Published: March 11, 2008
Investors Real Estate Trust Announces Third Quarter Fiscal 2008 Financial Results
Investors Real Estate Trust (IRET) (NASDAQ: IRETS) (NASDAQ: IRETP) reported financial and operating results today for
the third quarter ended January 31, 2008. These results are summarized
below; for the full report, please access the IRET website at www.iret.com
to view the quarterly report on Form 10-Q filed with the Securities and
Exchange Commission for the quarter ended January 31, 2008 (click on
"Investor Relations" and then on "SEC Filings").
During the third quarter of fiscal year 2008, IRET's revenues increased
from the year-earlier period, due primarily to property acquisitions and a
decrease in the level of tenant concessions offered. Funds From Operations
(FFO)(1) increased on an absolute basis from the year-earlier period, but
declined slightly on a per share and unit basis, primarily due to dilution
following the Company's October 2007 public offering of 6.9 million common
shares. Net income declined from the year-earlier period, primarily due to
the effect of a gain on sale included within discontinued operations in the
three and nine months ended January 31, 2007. For the three month period
ended January 31, 2008, as compared to the same period of the prior fiscal
year:
-- Revenues increased to $54.5 million from $51.1 million.
-- FFO increased to $15.7 million on approximately 75,755,000 weighted
average shares and units outstanding, from $15.6 million on approximately
67,471,000 weighted average shares and units outstanding ($.21 per share
and unit compared to $.23 per share and unit).
-- Net Income Available to Common Shareholders, as computed under
generally accepted accounting principles, was $2.4 million, compared to
$2.9 million.
For the nine month period ended January 31, 2008, as compared to the same
period of the prior fiscal year:
-- Revenues increased to $162.4 million from $144.1 million.
-- FFO increased to $47.1 million on approximately 71,620,000 weighted
average shares and units outstanding, from $41.7 million on approximately
63,832,000 weighted average shares and units outstanding ($.66 per share
and unit compared to $.65 per share and unit).
-- Net Income Available to Common Shareholders, as computed under
generally accepted accounting principles, was $7.0 million, compared to
$8.3 million.
Operating Results
Net Operating Income (NOI)(2) from stabilized properties(3) decreased 0.5%,
or $128,000, during the three months ended January 31, 2008, compared to
the same period one year ago. NOI from stabilized properties decreased in
all of our segments except Multi-Family Residential and Commercial Retail:
Multi-Family Residential saw a slight increase of 1.4% and Commercial
Retail an increase of 6.7%. NOI from stabilized properties increased 0.7%,
or $549,000, for the nine months ended January 31, 2008, compared to the
nine months ended January 31, 2007.
Economic occupancy(4) levels on a stabilized property basis declined in
three of our five reportable segments during the three months ended January
31, 2008, compared to the three months ended January 31, 2007. Economic
occupancy levels on an all-property basis declined in all reportable
segments during the three months ended January 31, 2008, compared to the
three months ended January 31, 2007. Economic occupancy rates on a
stabilized property and all-property basis for the three months ended
January 31, 2008, as compared to the three months ended January 31, 2007,
were as follows:
Economic Occupancy Levels on a Stabilized Property and All-Property Basis:
Stabilized Properties All Properties
---------------- ----------------
3rd QTR 3rd QTR 3rd QTR 3rd QTR
Segments 2008 2007 2008 2007
------- ------- ------- -------
Multi-family Residential 93.7% 93.2% 93.1% 93.2%
Commercial Office 90.8% 90.3% 91.3% 92.3%
Commercial Medical 95.2% 96.8% 95.4% 96.9%
Commercial Industrial 93.9% 96.4% 94.3% 96.6%
Commercial Retail 87.1% 89.4% 87.4% 89.7%
(i) For 3rd Quarter 2008 and 3rd Quarter 2007, stabilized properties
excluded:
Multi-family Residential - 17 South Main Apartments, Minot, ND; Arbors
Apartments, S. Sioux City, NE; Indian Hills,
Sioux City, IA; Quarry Ridge Apartments,
Rochester, MN; Rum River Apartments, Isanti,
MN; St. Cloud Student Housing, St. Cloud, MN;
Cottonwood IV Apartments, Bismarck, ND and
Greenfield Apartments, Omaha, NE.
Commercial Office - 17 South Main, Minot, ND; Corporate Center
West, Omaha, NE; Farnam Executive Center,
Omaha, NE; Flagship, Eden Prairie, MN; Gateway
Corporate, Woodbury, MN; Highlands Ranch I,
Highlands Ranch, CO; Miracle Hills One, Omaha,
NE; Pacific Hills, Omaha, NE; Riverport,
Maryland Heights, MO; Timberlands, Leawood,
KS; Woodlands Plaza, Maryland Heights, MO; 610
Business Center, Brooklyn Park, MN; Intertech,
Fenton, MO and Plymouth 5095, Plymouth, MN.
Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN; Fox River
Cottages, Grand Chute, WI; St. Michaels, St.
Michael, MN and Barry Point, Kansas City, MO.
Commercial Industrial - Bloomington 2000, Bloomington, MN; Roseville
2929, Roseville, MN; Cedar Lake Business
Center, St. Louis Park, MN; Urbandale,
Urbandale, IA and Woodbury 1865, Woodbury, MN.
Commercial Retail - 17 South Main, Minot, ND; Dakota West Plaza,
Minot, ND and Weston Walgreens, Weston, WI.
Also excluded from Stabilized Properties in Q3 2008 and Q3 2007 are Sold
Properties: 405 Grant Avenue Apartments, Harvey, ND and Minnetonka Office
Building, Minnetonka, MN.
Acquisition and Disposition Activity
During the third quarter of fiscal year 2008, IRET acquired two commercial
office properties and a multi-family residential complex for a total of
approximately $18.2 million, and completed construction of an apartment
building for a cost of $6.2 million. The Company had no material
dispositions in the third quarter of fiscal year 2008. The acquisitions
were financed with cash from operations and operating partnership units.
The following table details the Company's acquisitions during the three
months ended January 31, 2008:
(in thousands)
--------------
Acquisition
Acquisitions Cost
--------------
Multi-Family Residential
96-unit Greenfield Apartments - Omaha, NE $ 4,700
67-unit Cottonwood Lake IV - Bismarck, ND* 6,191
--------------
Commercial Property - Office
78,190 sq. ft. 610 Business Center IV - Brooklyn Park, MN 6,500
64,607 sq. ft. Intertech Office Building - Fenton, MO 7,000
--------------
Total Property Acquisitions $ 24,391
==============
* Development property placed in service January 2, 2008.
Development Activity
The Company has several ongoing development projects. As of January 31,
2008, IRET is engaged in the following development activity:
Southdale Medical Building Expansion Project: In July 2007, the Company
signed a lease with an anchor tenant committing the Company to construct an
approximately 26,000-square-foot addition to the Company's existing
Southdale Medical Building located in Edina, Minnesota. The estimated cost
of this expansion project is approximately $7.5 million, with an additional
approximately $2.0 million in relocation, tenant improvement and leasing
costs expected to be incurred to relocate tenants in the existing facility.
Construction began in September 2007, and the expansion project is
scheduled for completion in July 2008. As of January 31, 2008, the Company
has funded approximately $3.0 million in construction costs for this
expansion project.
IRET Corporate Plaza: During fiscal year 2007, the Company purchased an
unimproved parcel of land in Minot, North Dakota for approximately $1.8
million. The Company is constructing a mixed-use project on this site, to
consist of approximately 67 apartments and 60,100 rentable square feet of
office and retail space. The Company currently plans to move its Minot,
North Dakota offices to this location, occupying approximately one-third of
the proposed office/retail space. Current estimates are that the project
would be completed in the second quarter of the Company's fiscal year 2009,
at a total cost of approximately $17.8 million. As of January 31, 2008,
the Company has funded approximately $6.7 million of the estimated
construction cost of this project.
2828 Chicago Avenue Medical Building: In fiscal year 2006, IRET purchased
an approximately 55,000-square-foot, five-story medical office building
located in Minneapolis, Minnesota. During fiscal year 2007, IRET committed
to construct an approximately 56,239-square-foot medical office building
adjacent to the existing structure, and an adjoining parking ramp, with a
planned project completion date of August 2008 and an estimated total
project cost of $15.7 million. As of January 31, 2008, approximately 71% of
this new medical office building was pre-leased to two tenants.
Construction on the project began in August 2007, and as of January 31,
2008, the Company has paid approximately $5.1 million in construction
costs.
During the third quarter of fiscal year 2008, the Company completed
development of its 67-unit Cottonwood IV multi-family apartment building,
adjacent to three existing apartment buildings owned by the Company in
Bismarck, North Dakota. The project cost approximately $6.2 million to
construct, and was completed in January 2008.
Shareholder Equity, Distributions and Capital Structure
On January 14, 2008, IRET paid a quarterly distribution of $0.1675 per
share and unit on its common shares and limited partnership units of IRET
Properties. This was IRET's 147th consecutive distribution at equal or
increasing rates. IRET also paid, on December 31, 2007, a quarterly
distribution of $0.5156 per share on its Series A preferred shares.
As of January 31, 2008, IRET had a total market capitalization of $1.76
billion.
Conference Call Information
On February 27, 2008, IRET announced its plans to begin hosting regular
quarterly conference calls to discuss the Company's quarterly financial and
operational results. The first such call, to discuss 3rd Quarter Fiscal
Year 2008 Earnings, is scheduled for Thursday, March 13, 2008 at 9:00 a.m.
Central Daylight Time. In order to use the limited time available more
efficiently, the Company requests that questions be submitted in advance,
via e-mail to the attention of IRET's Investor Relations Director at
msaari@iret.com, by 5:00 p.m. Central Daylight Time on Wednesday, March 12,
2008. During the question and answer period, priority will be given to
addressing questions submitted in advance. The call will be limited to 45
minutes, including questions and answers. Conference call access
information is as follows:
USA Toll Free Number: 1-800-860-2442
International Toll Free Number: 1-412-858-4600
A replay of the call will be archived on the "Investor Relations/Upcoming
Events and Presentations" page of IRET's website, http://www.iret.com,
through Friday, March 28, 2008. Questions regarding the conference call
should be directed to IRET Investor Relations at msaari@iret.com.
About IRET
IRET is a self-administered, equity real estate investment trust investing
in income-producing properties located primarily in the upper Midwest.
IRET common and preferred owns a diversified portfolio of properties
consisting of 70 multi-family residential properties with 9,548 apartment
units; and 66 office properties, 35 medical properties (including senior
housing), 16 industrial properties and 37 retail properties with a total of
approximately 10.8 million square feet of leasable space. IRET's
distributions have increased every year for 37 consecutive years. IRET
common and preferred shares are publicly traded on the NASDAQ Global Select
Market (symbols: IRETS and IRETP). IRET's press releases and supplemental
information are available on the Company website at www.iret.com or by
contacting Investor Relations at 701-837-4738.
Certain statements in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements involve known and unknown risks, uncertainties and other
factors that may cause actual results to differ materially from projected
results. Such risks, uncertainties and other factors include, but are not
limited to: fluctuations in interest rates, the effect of government
regulation, the availability of capital, changes in general and local
economic and real estate market conditions, competition, our ability to
attract and retain skilled personnel, and those risks and uncertainties
detailed from time to time in our filings with the Securities and Exchange
Commission, including our 2007 Form 10-K. We assume no obligation to
update or supplement forward-looking statements that become untrue because
of subsequent events.
(1) The National Association of Real Estate Investment Trusts, Inc.
(NAREIT) defines FFO as net income (computed in accordance with generally
accepted accounting principles, excluding gains/losses from sales of
property plus real estate depreciation and amortization. We consider FFO
to be a standard supplemental measure for equity real estate investment
trusts because it facilitates an understanding of the operating performance
of properties without giving effect to real estate depreciation and
amortization, which assume that the value of real estate assets diminishes
predictably over time. Since real estate values instead historically rise
or fall with market conditions, we believe that FFO provides investors and
management with a more accurate indication of our financial and operating
results.
(2) We measure the performance of our segments based on NOI, which we
define as total revenues less property operating expenses and real estate
taxes. We believe that NOI is an important supplemental measure of
operating performance for a real estate investment trust's operating real
estate because it provides a measure of core operations that is unaffected
by depreciation, amortization, financing and general and administrative
expense. NOI does not represent cash generated by operating activities in
accordance with GAAP, and should not be considered an alternative to net
income, net income available for common shareholders or cash flow from
operating activities as a measure of financial performance.
(3) Stabilized properties are those properties owned for the entirety of
both periods being compared. While results presented on a stabilized
property basis are not determined in accordance with GAAP, management
believes that measuring performance on a stabilized property basis is
useful to investors and to management because it enables evaluation of how
the Company's properties are performing year over year.
(4) Economic occupancy represents actual rental revenues recognized for the
period indicated as a percentage of scheduled rental revenues for the
period. Percentage rents, tenant concessions, straightline adjustments and
expense reimbursements are not considered in computing either actual
revenues or scheduled rent revenues.
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
for the three months and nine months ended January 31, 2008 and 2007
Three Months Ended Nine Months Ended
January 31 January 31
-------------------- --------------------
(in thousands, except per share data)
------------------------------------------
2008 2007 2008 2007
--------- --------- --------- ---------
REVENUE
Real estate rentals $ 44,703 $ 42,286 $ 133,469 $ 118,822
Tenant reimbursement 9,769 8,810 28,919 25,255
--------- --------- --------- ---------
TOTAL REVENUE 54,472 51,096 162,388 144,077
--------- --------- --------- ---------
OPERATING EXPENSE
Interest 15,840 15,220 46,969 43,126
Depreciation/amortization
related to real estate
investments 12,165 11,718 36,547 32,663
Utilities 4,192 4,003 12,454 10,634
Maintenance 6,188 4,987 18,225 15,424
Real estate taxes 6,749 6,147 19,659 16,959
Insurance 670 612 1,928 1,761
Property management expenses 3,794 3,309 11,317 10,029
Administrative expenses 1,234 1,169 3,457 3,066
Advisory and trustee services 114 68 354 208
Other operating expenses 343 319 1,053 933
Amortization related to
non-real estate investments 356 261 1,039 720
--------- --------- --------- ---------
TOTAL OPERATING EXPENSE 51,645 47,813 153,002 135,523
--------- --------- --------- ---------
Operating income 2,827 3,283 9,386 8,554
Interest income 953 700 1,646 1,403
Other non-operating income 70 308 443 567
--------- --------- --------- ---------
Income before minority interest
and discontinued operations
and gain (loss) on sale of
other investments 3,850 4,291 11,475 10,524
Gain (loss) on sale of other
investments 2 0 4 (36)
Minority interest portion of
operating partnership income (858) (1,054) (2,704) (2,303)
Minority interest portion of
other partnerships' (income)
loss (11) 12 25 (13)
--------- --------- --------- ---------
Income from continuing
operations 2,983 3,249 8,800 8,172
Discontinued operations, net of
minority interest 0 205 0 1,903
--------- --------- --------- ---------
NET INCOME 2,983 3,454 8,800 10,075
Dividends to preferred
shareholders (593) (593) (1,779) (1,779)
--------- --------- --------- ---------
NET INCOME AVAILABLE TO
COMMON SHAREHOLDERS $ 2,390 $ 2,861 $ 7,021 $ 8,296
========= ========= ========= =========
Earnings per common share from
continuing operations $ .04 $ .06 $ .14 $ .13
Earnings per common share from
discontinued operations .00 .00 .00 .04
--------- --------- --------- ---------
NET INCOME PER COMMON SHARE -
BASIC AND DILUTED $ .04 $ .06 $ .14 $ .17
========= ========= ========= =========
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS
Three Months Ended January 31,
(in thousands, except per share amounts)
--------------------------- ---------------------------
2008 2007
--------------------------- ---------------------------
Weighted Per Weighted Per
Avg Shares Share Avg Shares Share
and and and and
Amount units(2) unit(3) Amount units(2) unit(3)
------- ---------- ------- ------- ---------- -------
Net income $ 2,983 $ 3,454
Less dividends to
preferred
shareholders (593) (593)
------- -------
Net income
available to
common shareholders 2,390 55,304 $ .04 2,861 47,895 $ .06
Adjustments:
Minority interest
in earnings of
Unitholders 858 20,451 1,139 19,576
Depreciation and
amortization(1) 12,456 11,971
(Gains)/loss on
depreciable
property sales (2) (349)
------- ---------- ------- ------- ---------- -------
Funds from operations
applicable to common
shares and Units $15,702 75,755 $ .21 $15,622 67,471 $ .23
======= ========== ======= ======= ========== =======
Nine Months Ended January 31,
(in thousands, except per share amounts)
--------------------------- ---------------------------
2008 2007
--------------------------- ---------------------------
Weighted Per Weighted Per
Avg Shares Share Avg Shares Share
and and and and
Amount units(2) unit(3) Amount units(2) unit(3)
------- ---------- ------- ------- ---------- -------
Net income $ 8,800 $10,075
Less dividends to
preferred
shareholders (1,779) (1,779)
------- -------
Net income available
to common
shareholders 7,021 51,214 $ .14 8,296 47,466 $ .17
Adjustments:
Minority interest
in earnings of
Unitholders 2,704 20,406 2,909 16,366
Depreciation and
amortization(4) 37,393 33,439
(Gains)/loss on
depreciable
property sales (4) (2,986)
------- ---------- ------- ------- ---------- -------
Funds from operations
applicable to common
shares and Units $47,114 71,620 $ .66 $41,658 63,832 $ .65
======= ========== ======= ======= ========== =======
(1) Real estate depreciation and amortization consists of the sum of
depreciation/amortization related to real estate investments and
amortization related to non-real estate investments from the Condensed
Consolidated Statements of Operations, totaling $12,521 and $11,979, and
depreciation/amortization from Discontinued Operations of $0 and $50, less
corporate-related depreciation and amortization on office equipment and
other assets of $65 and $58, for the three months ended January 31, 2008
and 2007, respectively.
(2) UPREIT Units of the Operating Partnership are exchangeable for common
shares of beneficial interest on a one-for-one basis.
(3) Net income is calculated on a per share basis. FFO is calculated on a
per share and unit basis.
(4) Real estate depreciation and amortization consists of the sum of
depreciation/amortization related to real estate investments and
amortization related to non-real estate investments from the Condensed
Consolidated Statements of Operations, totaling $37,586 and $33,383, and
depreciation/amortization from Discontinued Operations of $0 and $231, less
corporate-related depreciation and amortization on office equipment and
other assets of $193 and $175, for the nine months ended January 31, 2008
and 2007, respectively.
RECONCILATION OF NET OPERATING INCOME TO THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands)
----------------------------------------------------------
Three Months Multi-
Ended January Family Commercial Commercial Commercial Commercial
31, 2008 Residential Office Medical Industrial Retail Total
--------- --------- --------- --------- --------- --------
Real estate
revenue $ 18,419 $ 20,621 $ 8,879 $ 3,028 $ 3,525 $ 54,472
Real estate
expenses 8,640 8,853 2,259 710 1,131 21,593
--------- --------- --------- --------- --------- --------
Net operating
income $ 9,779 $ 11,768 $ 6,620 $ 2,318 $ 2,394 32,879
========= ========= ========= ========= ========= --------
Interest (15,840)
Depreciation/
amortization (12,521)
Administrative,
advisory
and trustee
fees (1,348)
Operating
expenses (343)
Non-operating
income 1,023
--------- --------- --------- --------- --------- --------
Income before minority interest and discontinued operations and
(loss) gain on sale of other investments $ 3,850
========= ========= ========= ========= ========= ========
(in thousands)
----------------------------------------------------------
Three Months Multi-
Ended January Family Commercial Commercial Commercial Commercial
31, 2007 Residential Office Medical Industrial Retail Total
--------- --------- --------- --------- --------- --------
Real estate
revenue $ 16,956 $ 19,950 $ 8,729 $ 2,058 $ 3,403 $ 51,096
Real estate
expenses 7,708 7,940 2,009 297 1,104 19,058
--------- --------- --------- --------- --------- --------
Net operating
income $ 9,248 $ 12,010 $ 6,720 $ 1,761 $ 2,299 32,038
========= ========= ========= ========= ========= --------
Interest (15,220)
Depreciation/
amortization (11,979)
Administrative,
advisory
and trustee
fees (1,237)
Operating
expenses (319)
Non-operating
income 1,008
--------- --------- --------- --------- --------- --------
Income before minority interest and discontinued operations and
(loss) gain on sale of other investments $ 4,291
========= ========= ========= ========= ========= ========
(in thousands)
----------------------------------------------------------
Nine Months Multi-
Ended January Family Commercial Commercial Commercial Commercial
31, 2008 Residential Office Medical Industrial Retail Total
--------- --------- --------- --------- --------- --------
Real estate
revenue $ 54,529 $ 61,835 $ 26,764 $ 8,718 $ 10,542 $162,388
Real estate
expenses 25,655 26,297 6,575 1,836 3,220 63,583
--------- --------- --------- --------- --------- --------
Net operating
income $ 28,874 $ 35,538 $ 20,189 $ 6,882 $ 7,322 98,805
========= ========= ========= ========= ========= --------
Interest (46,969)
Depreciation/
amortization (37,586)
Administrative,
advisory
and trustee
fees (3,811)
Operating
expenses (1,053)
Non-operating
income 2,089
--------- --------- --------- --------- --------- --------
Income before minority interest and discontinued operations and
(loss) gain on sale of other investments $ 11,475
========= ========= ========= ========= ========= ========
(in thousands)
----------------------------------------------------------
Nine Months Multi-
Ended January Family Commercial Commercial Commercial Commercial
31, 2007 Residential Office Medical Industrial Retail Total
--------- --------- --------- --------- --------- --------
Real estate
revenue $ 49,822 $ 52,574 $ 25,817 $ 5,637 $ 10,227 $144,077
Real estate
expenses 23,055 21,447 6,296 800 3,209 54,807
--------- --------- --------- --------- --------- --------
Net operating
income $ 26,767 $ 31,127 $ 19,521 $ 4,837 $ 7,018 89,270
========= ========= ========= ========= ========= --------
Interest (43,126)
Depreciation/
amortization (33,383)
Administrative,
advisory
and trustee
fees (3,274)
Operating
expenses (933)
Non-operating
income 1,970
--------- --------- --------- --------- --------- --------
Income before minority interest and discontinued operations and
(loss) gain on sale of other investments $ 10,524
========= ========= ========= ========= ========= ========
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
--------------------------
January 31, April 30,
2008 2007
------------ ------------
ASSETS
Real estate investments
Property owned $ 1,558,560 $ 1,489,287
Less accumulated depreciation (209,400) (180,544)
------------ ------------
1,349,160 1,308,743
Unimproved land 18,635 7,392
Mortgage loan receivable, net of allowance 548 399
------------ ------------
Total real estate investments 1,368,343 1,316,534
------------ ------------
Other assets
Cash and cash equivalents 76,392 44,516
Marketable securities - available-for-sale 2,160 2,048
Receivable arising from straight-lining of
rents, net of allowance 13,753 12,558
Accounts receivable, net of allowance 3,842 3,171
Real estate deposits 1,103 735
Prepaid and other assets 821 568
Intangible assets, net of accumulated
amortization 29,025 33,240
Tax, insurance, and other escrow 8,060 7,222
Property and equipment, net 1,487 1,458
Goodwill 1,396 1,397
Deferred charges and leasing costs, net 13,528 11,942
------------ ------------
TOTAL ASSETS $ 1,519,910 $ 1,435,389
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Accounts payable and accrued expenses $ 29,573 $ 28,995
Mortgages payable 975,785 951,139
Other 1,019 896
------------ ------------
TOTAL LIABILITIES 1,006,377 981,030
------------ ------------
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST IN PARTNERSHIPS 12,768 12,925
MINORITY INTEREST OF UNITHOLDERS IN OPERATING
PARTNERSHIP (20,395,411 units at January 31, 2008
and 19,981,259 units at April 30, 2007) 155,301 156,465
SHAREHOLDERS' EQUITY
Preferred Shares of Beneficial Interest
(Cumulative redeemable preferred shares, no
par value, 1,150,000 shares issued and
outstanding at January 31, 2008 and April 30,
2007, aggregate liquidation preference of
$28,750,000) 27,317 27,317
Common Shares of Beneficial Interest (Unlimited
authorization, no par value, 56,977,406 shares
issued and outstanding at January 31, 2008,
and 48,570,461 shares issued and outstanding
at April 30, 2007) 433,645 354,495
Accumulated distributions in excess of net
income (115,546) (96,827)
Accumulated other comprehensive income (loss) 48 (16)
------------ ------------
Total shareholders' equity 345,464 284,969
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,519,910 $ 1,435,389
============ ============
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