Apartment REIT IRET Focused on Operations Following MOB Sales

Mark Decker Jr., president and CEO of IRET (NYSE: IRET), participated in a video interview at Nareit’s 2018 CEO Forum & Advocacy Day in Washington, D.C.

Following the sale of two medical office buildings (MOBs) earlier this year, the company is now almost exclusively focused on multifamily assets, Decker said.

“It’s been a big lift on the transactional side so now we’re really going to be focused on operations,” Decker said.

IRET’s main geographic focus is on Minneapolis and Denver. Both markets are similar in size and offer “dynamics we’re excited about,” Decker said.

Overall, IRET is “looking for good real estate that’s going to command long-term pricing power,” according to Decker. “Our portfolio is mainly class B assets, but we’re trying to build a balanced portfolio that appeals to multiple price points,” he added.