Investors Real Estate Trust Buys Wyoming Facilities

January 4, 2010 (FinancialWire) — Investors Real Estate Trust (NASDAQ: IRET) said that it has completed its acquisition of two limited liability companies that own and operate a portfolio of five assisted living facilities in three communities in Wyoming.

The five facilities have a total of approximately 320 units or approximately 370 to 380 beds. IRET acquired 100% of the member interests in the owner and operator of these five facilities from LSREF Golden REIT Inc. and LSREF Golden Ops Holdings LLC for a total purchase price of approximately $45 million.

IRET said the acquisition price for the portfolio was funded with cash in the amount of approximately $8.87 million, and with the proceeds of a $36.5 million loan from First International Bank and Trust, Watford City, North Dakota.

The First International loan has a term of six years, and an initial interest rate of 4.5%. The company paid an origination fee for the loan of $36,500. The loan is secured by mortgages on the Wyoming properties and is guaranteed by IRET Properties.

North Dakota-based IRET is an equity real estate investment trust with a portfolio of multi-family residential, office, medical, industrial and retail properties located primarily in the upper Midwest.

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