in cash. IRET had no
development projects placed in service or dispositions during the second quarter
of fiscal year 2010.
On April
7, 2009, IRET and IRET Properties entered into a continuous equity offering
program sales agreement with Robert W. Baird & Co. Incorporated
(Baird). Pursuant to the Sales Agreement, IRET may offer and sell its
common shares of beneficial interest having an aggregate gross sales price of up
to $50 million, from time to time through Baird as IRET's sales agent. Sales of
common shares, if any, under the program will depend upon market conditions and
other factors to be determined by IRET. IRET has no obligation to sell any
common shares in the program, and may at any time suspend solicitation and
offers under the program or terminate the program. IRET sold no common shares
under this program during the second quarter of fiscal year 2010. During the
first quarter of fiscal year 2010, IRET sold 116,869 common shares under this
program for total proceeds (before offering expenses but after underwriting
discounts and commissions) of $1.1 million.
During
the second quarter of fiscal year 2010, IRET completed a public offering of
9,200,000 common shares of beneficial interest at $8.25 per share (before
underwriting discounts and offering expenses). Proceeds to the Company were
approximately $72 million, after deducting underwriting discounts but before
deducting offering expenses.
IRET's
second quarter fiscal year 2010 results reflect the continuing challenges the
real estate industry faced during the three months ended October 31,2009, and
worsening conditions in IRET's multi-family residential segment in
particular. During this quarter, factors adversely affecting demand
for IRET’s commercial and multi-family properties continued to be pervasive
across the United States and in IRET’s markets, with commercial tenants
continuing to focus on reducing costs through space reductions and lower rents.
Additionally, continued job losses pressured occupancy and revenue in the
Company’s multi-family residential segment. We expect current credit market
conditions and the continued high level of unemployment to maintain or increase
credit stresses on Company tenants, and continue to expect this tenant stress to
lead to increases in past due accounts and vacancies.
In the
second quarter of fiscal year 2010, IRET paid its 154th
consecutive quarterly distribution per common share/unit at equal or increasing
rates. The $0.1710 per share/unit distribution was paid October 1,
2009.
As of
October 31, 2009, IRET owns a diversified portfolio of 246 properties consisting
of 77 multi-family residential properties, 68 office properties, 49 medical
properties (including senior housing), 19 industrial properties and 33 retail
properties. IRET’s distributions have increased every year for 39
consecutive years. IRET’s shares are publicly traded on the NASDAQ
Global Select Market (NASDAQ: IRET).
Company
Snapshot
(as of
October 31, 2009)
|
Company
Headquarters
|
Minot,
North Dakota
|
|
Fiscal
Year-End
|
April
30
|
|
Reportable
Segments
|
Multi-Family
Residential; Commercial Office, Medical, Industrial,
Retail
|
|
Total
Properties
|
246
|
|
Total
Square Feet
|
|
|
(commercial
properties)
|
11.8
million
|
|
Total
Units
|
|
|
(multi-family
residential
properties)
|
9,669
|
|
Common
Shares Outstanding
(thousands)
|
73,502
|
|
Limited
Partnership Units Outstanding (thousands)
|
20,962
|
|
Common
Share Distribution - Quarter/Annualized
|
$0.1710/$0.684
|
|
Dividend
Yield
|
8.2%
|
|
Total
Capitalization (see p. 13 for
detail)
|
$1.9
billion
|
Investor Information
Board
of Trustees
|
Jeffrey
L.
Miller
|
Trustee
and Chairman
|
|
Stephen
L.
Stenehjem
|
Trustee
and Vice Chairman, Chair of Compensation Committee
|
|
John
D.
Stewart
|
Trustee,
Chair of Audit Committee
|
|
Patrick
G.
Jones
|
Trustee
|
|
C.W.
“Chip”
Morgan
|
Trustee
|
|
John
T.
Reed
|
Trustee,
Chair of Nominating and Governance Committee
|
|
Edward
T.
Schafer
|
Trustee
|
|
W.
David
Scott
|
Trustee
|
|
Thomas
A. Wentz,
Jr.
|
Trustee,
Senior Vice President and Chief Operating Officer
|
|
Timothy
P.
Mihalick
|
Trustee,
President and Chief Executive
Officer
|
Management
|
Timothy
P.
Mihalick
|
President
and Chief Executive Officer; Trustee
|
|
Thomas
A. Wentz,
Jr
|
Senior
Vice President and Chief Operating Officer; Trustee
|
|
Diane
K.
Bryantt
|
Senior
Vice President and Chief Financial Officer
|
|
Thomas
A. Wentz,
Sr.
|
Senior
Vice President, Investment Officer
|
|
Charles
A.
Greenberg
|
Senior
Vice President, Commercial Asset Management
|
|
Michael
A.
Bosh
|
Senior
Vice President, General Counsel and Assistant
Secretary
|
|
Karin
M.
Wentz
|
Senior Vice
President,
Chief
Compliance Officer,
Associate General Counsel &
Secretary
|
Corporate
Headquarters:
3015
16th
Street SW, Suite 100
Minot,
North Dakota 58701
Trading
Symbol: IRET
Stock
Exchange Listing: NASDAQ
Investor
Relations:
Michelle
R. Saari
msaari@iret.com
Common
Share Data (NASDAQ: IRET)
|
2nd
Quarter
Fiscal
Year 2010
|
1st
Quarter
Fiscal
Year 2010
|
4th
Quarter
Fiscal
Year 2009
|
3rd
Quarter
Fiscal
Year 2009
|
2nd
Quarter
Fiscal
Year 2009
|
||||||||||||||||
|
High
Closing Price
|
$ | 9.75 | $ | 9.47 | $ | 10.43 | $ | 10.71 | $ | 11.19 | ||||||||||
|
Low
Closing Price
|
$ | 8.19 | $ | 8.30 | $ | 8.60 | $ | 7.43 | $ | 7.66 | ||||||||||
|
Average
Closing Price
|
$ | 9.06 | $ | 8.73 | $ | 9.58 | $ | 9.71 | $ | 10.01 | ||||||||||
|
Closing
Price at end of quarter
|
$ | 8.37 | $ | 9.31 | $ | 9.25 | $ | 9.95 | $ | 9.88 | ||||||||||
|
Common
Share Distributions—annualized
|
$ | 0.684 | $ | 0.682 | $ | 0.680 | $ | 0.678 | $ | 0.676 | ||||||||||
|
Closing
Dividend Yield - annualized
|
8.2 | % | 7.3 | % | 7.4 | % | 6.8 | % | 6.8 | % | ||||||||||
|
Closing
common shares outstanding (thousands)
|
73,502 | 63,788 | 60,304 | 59,127 | 58,713 | |||||||||||||||
|
Closing
limited partnership units outstanding (thousands)
|
20,962 | 20,837 | 20,838 | 21,184 | 21,287 | |||||||||||||||
|
Closing
market value of outstanding common shares, plus imputed closing market
value of outstanding limited partnership units (thousands)
|
$ | 790,664 | $ | 787,859 | $ | 750,564 | $ | 799,094 | $ | 790,400 | ||||||||||
Certain
statements in these supplemental disclosures are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995. Such statements involve known and unknown risks, uncertainties
and other factors that may cause actual results to differ materially from
projected results. Such risks, uncertainties and other factors
include, but are not limited to: fluctuations in interest rates, the
effect of government regulation, the availability of capital, changes in general
and local economic and real estate market conditions, competition, our ability
to attract and retain skilled personnel, and those risks and uncertainties
detailed from time to time in our filings with the Securities and Exchange
Commission, including our 2009 Form 10-K. We assume no obligation to
update or supplement forward-looking statements that become untrue because of
subsequent events.
Second
Quarter Fiscal 2010 Acquisitions
|
Clive
2075 NW 94th
Street - Clive, IA
|
Minot
2505 16th
Street SW - Minot, ND
|
 |
 |
Investment Cost by Segment –
Second Quarter Fiscal 2010
With
investments in the multi-family residential and commercial office, medical,
industrial and retail segments, IRET’s diversified portfolio helps to provide
stability during market fluctuations in returns from specific property
types.
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in
thousands)
|
10/31/2009
|
07/31/2009
|
04/30/2009
|
01/31/2009
|
10/31/2008
|
||||||||||||||||
|
ASSETS
|
||||||||||||||||||||
|
Real
estate investments
|
||||||||||||||||||||
|
Property
owned
|
$ | 1,749,489 | $ | 1,737,466 | $ | 1,729,585 | $ | 1,719,690 | $ | 1,690,763 | ||||||||||
|
Less
accumulated depreciation
|
(286,555 | ) | (274,497 | ) | (262,871 | ) | (251,493 | ) | (240,452 | ) | ||||||||||
| 1,462,934 | 1,462,969 | 1,466,714 | 1,468,197 | 1,450,311 | ||||||||||||||||
|
Development
in progress
|
0 | 0 | 0 | 0 | 17,603 | |||||||||||||||
|
Unimproved
land
|
5,966 | 5,713 | 5,701 | 5,695 | 5,036 | |||||||||||||||
|
Mortgage
loans receivable, net of allowance
|
159 | 160 | 160 | 161 | 528 | |||||||||||||||
|
Total
real estate investments
|
1,469,059 | 1,468,842 | 1,472,575 | 1,474,053 | 1,473,478 | |||||||||||||||
|
Other
assets
|
||||||||||||||||||||
|
Cash
and cash equivalents
|
102,732 | 43,935 | 33,244 | 31,022 | 40,855 | |||||||||||||||
|
Marketable
securities – available-for-sale
|
420 | 420 | 420 | 420 | 420 | |||||||||||||||
|
Receivable
arising from straight-lining of rents, net of allowance
|
16,588 | 16,201 | 16,012 | 15,558 | 14,962 | |||||||||||||||
|
Accounts
receivable, net of allowance
|
4,830 | 4,148 | 2,738 | 3,678 | 3,676 | |||||||||||||||
|
Real
estate deposits
|
635 | 460 | 88 | 242 | 86 | |||||||||||||||
|
Prepaid
and other assets
|
2,750 | 2,900 | 1,051 | 1,514 | 1,813 | |||||||||||||||
|
Intangible
assets, net of accumulated amortization
|
48,118 | 49,820 | 52,173 | 55,663 | 56,576 | |||||||||||||||
|
Tax,
insurance, and other escrow
|
6,661 | 7,984 | 7,261 | 8,271 | 6,182 | |||||||||||||||
|
Property
and equipment, net of accumulated depreciation
|
1,450 | 1,293 | 1,015 | 1,436 | 1,432 | |||||||||||||||
|
Goodwill
|
1,392 | 1,392 | 1,392 | 1,392 | 1,392 | |||||||||||||||
|
Deferred
charges and leasing costs, net of accumulated amortization
|
17,273 | 16,958 | 17,122 | 16,039 | 16,037 | |||||||||||||||
|
TOTAL
ASSETS
|
$ | 1,671,908 | $ | 1,614,353 | $ | 1,605,091 | $ | 1,609,288 | $ | 1,616,909 | ||||||||||
|
LIABILITIES
AND EQUITY
|
||||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||
|
Accounts
payable and accrued expenses
|
$ | 29,760 | $ | 32,508 | $ | 32,773 | $ | 32,275 | $ | 26,645 | ||||||||||
|
Revolving
lines of credit
|
6,594 | 13,000 | 5,500 | 8,500 | 15,000 | |||||||||||||||
|
Mortgages
payable
|
1,060,131 | 1,055,705 | 1,070,158 | 1,068,127 | 1,066,113 | |||||||||||||||
|
Other
|
1,421 | 1,455 | 1,516 | 1,636 | 703 | |||||||||||||||
|
TOTAL
LIABILITIES
|
1,097,906 | 1,102,668 | 1,109,947 | 1,110,538 | 1,108,461 | |||||||||||||||
|
REDEEMABLE
NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE
ENTITIES
|
1,943 | 1,908 | 1,737 | 1,939 | 1,961 | |||||||||||||||
|
EQUITY
|
||||||||||||||||||||
|
Investors
Real Estate Trust shareholders’ equity
|
||||||||||||||||||||
|
Preferred
Shares of Beneficial Interest
|
27,317 | 27,317 | 27,317 | 27,317 | 27,317 | |||||||||||||||
|
Common
Shares of Beneficial Interest
|
566,395 | 490,441 | 461,648 | 451,296 | 447,711 | |||||||||||||||
|
Accumulated
distributions in excess of net income
|
(176,580 | ) | (165,349 | ) | (155,956 | ) | (147,573 | ) | (138,392 | ) | ||||||||||
|
Total
Investors Real Estate Trust shareholders’ equity
|
417,132 | 352,409 | 333,009 | 331,040 | 336,636 | |||||||||||||||
|
Noncontrolling
interests – Operating Partnership
|
143,260 | 145,120 | 148,199 | 153,566 | 157,622 | |||||||||||||||
|
Noncontrolling
interests – consolidated real estate entities
|
11,667 | 12,248 | 12,199 | 12,205 | 12,229 | |||||||||||||||
|
Total
equity
|
572,059 | 509,777 | 493,407 | 496,811 | 506,487 | |||||||||||||||
|
TOTAL
LIABILITIES AND EQUITY
|
$ | 1,671,908 | $ | 1,614,353 | $ | 1,605,091 | $ | 1,609,288 | $ | 1,616,909 | ||||||||||
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in
thousands, except per share data)
|
Six
Months Ended
|
Three
Months Ended
|
|||||||||||||||||||||||||||
|
OPERATING
RESULTS
|
10/31/2009
|
10/31/2008
|
10/31/2009
|
07/31/2009
|
04/30/2009
|
01/31/2009
|
10/31/2008
|
|||||||||||||||||||||
|
Real
estate revenue
|
$ | 120,417 | $ | 118,419 | $ | 59,596 | $ | 60,821 | $ | 60,652 | $ | 60,934 | $ | 59,573 | ||||||||||||||
|
Real
estate expenses
|
48,901 | 47,757 | 24,485 | 24,416 | 24,495 | 25,899 | 23,953 | |||||||||||||||||||||
|
Net
operating income
|
71,516 | 70,662 | 35,111 | 36,405 | 36,157 | 35,035 | 35,620 | |||||||||||||||||||||
|
Interest
|
(34,601 | ) | (33,966 | ) | (17,200 | ) | (17,401 | ) | (17,436 | ) | (17,341 | ) | (17,078 | ) | ||||||||||||||
|
Depreciation/amortization
|
(29,624 | ) | (27,726 | ) | (14,981 | ) | (14,643 | ) | (14,438 | ) | (14,550 | ) | (13,959 | ) | ||||||||||||||
|
Administrative
expenses, advisory and trustee services
|
(2,985 | ) | (2,570 | ) | (1,498 | ) | (1,487 | ) | (976 | ) | (1,336 | ) | (1,239 | ) | ||||||||||||||
|
Other
expenses
|
(932 | ) | (844 | ) | (498 | ) | (434 | ) | (283 | ) | (313 | ) | (482 | ) | ||||||||||||||
|
Impairment
of real estate investment
|
(860 | ) | 0 | (860 | ) | 0 | (338 | ) | 0 | 0 | ||||||||||||||||||
|
Other
income
|
255 | 536 | 126 | 129 | 234 | 152 | 288 | |||||||||||||||||||||
|
Gain
on sale of other investments
|
0 | 54 | 0 | 0 | 0 | 0 | 54 | |||||||||||||||||||||
|
Net
income
|
$ | 2,769 | $ | 6,146 | $ | 200 | $ | 2,569 | $ | 2,920 | $ | 1,647 | $ | 3,204 | ||||||||||||||
|
Net
income attributable to noncontrolling interest – Operating
Partnership
|
(420 | ) | (1,347 | ) | 59 | (479 | ) | (596 | ) | (284 | ) | (700 | ) | |||||||||||||||
|
Net
(income) loss attributable to noncontrolling interests – consolidated real
estate entities
|
(47 | ) | 82 | 26 | (73 | ) | (57 | ) | 15 | 19 | ||||||||||||||||||
|
Net
income attributable to Investors Real Estate Trust
|
2,302 | 4,881 | 285 | 2,017 | 2,267 | 1,378 | 2,523 | |||||||||||||||||||||
|
Dividends
to preferred shareholders
|
(1,186 | ) | (1,186 | ) | (593 | ) | (593 | ) | (593 | ) | (593 | ) | (593 | ) | ||||||||||||||
|
NET
INCOME AVAILABLE TO COMMON SHAREHOLDERS
|
$ | 1,116 | $ | 3,695 | $ | (308 | ) | $ | 1,424 | $ | 1,674 | $ | 785 | $ | 1,930 | |||||||||||||
|
Per
Share Data
|
||||||||||||||||||||||||||||
|
Net
income per common share – basic & diluted
|
$ | .02 | $ | .06 | $ | .00 | $ | .02 | $ | .03 | $ | .02 | $ | .03 | ||||||||||||||
|
Percentage
of Revenues
|
||||||||||||||||||||||||||||
|
Real
estate expenses
|
40.6 | % | 40.3 | % | 41.1 | % | 40.1 | % | 40.4 | % | 42.5 | % | 40.2 | % | ||||||||||||||
|
Interest
|
28.7 | % | 28.7 | % | 28.9 | % | 28.6 | % | 28.7 | % | 28.5 | % | 28.7 | % | ||||||||||||||
|
Depreciation/amortization
|
24.6 | % | 23.4 | % | 25.1 | % | 24.1 | % | 23.8 | % | 23.9 | % | 23.4 | % | ||||||||||||||
|
General
and administrative
|
2.5 | % | 2.2 | % | 2.5 | % | 2.4 | % | 1.6 | % | 2.2 | % | 2.1 | % | ||||||||||||||
|
Net
income
|
2.3 | % | 5.2 | % | 0.3 | % | 4.2 | % | 4.8 | % | 2.7 | % | 5.4 | % | ||||||||||||||
|
Ratios
|
||||||||||||||||||||||||||||
|
EBITDA(1)/Interest
expense
|
1.93 | x | 1.98 | x | 1.88 | x | 1.98 | x | 1.99 | x | 1.93 | x | 1.99 | x | ||||||||||||||
|
EBITDA/Interest
expense plus preferred distributions
|
1.87 | x | 1.92 | x | 1.82 | x | 1.92 | x | 1.92 | x | 1.86 | x | 1.92 | x | ||||||||||||||
|
(1)
|
See
Definitions on page 26. EBITDA is a non-GAAP measure; see page
9 for a reconciliation of EBITDA to net
income.
|
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
FUNDS
FROM OPERATIONS (unaudited)
(in
thousands, except per share and unit data)
|
Six
Months Ended
|
Three
Months Ended
|
|||||||||||||||||||||||||||
|
10/31/2009
|
10/31/2008
|
10/31/2009
|
07/31/2009
|
04/30/2009
|
01/31/2009
|
10/31/2008
|
||||||||||||||||||||||
|
Funds
From Operations(1)
|
||||||||||||||||||||||||||||
|
Net
income attributable to Investors Real Estate Trust
|
$ | 2,302 | $ | 4,881 | $ | 285 | $ | 2,017 | $ | 2,267 | $ | 1,378 | $ | 2,523 | ||||||||||||||
|
Less
dividends to preferred shareholders
|
(1,186 | ) | (1,186 | ) | (593 | ) | (593 | ) | (593 | ) | (593 | ) | (593 | ) | ||||||||||||||
|
Net
income available to common shareholders
|
1,116 | 3,695 | (308 | ) | 1,424 | 1,674 | 785 | 1,930 | ||||||||||||||||||||
|
Adjustments:
|
||||||||||||||||||||||||||||
|
Noncontrolling
interests – Operating Partnership
|
420 | 1,347 | (59 | ) | 479 | 596 | 284 | 700 | ||||||||||||||||||||
|
Depreciation
and amortization
|
29,525 | 27,481 | 14,926 | 14,599 | 14,360 | 14,454 | 13,840 | |||||||||||||||||||||
|
Gain
on depreciable property sales
|
0 | (54 | ) | 0 | 0 | 0 | 0 | (54 | ) | |||||||||||||||||||
|
Funds
from operations applicable to common shares and Units
|
$ | 31,061 | $ | 32,469 | $ | 14,559 | $ | 16,502 | $ | 16,630 | $ | 15,523 | $ | 16,416 | ||||||||||||||
|
FFO
per share and unit - basic and diluted
|
$ | .36 | $ | .41 | $ | 0.16 | $ | 0.20 | $ | 0.21 | $ | 0.19 | $ | 0.21 | ||||||||||||||
|
Weighted
average shares and units
|
85,184 | 79,441 | 87,162 | 83,223 | 80,361 | 80,038 | 79,668 | |||||||||||||||||||||
|
(1)
|
See
Definitions on page 26.
|
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
EARNINGS
BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA) (unaudited)
(in
thousands)
|
Six
Months Ended
|
Three
Months Ended
|
|||||||||||||||||||||||||||
|
10/31/2009
|
10/31/2008
|
10/31/2009
|
07/31/2009
|
04/30/2009
|
01/31/2009
|
10/31/2008
|
||||||||||||||||||||||
|
EBITDA(1)
|
||||||||||||||||||||||||||||
|
Net
income attributable to Investors Real Estate Trust
|
$ | 2,302 | $ | 4,881 | $ | 285 | $ | 2,017 | $ | 2,267 | $ | 1,378 | $ | 2,523 | ||||||||||||||
|
Adjustments:
|
||||||||||||||||||||||||||||
|
Noncontrolling
interests – Operating Partnership
|
420 | 1,347 | (59 | ) | 479 | 596 | 284 | 700 | ||||||||||||||||||||
|
Income
before noncontrolling interests – Operating Partnership
|
2,722 | 6,228 | 226 | 2,496 | 2,863 | 1,662 | 3,223 | |||||||||||||||||||||
|
Add:
|
||||||||||||||||||||||||||||
|
Interest
|
34,601 | 33,966 | 17,200 | 17,401 | 17,436 | 17,341 | 17,078 | |||||||||||||||||||||
|
Depreciation/amortization
related to real estate investments
|
28,500 | 26,798 | 14,432 | 14,068 | 13,825 | 14,023 | 13,480 | |||||||||||||||||||||
|
Amortization
related to non-real estate investments
|
1,124 | 928 | 549 | 575 | 613 | 527 | 479 | |||||||||||||||||||||
|
Amortization
related to real estate revenues(2)
|
64 | (109 | ) | 30 | 34 | 3 | (27 | ) | (52 | ) | ||||||||||||||||||
|
Less:
|
||||||||||||||||||||||||||||
|
Interest
income
|
(128 | ) | (433 | ) | (62 | ) | (66 | ) | (51 | ) | (123 | ) | (210 | ) | ||||||||||||||
|
Gain
on sale of real estate, land and other investments
|
0 | (54 | ) | 0 | 0 | 0 | 0 | (54 | ) | |||||||||||||||||||
|
EBITDA
|
$ | 66,883 | $ | 67,324 | $ | 32,375 | $ | 34,508 | $ | 34,689 | $ | 33,403 | $ | 33,944 | ||||||||||||||
|
(1)
|
See
Definitions on page 26.
|
|
(2)
|
Included
in real estate revenue in the Statement of
Operations.
|
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
LONG-TERM
MORTGAGE DEBT ANALYSIS
(in
thousands)
Debt
Maturity Schedule
Annual
Expirations
Total
Mortgage Debt
7.08%
7.64% 7.01%
5.75% 6.18%
5.73% 5.72%
6.37% 5.80%
6.45% 5.87%
|
Future
Maturities of Debt
|
||||||||||||||||||||
|
Fiscal
Year
|
Fixed
Debt
|
Variable
Debt
|
Total
Debt
|
Weighted
Average(1)
|
%
of
Total
Debt
|
|||||||||||||||
|
2010
|
$ | 42,526 | $ | 3,418 | $ | 45,944 | 7.08 | % | 4.3 | % | ||||||||||
|
2011
|
80,297 | 0 | 80,297 | 7.64 | % | 7.6 | % | |||||||||||||
|
2012
|
93,014 | 0 | 93,014 | 7.01 | % | 8.8 | % | |||||||||||||
|
2013
|
23,033 | 0 | 23,033 | 5.75 | % | 2.2 | % | |||||||||||||
|
2014
|
48,434 | 988 | 49,422 | 6.18 | % | 4.6 | % | |||||||||||||
|
2015
|
81,941 | 0 | 81,941 | 5.73 | % | 7.7 | % | |||||||||||||
|
2016
|
64,069 | 274 | 64,343 | 5.72 | % | 6.1 | % | |||||||||||||
|
2017
|
188,458 | 0 | 188,458 | 6.37 | % | 17.8 | % | |||||||||||||
|
2018
|
89,257 | 0 | 89,257 | 5.80 | % | 8.4 | % | |||||||||||||
|
2019
|
67,390 | 673 | 68,063 | 6.45 | % | 6.4 | % | |||||||||||||
|
Thereafter
|
275,944 | 415 | 276,359 | 5.87 | % | 26.1 | % | |||||||||||||
|
Total
maturities
|
$ | 1,054,363 | $ | 5,768 | $ | 1,060,131 | 6.27 | % | 100.0 | % | ||||||||||
|
(1)
|
Weighted
average interest rate of debt that matures in fiscal
year.
|
|
10/31/2009
|
07/31/2009
|
04/30/2009
|
01/31/2009
|
10/31/2008
|
||||||||||||||||
|
Balances
Outstanding
|
||||||||||||||||||||
|
Mortgage
|
||||||||||||||||||||
|
Fixed
rate
|
$ | 1,054,363 | $ | 1,046,530 | $ | 1,060,581 | $ | 1,053,527 | $ | 1,054,938 | ||||||||||
|
Variable
rate
|
5,768 | 9,175 | 9,577 | 14,600 | 11,175 | |||||||||||||||
|
Mortgage
total
|
1,060,131 | 1,055,705 | 1,070,158 | 1,068,127 | 1,066,113 | |||||||||||||||
|
Weighted
Average Interest Rates
|
||||||||||||||||||||
|
Secured
|
6.27 | % | 6.31 | % | 6.30 | % | 6.34 | % | 6.36 | % | ||||||||||
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
LONG-TERM
MORTGAGE DEBT DETAIL AS OF OCTOBER 31, 2009
|
Property
|
Maturity
Date
|
Fiscal
2010
|
Fiscal
2011
|
Fiscal
2012
|
Fiscal
2013
|
Thereafter
|
Total(1)
|
|||||||||||||
|
Multi-Family
Residential
|
||||||||||||||||||||
|
17
South Main Apartments - Minot, ND
|
11/4/2009
|
(2) | $ | 195 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 195 | ||||||
|
401
South Main Apartments - Minot, ND
|
11/4/2009
|
(2) | 683 | 0 | 0 | 0 | 0 | 683 | ||||||||||||
|
Minot
4th Street Apartments - Minot, ND
|
11/4/2009
|
(2) | 98 | 0 | 0 | 0 | 0 | 98 | ||||||||||||
|
Minot
11th Street Apartments - Minot, ND
|
11/4/2009
|
(2) | 98 | 0 | 0 | 0 | 0 | 98 | ||||||||||||
|
Minot
Fairmont Apartments - Minot, ND
|
11/4/2009
|
(2) | 391 | 0 | 0 | 0 | 0 | 391 | ||||||||||||
|
Minot
Westridge Apartments - Minot, ND
|
11/4/2009
|
(2) | 1,953 | 0 | 0 | 0 | 0 | 1,953 | ||||||||||||
|
Dakota
Hill at Valley Ranch - Irving, TX
|
2/1/2010
|
(3) | 22,509 | 0 | 0 | 0 | 0 | 22,509 | ||||||||||||
|
Southbrook
& Mariposa - Topeka, KS
|
2/1/2010
|
3,140 | 0 | 0 | 0 | 0 | 3,140 | |||||||||||||
|
Kirkwood
Manor - Bismarck, ND
|
5/1/2010
|
(4) | 0 | 1,896 | 0 | 0 | 0 | 1,896 | ||||||||||||
|
The
Meadows I - Jamestown, ND
|
8/1/2010
|
0 | 898 | 0 | 0 | 0 | 898 | |||||||||||||
|
The
Meadows II - Jamestown, ND
|
8/1/2010
|
0 | 898 | 0 | 0 | 0 | 898 | |||||||||||||
|
Olympic
Village - Billings, MT
|
11/1/2010
|
0 | 7,595 | 0 | 0 | 0 | 7,595 | |||||||||||||
|
Southview
Apartments - Minot, ND
|
11/1/2010
|
0 | 725 | 0 | 0 | 0 | 725 | |||||||||||||
|
Valley
Park Manor - Grand Forks, ND
|
11/1/2010
|
0 | 2,696 | 0 | 0 | 0 | 2,696 | |||||||||||||
|
Valley
Park Manor - Grand Forks, ND
|
11/1/2010
|
0 | 819 | 0 | 0 | 0 | 819 | |||||||||||||
|
Ridge
Oaks Apartments - Sioux City, IA
|
2/1/2011
|
0 | 2,596 | 0 | 0 | 0 | 2,596 | |||||||||||||
|
Sunset
Trail I - Rochester, MN
|
3/1/2011
|
0 | 3,906 | 0 | 0 | 0 | 3,906 | |||||||||||||
|
Sunset
Trail II - Rochester, MN
|
3/1/2011
|
0 | 3,789 | 0 | 0 | 0 | 3,789 | |||||||||||||
|
Oakwood
- Sioux Falls, SD
|
6/1/2011
|
0 | 0 | 3,445 | 0 | 0 | 3,445 | |||||||||||||
|
Oxbow
- Sioux Falls, SD
|
6/1/2011
|
0 | 0 | 3,755 | 0 | 0 | 3,755 | |||||||||||||
|
Chateau
Apartments - Minot, ND
|
7/1/2011
|
0 | 0 | 1,785 | 0 | 0 | 1,785 | |||||||||||||
|
Oakmont
Apartments - Sioux Falls, SD
|
9/1/2011
|
0 | 0 | 3,706 | 0 | 0 | 3,706 | |||||||||||||
|
Canyon
Lake Apartments - Rapid City, SD
|
10/1/2011
|
0 | 0 | 2,676 | 0 | 0 | 2,676 | |||||||||||||
|
The
Meadows III - Jamestown, ND
|
11/1/2011
|
0 | 0 | 986 | 0 | 0 | 986 | |||||||||||||
|
Monticello
Apartments - Monticello, MN
|
3/1/2013
|
0 | 0 | 0 | 3,116 | 0 | 3,116 | |||||||||||||
|
Summary
of Debt due after 2013
|
0 | 0 | 0 | 0 | 245,642 | 245,642 | ||||||||||||||
|
Sub-Total
Multi-Family Residential
|
$ | 29,067 | $ | 25,818 | $ | 16,353 | $ | 3,116 | $ | 245,642 | $ | 319,996 | ||||||||
|
Commercial
Office
|
||||||||||||||||||||
|
Westgate
I - Boise, ID
|
1/1/2010
|
$ | 1,861 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,861 | |||||||
|
Westgate
II - Boise, ID
|
1/1/2010
|
4,557 | 0 | 0 | 0 | 0 | 4,557 | |||||||||||||
|
Northgate
II - Maple Grove, MN
|
2/1/2010
|
(4) | 1,291 | 0 | 0 | 0 | 0 | 1,291 | ||||||||||||
|
Southeast
Tech Center - Eagan, MN
|
2/1/2010
|
(4) | 3,493 | 0 | 0 | 0 | 0 | 3,493 | ||||||||||||
|
Brenwood
- Minnetonka, MN
|
10/1/2010
|
0 | 7,527 | 0 | 0 | 0 | 7,527 | |||||||||||||
|
Nicollet
VII - Burnsville, MN
|
12/1/2010
|
0 | 4,030 | 0 | 0 | 0 | 4,030 | |||||||||||||
|
Dewey
Hill Business Center - Edina, MN
|
1/1/2011
|
0 | 2,624 | 0 | 0 | 0 | 2,624 | |||||||||||||
|
Plymouth
IV - Plymouth, MN
|
1/1/2011
|
0 | 3,218 | 0 | 0 | 0 | 3,218 | |||||||||||||
|
Plymouth
V - Plymouth, MN
|
1/1/2011
|
0 | 4,631 | 0 | 0 | 0 | 4,631 | |||||||||||||
|
Whitewater
Plaza - Minnetonka, MN
|
3/1/2011
|
0 | 2,658 | 0 | 0 | 0 | 2,658 | |||||||||||||
|
Whitewater
Plaza - Minnetonka, MN
|
3/1/2011
|
0 | 1,378 | 0 | 0 | 0 | 1,378 | |||||||||||||
|
2030
Cliff Road - Eagan, MN
|
4/1/2011
|
0 | 482 | 0 | 0 | 0 | 482 | |||||||||||||
|
Cold
Spring Center - St. Cloud, MN
|
4/1/2011
|
0 | 4,124 | 0 | 0 | 0 | 4,124 | |||||||||||||
|
Pillsbury
Business Center - Edina, MN
|
4/1/2011
|
0 | 934 | 0 | 0 | 0 | 934 | |||||||||||||
|
Golden
Hills Office Center - Golden Valley, MN
|
7/1/2011
|
0 | 0 | 14,443 | 0 | 0 | 14,443 | |||||||||||||
|
Wells
Fargo Center - St Cloud, MN
|
7/1/2011
|
0 | 0 | 6,762 | 0 | 0 | 6,762 | |||||||||||||
|
Interlachen
Corporate Center - Eagan, MN
|
10/11/2011
|
0 | 0 | 9,741 | 0 | 0 | 9,741 | |||||||||||||
|
Bloomington
Business Plaza - Bloomington, MN
|
12/1/2011
|
0 | 0 | 4,234 | 0 | 0 | 4,234 | |||||||||||||
|
Wirth
Corporate Center - Golden Valley, MN
|
2/1/2012
|
0 | 0 | 4,143 | 0 | 0 | 4,143 | |||||||||||||
|
Summary
of Debt due after 2013
|
0 | 0 | 0 | 0 | 283,263 | 283,263 | ||||||||||||||
|
Sub-Total
Commercial Office
|
$ | 11,202 | $ | 31,606 | $ | 39,323 | $ | 0 | $ | 283,263 | $ | 365,394 | ||||||||
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
LONG-TERM
MORTGAGE DEBT DETAIL AS OF OCTOBER 31, 2009 (continued)
|
Property
|
Maturity
Date
|
Fiscal
2010
|
Fiscal
2011
|
Fiscal
2012
|
Fiscal
2013
|
Thereafter
|
Total(1)
|
||||||||||||||
|
Commercial
Medical
|
|||||||||||||||||||||
|
Edina
6545 France SMC I - Edina, MN
|
1/1/2011
|
$ | 0 | $ | 21,805 | $ | 0 | $ | 0 | $ | 0 | $ | 21,805 | ||||||||
|
Edina
6525 France SMC II - Edina, MN
|
6/1/2011
|
0 | 0 | 9,759 | 0 | 0 | 9,759 | ||||||||||||||
|
Edina
6405 France Medical - Edina, MN
|
1/1/2012
|
0 | 0 | 9,223 | 0 | 0 | 9,223 | ||||||||||||||
|
Edina
6363 France Medical - Edina, MN
|
4/1/2012
|
0 | 0 | 8,067 | 0 | 0 | 8,067 | ||||||||||||||
|
Fox
River Cottages - Grand Chute, WI
|
5/1/2012
|
0 | 0 | 0 | 2,287 | 0 | 2,287 | ||||||||||||||
|
Summary
of Debt due after 2013
|
0 | 0 | 0 | 0 | 201,453 | 201,453 | |||||||||||||||
|
Sub-Total
Commercial Medical
|
$ | 0 | $ | 21,805 | $ | 27,049 | $ | 2,287 | $ | 201,453 | $ | 252,594 | |||||||||
|
Commercial
Industrial
|
|||||||||||||||||||||
|
Lexington
Commerce Center - Eagan, MN
|
2/1/2010
|
(4) | $ | 2,809 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2,809 | |||||||
|
Eagan
2785 & 2795 Highway 55 - Eagan, MN
|
6/1/2011
|
0 | 0 | 3,740 | 0 | 0 | 3,740 | ||||||||||||||
|
Stone
Container - Roseville, MN
|
2/1/2012
|
0 | 0 | 4,071 | 0 | 0 | 4,071 | ||||||||||||||
|
Minnetonka
13600 County Road 62 - Minnetonka, MN
|
2/27/2012
|
0 | 0 | 2,478 | 0 | 0 | 2,478 | ||||||||||||||
|
Dixon
Avenue Industrial Park - Des Moines, IA
|
1/1/2013
|
0 | 0 | 0 | 7,669 | 0 | 7,669 | ||||||||||||||
|
Bloomington
2000 West 94th Street - Bloomington, MN
|
3/1/2013
|
0 | 0 | 0 | 4,032 | 0 | 4,032 | ||||||||||||||
|
Roseville
2929 Long Lake Road - Roseville, MN
|
3/1/2013
|
0 | 0 | 0 | 5,929 | 0 | 5,929 | ||||||||||||||
|
Summary
of Debt due after 2013
|
0 | 0 | 0 | 0 | 35,062 | 35,062 | |||||||||||||||
|
Sub-Total
Commercial Industrial
|
$ | 2,809 | $ | 0 | $ | 10,289 | $ | 17,630 | $ | 35,062 | $ | 65,790 | |||||||||
|
Commercial
Retail
|
|||||||||||||||||||||
|
Grand
Forks MedPark Mall - Grand Forks, ND
|
3/1/2010
|
$ | 2,866 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2,866 | ||||||||
|
Minot
Plaza - Minot, ND
|
8/1/2010
|
0 | 624 | 0 | 0 | 0 | 624 | ||||||||||||||
|
Kentwood
Thomasville Furniture - Kentwood, MI
|
2/1/2011
|
0 | 444 | 0 | 0 | 0 | 444 | ||||||||||||||
|
Summary
of Debt due after 2013
|
0 | 0 | 0 | 0 | 52,423 | 52,423 | |||||||||||||||
|
Sub-Total
Commercial Retail
|
$ | 2,866 | $ | 1,068 | $ | 0 | $ | 0 | $ | 52,423 | $ | 56,357 | |||||||||
|
Total
|
$ | 45,944 | $ | 80,297 | $ | 93,014 | $ | 23,033 | $ | 817,843 | $ | 1,060,131 | |||||||||
|
(1)
|
Totals
are principal balances as of October 31,
2009.
|
|
(2)
|
Refinanced
with Dacotah Bank Line of Credit renewal in November
2009.
|
|
(3)
|
In
discussions with lenders to refinance property, also pursuing a sale of
the property.
|
|
(4)
|
Loan
commitment received, refinancing
pending.
|
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
CAPITAL
ANALYSIS
(in
thousands, except per share and unit amounts)
|
10/31/2009
|
07/31/2009
|
04/30/2009
|
01/31/2009
|
10/31/2008
|
||||||||||||||||
|
Equity
Capitalization
|
||||||||||||||||||||
|
Common
shares outstanding
|
73,502 | 63,788 | 60,304 | 59,127 | 58,713 | |||||||||||||||
|
Operating
partnership (OP) units outstanding
|
20,962 | 20,837 | 20,838 | 21,184 | 21,287 | |||||||||||||||
|
Total
common shares and OP units outstanding
|
94,464 | 84,625 | 81,142 | 80,311 | 80,000 | |||||||||||||||
|
Market
price per common share (closing price at end of period)
|
$ | 8.37 | $ | 9.31 | $ | 9.25 | $ | 9.95 | $ | 9.88 | ||||||||||
|
Equity
capitalization-common shares and OP units
|
$ | 790,664 | $ | 787,859 | $ | 750,564 | $ | 799,094 | $ | 790,400 | ||||||||||
|
Recorded
book value of preferred shares
|
$ | 27,317 | $ | 27,317 | $ | 27,317 | $ | 27,317 | $ | 27,317 | ||||||||||
|
Total
equity capitalization
|
$ | 817,981 | $ | 815,176 | $ | 777,881 | $ | 826,411 | $ | 817,717 | ||||||||||
|
Debt
Capitalization
|
||||||||||||||||||||
|
Total
mortgage debt
|
$ | 1,060,131 | $ | 1,055,705 | $ | 1,070,158 | $ | 1,068,127 | $ | 1,066,113 | ||||||||||
|
Total
capitalization
|
$ | 1,878,112 | $ | 1,870,881 | $ | 1,848,039 | $ | 1,894,538 | $ | 1,883,830 | ||||||||||
|
Total
debt to total capitalization
|
0.56:1
|
0.56:1
|
0.58:1
|
0.56:1
|
0.57:1
|
|||||||||||||||
|
Earnings
to fixed charges(1)
|
1.01 | x | 1.14 | x | 1.16 | x | 1.08 | x | 1.16 | x | ||||||||||
|
Earnings
to combined fixed charges and preferred distributions(1)
|
0.98 | x | 1.11 | x | 1.13 | x | 1.05 | x | 1.13 | x | ||||||||||
|
Debt
service coverage ratio(1)
|
1.36 | x | 1.39 | x | 1.42 | x | 1.39 | x | 1.41 | x | ||||||||||
|
Distribution
Data
|
||||||||||||||||||||
|
Common
shares and units outstanding at record date
|
84,818 | 84,280 | 80,323 | 80,018 | 79,566 | |||||||||||||||
|
Total
common distribution paid
|
$ | 14,504 | $ | 14,370 | $ | 13,656 | $ | 13,562 | $ | 13,445 | ||||||||||
|
Common
distribution per share and unit
|
$ | .1710 | $ | .1705 | $ | 0.1700 | $ | 0.1695 | $ | 0.1690 | ||||||||||
|
Payout
ratio (FFO per share and unit basis)(1)
|
106.9 | % | 85.3 | % | 81.0 | % | 89.2 | % | 80.5 | % | ||||||||||
|
(1)
|
See
Definitions on page 26.
|
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
STABILIZED
PROPERTIES NET OPERATING INCOME SUMMARY
(in
thousands)
|
Stabilized
Properties(1)
|
Stabilized
Properties
|
|||||||||||||||||||||||
|
Three
Months Ended
October
31,
|
Six
Months Ended
October
31,
|
|||||||||||||||||||||||
|
Segment
|
2009
|
2008
|
%
Change
|
2009
|
2008
|
%
Change
|
||||||||||||||||||
|
Multi-Family
Residential
|
$ | 9,571 | $ | 10,214 | (6.3 | %) | $ | 19,054 | $ | 19,871 | (4.1 | %) | ||||||||||||
|
Commercial
Office
|
11,373 | 11,475 | (0.9 | %) | 23,106 | 22,840 | 1.2 | % | ||||||||||||||||
|
Commercial
Medical
|
8,980 | 8,969 | 0.1 | % | 18,769 | 18,060 | 3.9 | % | ||||||||||||||||
|
Commercial
Industrial
|
1,970 | 2,173 | (9.3 | %) | 4,310 | 4,536 | (5.0 | %) | ||||||||||||||||
|
Commercial
Retail
|
2,190 | 2,357 | (7.1 | %) | 4,558 | 4,695 | (2.9 | %) | ||||||||||||||||
| $ | 34,084 | $ | 35,188 | (3.1 | %) | $ | 69,797 | $ | 70,002 | (0.3 | %) | |||||||||||||
|
(1)
|
For
Three and Six Months Ended October 31, 2009, stabilized properties
excluded:
|
|
Multi-Family
Residential -
|
Minot
4th
Street Apartments, Minot, ND; Minot 11th
Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot
Westridge Apartments, Minot, ND; Thomasbrook Apartments, Lincoln, NE;
Evergreen Apartments, Isanti, MN; 401 South Main, Minot, ND and IRET
Corporate Plaza, Minot, ND.
Total number of units, 433. Occupancy % for the three and
six months ended October 31, 2009, 88.7% and 89.9% ,
respectively.
|
|
Commercial Office
-
|
Bismarck
715 E Broadway, Bismarck, ND; 401 South Main, Minot, ND; IRET Corporate
Plaza, Minot, ND, 12 South Main Street, Minot, ND and Minot 2505 16th
St SW, Minot, ND.
Total square footage, 97,986. Occupancy % for the three
and six months ended October 31, 6.4% and 11.9% ,
respectively.
|
|
Commercial
Medical -
|
2828
Chicago Avenue, Minneapolis, MN.
Total
square footage, 56,239. Occupancy % for the three and six months ended
October 31, 2009, 100.0% and 85.9% ,
respectively.
|
|
Commercial
Industrial -
|
Minnetonka
13600 County Road 62, Minnetonka, MN and Clive 2075 NW 94th
St., Clive, IA.
Total square footage, 112,494. Occupancy % for the three
and six months ended October 31, 2009, 100% and 100.0% ,
respectively.
|
|
|
For
Three and Six Months ended October 31, 2008, stabilized
properties excluded:
|
|
Multi-Family
Residential -
|
Minot
4th
Street Apartments, Minot, ND; Minot 11th
Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot
Westridge Apartments, Minot, ND, Thomasbrook Apartments, Lincoln, NE and
Evergreen Apartments, Isanti, MN.
Total number of units, 328. Occupancy % for the three and
six months ended October 31, 2008, 93.8% and 89.5%,
respectively.
|
|
Commercial Office
-
|
401
South Main, Minot, ND and Bismarck 715 E Broadway, Bismarck,
ND.
Total square footage, 30,943. Occupancy % for the three
and six months ended October 31, 2008, 100.0% and 100.0%,
respectively.
|
|
Commercial Medical
-
|
2828
Chicago Avenue, Minneapolis, MN.
Total square footage, 56,239. Occupancy % for the three
and six months ended October 31, 2008, 66.0% and 66.7%,
respectively.
|
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
NET
OPERATING INCOME DETAIL
(in
thousands)
|
Three
Months Ended October 31, 2009
|
||||||||||||||||||||||||||||
|
Reporting
Segments
|
||||||||||||||||||||||||||||
|
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
Corporate
and
Other
|
Total
|
||||||||||||||||||||||
|
Real
estate rental revenue
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
$ | 18,406 | $ | 20,436 | $ | 12,759 | $ | 3,110 | $ | 3,287 | $ | 0 | $ | 57,998 | ||||||||||||||
|
Non-Stabilized
|
850 | 47 | 472 | 229 | 0 | 0 | 1,598 | |||||||||||||||||||||
|
Total
|
19,256 | 20,483 | 13,231 | 3,339 | 3,287 | 0 | 59,596 | |||||||||||||||||||||
|
Real
estate expenses
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
8,835 | 9,075 | 3,779 | 1,140 | 1,097 | 0 | 23,926 | |||||||||||||||||||||
|
Non-Stabilized
|
304 | 11 | 182 | 62 | 0 | 0 | 559 | |||||||||||||||||||||
|
Total
|
9,139 | 9,086 | 3,961 | 1,202 | 1,097 | 0 | 24,485 | |||||||||||||||||||||
|
Net
Operating Income (NOI)
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
9,571 | 11,373 | 8,980 | 1,970 | 2,190 | 0 | 34,084 | |||||||||||||||||||||
|
Non-Stabilized
|
546 | 24 | 290 | 167 | 0 | 0 | 1,027 | |||||||||||||||||||||
|
Net
operating income
|
$ | 10,117 | $ | 11,397 | $ | 9,270 | $ | 2,137 | $ | 2,190 | $ | 0 | $ | 35,111 | ||||||||||||||
|
Reconciliation
of NOI to net income (loss) available to common
shareholders
|
||||||||||||||||||||||||||||
|
Interest
expense
|
$ | (5,093 | ) | $ | (5,868 | ) | $ | (4,152 | ) | $ | (1,020 | ) | $ | (891 | ) | $ | (176 | ) | $ | (17,200 | ) | |||||||
|
Depreciation/amortization
|
(3,745 | ) | (5,546 | ) | (3,941 | ) | (961 | ) | (706 | ) | (82 | ) | (14,981 | ) | ||||||||||||||
|
Administrative,
advisory and trustee fees
|
0 | 0 | 0 | 0 | 0 | (1,498 | ) | (1,498 | ) | |||||||||||||||||||
|
Other
expenses
|
0 | 0 | 0 | 0 | 0 | (498 | ) | (498 | ) | |||||||||||||||||||
|
Impairment
of real estate investments
|
0 | (152 | ) | 0 | 0 | (708 | ) | 0 | (860 | ) | ||||||||||||||||||
|
Other
income
|
0 | 0 | 0 | 0 | 0 | 126 | 126 | |||||||||||||||||||||
|
Net
income (loss)
|
1,279 | (169 | ) | 1,177 | 156 | (115 | ) | (2,128 | ) | 200 | ||||||||||||||||||
|
Net
income attributable to noncontrolling interests – Operating
Partnership
|
0 | 0 | 0 | 0 | 0 | 59 | 59 | |||||||||||||||||||||
|
Net
(income) loss attributable to noncontrolling interests – consolidated real
estate entities
|
0 | 0 | 0 | 0 | 0 | 26 | 26 | |||||||||||||||||||||
|
Net
income (loss) attributable to Investors Real Estate Trust
|
1,279 | (169 | ) | 1,177 | 156 | (115 | ) | (2,043 | ) | 285 | ||||||||||||||||||
|
Dividends
to preferred shareholders
|
0 | 0 | 0 | 0 | 0 | (593 | ) | (593 | ) | |||||||||||||||||||
|
NET
INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$ | 1,279 | $ | (169 | ) | $ | 1,177 | $ | 156 | $ | (115 | ) | $ | (2,636 | ) | $ | (308 | ) | ||||||||||
|
(1)
|
For
Three and Six Months ended October 31, 2009, stabilized properties
excluded:
|
|
Multi-Family
Residential -
|
Minot
4th
Street Apartments, Minot, ND; Minot 11th
Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot
Westridge Apartments, Minot, ND; Thomasbrook Apartments, Lincoln, NE;
Evergreen Apartments, Isanti, MN; 401 South Main, Minot, ND and IRET
Corporate Plaza, Minot, ND.
Total number of units, 433. Occupancy % for the three and
six months ended October 31, 2009, 88.7% and 89.9% ,
respectively.
|
|
Commercial Office
-
|
Bismarck
715 E Broadway, Bismarck, ND; 401 South Main, Minot, ND; IRET Corporate
Plaza, Minot, ND, 12 South Main Street, Minot, ND and Minot 2505 16th
St SW, Minot, ND.
Total square footage, 97,986. Occupancy % for the three
and six months ended October 31, 6.4% and 11.9% ,
respectively.
|
|
Commercial
Medical -
|
2828
Chicago Avenue, Minneapolis, MN.
Total
square footage, 56,239. Occupancy % for the three and six months ended
October 31, 2009, 100.0% and 85.9% ,
respectively.
|
|
Commercial
Industrial -
|
Minnetonka
13600 County Road 62, Minnetonka, MN and Clive 2075 NW 94th
St., Clive, IA.
Total square footage, 112,494. Occupancy % for the three
and six months ended October 31, 2009, 100% and 100.0% ,
respectively.
|
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
NET
OPERATING INCOME DETAIL
(in
thousands)
|
Three
Months Ended October 31, 2008
|
||||||||||||||||||||||||||||
|
Reporting
Segments
|
||||||||||||||||||||||||||||
|
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
Corporate
and
Other
|
Total
|
||||||||||||||||||||||
|
Real
estate rental revenue
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
$ | 18,865 | $ | 20,658 | $ | 12,763 | $ | 2,975 | $ | 3,513 | $ | 0 | $ | 58,774 | ||||||||||||||
|
Non-Stabilized
|
537 | 65 | 197 | 0 | 0 | 0 | 799 | |||||||||||||||||||||
|
Total
|
19,402 | 20,723 | 12,960 | 2,975 | 3,513 | 0 | 59,573 | |||||||||||||||||||||
|
Real
estate expenses
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
8,651 | 9,183 | 3,794 | 802 | 1,156 | 0 | 23,586 | |||||||||||||||||||||
|
Non-Stabilized
|
278 | 20 | 69 | 0 | 0 | 0 | 367 | |||||||||||||||||||||
|
Total
|
8,929 | 9,203 | 3,863 | 802 | 1,156 | 0 | 23,953 | |||||||||||||||||||||
|
Net
Operating Income (NOI)
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
10,214 | 11,475 | 8,969 | 2,173 | 2,357 | 0 | 35,188 | |||||||||||||||||||||
|
Non-Stabilized
|
259 | 45 | 128 | 0 | 0 | 0 | 432 | |||||||||||||||||||||
|
Net
operating income
|
$ | 10,473 | $ | 11,520 | $ | 9,097 | $ | 2,173 | $ | 2,357 | $ | 0 | $ | 35,620 | ||||||||||||||
|
Reconciliation
of NOI to net income (loss) available to common
shareholders
|
||||||||||||||||||||||||||||
|
Interest
(expense) income
|
$ | (4,916 | ) | $ | (5,945 | ) | $ | (4,246 | ) | $ | (952 | ) | $ | (992 | ) | $ | (27 | ) | $ | (17,078 | ) | |||||||
|
Depreciation/amortization
|
(3,499 | ) | (5,118 | ) | (3,194 | ) | (903 | ) | (698 | ) | (547 | ) | (13,959 | ) | ||||||||||||||
|
Administrative,
advisory and trustee fees
|
0 | 0 | 0 | 0 | 0 | (1,239 | ) | (1,239 | ) | |||||||||||||||||||
|
Other
expenses
|
0 | 0 | 0 | 0 | 0 | (482 | ) | (482 | ) | |||||||||||||||||||
|
Other
income
|
0 | 0 | 0 | 0 | 0 | 288 | 288 | |||||||||||||||||||||
|
Gain
on sale of other investments
|
0 | 0 | 0 | 0 | 0 | 54 | 54 | |||||||||||||||||||||
|
Net
income (loss)
|
2,058 | 457 | 1,657 | 318 | 667 | (1,953 | ) | 3,204 | ||||||||||||||||||||
|
Net
income attributable to noncontrolling interests – Operating
Partnership
|
0 | 0 | 0 | 0 | 0 | (700 | ) | (700 | ) | |||||||||||||||||||
|
Net
(income) loss attributable to noncontrolling interests – consolidated real
estate entities
|
0 | 0 | 0 | 0 | 0 | 19 | 19 | |||||||||||||||||||||
|
Net
income (loss) attributable to Investors Real Estate Trust
|
2,058 | 457 | 1,657 | 318 | 667 | (2,634 | ) | 2,523 | ||||||||||||||||||||
|
Dividends
to preferred shareholders
|
0 | 0 | 0 | 0 | 0 | (593 | ) | (593 | ) | |||||||||||||||||||
|
NET
INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$ | 2,058 | $ | 457 | $ | 1,657 | $ | 318 | $ | 667 | $ | (3,227 | ) | $ | 1,930 | |||||||||||||
|
(1)
|
For
Three and Six Months ended October 31, 2008, stabilized
properties excluded:
|
|
Multi-Family
Residential -
|
Minot
4th
Street Apartments, Minot, ND; Minot 11th
Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot
Westridge Apartments, Minot, ND, Thomasbrook Apartments, Lincoln, NE and
Evergreen Apartments, Isanti, MN.
Total number of units, 328. Occupancy % for the three and
six months ended October 31, 2008, 93.8% and 89.5%,
respectively.
|
|
Commercial Office
-
|
401
South Main, Minot, ND and Bismarck 715 E Broadway, Bismarck,
ND.
Total square footage, 30,943. Occupancy % for the three
and six months ended October 31, 2008, 100.0% and 100.0%,
respectively.
|
|
Commercial Medical
-
|
2828
Chicago Avenue, Minneapolis, MN.
Total square footage, 56,239. Occupancy % for the three
and six months ended October 31, 2008, 66.0% and 66.7%,
respectively.
|
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
NET
OPERATING INCOME DETAIL
(in
thousands)
|
Six
Months Ended October 31, 2009
|
||||||||||||||||||||||||||||
|
Reporting
Segments
|
||||||||||||||||||||||||||||
|
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
Corporate
and
Other
|
Total
|
||||||||||||||||||||||
|
Real
estate rental revenue
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
$ | 36,680 | $ | 41,555 | $ | 26,074 | $ | 6,363 | $ | 6,746 | $ | 0 | $ | 117,418 | ||||||||||||||
|
Non-Stabilized
|
1,659 | 94 | 875 | 371 | 0 | 0 | 2,999 | |||||||||||||||||||||
|
Total
|
38,339 | 41,649 | 26,949 | 6,734 | 6,746 | 0 | 120,417 | |||||||||||||||||||||
|
Real
estate expenses
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
17,626 | 18,449 | 7,305 | 2,053 | 2,188 | 0 | 47,621 | |||||||||||||||||||||
|
Non-Stabilized
|
747 | 84 | 349 | 100 | 0 | 0 | 1,280 | |||||||||||||||||||||
|
Total
|
18,373 | 18,533 | 7,654 | 2,153 | 2,188 | 0 | 48,901 | |||||||||||||||||||||
|
Net
Operating Income (NOI)
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
19,054 | 23,106 | 18,769 | 4,310 | 4,558 | 0 | 69,797 | |||||||||||||||||||||
|
Non-Stabilized
|
912 | 10 | 526 | 271 | 0 | 0 | 1,719 | |||||||||||||||||||||
|
Net
operating income
|
$ | 19,966 | $ | 23,116 | $ | 19,295 | $ | 4,581 | $ | 4,558 | $ | 0 | $ | 71,516 | ||||||||||||||
|
Reconciliation
of NOI to net income (loss) available to common
shareholders
|
||||||||||||||||||||||||||||
|
Interest
expense
|
$ | (10,136 | ) | $ | (11,763 | ) | $ | (8,532 | ) | $ | (2,024 | ) | $ | (1,858 | ) | $ | (288 | ) | $ | (34,601 | ) | |||||||
|
Depreciation/amortization
|
(7,456 | ) | (11,230 | ) | (7,488 | ) | (1,883 | ) | (1,411 | ) | (156 | ) | (29,624 | ) | ||||||||||||||
|
Administrative,
advisory and trustee fees
|
0 | 0 | 0 | 0 | 0 | (2,985 | ) | (2,985 | ) | |||||||||||||||||||
|
Other
expenses
|
0 | 0 | 0 | 0 | 0 | (932 | ) | (932 | ) | |||||||||||||||||||
|
Impairment
of real estate investments
|
0 | (152 | ) | 0 | 0 | (708 | ) | 0 | (860 | ) | ||||||||||||||||||
|
Other
income
|
0 | 0 | 0 | 0 | 0 | 255 | 255 | |||||||||||||||||||||
|
Net
income (loss)
|
2,374 | (29 | ) | 3,275 | 674 | 581 | (4,106 | ) | 2,769 | |||||||||||||||||||
|
Net
income attributable to noncontrolling interests – Operating
Partnership
|
0 | 0 | 0 | 0 | 0 | (420 | ) | (420 | ) | |||||||||||||||||||
|
Net
(income) loss attributable to noncontrolling interests – consolidated real
estate entities
|
0 | 0 | 0 | 0 | 0 | (47 | ) | (47 | ) | |||||||||||||||||||
|
Net
income (loss) attributable to Investors Real Estate Trust
|
2,374 | (29 | ) | 3,275 | 674 | 581 | (4,573 | ) | 2,302 | |||||||||||||||||||
|
Dividends
to preferred shareholders
|
0 | 0 | 0 | 0 | 0 | (1,186 | ) | (1,186 | ) | |||||||||||||||||||
|
NET
INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$ | 2,374 | $ | (29 | ) | $ | 3,275 | $ | 674 | $ | 581 | $ | (5,759 | ) | $ | 1,116 | ||||||||||||
|
(1)
|
For
Three and Six Months ended October 31, 2009, stabilized properties
excluded:
|
|
Multi-Family
Residential -
|
Minot
4th
Street Apartments, Minot, ND; Minot 11th
Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot
Westridge Apartments, Minot, ND; Thomasbrook Apartments, Lincoln, NE;
Evergreen Apartments, Isanti, MN; 401 South Main, Minot, ND and IRET
Corporate Plaza, Minot, ND.
Total number of units, 433. Occupancy % for the three and
six months ended October 31, 2009, 88.7% and 89.9% ,
respectively.
|
|
Commercial Office
-
|
Bismarck
715 E Broadway, Bismarck, ND; 401 South Main, Minot, ND; IRET Corporate
Plaza, Minot, ND, 12 South Main Street, Minot, ND and Minot 2505 16th
St SW, Minot, ND.
Total square footage, 97,986. Occupancy % for the three
and six months ended October 31, 6.4% and 11.9% ,
respectively.
|
|
Commercial
Medical -
|
2828
Chicago Avenue, Minneapolis, MN.
Total
square footage, 56,239. Occupancy % for the three and six months ended
October 31, 2009, 100.0% and 85.9% ,
respectively.
|
|
Commercial
Industrial -
|
Minnetonka
13600 County Road 62, Minnetonka, MN and Clive 2075 NW 94th
St., Clive, IA.
Total square footage, 112,494. Occupancy % for the three
and six months ended October 31, 2009, 100% and 100.0% ,
respectively.
|
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
NET
OPERATING INCOME DETAIL
(in
thousands)
|
Six
Months Ended October 31, 2008
|
||||||||||||||||||||||||||||
|
Reporting
Segments
|
||||||||||||||||||||||||||||
|
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
Corporate
and
Other
|
Total
|
||||||||||||||||||||||
|
Real
estate rental revenue
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
$ | 36,997 | $ | 41,463 | $ | 25,616 | $ | 6,071 | $ | 6,991 | $ | 0 | $ | 117,138 | ||||||||||||||
|
Non-Stabilized
|
1,006 | 66 | 209 | 0 | 0 | 0 | 1,281 | |||||||||||||||||||||
|
Total
|
38,003 | 41,529 | 25,825 | 6,071 | 6,991 | 0 | 118,419 | |||||||||||||||||||||
|
Real
estate expenses
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
17,126 | 18,623 | 7,556 | 1,535 | 2,296 | 0 | 47,136 | |||||||||||||||||||||
|
Non-Stabilized
|
528 | 24 | 69 | 0 | 0 | 0 | 621 | |||||||||||||||||||||
|
Total
|
17,654 | 18,647 | 7,625 | 1,535 | 2,296 | 0 | 47,757 | |||||||||||||||||||||
|
Net
Operating Income (NOI)
|
||||||||||||||||||||||||||||
|
Stabilized(1)
|
19,871 | 22,840 | 18,060 | 4,536 | 4,695 | 0 | 70,002 | |||||||||||||||||||||
|
Non-Stabilized
|
478 | 42 | 140 | 0 | 0 | 0 | 660 | |||||||||||||||||||||
|
Net
operating income
|
$ | 20,349 | $ | 22,882 | $ | 18,200 | $ | 4,536 | $ | 4,695 | $ | 0 | $ | 70,662 | ||||||||||||||
|
Reconciliation
of NOI to net income (loss) available to common
shareholders
|
||||||||||||||||||||||||||||
|
Interest
(expense) income
|
$ | (9,767 | ) | $ | (11,847 | ) | $ | (8,470 | ) | $ | (1,890 | ) | $ | (2,002 | ) | $ | 10 | $ | (33,966 | ) | ||||||||
|
Depreciation/amortization
|
(6,971 | ) | (10,251 | ) | (6,287 | ) | (1,732 | ) | (1,420 | ) | (1,065 | ) | (27,726 | ) | ||||||||||||||
|
Administrative,
advisory and trustee fees
|
0 | 0 | 0 | 0 | 0 | (2,570 | ) | (2,570 | ) | |||||||||||||||||||
|
Other
expenses
|
0 | 0 | 0 | 0 | 0 | (844 | ) | (844 | ) | |||||||||||||||||||
|
Other
income
|
0 | 0 | 0 | 0 | 0 | 536 | 536 | |||||||||||||||||||||
|
Gain
on sale of other investments
|
0 | 0 | 0 | 0 | 0 | 54 | 54 | |||||||||||||||||||||
|
Net
income (loss)
|
3,611 | 784 | 3,443 | 914 | 1,273 | (3,879 | ) | 6,146 | ||||||||||||||||||||
|
Net
income attributable to noncontrolling interests – Operating
Partnership
|
0 | 0 | 0 | 0 | 0 | (1,347 | ) | (1,347 | ) | |||||||||||||||||||
|
Net
(income) loss attributable to noncontrolling interests – consolidated real
estate entities
|
0 | 0 | 0 | 0 | 0 | 82 | 82 | |||||||||||||||||||||
|
Net
income (loss) attributable to Investors Real Estate Trust
|
3,611 | 784 | 3,443 | 914 | 1,273 | (5,144 | ) | 4,881 | ||||||||||||||||||||
|
Dividends
to preferred shareholders
|
0 | 0 | 0 | 0 | 0 | (1,186 | ) | (1,186 | ) | |||||||||||||||||||
|
NET
INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$ | 3,611 | $ | 784 | $ | 3,443 | $ | 914 | $ | 1,273 | $ | (6,330 | ) | $ | 3,695 | |||||||||||||
|
(1)
|
For
Three and Six Months ended October 31, 2008, stabilized
properties excluded:
|
|
Multi-Family
Residential -
|
Minot
4th
Street Apartments, Minot, ND; Minot 11th
Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot
Westridge Apartments, Minot, ND, Thomasbrook Apartments, Lincoln, NE and
Evergreen Apartments, Isanti, MN.
Total number of units, 328. Occupancy % for the three and
six months ended October 31, 2008, 93.8% and 89.5%,
respectively.
|
|
Commercial Office
-
|
401
South Main, Minot, ND and Bismarck 715 E Broadway, Bismarck,
ND.
Total square footage, 30,943. Occupancy % for the three
and six months ended October 31, 2008, 100.0% and 100.0%,
respectively.
|
|
Commercial Medical
-
|
2828
Chicago Avenue, Minneapolis, MN.
Total square footage, 56,239. Occupancy % for the three
and six months ended October 31, 2008, 66.0% and 66.7%,
respectively.
|
INVESTORS
REAL ESTATE TRUST AND SUBSIDIARIES
STABILIZED
PROPERTIES AND OVERALL ECONOMIC OCCUPANCY LEVELS BY SEGMENT
2nd
Quarter Fiscal 2010 vs. 2nd
Quarter Fiscal 2009
|
Segments
|
Stabilized
Properties
|
All
Properties
|
||
|
2nd
Quarter
|
2nd
Quarter
|
2nd
Quarter
|
2nd
Quarter
|
|
|
Fiscal
2010
|
Fiscal
2009
|
Fiscal
2010
|
Fiscal
2009
|
|
|
Multi-Family
Residential
|
91.7%
|
95.0%
|
91.5%
|
94.9%
|
|
Commercial
Office
|
88.4%
|
88.7%
|
87.4%
|
88.8%
|
|
Commercial
Medical
|
93.5%
|
96.2%
|
93.7%
|
95.6%
|
|
Commercial
Industrial
|
87.4%
|
97.3%
|
88.1%
|
97.3%
|
|
Commercial
Retail
|
87.1%
|
88.8%
|
87.1%
|
88.8%
|
INVESTORS REAL ESTATE TRUST AND
SUBSIDIARIES
COMMERCIAL
LEASING SUMMARY
for
the three and six months ended October 31, 2009
|
Three
Months Ended October 31, 2009
|
||||||||||||||||||||||||
|
New(1)
|
Renew(2)
|
Total
|
Expiring(3)
|
Net
Change
|
Percentage
Change
|
|||||||||||||||||||
|
Gross
Square Footage
|
||||||||||||||||||||||||
|
Commercial
Office
|
0 | 160,949 | 160,949 | 218,340 | (57,391 | ) | ||||||||||||||||||
|
Commercial
Medical
|
1,300 | 37,194 | 38,494 | 5,631 | 32,863 | |||||||||||||||||||
|
Commercial
Industrial
|
0 | 0 | 0 | 131,675 | (131,675 | ) | ||||||||||||||||||
|
Commercial
Retail
|
45,198 | 88,110 | 133,308 | 74,051 | 59,257 | |||||||||||||||||||
|
Total
All Segments
|
46,498 | 286,253 | 332,751 | 429,697 | (96,946 | ) | ||||||||||||||||||
|
Weighted
Average Rental Rates(3)
|
||||||||||||||||||||||||
|
Commercial
Office
|
$ | 0.00 | $ | 11.53 | $ | 11.53 | $ | 11.14 | $ | 0.39 | 3.5 | % | ||||||||||||
|
Commercial
Medical
|
19.25 | 21.55 | 21.47 | 19.57 | 1.90 | 9.7 | % | |||||||||||||||||
|
Commercial
Industrial
|
0.00 | 0.00 | 0.00 | 3.30 | (3.30 | ) | 0.0 | % | ||||||||||||||||
|
Commercial
Retail
|
16.03 | 8.11 | 10.79 | 6.33 | 4.46 | 70.5 | % | |||||||||||||||||
|
Total
All Segments
|
$ | 16.12 | $ | 11.78 | $ | 12.38 | $ | 8.02 | $ | 4.36 | 54.4 | % | ||||||||||||
|
Six
Months Ended October 31, 2009
|
||||||||||||||||||||||||
|
New(1)
|
Renew(2)
|
Total
|
Expiring(3)
|
Net
Change
|
Percentage
Change
|
|||||||||||||||||||
|
Gross
Square Footage
|
||||||||||||||||||||||||
|
Commercial
Office
|
17,540 | 329,550 | 347,090 | 321,908 | 25,182 | |||||||||||||||||||
|
Commercial
Medical
|
15,030 | 45,259 | 60,289 | 31,085 | 29,204 | |||||||||||||||||||
|
Commercial
Industrial
|
0 | 92,901 | 92,901 | 266,062 | (173,161 | ) | ||||||||||||||||||
|
Commercial
Retail
|
70,747 | 132,038 | 202,785 | 98,802 | 103,983 | |||||||||||||||||||
|
Total
All Segments
|
103,317 | 599,748 | 703,065 | 717,857 | (14,792 | ) | ||||||||||||||||||
|
Weighted
Average Rental Rates
|
||||||||||||||||||||||||
|
Commercial
Office
|
$ | 7.17 | $ | 11.54 | $ | 11.32 | $ | 12.11 | $ | (0.79 | ) | (6.5 | %) | |||||||||||
|
Commercial
Medical
|
19.34 | 21.55 | 21.00 | 20.88 | 0.12 | 0.6 | % | |||||||||||||||||
|
Commercial
Industrial
|
0.00 | 3.21 | 3.21 | 3.18 | 0.03 | 0.9 | % | |||||||||||||||||
|
Commercial
Retail
|
12.95 | 6.80 | 8.95 | 7.66 | 1.29 | 16.8 | % | |||||||||||||||||
|
Total
All Segments
|
$ | 12.90 | $ | 9.97 | $ | 10.40 | $ | 8.57 | $ | 1.83 | 21.4 | % | ||||||||||||
|
Three
Months Ended October 31, 2009
|
Six
Months Ended October 31, 2009
|
|||||||||||
|
New(1)
|
Renew(2)
|
Total
|
New(1)
|
Renew(2)
|
Total
|
|||||||
|
Weighted
Average Term of New/Renewed Leased
|
||||||||||||
|
Commercial
Office
|
0.0
|
3.3
|
3.3
|
2.9
|
3.4
|
3.3
|
||||||
|
Commercial
Medical
|
6.0
|
6.0
|
6.0
|
5.7
|
4.9
|
5.1
|
||||||
|
Commercial
Industrial
|
0.0
|
0.0
|
0.0
|
0.0
|
5.8
|
5.8
|
||||||
|
Commercial
Retail
|
0.4
|
3.2
|
2.8
|
3.4
|
3.0
|
3.1
|
||||||
|
Total
All Segments
|
2.3
|
3.8
|
3.7
|
3.7
|
3.6
|
3.6
|
||||||
|
(1)
|
Does
not include leases in place on acquired
properties.
|
|
(2)
|
Renewals
may include leases that have renewed prior to expiration
date. Square footage or rental rate changes on renewals are
included in calculation.
|
|
(3)
|
Expired
leases include leases with tenants who have vacated or renewed. Excluded
from expired leases are leases that have been amended to extend the term,
including leases on a month-to-month
basis.
|
INVESTORS REAL ESTATE TRUST AND
SUBSIDIARIES
COMMERCIAL
LEASING SUMMARY
for
the three and six months ended October 31, 2009
|
2nd
Quarter Fiscal 2010 Total
|
Year-To-Date
Total
|
|||||||||||||||||||||||
|
New
|
Renew
|
Total
Dollars
|
New
|
Renew
|
Total
Dollars
|
|||||||||||||||||||
|
Tenant
Improvements
|
||||||||||||||||||||||||
|
Commercial
Office
|
$ | 0 | $ | 583,909 | $ | 583,909 | $ | 198,061 | $ | 782,224 | $ | 980,285 | ||||||||||||
|
Commercial
Medical
|
19,500 | 940,045 | 959,545 | 98,164 | 1,070,171 | 1,168,335 | ||||||||||||||||||
|
Commercial
Industrial
|
0 | 0 | 0 | 0 | 71,400 | 71,400 | ||||||||||||||||||
|
Commercial
Retail
|
0 | 5,389 | 5,389 | 348,988 | 11,684 | 360,672 | ||||||||||||||||||
|
Subtotal
|
$ | 19,500 | $ | 1,529,343 | $ | 1,548,843 | $ | 645,213 | $ | 1,935,479 | $ | 2,580,692 | ||||||||||||
|
Tenant
Improvements per square foot
|
||||||||||||||||||||||||
|
Commercial
Office
|
$ | 0.00 | $ | 3.63 | $ | 3.63 | $ | 0.00 | $ | 2.37 | $ | 2.82 | ||||||||||||
|
Commercial
Medical
|
15.00 | 25.27 | 24.93 | 6.53 | 23.65 | 19.38 | ||||||||||||||||||
|
Commercial
Industrial
|
0.00 | 0.00 | 0.00 | 0.00 | 0.77 | 0.77 | ||||||||||||||||||
|
Commercial
Retail
|
0.00 | 0.06 | 0.04 | 4.93 | 0.09 | 1.78 | ||||||||||||||||||
|
All
Segments
|
$ | 0.42 | $ | 5.34 | $ | 4.65 | $ | 6.24 | $ | 3.23 | $ | 3.67 | ||||||||||||
|
Leasing
Costs
|
||||||||||||||||||||||||
|
Commercial
Office
|
$ | 0 | $ | 524,578 | $ | 524,578 | $ | 43,960 | $ | 816,218 | $ | 860,178 | ||||||||||||
|
Commercial
Medical
|
17,781 | 243,335 | 261,116 | 58,971 | 264,221 | 323,192 | ||||||||||||||||||
|
Commercial
Industrial
|
0 | 0 | 0 | 0 | 81,789 | 81,789 | ||||||||||||||||||
|
Commercial
Retail
|
3,560 | 23,136 | 26,696 | 209,515 | 95,573 | 305,088 | ||||||||||||||||||
|
Subtotal
|
$ | 21,341 | $ | 791,049 | $ | 812,390 | $ | 312,446 | $ | 1,257,801 | $ | 1,570,247 | ||||||||||||
|
Leasing
Costs per square foot
|
||||||||||||||||||||||||
|
Commercial
Office
|
$ | 0.00 | $ | 3.26 | $ | 3.26 | $ | 0.00 | $ | 2.48 | $ | 2.48 | ||||||||||||
|
Commercial
Medical
|
13.68 | 6.54 | 6.78 | 3.92 | 5.84 | 5.36 | ||||||||||||||||||
|
Commercial
Industrial
|
0.00 | 0.00 | 0.00 | 0.00 | 0.88 | 0.88 | ||||||||||||||||||
|
Commercial
Retail
|
0.08 | 0.26 | 0.20 | 2.96 | 0.72 | 1.50 | ||||||||||||||||||
|
All
Segments
|
$ | 0.46 | $ | 2.76 | $ | 2.44 | $ | 3.02 | $ | 2.10 | $ | 2.23 | ||||||||||||
|
Tenant
Improvements and Leasing Costs
|
||||||||||||||||||||||||
|
Commercial
Office
|
$ | 0 | 1,108,487 | 1,108,487 | $ | 242,021 | $ | 1,598,442 | $ | 1,840,463 | ||||||||||||||
|
Commercial
Medical
|
37,281 | 1,183,380 | 1,220,661 | 157,135 | 1,334,392 | 1,491,527 | ||||||||||||||||||
|
Commercial
Industrial
|
0 | 0 | 0 | 0 | 153,189 | 153,189 | ||||||||||||||||||
|
Commercial
Retail
|
3,560 | 28,525 | 32,085 | 558,503 | 107,257 | 665,760 | ||||||||||||||||||
|
Total
|
$ | 40,841 | $ | 2,320,392 | $ | 2,361,233 | $ | 957,659 | $ | 3,193,280 | $ | 4,150,939 | ||||||||||||
|
Tenant
Improvements and Leasing Costs per square foot
|
||||||||||||||||||||||||
|
Commercial
Office
|
$ | 0.00 | $ | 6.89 | $ | 6.89 | $ | 0.00 | $ | 4.85 | $ | 5.30 | ||||||||||||
|
Commercial
Medical
|
28.68 | 31.82 | 31.71 | 10.45 | 29.48 | 24.74 | ||||||||||||||||||
|
Commercial
Industrial
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
|
Commercial
Retail
|
0.08 | 0.32 | 0.24 | 7.89 | 0.81 | 3.28 | ||||||||||||||||||
|
All
Segments
|
$ | 0.88 | $ | 8.11 | $ | 7.10 | $ | 9.27 | $ | 5.32 | $ | 5.90 | ||||||||||||
INVESTORS REAL ESTATE TRUST AND
SUBSIDIARIES
MULTI-FAMILY
RESIDENTIAL SUMMARY
|
Three
Months Ended
|
||||||||||||||||||||
|
10/31/2009
|
07/31/2009
|
04/30/2009
|
01/31/2009
|
10/31/2008
|
||||||||||||||||
|
Number
of Units
|
9,669 | 9,645 | 9,645 | 9,645 | 9,564 | |||||||||||||||
|
Average
Investment Per Unit
|
||||||||||||||||||||
|
Stabilized
|
$ | 55,479 | $ | 55,179 | $ | 54,960 | $ | 54,790 | $ | 54,523 | ||||||||||
|
Non-Stabilized
|
77,214 | 81,566 | 82,555 | 62,537 | 47,883 | |||||||||||||||
| $ | 56,452 | $ | 56,298 | $ | 56,130 | $ | 55,082 | $ | 54,303 | |||||||||||
|
Average
Scheduled Rent per Unit
|
||||||||||||||||||||
|
Stabilized
|
$ | 713 | $ | 711 | $ | 711 | $ | 708 | $ | 705 | ||||||||||
|
Non-Stabilized
|
723 | 714 | 712 | 631 | 617 | |||||||||||||||
| $ | 714 | $ | 711 | $ | 711 | $ | 705 | $ | 702 | |||||||||||
|
Total
Receipts per Unit
|
||||||||||||||||||||
|
Stabilized
|
$ | 664 | $ | 660 | $ | 671 | $ | 678 | $ | 681 | ||||||||||
|
Non-Stabilized
|
654 | 659 | 603 | 558 | 567 | |||||||||||||||
| $ | 664 | $ | 660 | $ | 668 | $ | 674 | $ | 677 | |||||||||||
|
Occupancy
%
|
||||||||||||||||||||
|
Stabilized
|
91.7 | % | 91.1 | % | 93.1 | % | 94.4 | % | 95.0 | % | ||||||||||
|
Non-Stabilized
|
88.7 | % | 91.2 | % | 83.4 | % | 86.8 | % | 93.8 | % | ||||||||||
| 91.5 | % | 91.1 | % | 92.7 | % | 94.2 | % | 94.9 | % | |||||||||||
|
Operating
Expenses as a % of Scheduled Rent
|
||||||||||||||||||||
|
Stabilized
|
44.7 | % | 44.6 | % | 43.8 | % | 46.1 | % | 44.3 | % | ||||||||||
|
Non-Stabilized
|
32.3 | % | 50.6 | % | 55.1 | % | 54.1 | % | 47.3 | % | ||||||||||
|
Total
|
44.1 | % | 44.9 | % | 44.3 | % | 46.4 | % | 44.4 | % | ||||||||||
INVESTORS REAL ESTATE TRUST AND
SUBSIDIARIES
10
LARGEST COMMERCIAL TENANTS – BASED ON ANNUALIZED BASE RENT(1)
as
of October 31, 2009
|
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
|
19
|
232
|
10.0%
|
909,591
|
8.7%
|
|
St.
Lukes Hospital of Duluth, Inc.
|
6
|
69
|
3.5%
|
198,775
|
1.9%
|
|
Fairview
Health
|
8
|
53
|
2.6%
|
179,831
|
1.7%
|
|
Applied
Underwriters
|
3
|
88
|
2.2%
|
141,724
|
1.4%
|
|
Best
Buy Co., Inc. (NYSE: BBY)
|
2
|
13
|
2.0%
|
224,650
|
2.1%
|
|
HealthEast
Care System
|
1
|
112
|
1.7%
|
114,316
|
1.1%
|
|
UGS
Corp.
|
1
|
22
|
1.6%
|
122,567
|
1.2%
|
|
Microsoft
(NASDAQ: MSFT)
|
1
|
46
|
1.5%
|
122,040
|
1.2%
|
|
Smurfit
- Stone Container (NASDAQ: SSCC)(2)
|
2
|
44
|
1.5%
|
424,147
|
4.1%
|
|
Arcadis
Corporate Services (NASDAQ: ARCAF)
|
2
|
21
|
1.4%
|
82,725
|
0.8%
|
|
Total/Weighted
Average
|
104
|
28.0%
|
2,520,366
|
24.2%
|
|
(1)
|
See
Definitions on page 26.
|
|
(2)
|
Smurfit-Stone
Container has filed bankruptcy under Chapter 11 of the Bankruptcy
Code. Smurfit–Stone Container has assumed both of its leases
with us and is current on all rent payments under its leases with
us.
|
INVESTORS REAL ESTATE TRUST AND
SUBSIDIARIES
LEASE
EXPIRATIONS
as of
October 31,
2009
|
Fiscal
Year
|
Number
of
Leases
|
Rentable
Square
Feet
|
%
of Rentable
Square Feet
|
Annualized
Rent
*
|
Average
Rental
Rate
|
%
of
Annualized
Rent
|
||||||||||||||||||
|
Commercial
Office
|
||||||||||||||||||||||||
|
2010
|
27 | 194,566 | 4.5 | % | $ | 2,050,708 | $ | 10.54 | 3.8 | % | ||||||||||||||
|
2011
|
77 | 727,303 | 17.0 | % | 8,764,144 | 12.05 | 16.4 | % | ||||||||||||||||
|
2012
|
61 | 834,321 | 19.5 | % | 11,305,453 | 13.55 | 21.2 | % | ||||||||||||||||
|
2013
|
34 | 513,456 | 12.0 | % | 6,559,195 | 12.77 | 12.3 | % | ||||||||||||||||
|
2014
|
36 | 535,088 | 12.5 | % | 6,974,751 | 13.03 | 13.0 | % | ||||||||||||||||
|
2015
and thereafter
|
72 | 1,475,535 | 34.5 | % | 17,824,887 | 12.08 | 33.3 | % | ||||||||||||||||
| 307 | 4,280,269 | 100.0 | % | $ | 53,479,138 | $ | 12.49 | 100.0 | % | |||||||||||||||
|
Commercial
Medical
|
||||||||||||||||||||||||
|
2010
|
10 | 31,579 | 1.4 | % | $ | 640,173 | $ | 20.27 | 1.6 | % | ||||||||||||||
|
2011
|
15 | 64,387 | 2.9 | % | 1,152,622 | 17.90 | 2.9 | % | ||||||||||||||||
|
2012
|
30 | 102,335 | 4.6 | % | 2,091,674 | 20.44 | 5.3 | % | ||||||||||||||||
|
2013
|
19 | 71,371 | 3.2 | % | 1,214,062 | 17.01 | 3.1 | % | ||||||||||||||||
|
2014
|
24 | 146,515 | 6.7 | % | 3,061,754 | 20.90 | 7.8 | % | ||||||||||||||||
|
2015
and thereafter
|
97 | 1,793,505 | 81.2 | % | 31,152,171 | 17.37 | 79.3 | % | ||||||||||||||||
| 195 | 2,209,692 | 100.0 | % | $ | 39,312,456 | $ | 17.79 | 100.0 | % | |||||||||||||||
|
Commercial
Industrial
|
||||||||||||||||||||||||
|
2010
|
1 | 23,782 | 0.9 | % | $ | 141,406 | $ | 5.95 | 1.4 | % | ||||||||||||||
|
2011
|
15 | 1,072,579 | 42.4 | % | 3,607,688 | 3.36 | 36.9 | % | ||||||||||||||||
|
2012
|
5 | 381,157 | 15.0 | % | 1,213,844 | 3.18 | 12.4 | % | ||||||||||||||||
|
2013
|
3 | 214,335 | 8.5 | % | 1,073,159 | 5.01 | 11.0 | % | ||||||||||||||||
|
2014
|
5 | 169,396 | 6.7 | % | 786,164 | 4.64 | 8.0 | % | ||||||||||||||||
|
2015
and thereafter
|
9 | 671,224 | 26.5 | % | 2,968,514 | 4.42 | 30.3 | % | ||||||||||||||||
| 38 | 2,532,473 | 100.0 | % | $ | 9,790,775 | $ | 3.87 | 100.0 | % | |||||||||||||||
|
Commercial
Retail
|
||||||||||||||||||||||||
|
2010
|
27 | 141,478 | 12.0 | % | $ | 683,269 | $ | 4.83 | 7.2 | % | ||||||||||||||
|
2011
|
51 | 213,526 | 18.1 | % | 2,049,158 | 9.60 | 21.5 | % | ||||||||||||||||
|
2012
|
32 | 235,034 | 20.0 | % | 1,344,348 | 5.72 | 14.1 | % | ||||||||||||||||
|
2013
|
16 | 72,561 | 6.2 | % | 498,583 | 6.87 | 5.2 | % | ||||||||||||||||
|
2014
|
19 | 64,677 | 5.5 | % | 761,785 | 11.78 | 8.0 | % | ||||||||||||||||
|
2015
and thereafter
|
35 | 449,510 | 38.2 | % | 4,195,815 | 9.33 | 44.0 | % | ||||||||||||||||
| 180 | 1,176,786 | 100.0 | % | $ | 9,532,958 | $ | 8.10 | 100.0 | % | |||||||||||||||
|
Commercial
Total
|
||||||||||||||||||||||||
|
2010
|
65 | 391,405 | 3.8 | % | $ | 3,515,556 | $ | 8.98 | 3.2 | % | ||||||||||||||
|
2011
|
158 | 2,077,795 | 20.4 | % | 15,573,612 | 7.50 | 13.9 | % | ||||||||||||||||
|
2012
|
128 | 1,552,847 | 15.2 | % | 15,955,319 | 10.27 | 14.2 | % | ||||||||||||||||
|
2013
|
72 | 871,723 | 8.6 | % | 9,344,999 | 10.72 | 8.3 | % | ||||||||||||||||
|
2014
|
84 | 915,676 | 9.0 | % | 11,584,454 | 12.65 | 10.3 | % | ||||||||||||||||
|
2015
and thereafter
|
213 | 4,389,774 | 43.0 | % | 56,141,387 | 12.79 | 50.1 | % | ||||||||||||||||
| 720 | 10,199,220 | 100.0 | % | $ | 112,115,327 | $ | 10.99 | 100.0 | % | |||||||||||||||
* Annualized Rent is monthly
scheduled rent as of October 31, 2009 (cash basis), multiplied by
12.
INVESTORS REAL ESTATE TRUST AND
SUBSIDIARIES
FISCAL
2010 ACQUISITION SUMMARY
as
of October 31, 2009
($’s
in thousands)
|
Property
|
Location
|
Segment
Type
|
Acquisition
Date
|
Square
Feet/Units
|
Leased
Percentage
At
Acquisition
|
October
31,
2009
Leased
Percentage
|
Acquisition
Cost
|
||||||||||||
|
Clive
2075 NW 94th
Street
|
Clive,
IA
|
Commercial
Industrial
|
August
5, 2009
|
42,510 | 100 | % | 100 | % | $ | 3,350 | |||||||||
|
Minot
2505 16th
Street SW
|
Minot,
ND
|
Commercial
Office
|
October
1, 2009
|
15,000 | 93.8 | % | 93.8 | % | 2,400 | ||||||||||
|
Total
Square Feet
|
57,510 | $ | 5,750 | ||||||||||||||||
|
Total
Units
|
0 | ||||||||||||||||||
Definitions
October
31, 2009
Annualized base rent (ABR) is
calculated as monthly base rent (cash basis) per the lease, as of the reporting
period, multiplied by 12.
Debt to total market
capitalization is total debt from the balance sheet divided by the sum of
total debt from the balance sheet plus the market value of shares outstanding at
the end of the period.
Debt service coverage ratio is
computed by dividing earnings before interest income and expense, depreciation,
amortization and gain on sale of real estate by interest expense and principal
amortization.
EBITDA is earnings before
interest, taxes, depreciation and amortization. We consider EBITDA to be an
appropriate supplemental performance measure because it eliminates depreciation,
interest and the gain/loss from property dispositions, which permits investors
to view income from operations without the effect of non-cash depreciation or
the cost of debt. EBITDA is a non-GAAP measure. EBITDA as calculated by us is
not comparable to EBITDA reported by other REITs that do not define EBITDA
exactly as we do.
Funds from operations (FFO) -
The National Association of Real Estate Investment Trusts, Inc. (NAREIT) defines
FFO as net income (computed in accordance with generally accepted accounting
principles, excluding gains/losses from sales of property plus real estate
depreciation and amortization. FFO is a non-GAAP measure. We consider
FFO to be a standard supplemental measure for equity real estate investment
trusts because it facilitates an understanding of the operating performance of
properties without giving effect to real estate depreciation and amortization,
which assume that the value of real estate assets diminishes predictably over
time. Since real estate values instead historically rise or fall with
market conditions, we believe that FFO provides investors and management with a
more accurate indication of our financial and operating results.
Payout ratio (FFO per share and unit
basis) - The ratio of the current quarterly distribution rate per common
share and unit divided by quarterly FFO per share and unit.
Ratio of earnings to fixed
charges - The ratio
of earnings to fixed charges is computed by dividing earnings by fixed charges.
For this purpose, earnings consist of income from continuing operations plus
fixed charges and preferred distributions, less adjustments for noncontrolling
interests - consolidated real estate entities, capitalized interest and
preferred distributions. Fixed charges consist of mortgage and loan interest
expense, whether expensed or capitalized, the amortization of debt expense and
capitalized interest.
Ratio of earnings to combined fixed
charges and preferred distributions - The ratio
of earnings to combined fixed charges and preferred distributions is computed by
dividing earnings by combined fixed charges and preferred distributions. For
this purpose, earnings consist of income from continuing operations plus fixed
charges and preferred distributions, less adjustments for noncontrolling
interests - consolidated real estate entities, capitalized interest and
preferred distributions. Combined fixed charges and preferred distributions
consist of fixed charges (mortgage and loan interest expense, whether expensed
or capitalized, the amortization of debt expense and capitalized interest) and
preferred distributions.
Stabilized properties are
those properties owned for the entirety of both periods being
compared. While results presented on a stabilized property basis are
not determined in accordance with GAAP, management believes that measuring
performance on a stabilized property basis is useful to investors and to
management because it enables evaluation of how the Company’s properties are
performing year over year.