Investors Real Estate Trust (IRET) Tops Q4 EPS by 1c, Beats on Revenues

Investors Real Estate Trust (NYSE: IRET) reported Q4 EPS of $0.02, $0.01 better than the analyst estimate of $0.01. Revenue for the quarter came in at $54.3 million versus the consensus estimate of $51.36 million.

Fourth Quarter Fiscal Year 2017 Highlights

• Total revenue was $54.3 million, up 12.0% from the fourth quarter of fiscal year 2016.
• Net income available to common shareholders was $28.0 million compared to $8.1 million for the fourth quarter of fiscal year 2016. The increase was primarily due to an increase in gains on sale of discontinued operations.
• Funds from Operations (\"FFO\") was $10.2 million, or $0.07 per share/unit.
• Excluding one-time items, including $3.2 million in lease termination fee income, a $3.2 million write off of development pursuit costs, $2.9 million in loss on debt extinguishment and $1.2 million in severance costs net of reduced share based compensation, FFO would have been $0.11 per share/unit.
• Disposed of 22 properties, including 19 senior housing properties, 2 medical office properties and 1 multifamily property for a total sales price of $155.4 million with a gain on sale of $37.5 million, netting approximately $126.2 million in proceeds after repayment of debt.
• Subsequent to quarter end, in May, acquired Oxbō Apartments, a 191-unit multifamily property in St. Paul, Minnesota for $61.5 million.
• In April, implemented leadership transformation, promoting Mark O. Decker, Jr. to Chief Executive Officer in addition to President. Also, Jeffrey P. Caira was appointed Chairman of the Board of Trustees, John A. Kirchmann was named Executive Vice President, and Anne Olson was named Executive Vice President, General Counsel and Corporate Secretary. Subsequent to quarter end, in June, Susan J. Picotte was named Vice President of Asset Management.

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

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