Mr. Mihalick: Yes, very much so. IRET was founded in 1970, and for a number of years we traded only within the state of North Dakota. In the mid-1990s, we began to expand outside of our local North Dakota roots, and since that time have expanded into 14 states. I saw our shareholder base grow from this part of the country to now include institutional holders and a market cap, including OP units, of approximately $800 million. Slow, steady, boring Upper-Midwestern growth has been our philosophy. And as you said, a low profile - we may be under the radar, but it certainly is by design. We feel this part of the country has served us well, and we feel like it will continue to serve us well as we move into the future.
TWST: Slow and steady is not necessarily a bad thing.
Mr. Mihalick: No. For a while we were looked upon as doing it the wrong way, but now that certainly has become a much more favorable way to do business. We've been happy with our performance, and that's what we've been striving for over the years.
Tickers included in this excerpt: IRET
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