Apartment REIT IRET Adjusting to Major Changes

Mark Decker

Mark Decker Jr., president and CEO of IRET (NYSE: IRET), joined Nareit for a video interview at REITworld 2017.

IRET focuses on the ownership, management, acquisition, redevelopment and development of multifamily apartment communities.

Decker took over as president and CEO of IRET in April. He noted that the company’s management team has undergone substantial change in the past six months, as a new CFO and general counsel have also been appointed.

IRET’s main priorities at this time include improving operational and balance sheet performance, acquiring higher-quality properties and providing customers with a better experience, Decker said.

IRET’s main geographic focus is on Minneapolis—a market where the company already has good exposure, according to Decker. Denver is another area of interest, Decker said. “We’re making progress and we’re excited about both of those markets,” he added.

Decker pointed out that the character of IRET has been “substantially transformed,” given that a year ago a majority of net operating income (NOI) came from North Dakota.

Meanwhile, Decker said multifamily real estate fundamentals appear to have a long runway.