Investors Real Estate Trust (IRET) 2006年年度报告「NASDAQ」.pdf

1、2006 ANNUALREPORTINVESTORSREALESTATETRUSTIRETCREATINGSHAREHOLDERVALUE.with a diversified real estate portfolioDan FeistIRET shareholder since 1970Trustee since 1985“In 1970 I was approached by RogerOdell and Tom Wentz,Sr.about investing in a new company they hadformed,Investors Real Estate Trust.Iwa

2、s the first outside investor in theTrust,and I was issued share certificate No.1.I still have those original shares.Except for mandatorydistributions from IRA accounts inrecent years,and nominal sales ofshares from time to time to coveraccount fees,I have never sold a singleshare of IRET stock.IRET

3、has been a good investment for me and my family,and Icontinue to recommend IRET to others.I am a firm believer in IRETs prospects forgrowth and ability to deliver on its commitment to create value for shareholders.”Dan Feist is a North Dakota native living in Minot,North Dakota.Dan is thePresident o

4、f Feist Construction&Realty,a construction and real estate developmentcompany.He is the Chairman of the Board of the Minot Area Community Foundation,and is active in other community organizations.Dan is retiring from the IRET Boardof Trustees after serving for 21 years as trustee.His business judgme

5、nt and visionhave helped guide IRET through years ofgrowth,and his focus on shareholder valuehas strengthened IRETs commitment to itsinvestors.IRET Management and Boardthank Dan for his years of service and dedication to IRET.CONTENTS1SELECTEDCONSOLIDATEDFINANCIALDATA2PRESIDENTSLETTER4INVESTMENTPORT

6、FOLIO8CREATINGSHAREHOLDERVALUE10RENOVATIONS&REDEVELOPMENTS12TOTALSHAREHOLDERRETURNS14COMPANYPROFILE-10-K REPORTFront Cover PhotoIRETs Minnesota OfficeCrosstown Centre10050 Crosstown CircleEden Prairie,MN 553441*Includes both continuing operations and discontinued operations(real estate that we sold)