Minot, ND – July 6, 2011 – Investors Real Estate Trust (Nasdaq:IRET) (Nasdaq:IRETP) and IRET Properties announced today plans to begin construction on the final phase of Quarry Ridge Apartment Homes, a project that will add 159 new luxury apartments in Rochester, Minnesota.
Excavation for the expansion of Quarry Ridge Apartment Homes began in mid-June 2011 and is expected to be completed in approximately 14 months. IRET Properties has placed construction financing for the project with Associated Bank in Minnesota. The Quarry Ridge property, located at 1805 Quarry Ridge Place NW, sits near downtown Rochester and features numerous amenities including a pool, exercise facility, Mayo Clinic shuttle service, underground parking, and distinctive apartment floor plans.
Andy Martin, Sr. Vice President of Residential Property Management for IRET Properties commented, “We are excited to begin construction on the final phase of Quarry Ridge Apartments. Rochester is a very desirable community from both an economic and quality-of-living standpoint. These characteristics are why IRET has chosen to operate in the community for fifteen years and will expand our local presence to over 1,100 apartment homes with the completion of this project.”
A ground-breaking ceremony for the project will take place on July 14th, at 2:00pm. Rental information regarding Quarry Ridge Apartment Homes is available at www.iretproperties.com or by calling the Leasing office at 507.289.0228.
About IRET
Investors Real Estate Trust is a self-advised equity real estate investment trust that owns and operates income-producing multi-family residential and commercial properties located primarily in the upper Midwest states of Minnesota and North Dakota. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.
Forward-Looking Statements
The information in this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts, and often include words such as “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes” and words and terms of similar substance in connection with discussions of future expectations. Examples of forward-looking statements include, but are not limited to, statements regarding the Company’s expectations about the completion of construction on announced development projects. The Company’s forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s business and performance and other future conditions and forecasts of future events, circumstances and results. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances. The Company’s actual results may vary materially from those expressed or implied in its forward-looking statements. Important factors that could cause the Company’s actual results to differ materially from those in its forward-looking statements include economic conditions, changes in regulation and political conditions, and other factors as discussed in the Company’s filings with the Securities and Exchange Commission.
IRET 