Investors Real Estate Trust said its board of trustees approved a 1-for-10 reverse stock split of its outstanding shares and approved a change in its fiscal year-end to Dec. 31 from April 30.
The reverse stock split, which will become effective after market close Dec. 27, will result in the conversion of every 10 shares to 1 common share of the multifamily real estate investment trust. Shares of the REIT are expected to start trading on a split-adjusted basis starting Dec. 28.
A previously announced 7-cent-per-share distribution for the third quarter of fiscal year 2019 will be adjusted to 70 cents per share to account for the reverse stock split. The distribution will be paid Jan. 15, 2019, to common shareholders and unit holders of record as of the close of business Jan. 2, 2019.
The REIT said it plans to file a transition report on Form 10-K for the period ended Dec. 31 to give effect to the fiscal-year change, whereby its fiscal year will run from Jan. 1 to Dec. 31 starting in 2019.