IRETP Investors Real Estate Trust - Series A Cumulative Redeemable Preferred Shares of Beneficial Interest (MM)

Investors Real Estate Trust (Nasdaq:IRET) (Nasdaq:IRETP) today announced the final tax treatment (Form 1099) for calendar year 2011 distributions on its common and preferred shares of beneficial interest. Shareholders are encouraged to consult with their personal tax advisors as to the specific tax treatment of their Investors Real Estate Trust distributions. None of the following 2011 calendar year distributions is eligible for treatment as "qualified dividend income."

			Cash	Ordinary
	Record	Payable	Distribution	Taxable	Return of	Total
Security Description	Date	Date	Per Share	Distribution	Capital	Capital Gain
	01/03/11	01/14/11	$0.1715	$0.0309	$0.0763	$0.0643
Common Shares	03/21/11	04/01/11	$0.1715	$0.0309	$0.0763	$0.0643
CUSIP: 461730103	06/15/11	07/01/11	$0.1715	$0.0309	$0.0763	$0.0643
Symbol: IRET	09/12/11	10/03/11	$0.1300	$0.0235	$0.0578	$0.0487
		TOTALS	$0.6445	$0.1162	$0.2867	$0.2416
			Cash	Ordinary
	Record	Payable	Distribution	Taxable	Return of	Total
Security Description	Date	Date	Per Share	Distribution	Capital	Capital Gain
Series A	03/21/11	03/31/11	$0.515625	$0.333221	$0.0000	$0.182404
Preferred Shares	06/15/11	06/30/11	$0.515625	$0.333221	$0.0000	$0.182404
CUSIP: 461730202	09/15/11	09/30/11	$0.515625	$0.333221	$0.0000	$0.182404
Symbol: IRETP	12/20/11	01/03/12	$0.515625	$0.333221	$0.0000	$0.182404
		TOTALS	$2.062500	$1.332884	$0.0000	$0.729616

Investors Real Estate Trust is a real estate investment trust headquartered in Minot, North Dakota, with additional offices in Minneapolis, Minnesota, and Omaha, Nebraska. As of October 31, 2011, IRET owned 265 properties consisting of multi-family, office, medical, industrial and retail properties, with a total of approximately 12.3 million square feet of commercial properties, and 8,885 units of multi-family residential properties, located primarily in the Midwest. For more company information, visit the Investors Real Estate Trust website at www.iret.com.

CONTACT: Lindsey Knoop Anderson
         Director of Investor Relations
         1400 31st Ave SW, Suite 60
         PO Box 1988
         Minot, North Dakota 58702-1988
         phone: 701.837.4738
         fax: 701.838.7785
         email:landerson@iret.com