IRET Announces Date of 2nd Quarter 2020 Earnings Release and Provides June Operating Performance Update

Rhea-AI Summary

IRET (NYSE: IRET) announced it will release its Q2 2020 operating results on August 3, 2020, following a business update regarding COVID-19 impacts. In June, the company achieved 100% collections of total revenues and had a 94.0% occupancy rate, up from 93.8% in June 2019. IRET entered 16 rental deferral agreements totaling $23,000 in June and $212,000 for the three months ending in June, with $68,000 still outstanding. A conference call is scheduled for August 4, 2020, to further discuss results.

Positive

• 100% collection of total revenues in June 2020.
• Occupancy rate improved to 94.0% in June 2020, up from 93.8% in June 2019.

Negative

• Entered into rental deferral agreements totaling $212,000 for Q2, indicating potential cash flow concerns.

MINNEAPOLIS, July 14, 2020 /PRNewswire/ -- IRET (NYSE: IRET) announced today that it will release its second quarter 2020 operating results after the market closes on Monday, August 3, 2020 and provided a business update related to the impacts of COVID-19 on its multifamily operations.

Operating Performance Update
IRET provided the following updates regarding June operating performance:

• Collections were 100% of total revenues for June 2020 and 99.1% for the three months ended June 30, 2020.
• In June 2020, IRET entered into a total of 16 rental deferral agreements representing $23,000 of scheduled rent. For the three months ended June 30, 2020, IRET entered into a total of $212,000, or 0.50%, of scheduled rent. As of June 30, 2020, $68,000 or 0.16% of second quarter revenues remained outstanding under the rental deferment agreements.
• Weighted average occupancy across our portfolio was 94.0% for June 2020 and 94.5% for the three months ended June 30, 2020 versus 93.8% and 94.3% for the respective comparable periods for the prior year.

Conference Call
Management will host a conference call to discuss its second quarter 2020 operating results on Tuesday, August 4, 2020, at 10:00 a.m. Eastern Time. The company expects to be able to report not only second quarter results, but also provide an update on July results.

Interested parties may access the live conference call via the following:

Live webcast: http://ir.iretapartments.com
Live Conference Call		Conference Call Replay
Tuesday August 4, 2020, at 10:00 AM ET		Replay available until August 18, 2020
USA Toll Free Number	1-877-509-9785		USA Toll Free Number	1-877-344-7529
International Toll-Free Number	1-412-902-4132		International Toll-Free Number	1-412-317-0088
Canada Toll Free Number	1-855-669-9657		Canada Toll Free Number	1-855-669-9658
			Conference Number	10145476

About IRET
IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of apartment communities. As of March 31, 2020, we owned interests in 70 apartment communities consisting of 12,135 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
Emily Miller
Investor Relations
Phone: 701-837-7104
E-mail: IR@iret.com

 

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SOURCE IRET

FAQ

When will IRET announce its Q2 2020 earnings?

IRET will announce its Q2 2020 earnings on August 3, 2020.

What was IRET's performance in June 2020?

In June 2020, IRET achieved 100% revenue collections and a 94.0% occupancy rate.

What are the rental deferral agreements reported by IRET?

IRET entered into rental deferral agreements representing $212,000 for the three months ending June 30, 2020.

When is the IRET conference call scheduled?

The conference call to discuss Q2 results is scheduled for August 4, 2020, at 10:00 AM ET.