Seeking Alpha

Cold weather, move-out of sizable tenant hit Investors Real Estate results

  • FQ4 FFO of $17.6M and $0.14 per share fell from $22.1M and $0.19 per share one year ago. Same-store NOI fell $3.2M, with $1.1M of that from an increase in utility expense due to extreme cold weather across all markets (quarter ended on April 30).
  • Multi-family segment same-store occupancy of 94.5% falls from 95.3%; commercial office about flat at 81.4%; commercial healthcare of 96.2% up from 94.9%; commercial industrial of 87.3% down from 95.7% (due to a single lease expiration); commercial retail of 87.3% up from 86.9%.
  • IRET -3.3%
  • Previously: Investors Real Estate Trust misses by $0.03, misses on revenue
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