Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025 4.9% Revenue growth, 20253 Where the money goes Where each dollar of revenue went, fiscal 2025 Other costs
Cost of revenue 4¢ $9.6M Other costs 90¢ $246.9M Profit 6¢ $17.1M Out of $273.7M in revenue.3
Where each dollar of operating cash went, fiscal 2025 Dividends paid Kept or used elsewhere
Dividends paid 52¢ $51.1M Share buybacks 4¢ $3.5M Kept or used elsewhere 45¢ $43.9M Out of $98.5M of cash from operations.3
Financial statements
Income statement Balance sheet Cash flow
Annual Quarterly
Revenue4 5 6 7 3 $273.7M in 2025+47% since 2019 0 $100.0M $200.0M $300.0M 2019: $185.8M $185.8M 2019 2020: $178.0M $178.0M 2020 −4% 2021: $201.7M $201.7M 2021 +13% 2022: $256.7M $256.7M 2022 +27% 2023: $261.3M $261.3M 2023 +2% 2024: $261.0M $261.0M 2024 −0% 2025: $273.7M $273.7M 2025 +5% Operating income4 5 6 7 3 $64.5M in 2025−41% since 2019 0 $50.0M $100.0M $150.0M 2019: $109.0M $109.0M 2019 2020: $33.8M $33.8M 2020 −69% 2021: $29.9M $29.9M 2021 −12% 2022: $13.9M $13.9M 2022 −54% 2023: $84.5M $84.5M 2023 +509% 2024: $20.5M $20.5M 2024 −76% 2025: $64.5M $64.5M 2025 +215% Net income4 5 6 7 3 $17.1M in 2025−78% since 2019 -$25.0M 0 $25.0M $50.0M $75.0M $100.0M 2019: $78.7M $78.7M 2019 2020: $4.4M $4.4M 2020 −94% 2021: -$29.0K -$29.0K 2021 2022: -$14.1M -$14.1M 2022 +48552% 2023: $41.3M $41.3M 2023 2024: -$11.3M -$11.3M 2024 2025: $17.1M $17.1M 2025 Revenue8 9 $65.8M in Q2 FY2026+1% since Q1 FY2026 0 $20.0M $40.0M $60.0M $80.0M Q1 FY2026: $65.1M $65.1M Q1 FY2026 Q2 FY2026: $65.8M $65.8M Q2 FY2026 +1% Operating income8 9 $8.8M in Q2 FY2026-$10.0M -$5.0M 0 $5.0M $10.0M Q1 FY2026: -$5.4M -$5.4M Q1 FY2026 Q2 FY2026: $8.8M $8.8M Q2 FY2026 Net income8 9 -$1.0M in Q2 FY2026−92% since Q1 FY2026 -$15.0M -$10.0M -$5.0M 0 Q1 FY2026: -$12.9M -$12.9M Q1 FY2026 Q2 FY2026: -$1.0M -$1.0M Q2 FY2026 −92% Fiscal year 2019 2020 2021 2022 2023 2024 2025 Revenue $185.8M4 $178.0M5 $201.7M6 $256.7M7 $261.3M3 $261.0M3 $273.7M3 Cost of revenue $6.2M4 $5.8M5 $8.8M6 $9.9M7 $9.4M3 $9.1M3 $9.6M3 Operating income $109.0M4 $33.8M5 $29.9M6 $13.9M7 $84.5M3 $20.5M3 $64.5M3 Interest $30.5M4 $27.5M5 $29.1M6 $32.8M6 $36.4M6 Net income $78.7M4 $4.4M5 -$29.0K6 -$14.1M7 $41.3M3 -$11.3M3 $17.1M3 Earnings per share $6.064 -$0.155 -$0.476 -$1.357 $2.333 -$1.273 $1.023 Earnings per share (diluted) $6.004 -$0.155 -$0.476 -$1.357 $2.323 -$1.273 $1.023
Total assets10 4 5 6 7 3 $1.9B in 2025+38% since 2019 0 $1.0B $2.0B $3.0B 2019: $1.4B $1.4B 2019 2020: $1.5B $1.5B 2020 +5% 2021: $1.9B $1.9B 2021 +33% 2022: $2.0B $2.0B 2022 +5% 2023: $1.9B $1.9B 2023 −5% 2024: $1.9B $1.9B 2024 −1% 2025: $1.9B $1.9B 2025 +1% Total liabilities10 4 5 6 7 3 $1.1B in 2025+55% since 2019 0 $500.0M $1.0B $1.5B 2019: $696.0M $696.0M 2019 2020: $774.8M $774.8M 2020 +11% 2021: $918.5M $918.5M 2021 +19% 2022: $1.1B $1.1B 2022 +16% 2023: $978.8M $978.8M 2023 −8% 2024: $1.0B $1.0B 2024 +4% 2025: $1.1B $1.1B 2025 +6% Shareholders’ equity10 4 5 6 7 3 $719.2M in 2025+16% since 2019 0 $200.0M $400.0M $600.0M $800.0M 2019: $619.1M $619.1M 2019 2020: $618.2M $618.2M 2020 −0% 2021: $772.0M $772.0M 2021 +25% 2022: $729.5M $729.5M 2022 −6% 2023: $709.8M $709.8M 2023 −3% 2024: $752.0M $752.0M 2024 +6% 2025: $719.2M $719.2M 2025 −4% Cash4 5 6 7 3 $12.8M in 2025−52% since 2019 0 $10.0M $20.0M $30.0M $40.0M 2019: $26.6M $26.6M 2019 2020: $392.0K $392.0K 2020 −99% 2021: $31.3M $31.3M 2021 +7876% 2022: $10.5M $10.5M 2022 −67% 2023: $8.6M $8.6M 2023 −17% 2024: $12.0M $12.0M 2024 +39% 2025: $12.8M $12.8M 2025 +7% Long-term debt4 5 7 3 $1.0B in 2025+19% since 2021 0 $500.0M $1.0B $1.5B 2021: $859.8M $859.8M 2021 2022: $1.0B $1.0B 2022 +18% 2023: $916.0M $916.0M 2023 −9% 2024: $955.4M $955.4M 2024 +4% 2025: $1.0B $1.0B 2025 +7% Total assets8 9 $1.8B in Q2 FY2026−4% since Q1 FY2025 0 $500.0M $1.0B $1.5B $2.0B Q1 FY2025: $1.9B $1.9B Q1 FY2025 Q2 FY2025: $1.9B $1.9B Q2 FY2025 +0% Q1 FY2026: $1.9B $1.9B Q1 FY2026 −2% Q2 FY2026: $1.8B $1.8B Q2 FY2026 −3% Total liabilities8 9 $1.0B in Q2 FY2026−4% since Q1 FY2025 0 $500.0M $1.0B $1.5B Q1 FY2025: $1.1B $1.1B Q1 FY2025 Q2 FY2025: $1.1B $1.1B Q2 FY2025 +0% Q1 FY2026: $1.1B $1.1B Q1 FY2026 −1% Q2 FY2026: $1.0B $1.0B Q2 FY2026 −3% Shareholders’ equity8 9 $680.2M in Q2 FY2026−5% since Q1 FY2025 0 $250.0M $500.0M $750.0M $1.0B Q1 FY2025: $719.2M $719.2M Q1 FY2025 Q2 FY2025: $719.2M $719.2M Q2 FY2025 +0% Q1 FY2026: $695.0M $695.0M Q1 FY2026 −3% Q2 FY2026: $810.1M $810.1M Q2 FY2026 +17% Q2 FY2026: $680.2M $680.2M Q2 FY2026 −16% Cash8 9 $8.6M in Q2 FY2026−33% since Q1 FY2025 0 $5.0M $10.0M $15.0M Q1 FY2025: $12.8M $12.8M Q1 FY2025 Q2 FY2025: $12.8M $12.8M Q2 FY2025 +0% Q1 FY2026: $7.6M $7.6M Q1 FY2026 −41% Q2 FY2026: $8.6M $8.6M Q2 FY2026 +13% Long-term debt8 9 $989.6M in Q2 FY2026−3% since Q1 FY2025 0 $500.0M $1.0B $1.5B Q1 FY2025: $1.0B $1.0B Q1 FY2025 Q2 FY2025: $1.0B $1.0B Q2 FY2025 +0% Q1 FY2026: $1.0B $1.0B Q1 FY2026 −1% Q2 FY2026: $989.6M $989.6M Q2 FY2026 −3% Fiscal year 2019 2020 2021 2022 2023 2024 2025 Cash $26.6M4 $392.0K5 $31.3M6 $10.5M7 $8.6M3 $12.0M3 $12.8M3 Total assets $1.4B10 $1.5B4 $1.9B5 $2.0B6 $1.9B7 $1.9B3 $1.9B3 Long-term debt $859.8M4 $1.0B5 $916.0M7 $955.4M3 $1.0B3 Total liabilities $696.0M10 $774.8M4 $918.5M5 $1.1B6 $978.8M7 $1.0B3 $1.1B3 Shareholders’ equity $619.1M10 $618.2M4 $772.0M5 $729.5M6 $709.8M7 $752.0M3 $719.2M3 Shares outstanding 12.1M shares10 13.0M shares4 15.0M shares5 15.0M shares6 15.0M shares7 16.7M shares3 16.8M shares3
Cash from operations4 5 6 7 3 $98.5M in 2025+41% since 2019 0 $25.0M $50.0M $75.0M $100.0M 2019: $69.6M $69.6M 2019 2020: $61.2M $61.2M 2020 −12% 2021: $84.0M $84.0M 2021 +37% 2022: $92.0M $92.0M 2022 +9% 2023: $89.5M $89.5M 2023 −3% 2024: $98.2M $98.2M 2024 +10% 2025: $98.5M $98.5M 2025 +0% Dividends paid4 5 6 7 3 $51.1M in 2025+55% since 2019 0 $20.0M $40.0M $60.0M 2019: $32.9M $32.9M 2019 2020: $35.0M $35.0M 2020 +7% 2021: $38.5M $38.5M 2021 +10% 2022: $44.5M $44.5M 2022 +16% 2023: $43.7M $43.7M 2023 −2% 2024: $45.8M $45.8M 2024 +5% 2025: $51.1M $51.1M 2025 +12% Share buybacks4 5 6 7 3 $3.5M in 2025−81% since 2019 0 $10.0M $20.0M $30.0M 2019: $18.0M $18.0M 2019 2020: $0 $0 2020 2021: $0 $0 2021 2022: $29.1M $29.1M 2022 2023: $11.5M $11.5M 2023 −60% 2024: $4.7M $4.7M 2024 −59% 2025: $3.5M $3.5M 2025 −27% Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Fiscal year 2019 2020 2021 2022 2023 2024 2025 Cash from operations $69.6M4 $61.2M5 $84.0M6 $92.0M7 $89.5M3 $98.2M3 $98.5M3 Dividends paid $32.9M4 $35.0M5 $38.5M6 $44.5M7 $43.7M3 $45.8M3 $51.1M3 Share buybacks $18.0M4 $05 $06 $29.1M7 $11.5M3 $4.7M3 $3.5M3 Dividend per share $2.804 $2.805 $2.846 $2.927 $2.923 $3.003 $3.083
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Former names
INVESTORS REAL ESTATE TRUST Jul 27, 1995 to Jun 8, 20212
Recent filings
Oct 7, 2026 DEFM14A Sep 23, 2026 8-K/A Sep 23, 2026 425 Sep 23, 2026 8-K Sep 23, 2026 425 Sep 9, 2026 8-K Sep 9, 2026 425 Sep 9, 2026 425 Sep 9, 2026 425 Aug 26, 2026 8-K Aug 14, 2026 8-K Aug 13, 2026 SCHEDULE 13G/A Aug 10, 2026 8-K Aug 3, 2026 10-Q Aug 3, 2026 8-K Every filing from the last three years, summarized . The full record is on SEC EDGAR.1
