Investors Real Estate Trust nets $62.6 million from sale of 8 million shares

Investors Real Estate Trust stock sale nets $62.6M

MINOT, N.D. — Investors Real Estate Trust said it expects $62.6 million in net proceeds from a follow-on offering that closed Friday.

The real estate investment trust sold 8 million common shares at $8.25 per share.

President and CEO Timothy Mihalick said the infusion of capital will better position the company for potential acquisitions. It currently owns both multifamily residential and commercial office properties.

Robert W. Baird & Co. and RBC Capital Markets were the bookrunning managers for the offering. Janney Montgomery Scott, D.A. Davidson & Co. and J.J.B. Hilliard, W.L. Lyons LLC were co-managers.