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Alexandria Real Estate Equities, Inc. (ARE) - $25 value - yours FREE >>
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Investors Real Estate to Sell Senior Housing Properties
In a bid to transform into a pure play multifamily company, Investors Real Estate Trust (IRET - Free Report) has entered into six separate deals to dispose senior housing properties for $236 million. In fact, the Minot, ND-based real estate investment trust (“REIT”) inked the sales deals with several affiliates of Edgewood Senior Living for the planned disposition of 26 senior housing properties and one multifamily property. Presently, the affiliates of the buyers lease 25 out of the 26 senior housing properties. The company expects the deal to complete by 2017, subject to the satisfaction of certain customary closing conditions.
Investors Real Estate Trust is engaged in acquiring, developing, redeveloping and managing multifamily communities located mainly in select growth markets all over the Midwest.
The company aims at taking advantage of the pipeline of opportunities and raise the value for the shareholders. These transactions are likely to enhance the value of Investors Real Estate Trust’s portfolio and raise capital for new investment purposes.
The stock presently carries a Zacks Rank #4 (Sell).
INVESTORS RL ES Price
INVESTORS RL ES Price | INVESTORS RL ES Quote
Investors interested in the REIT sector can consider some better-ranked stocks like Alexandria Real Estate Equities, Inc. (ARE - Free Report) , Arbor Realty Trust Inc. (ABR - Free Report) and CareTrust REIT, Inc. (CTRE - Free Report) . All these stocks hold a Zacks Rank #2 (Buy).
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