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Previous: STANLEY FURNITURE CO INC/, 8-K, EX-99.1, 2000-12-13 |
Next: PARK PHARMACY CORP, DEF 14A, 2000-12-13 |
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
|
12 South Main, Minot, ND (Address of principal executive offices) |
(Zip code) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Applicant is a North Dakota Real Estate Investment Trust. As of October 31, 2000, it had 23,080,328 Shares of Beneficial Interest outstanding.
PART I
Item 1. Financial Statement - Second Quarter Fiscal 2001
The accompanying condensed consolidated financial statements of Investors Real Estate Trust, and its subsidiaries (collectively, the “Company”), included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the footnotes thereto contained in the Annual Report on Form 10-K405 for the year ended April 30, 2000, of Investors Real Estate Trust, as filed with the SEC. The Condensed Consolidated Balance Sheet at April 30, 2000, contained herein, was derived from audited financial statements, but does not include all disclosures included in the Form 10-K405 and applicable under generally accepted accounting principles. Certain information and footnote disclosures normally included in interim financial statements prepared in accordance with generally accepted accounting principles have been omitted.
In the opinion of the company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (of a normal recurring nature) necessary for a fair presentation of the financial statements. The results of operations for the six months ended October 31, 2000, are not necessarily indicative of operating results for the entire year.
| ASSETS |
10-31-00 |
04-30-00 |
| Real Estate Investments | ||
| Real Estate Owned |
$ 503,887,950 |
$ 449,919,890 |
| Less Accumulated Depreciation |
-39,122,931 |
-33,232,952 |
|
$ 464,765,019 |
$ 416,686,938 |
|
| Mortgage Loan Receivable |
$ 4,023,279 |
$ 1,650,284 |
| Less Discounts and Allowances |
-120,314 |
-120,706 |
| Total Real Estate Investments |
$ 468,667,984 |
$ 418,216,516 |
| OTHER ASSETS |
10-31-00 |
04-30-00 |
| Cash |
$ 5,386,769 |
$ 3,449,264 |
| Marketable Securities – Held to Maturity |
2,449,904 |
2,601,420 |
| Marketable Securities – Available for Sale |
556,842 |
572,811 |
| Accounts Receivable |
315,345 |
467,441 |
| Rent Receivable |
1,461,825 |
1,055,922 |
| Real Estate Deposits |
800,300 |
768,850 |
| Prepaid Insurance |
334,590 |
110,183 |
| Prepaid Dividend |
760,000 |
0 |
| Tax and Insurance Escrow |
4,078,128 |
3,218,603 |
| Deferred Charges |
2,654,157 |
2,517,289 |
| Furniture and Fixtures |
304,267 |
0 |
| Goodwill |
1,604,961 |
0 |
| TOTAL ASSETS |
$ 489,375,072 |
$ 432,978,299 |
| LIABILITIES | ||
| Accounts Payable and Accrued Expenses |
$ 6,775,720 |
$ 6,343,595 |
| Notes Payable |
6,986,888 |
6,452,420 |
| Mortgages Payable |
307,371,648 |
265,056,767 |
| Investment Certificates Issued |
10,048,322 |
10,087,256 |
| TOTAL LIABILITIES |
$ 331,182,578 |
$ 287,940,038 |
|
MINORITY INTEREST IN OPERATING
PARTNERSHIP Limited Partnership Units 5,830,270 on 10/31/00 4,621,618 on 04/30/00 |
$ 45,052,111 |
$ 35,117,670 |
|
SHAREHOLDERS'
EQUITY Shares of Beneficial Interest 23,080,328 on 10/31/00 22,452,069 on 04/30/00 |
$ 124,238,215 |
$ 119,233,172 |
| Accumulated Distribution in Excess of Net Income |
-10,863,358 |
-9,094,076 |
| Accumulated Other Comprehensive Income/Loss |
-234,474 |
-218,505 |
| Total Shareholders’ Equity |
113,140,383 |
109,920,591 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 489,375,072 |
$ 432,978,299 |
|
Ended 10/31/00 |
Ended 10/31/99 |
Ended 10/31/00 |
Ended 10/31/99 |
|
| REVENUE | ||||
| Real Estate Rentals* |
$ 18,216,163 |
$ 12,643,147 |
$ 35,508,138 |
$ 23,451,669 |
| Interest, Discounts and Fees |
188,097 |
257,550 |
327,766 |
650,941 |
| Total Revenue |
$ 18,404,260 |
$ 12,900,697 |
$ 35,835,904 |
$ 24,102,610 |
| OPERATING EXPENSE | ||||
| Interest |
$ 6,087,438 |
$ 3,859,704 |
$ 11,778,403 |
$ 7,300,859 |
| Utilities and Maintenance |
2,775,648 |
1,829,598 |
5,388,844 |
3,566,595 |
| Taxes |
1,712,556 |
1,110,173 |
3,400,798 |
2,119,484 |
| Insurance |
174,471 |
109,797 |
341,752 |
209,619 |
| Property Management Expenses |
1,369,059 |
991,006 |
2,779,561 |
1,888,044 |
|
Administrative Expense
& Trustee Services |
295,827 |
269,390 |
759,789 |
523,832 |
| Operating Expenses |
124,078 |
194,437 |
204,555 |
371,605 |
| Amortization |
115,235 |
56,481 |
210,914 |
100,147 |
| Total Expenses |
$ 12,654,312 |
$ 8,420,586 |
$ 24,864,616 |
$ 16,080,185 |
| OPERATING INCOME (before reserves) |
$ 5,749,948 |
$ 4,480,111 |
$ 10,971,288 |
$ 8,022,425 |
| DEPRECIATION |
-3,042,137 |
-2,001,199 |
-5,698,346 |
-3,742,217 |
| INCOME BEFORE GAIN/LOSS ON PROPERTIES AND MINORITY INTEREST |
2,707,811 |
2,478,912 |
5,272,942 |
4,280,208 |
| GAIN ON SALE OF INVESTMENT |
0 |
1,519,918 |
0 |
1,777,814 |
| MINORITY INTEREST PORTION OF OPERATING PARTNERSHIP INCOME |
-538,618 |
-579,625 |
-964,285 |
-815,560 |
| NET INCOME |
$ 2,169,193 |
$ 3,419,205 |
$ 4,308,657 |
$ 5,242,462 |
* Includes $276,267 and $630,461 for 3 months and 6 months ended 10/31/00 respectively of “straight-line rents." “Straight-line rents” were not significant and, therefore, not included in the prior year results.
|
Ended 10/31/00 |
Ended 10/31/99 |
Ended 10/31/00 |
Ended 10/31/99 |
|
| PER SHARE | ||||
|
Income before
Gain(Loss) on Properties Sold and Minority Interest (after reserves) |
$ 0.12 |
$ 0.10 |
$ 0.23 |
$ 0.17 |
| Gain on Sale of Investments |
0.00 |
0.08 |
0.00 |
0.09 |
| Net Income Per Share |
0.09 |
0.18 |
0.19 |
0.26 |
| Dividends Paid Per Share |
0.135 |
0.126 |
0.2675 |
0.25 |
| Average Number of Shares Outstanding |
22,972,664 |
20,199,173 |
22,790,637 |
19,864,518 |
|
Ended 10/31/00 |
Ended 10/31/99 |
Ended 10/31/00 |
Ended 10/31/99 |
|
|
OPERATING PARTNERSHIP FUNDS
FROM OPERATIONS |
||||
|
Income before
Gain(Loss) on Properties Sold** |
$ 2,707,811 |
$ 2,478,912 |
$ 5,272,942 |
$ 4,280,208 |
| Plus Depreciation |
3,042,137 |
2,001,199 |
5,698,346 |
3,742,217 |
| Funds from Operations** |
$ 5,749,948 |
$ 4,480,111 |
$ 10,971,288 |
$ 8,022,425 |
| Average Number of Shares and Operating Partnership Units Outstanding |
28,541,676 |
23,591,212 |
27,951,380 |
22,655,494 |
** Includes $276,267 and $630,461 for 3 months and 6 months ended 10/31/00 respectively of “straight-line rents.”
“Straight-line rents” were not significant and, therefore, not included in the prior year results.
OPERATING SEGMENTS
The following information summarizes the Trust's segment reporting for Residential and Commercial properties along with reconciliations to the consolidated financial statements:
| QUARTER ENDING October 31, 2000 |
Commercial |
Residential |
Total |
| Segment Revenue | |||
| Rental Revenue |
$ 4,031,487 |
$ 14,184,676 |
$ 18,216,163 |
| Segment Expenses | |||
| Mortgage Interest |
1,970,431 |
3,930,180 |
5,900,611 |
| Utilities and Maintenance |
225,545 |
2,550,103 |
2,775,648 |
| Taxes |
240,445 |
1,472,111 |
1,712,556 |
| Insurance |
23,780 |
150,691 |
174,471 |
| Property Management |
96,614 |
1,272,445 |
1,369,059 |
| Total Segment Expense |
$ 2,556,815 |
$ 9,375,530 |
$ 11,932,345 |
| Segment Gross Profit |
$ 1,474,672 |
$ 4,809,146 |
$ 6,283,818 |
| Reconciliation to consolidated operations: | |
| Interest Discounts and Fee Revenue |
$ 188,097 |
| Other Interest Expense |
-186,827 |
| Depreciation |
-3,042,137 |
| Administrative Expense and Trustee Fees |
-295,827 |
| Operating Expenses |
-124,078 |
| Amortization |
-115,235 |
| Income Before Gain/Loss on Properties and Minority Interest |
$ 2,707,811 |
| QUARTER ENDING October 31, 1999 |
Commercial |
Residential |
Total |
| Segment Revenue | |||
| Rental Revenue |
$ 2,423,432 |
$ 10,219,715 |
$ 12,643,147 |
| Segment Expenses | |||
| Mortgage Interest |
962,304 |
2,795,953 |
3,758,257 |
| Utilities and Maintenance |
70,244 |
1,759,354 |
1,829,598 |
| Taxes |
95,580 |
1,014,593 |
1,110,173 |
| Insurance |
9,453 |
100,344 |
109,797 |
| Property Management |
24,238 |
966,768 |
991,006 |
| Total Segment Expense |
$ 1,161,819 |
$ 6,637,012 |
$ 7,798,831 |
| Segment Gross Profit |
$ 1,261,613 |
$ 3,582,703 |
$ 4,844,316 |
| Reconciliation to consolidated operations: | |
| Interest Discounts and Fee Revenue |
$ 257,550 |
| Other Interest Expense |
-101,447 |
| Depreciation |
-2,001,199 |
| Administrative Expense and Trustee Fees |
-269,390 |
| Operating Expenses |
-194,437 |
| Amortization |
-56,481 |
| Income Before Gain/Loss on Properties and Minority Interest |
$ 2,478,912 |
| Year to date as of October 31, 2000 |
Commercial |
Residential |
Total |
| Segment Revenue | |||
| Rental Revenue |
$ 8,433,133 |
$ 27,075,005 |
$ 35,508,138 |
| Segment Expenses | |||
| Mortgage Interest |
3,716,448 |
7,693,327 |
11,409,775 |
| Utilities and Maintenance |
420,135 |
4,968,709 |
5,388,844 |
| Taxes |
499,981 |
2,900,817 |
3,400,798 |
| Insurance |
40,905 |
300,847 |
341,752 |
| Property Management |
179,885 |
2,599,676 |
2,779,561 |
| Total Segment Expense |
$ 4,857,354 |
$ 18,463,376 |
$ 23,320,730 |
| Segment Gross Profit |
$ 3,575,779 |
$ 8,611,629 |
$ 12,187,408 |
| Reconciliation to consolidated operations: | |
| Interest Discounts and Fee Revenue |
$ 327,766 |
| Other Interest Expense |
-368,628 |
| Depreciation |
-5,698,346 |
| Administrative Expense and Trustee Fees |
-759,789 |
| Operating Expenses |
-204,555 |
| Amortization |
-210,914 |
| Income Before Gain/Loss on Properties and Minority Interest |
$ 5,272,942 |
| Year to date as of October 31, 1999 |
Commercial |
Residential |
Total |
| Segment Revenue | |||
| Rental Revenue |
$ 4,085,805 |
$ 19,365,864 |
$ 23,451,669 |
| Segment Expenses | |||
| Mortgage Interest |
1,726,976 |
5,339,446 |
7,066,422 |
| Utilities and Maintenance |
135,659 |
3,430,936 |
3,566,595 |
| Taxes |
135,169 |
1,984,315 |
2,119,484 |
| Insurance |
21,955 |
187,664 |
209,619 |
| Property Management |
37,242 |
1,850,802 |
1,888,044 |
| Total Segment Expense |
$ 2,057,001 |
$ 12,793,163 |
$ 14,850,164 |
| Segment Gross Profit |
$ 2,028,804 |
$ 6,572,701 |
$ 8,601,505 |
| Reconciliation to consolidated operations: | |
| Interest Discounts and Fee Revenue |
$ 650,941 |
| Other Interest Expense |
-234,437 |
| Depreciation |
-3,742,217 |
| Administrative Expense and Trustee Fees |
-523,832 |
| Operating Expenses |
-371,605 |
| Amortization |
-100,147 |
| Income Before Gain/Loss on Properties and Minority Interest |
$ 4,280,208 |
| QUARTER ENDING October 31, 2000 |
Commercial |
Residential |
Total |
| Segment Assets | |||
| Property Owned |
$ 155,677,560 |
$ 348,210,390 |
$ 503,887,950 |
| Less Accumulated Depreciation |
- 9,828,130 |
- 29,294,801 |
- 39,122,931 |
| Total Property Owned |
$ 145,849,430 |
$ 318,915,589 |
$ 464,765,019 |
| YEAR ENDING APRIL 30, 2000 |
Commercial |
Residential |
Total |
| Segment Assets | |||
| Property Owned |
$ 120,714,774 |
$ 329,205,116 |
$ 449,919,890 |
| Less Accumulated Depreciation |
_ -8,203,307 |
-25,029,645 |
-33,232,952 |
| Total Property Owned |
$ 112,511,467 |
$ 304,175,471 |
$ 416,686,938 |
|
10-31-00 |
10-31-99 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| NET INCOME |
$ 4,308,657 |
$ 5,242,461 |
|
Adjustments to reconcile
net income to net cash provided by operating activities |
||
| Depreciation and Amortization |
5,909,260 |
3,842,364 |
| Minority interest portion of operating partnership income |
964,285 |
815,560 |
| Accretion of discount on contracts |
0 |
-752 |
| Gain on Sale of Properties |
0 |
-1,777,814 |
| Interest reinvested in investment certificates |
134,650 |
149,293 |
| Changes in other assets and liabilities: | ||
| (Increase) decrease in real estate deposits |
-31,450 |
-818,390 |
| (Increase) decrease in other assets |
-224,407 |
-1,443,191 |
| (Increase) decrease in rent receivable |
-405,903 |
0 |
| (Increase) decrease in tax and insurance escrow |
-859,525 |
-1,106,506 |
| (Increase) decrease in deferred charges |
-896,868 |
-762,642 |
|
Increase
(decrease) in accounts payable & accrued expenses |
432,125 |
1,345,574 |
| Net cash provided from operating activities |
$ 9,330,824 |
$ 5,485,957 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
|
Proceeds from maturity
of marketable securities held to maturity |
$ 151,516 |
$ 157,318 |
| Principle payments on mortgage loans receivable |
610,464 |
322,879 |
| Proceeds from sale of property |
0 |
296,462 |
| Payments for acquisition and improvements of properties |
-20,888,179 |
-23,010,700 |
| Purchase of marketable securities available for sale |
0 |
0 |
| Investment in Mortgage loan receivable |
-2,079,264 |
0 |
| Net Cash used for investing activities |
$ -22,205,464 |
$ -22,234,041 |
|
10-31-00 |
10-31-99 |
|
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from sale of shares |
$ 3,617,279 |
$ 13,794,942 |
| Proceeds from investment certificates issued |
1,180,030 |
2,280,586 |
| Proceeds from mortgages payable |
21,571,148 |
22,051,276 |
| Proceeds from short-term lines of credit |
10,286,888 |
8,800,000 |
| Proceeds from sale of minority interest |
0 |
1,000 |
| Repurchase of shares/minority interest |
-2,716,868 |
-1,608,613 |
| Dividends/Distributions Paid |
-4,071,222 |
-5,084,557 |
| Prepaid Advances to DRIP |
-760,000 |
0 |
| Redemption of investment certificates |
-1,353,614 |
-1,118,518 |
| Principal payments on mortgage loans |
-3,189,077 |
-5,154,354 |
| Payments on short-term lines of credit |
-9,752,420 |
-8,800,000 |
| Net cash provided from financing activities |
$ 14,812,144 |
$ 25,161,762 |
| NET INCREASE (DECREASE) IN CASH |
$ 1,937,505 |
$ 8,413,678 |
| CASH AT BEGINNING OF YEAR |
$ 3,449,264 |
$ 3,713,053 |
| CASH AT END OF 2nd QUARTER |
$ 5,386,769 |
$ 12,126,731 |
|
SUPPLEMENTARY SCHEDULE OF NON-CASH
INVESTING AND FINANCING ACTIVITIES 2000 and 1999 |
10-31-00 |
10-31-99 |
| Dividends reinvested |
$ 3,346,687 |
$ 3,108,983 |
| Real estate investment and mortgage loans receivable acquired through assumption of mortgage loans payable and accrual of costs |
22,901,205 |
2,122,200 |
| Mortgage loan receivable transferred to property owned |
0 |
0 |
|
Proceeds from Sale of Properties
deposited directly with escrow agent |
0 |
3,524,781 |
|
Properties acquired through the
issuance of minority interest units in the operating partnership |
10,629,518 |
14,308,469 |
| Interest reinvested directly in investment certificates |
134,650 |
149,293 |
|
Goodwill attributed through the
issuance of minority interest units in the operating partnership |
1,604,961 |
0 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
| Cash paid during the year for: | ||
| Interest paid on mortgages |
$ 10,254,870 |
$ 6,596,212 |
| Interest paid on margin account and other |
181,565 |
49,542 |
| Interest paid on investment certificates |
207,039 |
211,560 |
|
$ 10,643,474 |
$ 6,857,314 |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Results from Operations. We are again pleased to report excellent financial results for IRET’s second quarter of Fiscal 2001, which ended on October 31, 2000. Continuing the experience of our first quarter, revenues, operating income, and funds from operations reached new highs as a result of strong performances from newly acquired and existing properties. Highlights include:
* An increase in revenues of 43% for the Second Quarter and 49% for the first six months of Fiscal 2001 as compared to the prior year. * An increase in Funds From Operations of the Operating Partnership of 28% for the Second Quarter and 37% for the six-month period over the prior year. * The addition of $27,072,950 of new real estate investments to our portfolio in the Second Quarter bringing the six month acquisition total to $55,986,448. * Receipt of an endorsement fee of $869,505 for 5,863 of our apartment units from a telephone provider. This will be recorded as income over the next 12 years.
Revenues. Revenues for the second quarter were $18,404,260, compared to $12,900,697 received in the comparable period of Fiscal Year 2000, an increase of 43%. For the first six months of the current fiscal year, revenues reached $35,835,904 compared to the year-earlier figure of $24,102,610, an increase of 49%.
Net Operating Income. Operating income before depreciation for the second quarter increased to $5,749,948 from the year-earlier figure of $4,480,111, an increase of 28%. For the first six months of Fiscal 2001, operating income was $10,971,288 versus $8,022,425, an increase of 37%.
Net Taxable Income. Net taxable income for the second quarter was $2,169,193, compared to $3,419,205 in the prior year. For the six months, net taxable income was $4,308,657 compared to $5,242,462 in the same period for Fiscal 2000. These decreases in net taxable income result from the fact that IRET has not sold any properties during the current fiscal year and, thus, has not recorded any capital gain income. In the prior fiscal year, capital gain income of $1,519,918 was recorded in the second quarter of Fiscal 2000 and $1,777,814 was recorded for the first six months of that fiscal year.
Funds From Operations. Funds From Operations of the Operating Partnership (net income computed for generally accepted accounting practices, less capital gain and extraordinary items, plus real estate depreciation) increased to $5,749,948 from the year-earlier figure of $4,480,111, an increase of 28%. For the six-month period, Funds From Operations of the Operating Partnership reached $10,971,288, compared to $8,022,425, an increase of 37%. Of these increases in FFO, $276,267 of the second quarter increase and $630,461 of the six-month increase was due to the “straight-line rent” accounting rule change which requires us to record as income future revenues (“straight-line rent”) from long term commercial property leases with periodic rent increases. Funds From Operations is the generally accepted measure of performance for real estate investment trusts.
Property Acquisitions. The following properties were acquired by IRET during the second quarter of Fiscal 2001 and are producing income:
COST
* 274-unit Olympic Village Apartment Community - Billings, MT $ 11,616,500
* 30,000 sq. ft. Stone Container Distribution Warehouse - Waconia, MN 1,666,500
* 84-unit Prairie Wood Meadows Apartment Community - Fargo, ND 2,811,000
* 73-unit Apartment Building and Community Center – Sunset Trail by IRET, Rochester, MN 6,493,150
* 67-unit Cottonwood III Apartment Community - Bismarck, ND 4,485,800
TOTAL $ 27,072,950
Pending Acquisitions. The following properties are under construction or under purchase contract:
COST
* Stone Container Addition – Fargo, ND $ 2,000,000
* Addition to Edgewood Vista Assisted Living Center- Duluth, MN 2,200,000
* 3 Edgewood Vista Care Facilities in Hastings, Fremont and Omaha, NE 1,697,150
* 2 Edgewood Vista Care Facilities in Kalispell, MT and East Grand Forks, MN 991,700
* 73,338 sq. ft. – Dewey Hill Business Center Officer/Showroom – Edina, MN 4,450,000
* 56.2% interest in the Partnership owning the 203,000 sq. ft. six-story Southdale Medical Center office building located between Fairview Southdale Hospital and the Southdale Shopping Center - Edina, MN 17,984,000
* 134-unit Ridge Oaks Apartment Community – Sioux City, IA 4,150,000
* 73-unit Sunset Trail II Apartment Community – Rochester, MN 6,300,000
* 27-unit Meadows III Apartment Community – Jamestown, ND 1,825,000
TOTAL $ 41,597,850
Financial Condition. IRET continues to maintain a strong balance sheet, which will allow the acquisition of additional real estate properties. The relevant balance sheet figures at the end of the second quarter, compared with the beginning of this fiscal year, are:
|
10-31-00 |
04-30-00 |
|
| Cash On Hand |
$ 5,386,769 |
$ 3,449,264 |
| Real Estate Owned |
503,887,950 |
449,919,890 |
| Notes Payable |
6,986,888 |
6,452,420 |
| Mortgages Payable |
307,371,648 |
265,056,767 |
| Shareholder Equity |
113,140,383 |
109,920,591 |
Increased Dividend. IRET paid a regular dividend of 13.5 cents per share on October 1, 2000, to shareholders of record at the close of business on September 15, 2000. This was an increase from the 13.25 cents per share paid as a dividend on July 1, 2000, and was the 118th consecutive quarterly dividend paid by IRET. An increased dividend of 14 cents per share will be paid on January 15, 2001, to shareholders of record at the close of business on January 2, 2001.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities.
None
Item 3. Defaults Upon Senior Securities.
None
Item 4. Submission of Matters to a Vote of Security Holders.
None
Item 5. Other Information – SALE OF SHARES OF BENEFICIAL INTEREST
IRET files this Report of Sales
of Securities and Use of Proceeds therefrom in accordance with
Rule 463 (17 CFR 230.463).
|
|
Effective date of the registration statement for which this form is filed: |
| June 13, 2000 | |
|
|
SEC file number assigned to the registration statement: |
| 333-35600 | |
|
|
IRET CUSIP Number: |
| 461730 | |
|
|
The date the offering commenced: |
| June 13, 2000 | |
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As of October 31, 2000, 303,660.005 shares of the 1,000,000 share offering had been sold. |
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The offering continues on the date of this report. |
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The name(s) of the managing underwriter(s) are: |
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American Investment Services, Inc.
Berthel Fisher Financial Services, Inc. Eagle One Investments, L.L.C. Fintegra Financial Solutions Garry Pierce Financial Services, L.L.P. Huntingdon Securities Corporation Inland National Securities, Inc., Iron Street Securities, Inc. Invest Financial Investment Centers of America, Inc. ND Capital, Inc. Netcap Preferred Equity, Ltd. Okoboji Financial Services, Inc. Primevest Financial Services, Inc. Proequities, Inc. Protective Group Securities VSR Financial Services, Inc. |
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The title and code of each class
of securities registered: Title of Security – (01) Shares of Beneficial Interest Code – EQ |
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The following table shows the amount and aggregate offering price of securities registered and sold for the account of the issuer as of October 31, 2000: |
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Registered |
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Amount Sold |
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The following is the amount of expenses incurred for the issuer’s account in connection with the issuance and distribution of the securities registered for each category listed below as of August 31, 2000. |
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| (01) Underwriting discounts and commissions |
$ 0 |
$180,407 |
| (02) Finders' Fees |
$ 0 |
$ 0 |
| (03) Expenses paid to or for underwriters |
$ 0 |
$ 0 |
| (04) Other expenses |
$ 0 |
$ 13,761 |
| (05) Total Expenses |
$ 0 |
$194,168 |
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The net offering proceeds to the issuer after the total expenses listed above as of October 31, 2000. $2,417,308 |
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The amount of net offering proceeds to the issuer used for each of the purposes listed below as of October 31, 2000. |
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| (01) Construction of plant, building and facilities |
$ 0 |
$ 0 |
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(02) Purchase and installation of
machinery and equipment |
$ 0 |
$ 0 |
| (03) Purchase of real estate |
$ 0 |
$ 2,417,308 |
| (04) Acquisition of other business(es) |
$ 0 |
$ 0 |
| (05) Total Expenses |
$ 0 |
$ 0 |
| (06) Working Capital |
$ 0 |
$ 0 |
| Temporary investment (specify) – None. | ||
| Other purposes (specify) – None. |
The use of proceeds shown above does not represent a material change in the use of proceeds described in the prospectus.
Item 6. Exhibits and Reports on Form 8-K.
None
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
INVESTORS
REAL ESTATE TRUST
(Registrant)
By:
/S/ Thomas A. Wentz, Sr.
Thomas A. Wentz, Sr., President
Date:
December 1, 2000
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