"These assets will be a great addition to IRET's diversifiedportfolio of properties," says Timothy Mihalick, IRET's senior vicepresident and chief operating officer, in a statement. With thistransaction, IRET will increase its office portfolio by 25%. Theacquisition price will be funded with the issuance of up toapproximately $60 million of limited partnership units in IRET'soperating partnership, IRET Properties.

The office portfolio includes: Corporate Center West, Omaha,141,724 sf within three buildings; Pacific Hills, Omaha, fivebuildings totaling 142,958 sf; Farnam Executive Center, Omaha,94,832 sf; Miracle Hills One, Omaha, 84,371 sf; Woodlands Plaza IV,St. Louis, 60,942 sf; Riverport, Maryland Heights, MO, 122,567 sf;Timberlands, Leawood, KS, 90,315 sf; Flagship Office Building, EdenPrairie, MN, 138,784 sf; Gateway Corporate Center, Woodbury, MN,59,827 sf.

Neither Thomas Wentz, Sr., IRET's president and chief executiveofficer, nor Mihalick could be reached for comment by press time.IRET has additional offices in Minneapolis. Excluding theacquisition of these properties, the REIT owns a portfolio of 211properties, consisting of 66 multifamily residential propertieswith 8,648 rentable units, and 145 office, medical, industrial andretail properties totaling approximately 8.7 million sf.