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

Investors Real Estate Trust ("IRET") (Nasdaq:IRET) (Nasdaq:IRETP) announced today that its operating partnership, IRET Properties, has completed the acquisition of Villa West Apartments in Topeka, Kansas for a purchase price of $17,650,000. The property is comprised of 44 apartment buildings, with 308 apartment units. In accordance with the Company's strategic plan to own 10,000 units in the company's top 10 core markets; this acquisition brings the total apartment units owned by IRET Properties in the Topeka, Kansas area to 1,042. 

IRET Properties previously completed its acquisition of Ashland Apartments in Grand Forks, ND on March 16, 2012, for a total purchase price of $8,310,000. This property is comprised of a 38-unit building and a 46-unit building. Apartment units owned by IRET Properties in Grand Forks now total 1,134.

IRET also announced that construction of its 159-unit Quarry Ridge II multi-family residential development in Rochester, Minnesota is in the final stages. The first 79 units of this addition adjacent to IRET's existing Quarry Ridge I property are 77% pre-leased to date, and are expected to open May 15, 2012. The remaining 80 units are expected to be completed July 1, 2012 and are 25% pre-leased to date. The Quarry Ridge II development brings IRET's total apartment units in Rochester, Minnesota to 1,108. Andy Martin, IRET's Senior Vice President of Residential Property Management, commented: "Construction on the Quarry Ridge II project has been ahead of schedule, and the lease-up of the development is exceeding our expectations. Additionally, we are pleased that IRET has not experienced any reduction of occupancy in the existing Phase I at Quarry Ridge".

Mr. Martin also noted that IRET's Williston Garden Apartments, a joint venture development of which IRET owns 60%, is 100% pre-leased. When completed, this development will provide 90 furnished units and 55 unfurnished units. Currently, two of the four buildings are open and the remaining two are scheduled to open this summer. This property is located in the heart of the Bakken Shale Oil Formation in Williston, North Dakota.

About Investors Real Estate Trust

IRET is an equity real estate investment trust founded in 1970 with a diversified portfolio of multi-family residential, office, medical, industrial and retail properties located in 13 states, primarily in the upper Midwest. IRET's headquarters are located in Minot, North Dakota, and it has additional offices in Minneapolis, Minnesota and Omaha, Nebraska. IRET's common shares of beneficial interest trade on the NASDAQ Global Select Market under the symbol IRET. For more information, visit IRET's website at www.iret.com.

Safe Harbor acquisition

Statements about IRET's future expectations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. The Company undertakes no duty to update such forward-looking statements.

CONTACT: Lindsey 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