Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
+Added: Market Information
+Added: Our Common Shares of Beneficial Interest, no par value, are traded on the New York Stock Exchange under the symbol “CSR”.
As of February 15, 2021, there were approximately 2,573 common shareholders of record.
Unregistered Sales of Shares
−Removed: Under the terms of IRET Properties’ Agreement of Limited Partnership, limited partners have the right to require IRET Properties to redeem their limited partnership units for cash generally any time following the first anniversary of the date they acquired such Units (“Exchange Right”).
+Added: Under the terms of Centerspace, LP’s Agreement of Limited Partnership, limited partners have the right to require Centerspace, LP to redeem their limited partnership units any time following the first anniversary of the date they acquired such Units (“Exchange Right”).
When a limited partner exercises the Exchange Right, we have the right, in our sole discretion, to redeem such Units by either making a cash payment or exchanging the Units for our common shares, on a one-for-one basis.
The Exchange Right is subject to certain conditions and limitations, including that the limited partner may not exercise the Exchange Right more than two times during a calendar year and the limited partner may not exercise for less than 100 Units, or, if such limited partner holds less than 100 Units, for less than all of the Units held by such limited partner.
−Removed: IRET Properties and some limited partners have contractually agreed to a holding period of greater than one year, a greater number of redemptions during a calendar year, or other limitations to their Exchange Right.
−Removed: During the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 , respectively, we issued an aggregate of 21,004 , 19,899 , 2,892 , and 30,471 unregistered common shares to limited partners of IRET Properties upon exercise of their Exchange Rights for an equal number of Units.
+Added: Centerspace, LP and some limited partners have contractually agreed to a holding period of greater than one year, a greater number of redemptions during a calendar year, or other modifications to their Exchange Right.
+Added: During three months ended December 31, 2020, we issued an aggregate of 24,698 unregistered common shares to limited partners of Centerspace, LP upon exercise of their Exchange Rights for an equal number of Units.
All such issuances of our common shares were exempt from registration as private placements under Section 4(a)(2) of the Securities Act, including Regulation D promulgated thereunder.
2 unchanged sentences
Maximum Dollar
−Removed: Total Number of Shares
−Removed: Amount of Shares That
−Removed: Total Number of
−Removed: Average Price
−Removed: Purchased as Part of
−Removed: May Yet Be Purchased
−Removed: Shares and Units
−Removed: Publicly Announced
−Removed: Under the Plans or
−Removed: Purchased (1)
+Added: Total Number of Shares Amount of Shares That
+Added: Total Number of Average Price Purchased as Part of May Yet Be Purchased
+Added: Shares and Units Paid per Publicly Announced Under the Plans or
+Added: Period Purchased (1)
Share and Unit (2)
−Removed: Plans or Programs
−Removed: January 1 - 31, 2019
−Removed: February 1 - 28, 2019
−Removed: March 1 - 31, 2019
−Removed: April 1, - 30, 2019
−Removed: May 1 - 31, 2019
−Removed: June 1 - 30, 2019
−Removed: July 1 - 31, 2019
−Removed: August 1 - 31, 2019
−Removed: September 1 - 30, 2019
+Added: Plans or Programs Programs (3)
October 1 - 31, 2020 30 $ 70.01 — $ 44,371,557
1 unchanged sentence
December 1 - 31, 2020 — — — —
+Added: Total 30 $ 70.01 —
(1) Includes a total of 30 Units redeemed for cash pursuant to the exercise of exchange rights.
(2) Amount includes commissions paid.
−Removed: Amounts for January through November represent amounts outstanding under our $50,000,000 share repurchase program, which was authorized by our Board of Trustees on December 7, 2016 reauthorized on December 5, 2017 for a one year period, and reauthorized for another one year period on December 5, 2018.
−Removed: On December 5, 2019, the board terminated the existing repurchase program and authorized a new $50,000,000 repurchase program.
+Added: (3) On December 5, 2019, the board authorized a new $50,000,000 repurchase program which expired on December 5, 2020.
Comparative Stock Performance
The information contained in this Comparative Stock Performance section shall not be deemed to be “soliciting material” or “filed” or “incorporated by reference” into our future filings with the SEC, or subject to the liabilities of Section 18 of the Exchange Act, except to the extent that we specifically incorporate it by reference into a document filed under the Securities Act or the Exchange Act.
−Removed: Set forth below is a graph that compares, for the five years commencing December 31, 2014 and ending December 31, 2019, the cumulative total returns for our common shares with the comparable cumulative total return of two indexes, the Standard & Poor’s 500 Index (“S&P 500”) and the FTSE Nareit Equity REITs Index, the latter of which is an index prepared by the FTSE Group for the National Association of Real Estate Investment Trusts, which includes all tax-qualified equity REITs listed on the NYSE and the NASDAQ Market.
−Removed: The performance graph assumes that, at the close of trading on December 31, 2014, $100 was invested in our common shares and in each of the indexes.
+Added: Set forth below is a graph that compares, for the five years commencing December 31, 2015 and ending December 31, 2020, the cumulative total returns for our common shares with the comparable cumulative total return of three indices, the Standard & Poor’s 500 Index (“S&P 500”), the FTSE Nareit Equity REITs Index, and the SNL U.S.
+Added: REIT Multifamily Index, the latter of which is an index prepared by the FTSE Group for the National Association of Real Estate Investment Trusts, which includes all tax-qualified equity REITs listed on the NYSE and the NASDAQ Market.
+Added: The performance graph assumes that, at the close
+Added: of trading on December 31, 2015, $100 was invested in our common shares and in each of the indices.
The comparison assumes the reinvestment of all distributions.
Period Ending
−Removed: Investors Real Estate Trust
+Added: Index 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
+Added: Centerspace 100.00 101.67 84.91 77.36 119.31 121.46
S&P 500 Index 100.00 113.51 138.29 132.23 173.86 205.85
FTSE Nareit Equity REITs 100.00 110.83 115.15 110.70 137.65 124.44
+Added: REIT Multifamily 100.00 120.45 127.12 130.70 165.73 138.54
S&P Global Market Intelligence
Selected Financial Data
−Removed: Set forth below is selected financial data on a historical basis for the year ended December 31, 2019 , the eight months ended December 31, 2018 , and the four most recent fiscal years ended April 30, 2018 .
−Removed: This information should be read in conjunction with the consolidated financial statements and notes appearing elsewhere in this Annual Report on Form 10-K.
−Removed: (in thousands, except per share data)
−Removed: Eight Months Ended
−Removed: Fiscal Years Ended April 30,
−Removed: December 31, 2019
+Added: Set forth below is selected financial data on a historical basis for the years ended December 31, 2020 and 2019, the eight months ended December 31, 2018, and the three most recent fiscal years ended April 30, 2018.
+Added: This information should be read in conjunction with the consolidated financial statements and notes appearing elsewhere in this Report.
+Added: (in thousands, except per share and apartment community data)
+Added: Year Ended December 31, Eight Months Ended Fiscal Year Ended April 30,
2020 2019 December 31, 2018 2018 2017 2016
Consolidated Statement of Operations Data
+Added: Revenue $ 177,994 $ 185,755 $ 121,871 $ 169,745 $ 160,104 $ 145,500
Impairment of real estate investments in continuing and discontinued operations — — 1,221 18,065 57,028 5,983
4 unchanged sentences
Net income (loss) attributable to controlling interests 4,441 78,669 (4,398) 116,788 43,347 72,006
+Added: Net income (loss) available to common shareholders (1,790) 71,848 (8,945) 104,562 31,366 60,492
Consolidated Balance Sheet Data
Total real estate investments 1,437,969 1,311,472 1,289,476 1,380,245 1,121,385 1,204,654
+Added: Total assets 1,464,183 1,392,418 1,335,997 1,426,658 1,474,514 1,755,022
Revolving lines of credit 152,871 50,079 57,500 124,000 57,050 17,500
1 unchanged sentence
Mortgages payable 297,074 329,664 444,197 509,919 565,978 648,173
−Removed: Total Investors Real Estate Trust shareholders’ equity
+Added: Total shareholders’ equity 618,207 619,053 568,786 605,663 553,721 618,758
Consolidated Per Common Share Data (basic and diluted)
7 unchanged sentences
Total apartment communities 67 69 87 90 87 99
+Added: Total homes 11,910 11,953 13,702 14,176 13,212 12,974
Funds from operations applicable to common shares and units $ 47,356 $ 52,866 $ 30,559 $ 38,941 $ 55,207 $ 103,874
1 unchanged sentence
Tax status of distributions
+Added: Capital gain 13.62 % 38.53 % 100.00 % 48.87 % 87.57 % 11.99 %
Ordinary income 7.91 % 23.43 % — 14.59 % 12.43 % 36.28 %
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.