PR Newswire
MINNEAPOLIS, March 27, 2020
MINNEAPOLIS, March 27, 2020 /PRNewswire/ -- IRET (NYSE: IRET) today provided the following updates regarding the ongoing COVID-19 pandemic.
IRET is closely monitoring the changing landscape of residential community operations in response to the COVID-19 pandemic. Our first priority is the health and well-being of our residents, team members and the communities we serve, including 70 communities consisting of approximately 12,000 homes across six states. We are working to care for our team members and modify our practices so that we can continue to service our communities while requiring social distancing and remote work arrangements where possible. We are also working to maintain compensation and flexibility for our teams despite reduced hours and potential quarantine/illness situations.
At our communities, IRET has made changes to its daily operations that include the following:
IRET's focus on the health and welfare of its residents extends to ensuring its residents' and communities' financial stability. IRET has extended the time to pay April rent, is waiving all fees associated with credit card payments, has suspended eviction filings, and is offering rental deferment payment plans to residents experiencing financial hardship. Additionally, the Company is offering flexible lease renewal terms.
You can find more information on IRET's COVID-19 response at www.iretapartments.com. In addition to these measures, IRET announced the following:
Operating Performance Update
2020 Financial Outlook
Liquidity and Balance Sheet
Investment Activity
Mark O. Decker, Jr., IRET's President and CEO, reported: "We expect first quarter 2020 results to be in-line with our expectations. The balance sheet remains strong with limited debt maturities over the next 24 months, and the portfolio remains well occupied at 95.6% as of today. However, there remains a great deal of unknowns at this point in time. We are seeing reduced traffic at our properties and expect additional economic volatility for the remainder of 2020."
Forward-Looking Statements
In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which the Company operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors that may cause the Company's actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission. Forward-looking statements made in this document represent management's opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements due to subsequent events.
About IRET
IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of apartment communities. As of December 31, 2019, we owned interests in 69 apartment communities consisting of 11,953 apartment homes. IRET's common shares and Series C preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: "IRET" and "IRET-PC," respectively). IRET's press releases and supplemental information are available on its website at www.iretapartments.com or by calling Investor Relations at 701-837-7104.
Contact Information
Jonathan Bishop
Vice President – Finance
Phone: 701-837-7104
E-mail: IR@iret.com
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SOURCE IRET
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