EX-99.1 2 investordeck-q3final.htm EX-99.1
REITworld November 2020

SAFE HARBOR STATEMENT AND LEGAL DISCLOSURE Certain statements in this press release and the accompanying Supplemental Operating and Financial Data are based on our current expectations and assumptions, and are “forward- looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be achieved. Such risks, uncertainties, and other factors that might cause such differences include, but are not limited to those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2019, in our subsequent quarterly reports on Form 10-Q, including the COVID-19 risk factors set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, in our Current Reports on Form 8-K and in other public reports. We assume no obligation to update or supplement forward-looking statements that become untrue due to subsequent events. www.iretapartments.com 2

COMPANY SNAPSHOT Focused on Growth In Multifamily Strong Midwest markets led by Differentiated Minneapolis and Denver Markets Nashville a new target market Internal Growth Enhanced operating platform Opportunity PORTFOLIO SUMMARY Value‐Add Deep value-add pipeline . Founded in 1970, celebrating 50 Years Opportunity . Apartment owner/operator with 11,910 homes . Publicly traded since 1997 . Portfolio transformation from diversified to focused multifamily from 2017‐2019 . Total capitalization of $1.7 billion(1) Balance Sheet Strong balance sheet with sufficient liquidity to capitalize . Added to the S&P SmallCap 600 Index in 2020 Flexibility on future opportunities Multifamily and Other % of Gross Real Estate Assets Multifamily Other 100% 50% Experienced High caliber management and board executing a sound 0% Leadership strategic plan 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (1) See page 12 for breakdown www.iretapartments.com 3

PORTFOLIO OVERVIEW Differentiated Portfolio‐ Strong Midwest Markets Percent of 2020 NOI by State Avg. Rev Region Homes per Occ. Mino (1) GrandMinot Grand Forks Home t Mino Target Markets Billings t Forks Minneapolis, MN 2,537 $1,620 6% Bismarck 18% Billings 46% Rochester, MN 1,711 $1,315 Bismarck Bismarck St. Cloud Twin Cities Denver, CO 1,457 $1,875 Rapid City Omaha, NE 1,370 $1,008 Rapid City 3% Minneapolis Omah Twin Cities Rapid Rochester St. Cloud, MN 1,190 $1,053 City Lincola n Grand Forks, ND 865 $1,165 Denver Omah Bismarck, ND 845 $1,148 a 8% Omaha Lincol Billings, MT 749 $1,053 n Denver Nashville Minot, ND 712 $1,070 Denver Rapid City, SD 474 $1,082 19% Total / Average 11,910 $1,323 (1) Average monthly revenue per occupied home is defined as total rental Nashville Nashville revenues divided by the financial occupancy of apartment homes for New Target Market the period. Denver Acquisitions and Dispositions Since 2019 % of NOI by Market –October 2020 vs 2017 30% . Acquired five new properties in our target markets for 25% $361 million 20% 15% . $246 million in dispositions including 25 apartment 10% communities as we reduce our exposure to older, lower 5% margin communities 0% 2020 2017 www.iretapartments.com 4

COVID‐19 UPDATE Focusing Efforts to Maintain Collections and Retain Occupancy Impact by State Q3 2020 % of Total October 2020 Bad Q3 2020 Bad Debt Q2 2020 Bad Debt Q1 2020 Bad Debt State Communities Homes Revenue Debt % of Revenue % of Revenue % of Revenue % of Revenue Minnesota 32 5,438 50.5% 2.2% 1.9% 1.1% 0.3% Colorado 4 1,457 13.0% 0.8% 1.1% 1.2% 0.1% Nebraska 6 1,370 9.1% 2.2% 0.1% 0.6% 0.1% North Dakota 15 2,422 18.5% 0.0% 0.0% 0.2% ‐0.2% South Dakota 5 474 3.5% 0.8% 0.3% 0.7% 0.1% Montana 5 749 5.4% 2.2% 1.1% 2.3% 0.9% Total 67 11,910 100.0% 1.5% 1.2% 0.9% 0.2% Same‐Store Lease‐over‐Lease Rate Changes Same‐Store Weighted Average Occupancy New Renewal Blended 3.2% 3.3% October October 2.0% Q3 2020 Q3 2019 1.0% 1.3% 2020 2019 0.0% 0.6% 0.4% 1.1% (1.2%) (1.4%) 94.9% 94.4% 93.9% 93.5% (4.2%) October 2020 Q3 2020 Q2 2020 Q1 2020 Leasing Activity Liquidity . Leasing traffic in Q3 remained strong, 33.6% higher than 2.1x coverage leasing traffic for Q3 2019 $ in 000’s at September 30, 2020 $131,804 . YTD weighted average retention rate of 61.0% Cash $16,804 . Leasing traffic in October 2020 saw a 14.1% increase from $62,529 LOC availability leasing traffic in October 2019 $115,000 $35,281 ’20 and ’21 mortgage maturities ’20 and ’21 term loan . Average renewal increase of 1.9% for October $27,248 commitments Liquidity Profile Near‐Term Funding . 15 rent deferral requests for October for an aggregate Obligations rent deferral of $21K . As of September 30, we have 4 unencumbered apartment communities allowing for an additional $134.0 of liquidity under the terms on our line of credit. www.iretapartments.com 5

OPERATIONAL AND MARGIN‐ENHANCING INITIATIVES Margin Growth through Operational Opportunities & Thoughtful Acquisitions and Dispositions Strong Operating Platform Buying Efficient Communities Same-Store communities continue to see NOI and gross margin growth Communities acquired have a weighted average margin of 61.7% T12(2) (3) Acquisitions Gross NOI CapEx NCF Average Margin % Margin % per Unit Margin % Rent Same‐Store Gross Margin (1) Weighted Average 77.1% 61.7% 1,856 52.2% $1,621 73% 72% 74% 71% 75% Selling Inefficient Communities Communities sold have a weighted average margin of 50.8% 70% 76% 4.5% T12(1) increase in 69% gross 77% Dispositions Gross NOI CapEx NCF Average margin Margin % Margin % per Unit Margin % Rent 68% 78% Weighted Average 69.5% 50.8% 1,010 40.2% $818 Average Monthly Revenue / Home Same‐Store NOI Margin Includes rent and other income 60% $1,729 59% 61% 58% 62% $1,271 57% 63% $992 64% 56% 2.3% increase in 55% NOI 65% margin Apr‐18 Current Current Non‐ Same‐Store Same‐Store Same‐Store (1) Gross Margin is calculated as revenue less controllable expenses as a % of revenue; controllable expenses include Pool Pool Pool repairs & maintenance, utilities, administrative and marketing (2) When T12 not available, T3 annualized used (3) Underwriting used for Parkhouse www.iretapartments.com 6

VALUE‐ADD OPPORTUNITY Enhancing Portfolio Through Value‐Add Projects Highlights New SouthFork Clubhouse . For 2020, 13 communities have been completed or are in the process of value add projects . Value‐add opportunities across the portfolio feature unit renovations, common areas, and adding amenities including clubhouses, fitness centers, dog park, outdoor kitchens, package locker solutions . Enhancements improve asset position within the market and maintain competitive advantage. Home Renovations Thru September 30 Homes to Avg. Cost per Achieved Property Region Renovated Date Complete ROI(2) Renovate Unit Premium(1) Red 20 Minneapolis, MN 130 130 19‐Jan $935 $26 33.80% Southwind Grand Forks, ND 9 9 19‐Jun $26,528 $235 10.60% Olympik Rochester, MN 7 7 20‐Jul $19,333 $256 17.90% Park Place Minneapolis, MN 500 192 In process $18,266 $257 15.50% Colonial Villa Minneapolis, MN 240 175 In process $9,590 $136 15.90% SouthFork Minneapolis, MN 272 46 In process $11,615 $251 24.70% Whispering Minneapolis, MN 336 44 In process $7,437 $97 14.90% Ridge Woodridge Minneapolis, MN 110 21 In Process $4,964 $83 15.90% Greenfield Omaha, NE 96 12 In process $10,379 $108 11.30% Total 1,554(3) 636 (1) Achieved Premium is reflective of the completed units (2) ROI is defined by (premium x 12 months + turnover savings minus renovation vacancy loss)/total unit cost (3) Total Homes to Renovate excludes properties that are 100% completed www.iretapartments.com 7

VALUE‐ADD CASE STUDY Enhancing Portfolio Through Value‐Add Projects Opportunity . SouthFork, a value orientated multifamily community located in a south Before metro suburb of Minneapolis, was acquired in February 2019 for $44 million. . Post‐acquisition rents were optimized prior to initiating value‐add program to redevelop 272 units and improve community amenities in February 2020 . Built over 30 years ago with original finishes, SouthFork provides the opportunity to improve resident experience and revenues through greater investment Value‐ Add Scope Amenity Additions Unit Improvements After  Clubhouse with leasing office,  New cabinet fronts community room, package  Granite countertops lockers  New flooring  Fitness center  New windows  Dog park  New stainless steel ENERGY STAR rated  Outdoor kitchens appliances  New LED light fixtures  Framed mirrors  New hardware After  New bathroom hardware and countertops  USB ports Homes to % Cost Achieved Renovate Renovated Complete per Unit Premium(1) ROI 272 81 32% $16,330 $256 24.0% (1) Achieved premium is the average premium on the unit renovations and excludes premium on the common area projects www.iretapartments.com 8

CAPITAL RECYCLING Significantly Improved the Quality and Multifamily Focus of Our Portfolio • $1.1B of dispositions since August 2016 • Used disposition proceeds to purchase four multifamily communities in Denver, five multifamily communities in Minneapolis, fund two multifamily development mezzanine loans, reduce debt and preferred shares, and repurchase common shares • Entered the Denver market with the purchase of 1,547 homes and grew portfolio scale in Minneapolis with the purchase of 1,241 homes • In August 2020, we disposed of four communities in Grand Forks totaling 690 units with combined average rent per unit of $689, leaving 865 units with average rent of $1,089 $1.1B Total Dispositions $1.1B Total Redeployment Other Industrial $49.9M $48.9M Preferred Share Redemptions $17.6M Common Share & Unit Repurchases Denver Multifamily $47.6M $463.4M Medical Office Mezz Loans Non-Core Multifamily $441.0M $46.1M $292.9M Cash/Debt Reduction $254.5M Minneapolis Multifamily Senior Housing $270.1M $266.4M www.iretapartments.com 9

CAPITAL RECYCLING Improved Portfolio Metrics We focus our energy and capital on improving Multifamily portfolio quality has improved since 2017 3 Long‐Term Metrics 2017(1) September 2020 Communities Communities 100 67 Portfolio Quality Homes Homes 13,212 11,910 Homes per Community Homes per Community NAV per Distributable 132 178 Share Cash Growth Buildings Buildings 709 491 Avg Monthly Rent Avg Monthly Rent Our capital recycling program has enhanced our multifamily $980 $1,224 portfolio by improving: Gross Margin % Gross Margin % . The quality of our portfolio as evidenced by the increased concentration in Top‐50 MSAs 67.9% 73.0% . Core FFO per share % of NOI in % of NOI in . Management calculated NAV per share Top‐50 MSA Top‐50 MSA . Our leverage metrics and overall balance sheet flexibility 13% 44% (1) As of April 30, 2017 and includes assets held for sale (2) Gross Margin adjusted to reflect current capitalization policy www.iretapartments.com 10

SEPTEMBER 30, 2020 CAPITAL STRUCTURE Stable and Flexible Balance Sheet $1.7B Total Capitalization % of Wtd Avg Wtd Avg Debt Summary Amount Total Int Rate Maturity Total Secured Debt 314,511,157 44% 3.99% 5.23 $912M Secured Debt Common Line of Credit 135,000,000 19% 2.97% 1.92 18% Equity Term Loans 145,000,000 20% 3.73% 4.13 Private Placement 125,000,000 17% 3.78% 8.58 Common Equity Unsecured Debt $720M 52% 23% Total Debt Total Unsecured Debt 405,000,000 56% 3.30% 4.77 Total Debt 719,511,157 100% 3.60% 4.97 $110M Fixed Rate 649,730,444 90% 3.64% 5.31 Series C Preferred Preferred 6% Equity Variable Rate 69,780,712 10% 3.23% 1.80 Series D Preferred 1% . Access of all forms of capital . 100% secured debt in 2017 to 44% today *Share price $65.17 as of 9/30/2020 . Achieved investment grade rating on 2019 private placement $168,754 . Raised $81.9 million through ATM proceeds since November 2019 $108,112 LOC(1) $75,000 $70,000 $54,857 $53,611 $50,000 $59,900 Term Loan $43,996 $35,281 Private Term Loan Private Placement Placement $0 $0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 % of Total Maturing 0.0% 4.9% 23.5% 6.1% 9.7% 15.0% 7.6% 7.5% 6.9% 10.4% 0.0% 8.3% Weighted Average Interest Rate 5.4% 2.7% 4.0% 3.6% 3.8% 3.7% 3.5% 3.7% 3.8% 3.9% (1) Credit facility matures on August 31, 2022, with atwelve‐month option to extend the maturity date www.iretapartments.com 11

RECENT ACQUISITIONS Focus on Expanding Our Portfolio In Target Markets of Minneapolis and Denver Parkhouse Ironwood Lugano at Apartments Apartments Cherry Creek Denver, CO Minneapolis, MN Denver, CO Suburban Suburban Suburban $144.7 million $46.3 million $99.3 million . A 465‐unit community built in 2016 . A 182‐unit community built in . 328 homes and 13,262 square feet 2018; first new product in of retail on 14.2 acres of land built . Conveniently located in the north submarket in 20 years in 2010 metro of Denver with close proximity to employment centers . Conveniently located to multiple . Centrally located within Denver and amenities employment centers and amenities metro area and in highly desirable Cherry Creek School District . Amenities including two fitness . Previously financed the center, two billiards room, development with a $16.6 million . Fully amenitized clubhouse, community garden, and resort style mezzanine note and acquired the outdoor swimming pool, fitness pool asset after stabilization center, and structure parking . One, two and three‐bedroom units . One, two and three‐bedroom units . Granite countertops, large cabinets, feature contemporary granite feature quartz countertops, nine‐foot ceilings, walk‐in closets, countertops, stainless steel stainless steel appliances, and full‐sized washer/dryer, and private appliances, walk‐in closets, floor‐to private balconies with views of golf patios/balconies ceiling windows course & pool deck www.iretapartments.com 12

UNEMPLOYMENT IRET lowest unemployment rate among peers and 32% below the US Average September 2020 Weighted Average Unemployment Rate state unemployment rate weighted by unit count 10.4% 9.2% 9.4% 8.6% 8.8% 8.1% 7.8% 7.8% 7.8% 7.8% 7.9% 7.9% 7.4% 7.2% 7.3% 6.7% 5.3% IRET IRT MAA AMH BRG UMH CPT NXRT ELS SUI US INVH UDR AIV AVB EQR ESS Average . IRET portfolio has lower unemployment among peers and the national average . Low unemployment in our portfolio relative to all housing sectors‐ apartment, manufactured housing, and single family rentals, is leading to strong collections rates www.iretapartments.com 13

MINNEAPOLIS Our Largest Market –On‐Strategy Capital Allocation Remains as Market Continues to Perform MARKET HIGHLIGHTS . Culturally vibrant and economically diverse metro driven by major employment in health and life sciences, food and water, consumer retail, financial services, and manufacturing; MN is headquarters for 24 Fortune 1,000 companies and the largest private company in the US, Cargill . #6 on U.S. News Best Places to Live in the U.S. . $79,578 median household income, highest in the Midwest and 7th in nation among large metros MINNEAPOLIS PORTFOLIO(1) Asset Class Location Communities: 14 Homes: 2,537 19% Not pictured: 2 communities in Monticello and 2 communities in Isanti 45% 55% 54% Oxbo 71 France 27% Class A Class B Urban Core Inner Ring Outer Ring (1) Based on Q3 NOI and underwriting used for Parkhouse www.iretapartments.com 14

DENVER Maintaining Growth – Robust In‐Migration Continues, We Seek Additional Scale, Our Portfolio Performing Well MARKET HIGHLIGHTS . Diverse economy and major hub of technology, energy, aviation and bioscience; 23 Fortune 1,000 companies have their headquarters in CO . #2 on U.S. News Best Places to Live in the U.S. with highly desirable quality of life and recreational amenities . $79,478 median household income, 8th in nation among large metros DENVER PORTFOLIO(1) Asset Class Location Communities: 4 Homes: 1,457 50% 50% Westend Dylan 100% Class A Urban Suburban (1) Based on Q3 NOI and underwriting used for Parkhouse www.iretapartments.com 15

NASHVILLE New Target Market –A National Growth Leader in Household Income, Jobs and Millennial Population MARKET HIGHLIGHTS . True live‐work‐play community with a lively cultural scene boasting the highest concentration of music industry establishments in the nation and a diverse and growing economy anchored by health care, higher education, advanced manufacturing, logistics, entertainment, and an emerging tech scene . #15 on U.S. News Best Places to Live in the U.S. . Household income growth ranks 5th among U.S. major metros over past five years . 41% job growth over the past 10 years more than doubles U.S. growth of 17%, and is a leader among major metros . Location of future Amazon operations center bringing at least 5,000 jobs with an average pay of $150K per year to the Nashville Yards development in Downtown Nashville . 2017‐2019 average annual sales volume of $1.9 billion . 2020 Q3 volume of $424.7 million was 38% below 2019 Q3 . 2020 YTD volume through Q3 is 21% below the same period in 2019 www.iretapartments.com 16

FOCUSED SECONDARY MARKET PRESENCE These Four Markets, Plus Minneapolis‐St. Paul and Denver Make Up 80% of Pro Forma NOI Rochester, MN Omaha, NE Grand Forks, ND St. Cloud, MN Population 216,035 922,891 101,991 196,598 Median Household Income $71,501 $65,227 $53,413 $59,792 Unemployment Rate(1) 5.9% 4.5% 4.6% 6.0% Mayo Clinic State of Nebraska University of ND CentraCare Health Major Employers IBM Union Pacific Altru Health State of Minnesota Number of IRET Homes 1,711 1,370 865 1,190 Total Multifamily Supply 8,943 73,185 9,696 14,930 Same‐Store Average Revenue per Unit(2) $1,315 $1,008 $1,165 $1,053 Same‐Store Average Revenue per Unit / Median 22.1% 18.5% 26.2% 21.1% Household Income (Monthly) Same‐Store Occupancy(3) 94.1% 93.8% 95.5% 94.4% Sources: US Census Bureau, World Population Review, Bureau of Labor Statistics, CoStar, Company Filings and Disclosures (1) Compared to the September 2020 National Unemployment Rate of 7.9% (2) Average monthly rental rate per occupied home is defined as total rental revenues divided by the weighted average occupied apartment homes for the period (3) Weighted Average Occupancy www.iretapartments.com 17

BEST IN CLASS GOVERNANCE High Caliber Leadership Focused on High Quality Governance Executive Management Team Mark O. Decker, Jr. John A. Kirchmann Anne M. Olson PRESIDENT AND CEO EVP AND CFO EVP AND COO IRET rated ISS’s top score of 1 ‐ indicating highest quality corporate governance practices and lowest governance risk Jeffrey P. Caira Michael T. Dance Mark O. Decker Jr. Emily Nagle Green Linda J. Hall John A. Schissel Mary J. Twinem Terrance P. Maxwell Since 2015 Since 2016 Since 2017 Since 2018 Since 2011 Since 2016 Since 2018 Since 2013 www.iretapartments.com 18

ESG REPORT HIGHLIGHTS Strong Focus on Environmental, Social, and Corporate Governance Completed LED lighting upgrades at 25 communities Energy Efficiency Only ENERGY STAR rated appliances used for replacement Provide shared cost water services encouraging lower consumption Serving the broader communities in which we Water operate and supporting our team members’ Conservation Installed new common area community involvement is important to us. laundry equipment at 10 communities; compliant with Here are some organizations that have received the US‐DOE for energy + water sponsorships and financial donations through IRET’s Corporate Giving Initiative: . Habitat for Humanity . Homes for our Troops Utilize low VOC flooring, . YMCA paints, adhesives and . United Way Local Chapter sealants Air Quality . Feed My Starving Children Non‐smoking communities . Ronald McDonald House Charities . Cristo Rey High School www.iretapartments.com 19

INVESTMENT HIGHLIGHTS Differentiated Market Exposure Internal Growth Opportunities Value‐Add Opportunities Flexible Balance Sheet Best in Class Governance www.iretapartments.com 20

Appendix www.iretapartments.com 21

RECONCILIATION TO NON‐GAAP MEASURES Reconciliation of Net Income (Loss) Available to Common Shareholders to Funds From Operations and Core Funds From Operations We use the definition of FFO adopted by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”). Nareit defines FFO as net income or loss calculated in accordance with GAAP, excluding: depreciation and amortization related to real estate; gains and losses from the sale of certain real estate assets; and impairment write‐downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Due to the limitations of the Nareit FFO definition, we have made certain interpretations in applying this definition. We believe that all such interpretations not specifically identified in the Nareit definition are consistent with this definition. Nareit's FFO White Paper 2018 Restatement clarified that impairment write‐downs of land related to a REIT's main business are excluded from FFO and a REIT has the option to exclude impairment write‐downs of assets that are incidental to its main business. We believe that FFO, which is a standard supplemental measure for equity real estate investment trusts, is helpful to investors in understanding our operating performance, primarily because its calculation excludes depreciation and amortization expense on real estate assets, thereby providing an additional perspective on our operating results. We believe that GAAP historical cost depreciation of real estate assets is not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. The exclusion in Nareit’s definition of FFO of impairment write‐downs and gains and losses from the sale of real estate assets helps to identify the operating results of the long‐term assets that form the base of our investments, and assists management and investors in comparing those operating results between periods. While FFO is widely used by us as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO in the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of sufficient cash flow to fund all of our needs or our ability to service indebtedness or make distributions. Core Funds from Operations ("Core FFO") is FFO as adjusted for non‐routine items or items not considered core to our business operations. By further adjusting for items that are not considered part of our core business operations, we believe that Core FFO provides investors with additional information to compare our core operating and financial performance between periods. Core FFO should not be considered as an alternative to net income as an indication of financial performance, or as an alternative to cash flows from operations as a measure of liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions to shareholders. Core FFO is a non‐GAAP and non‐standardized measure that may be calculated differently by other REITs and should not be considered a substitute for operating results determined in accordance with GAAP. www.iretapartments.com 22

RECONCILIATION TO NON‐GAAP MEASURES www.iretapartments.com 23

RECONCILIATION TO NON‐GAAP MEASURES Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted EBITDA Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain/loss on sale of real estate and other investments, impairment of real estate investments, gain/loss on extinguishment of debt, gain on litigation settlement, and gain/ loss from involuntary conversion. We consider Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, the cost of debt, or nonoperating gains and losses. Adjusted EBITDA is a non-GAAP measure and should not be considered a substitute for operating results determined in accordance with GAAP. www.iretapartments.com 24