Volume Spike Investor

Investors Real Estate Trust (NASDAQ: IRET) is trading down about 4% around $8.40 this morning after closing at $8.71 yesterday.  As of 8:27 AM EST we have seen some 150,000 shares trade hands.  This is on a secondary offering of common stock for 8 million shares at $8.25 per share.  Average volume is only 230,000, and while shares are holding up better than the discount pricing we’d expect to see exponential trading volume today and somewhat active tomorrow before the trading volume normalizes. -JON OGG