CENTERSPACE

CSR
Delayed Quote. Delayed  - 11/26 01:10:00 pm
102.56USD -1.41%

Investors Real Estate Trust acquired Portfolio of 17 communities in Minneapolis from KMS Management, Inc.

09/01/2021 | 12:00am
Investors Real Estate Trust (NYSE:CSR) entered into Contribution Agreement to acquire Portfolio of 17 communities in Minneapolis from KMS Management, Inc. for approximately $320 million on June 3, 2021. Investors Real Estate Trust will fully fund the transaction through the issuance of up to $197.3 million Convertible Preferred Operating Partnership units that pay a preferred 3.875% dividend and are convertible into common units at an exchange rate of 1.2048 common units per Convertible Preferred Operating Partnership Unit representing a conversion price of $83 per unit. In lieu of Convertible Preferred Operating Partnership Units, KMS may elect to receive up to $16.2 million of the aggregate purchase price in cash at closing. Investors Real Estate Trust will acquire the communities subject to approximately $126.5 million in mortgage liabilities, a portion of which the Company intends to refinance upon consummation of the transaction. Additionally, Investors Real Estate Trust plans to fund approximately $40 million of capital into repositioning the communities over the next 24-36 months. The transaction is subject to customary approvals and closing conditions and is expected to close in the third quarter of 2021. As of July 8, 2021 the transaction is expected to close this month. Winthrop & Weinstine, P.A and Taft Stettinius & Hollister acted as legal advisors to Investors Real Estate Trust. Investors Real Estate Trust (NYSE:CSR) acquired Portfolio of 17 communities in Minneapolis from KMS Management, Inc. on September 1, 2021.
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