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On December 4, 2020, IRET announced its quarterly distribution of $0.70 per share, payable on January 15, 2021, to shareholders of record as of January 4, 2021. This marks IRET's 50th consecutive year of dividends since 1971. Additionally, a distribution of $0.4140625 per share on the 6.625% Series C Cumulative Redeemable Preferred Shares (IRET PRC) will be payable on December 31, 2020, to holders of record as of December 15, 2020. IRET continues to focus on apartment community ownership and management.
IRET announced its financial results for Q3 2020, reporting a diluted Net Income of $1.38 per share, down from $2.54 in Q3 2019. Funds from Operations (FFO) remained stable at $0.90 per share. Core FFO increased by 3.3% sequentially to $0.94 per share. Total collections were 98.8% of expected revenue, while same-store NOI dropped by 1.3% year-over-year. IRET acquired Parkhouse Apartment Homes for $144.8 million, while liquidity decreased to $131.8 million. The company did not provide an updated 2020 financial outlook due to COVID-19 impacts.
IRET announced the acquisition of Parkhouse Apartment Homes in Thornton, Colorado, for $144.75 million. This property, built in 2016, includes 465 homes on 24.2 acres and provides access to major employment centers in north metro Denver. The acquisition is part of IRET's strategy to strengthen its portfolio in Denver, balancing its assets between downtown and suburban areas. This follows the sale of four assets in Grand Forks, ND, for $42.5 million, allowing for strategic reinvestment into higher quality cash flow opportunities.
IRET (NYSE: IRET) has declared a quarterly distribution of $0.70 per share, payable on October 9, 2020, to shareholders of record as of September 30, 2020. This distribution marks the continuation of cash dividends paid since 1971. Additionally, a distribution of $0.4140625 per share on the 6.625% Series C Cumulative Redeemable Preferred Shares (NYSE: IRET PRC) will be paid on September 30, 2020, to record holders as of September 15, 2020.
IRET announced the sale of four apartment communities in Grand Forks, North Dakota, for $42.5 million, enhancing its portfolio quality and capital allocation strategy. This transaction involved 690 apartment homes and aligns with IRET's focus on expanding in Denver, Nashville, and Minneapolis. The company reported August collections at 98.6% and an increase in physical occupancy to 94.5% compared to 93.5% last year. IRET will also participate in BMO's Real Assets Virtual Conference on September 2-3, 2020.
