| INVESTORS REAL ESTATE TRUST (NASDAQ - IRET) | | | | 2006 Y
| 2007 Y
| 2008 Y
| 2009 Y
| |
Period Ended | 4/30/2006 | 4/30/2007 | 4/30/2008 | 4/30/2009 | | Balance Sheet ($000) | | Operational Properties, at Cost | 1,271,829 | 1,490,745 | 1,651,054 | 1,731,557 | | Investment in Real Estate before Reserves | 1,127,931 | 1,318,004 | 1,457,656 | 1,473,593 | | Total Debt | 772,074 | 951,150 | 1,063,858 | 1,075,658 | | Implied Market Cap ($M) | | | | | | Total Capitalization ($M) | | | | | | Debt /
Total Market Cap (%) | | | | | | | | Income Statement ($000) | | Rental Revenue | 172,799 | 197,817 | 221,170 | 240,005 | | Rental Operating Expense | 67,901 | 76,478 | 87,405 | 98,151 | | Rental Net Operating Income | 104,898 | 121,339 | 133,765 | 141,854 | | Operating RE Revenue | 0 | 0 | 0 | 0 | | Operating RE Expense | 0 | 0 | 0 | 0 | | Operating RE NOI | 0 | 0 | 0 | 0 | | NOI | 104,898 | 121,339 | 133,765 | 141,854 | | FFO | 46,711 | 56,994 | 64,182 | 64,622 | | Adjusted FFO | NA | NA | NA | NA | | Distributable Income | NA | NA | NA | NA | | Net Income | 11,567 | 14,110 | 15,629 | 10,713 | | Net Income Attributable to Parent | 11,567 | 14,110 | 12,088 | 8,526 | | | | Per Share Information ($) | | FFO /
Share | 0.79 | 0.88 | 0.87 | 0.81 | | Adjusted FFO per Share | NA | NA | NA | NA | | Distributable Income per Share | NA | NA | NA | NA | | Diluted EPS after Extraordinary | 0.20 | 0.24 | 0.18 | 0.11 | | Regular Dividends Paid | 0.65 | 0.66 | 0.67 | 0.68 | | Regular Dividends Declared | 0.65 | 0.66 | 0.67 | 0.68 | | Total Dividends Paid | 0.65 | 0.66 | 0.67 | 0.68 | | Common Dividends Declared | 0.65 | 0.66 | 0.67 | 0.68 | | FFO Payout (%) | 82.70 | 75.10 | 76.90 | 83.60 | | Dividend Payout Ratio (%) | 326.50 | 275.40 | 371.70 | 615.50 | | Price /
FFO (x) | | | | | | Price /
Earnings after Extra (x) | | | | | | Price /
LTM FFO (x) | | | | | | Price /
Trailing-four-quarter Earnings (x) | | | | | | | | Financial Analysis | | FFO /
Revenue (%) | 26.84 | 28.43 | 28.66 | 26.82 | | Rental NOI /
Properties (%) | 8.49 | 8.71 | 8.65 | 8.39 | | Recurring EBITDA /
Interest Expense (x) | 1.93 | 2.02 | 2.05 | 1.98 | | Recurring EBITDA /
Interest Expense + Pref. Div. (x) | 1.85 | 1.95 | 1.98 | 1.92 | | | | Changes and Trends (%) | | Same-store NOI: Change | 0.50 | 3.41 | 0.80 |
(2.80)
| | Same-store REVPAR: Change, Year-over-year | NA | NA | NA | NA | | Real Estate Investment Growth | 5.43 | 16.85 | 10.60 | 1.09 | | EPS Growth after Extra |
(33.30)
| 20.00 |
(25.0)
|
(38.90)
| | FFO /
Share Growth | 3.90 | 11.40 |
(1.10)
|
(6.90)
| | |
|
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