Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - Sterling Real Estate Trust | c65454e10vq.htm |
| EX-31.2 - EX-31.2 - Sterling Real Estate Trust | c65454exv31w2.htm |
| EX-32.1 - EX-32.1 - Sterling Real Estate Trust | c65454exv32w1.htm |
| EX-31.1 - EX-31.1 - Sterling Real Estate Trust | c65454exv31w1.htm |
| EXCEL - IDEA: XBRL DOCUMENT - Sterling Real Estate Trust | Financial_Report.xls |
Exhibit 99.1
Data as of August 15, 2011
Data as of August 15, 2011
|
2Q 2011 Investor Update INREIT Real Estate Investment Trust |
Investor Equity
Dividends Paid (In Millions)
INREIT Distribution Yield
MFFO Payout Ratio
Letter to Investors
Dear Investors:
The second quarter of 2011 was significant for INREIT Real Estate Investment Trust as it filed its
first Quarterly Report on Form 10-Q with the SEC. This report, detailing INREIT Real Estate
Investment Trust’s first quarter 2011 performance, is available via our website at
www.INREIT.com.
Our transition to a public reporting company continues in the second quarter as we filed our second
quarter report on Form 10-Q on August 15, 2011. This report
contains a full description and discussion of INREIT’s second quarter 2011 financial and
operational results. A copy of INREIT’s second quarter 2011 10-Q is also available on our
website.
On June 23, 2011, INREIT Real Estate Investment Trust held its Annual Meeting of Shareholders. The
Board took the opportunity to thank out-going Board Chair Earl Strinden and Trustee Rex Carlson for
their superior service and leadership to the Trust.
Highlights for the quarter ended June 30, 2011 (as compared to the same quarterly period in 2010) include:
| • | Revenue increased 9.1% from $11.0 million to $12.0 million. | ||
| • | Investor Equity increased 5.8% from $141.7 million to $143.7 million. | ||
| • | MFFO per share decreased $0.32 to $0.29. | ||
| • | Shares and Units Outstanding increased by 10.8%. | ||
| • | Cumulative dividends and distributions paid exceeded $2.9 million. |
INREIT Real Estate Investment Trust (“INREIT”) is a registered, but unincorporated business trust
organized in North Dakota. INREIT has elected to be taxed as a Real Estate Investment Trust
(“REIT”) under Sections 856-860 of the Internal Revenue Code, which requires that 75 percent of the
assets of a REIT must consist of real estate assets and that 75 percent of its gross income must be
derived from real estate.
INREIT Declares 2Q 2011 Dividend
The Board of Directors of INREIT Real Estate Investment Trust authorized a dividend of
$0.2012 per share (equates to an annualized rate of 5.75%), based on the offering price of $14.00
per share for stockholders of record as of June 30, 2011. The payment date for the distribution for
the period commencing on April 1, 2011 and ending on June 30, 2011 was paid in July 2011.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this Investor Report contains financial estimates and other
forward-looking statements that are subject to risks and uncertainties, and actual results may
differ materially. INREIT Real Estate Investment Trust disclaims any obligation to update or revise
statements contained in this Investor Report based upon new information or otherwise. This Investor
Report may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP
financial measures and the GAAP financial measures are made in the Trust’s financial statements.
INREIT Real Estate Investment Trust
1711 Gold Drive South, Suite 220, Fargo, ND 58103 Office: 701-478-8110
216 South Broadway, Suite 202, Minot, ND 58701 Office: 701-837-1031 Toll Free: 1-877-269-1031
www.inreit.com
216 South Broadway, Suite 202, Minot, ND 58701 Office: 701-837-1031 Toll Free: 1-877-269-1031
www.inreit.com
Investment by Sector
Revenue by Sector
INREIT
Real Estate Investment Trust’s
Third Quarter 2011 Investor Report is expected to be available on the INREIT website at www.inreit.com on or about November 15, 2011. Hardcopies are available upon request at the Company’s offices in Fargo and Minot, ND.
Third Quarter 2011 Investor Report is expected to be available on the INREIT website at www.inreit.com on or about November 15, 2011. Hardcopies are available upon request at the Company’s offices in Fargo and Minot, ND.
Second Quarter Acquisitions
| Date | ||||||||||||||||||
| Property Name | City | State | Acquired | Sq. Ft/Units | Total Price | |||||||||||||
Country Club |
Fargo | ND | 5/1/2011 | 40 | $ | 1,600,000 | ||||||||||||
Country Side |
Fargo | ND | 5/1/2011 | 24 | $ | 864,000 | ||||||||||||
Bank of the West |
Moorhead | MN | 5/13/2011 | 3,510 | $ | 1,000,000 | ||||||||||||
Dairy Queen |
Moorhead | MN | 5/13/2011 | 2,712 | $ | 1,181,000 | ||||||||||||
Walgreens |
Denver | CO | 6/14/2011 | 13,390 | 5,210,000 | |||||||||||||
Taco Bell Land |
Denver | CO | 6/14/2011 | 36,432 | $ | 690,000 | ||||||||||||
| Total | $ | 10,545,000 | ||||||||||||||||
Owned Assets
Property Spotlight
Walgreens
300 South Federal Blvd.
Denver, Colorado 80219
300 South Federal Blvd.
Denver, Colorado 80219
| • | Acquired in June 2011 | |
| • | Built in 2007 | |
| • | Property has 13,390 sq. ft. of rentable space. | |
| • | Located in the capital city of Colorado this Walgreens has a prime location in a growing area of Denver. According to the 2009 census estimates, Denver was the 24th most populous US city. | |
| • | Lease agreement with Walgreens is a NNN lease with an expiration date in 2032. | |
| • | Walgreens company operates 7,600 drugstores across all 50 states, the District of Columbia and Puerto Rico. |
Requests for further information may be directed to Investor Relations at
701-837-1031. Correspondence should be sent to:
INREIT Real Estate Investment Trust 216 S Broadway, Ste. 202 Minot, ND 58701
701-837-1031. Correspondence should be sent to:
INREIT Real Estate Investment Trust 216 S Broadway, Ste. 202 Minot, ND 58701