NEW YORK, July 30 /PRNewswire/ -- Investors Real Estate Trust will replace Crescent Real Estate Equities Co. in the S&P REIT Composite after the close of trading on Friday, August 3. Crescent is being acquired by Morgan Stanley Real Estate in a deal that is expected to close on or about that date, pending final approvals.
Standard & Poor's will monitor this transaction, and post any relevant updates on its website: http://www.standardandpoors.com/.
Investors Real Estate is a REIT that engages in the ownership and operation of residential, commercial, office and retail properties in the United States. Headquartered in Minot, ND, the company will be added to the S&P REIT Composite GICS (Global Industry Classification Standard) Diversified REITs sub-industry.
Following is a summary of the change:
S&P REIT COMPOSITE INDEX -- August 3, 2007
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Investors Real Financials Diversified REITs
Estate
DELETED Crescent Real Financials Diversified REITs
Estate Equities
Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.
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