Investors Real Estate Trust (IRET)

Investors Real Estate Trust was a real estate investment trust that owned and operated apartment communities in the upper Midwest and Mountain West. Its properties were concentrated in markets such as Minneapolis, Denver, Omaha, Rochester and cities across North Dakota. The trust earned its income from residential rents. It was originally based in Minot, North Dakota, and later added a major office in the Minneapolis area.

The trust was organized in 1970 in Minot and grew for decades as a diversified owner of apartments, offices, retail centers and healthcare properties across the region. Its shares traded under the symbol IRET. For many years it was one of the largest property owners in North Dakota.

In the mid-2010s management decided to become a pure apartment REIT. It sold off its healthcare, office and retail holdings and recycled the proceeds into multifamily communities in growing Midwestern and Mountain West markets. The trust also carried out a reverse share split and sharpened its operating focus during this period.

To reflect the new identity, the trust announced on December 9, 2020 that it would do business as Centerspace, while keeping Investors Real Estate Trust as its legal name. Its common shares began trading on the NYSE under the new symbol CSR on December 21, 2020, and its preferred shares moved to CSR PRC. The IRET symbol was retired with the change.