Investors Real Estate Trust (IRET) Reports Q3 AFFO of $0.10

Investors Real Estate Trust (NYSE: IRET) reported Q3 AFFO of $0.10, versus $0.11 reported last year. Revenue for the quarter came in at $51.2 million versus the consensus estimate of $51.86 million.

• Total revenue was $51.2 million, up 5.7% from the third quarter of fiscal year 2016.
• Net income available to common shareholders was $19.2 million compared to $36.9 million for the third quarter of fiscal year 2016. The decrease was primarily due to gain on extinguishment of debt in discontinued operations that was recognized in the comparable period, net of an increase in gains on sale of discontinued operations.
• Reported Funds from Operations (\"FFO\") of $12.7 million, or $0.09 per share/unit.
• Excluding one-time items, including a $1.9 million loss on extinguishment of debt primarily related to the new line of credit and $1.4 million of redemption costs for the Series A preferred shares, FFO would have been $0.12 per share/unit.
• Disposed of five senior housing properties for a sale price of $69.9 million with a gain on sale of $19.5 million, netting approximately $56.2 million in proceeds and disposed of a retail property for a sale price of $4.0 million.
• Entered into a new $250.0 million line of credit providing for improved size, terms and flexibility.
• Redeemed all the outstanding Series A preferred shares on December 2, 2016 for $29.2 million.
• Authorized a one-year share repurchase program of up to $50 million worth of common shares and/or Series B preferred shares.

For earnings history and earnings-related data on Investors Real Estate Trust (IRET) click here.

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