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

Investors Real Estate Trust ("IRET") (Nasdaq:IRET) (Nasdaq:IRETP) announces today that its operating partnership, IRET Properties, has completed the acquisition of the Colony Apartments property and the Lakeside Village Apartments property, both of which are located in Lincoln, Nebraska. In accordance with the company's strategic plan to condense its geographic footprint, IRET is continuing to focus on the markets in which it currently operates.

The Colony Apartments property was acquired for a total purchase price of $17.5 million, of which approximately $3.3 million was an UPREIT contribution by the seller. The property is comprised of four apartment buildings, with 232 apartment units, and sits on approximately 14.72 acres.

The Lakeside Village Apartments were acquired for a total purchase price of $17.25 million, of which approximately $3.5 million was an UPREIT contribution by the seller. The property is comprised of eight apartment buildings, with 208 apartment units sitting on approximately 11.53 acres.

Separately, IRET announces the acquisition, with a joint venture partner, of 40 acres of land inside the city limits of Williston, North Dakota, for a purchase price of approximately $4.6 million. The land has been approved for multifamily development with the potential to accommodate up to 850 units. IRET owns 70% of the joint venture entity.

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.

The Investors Real Estate Trust logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=5183

Safe Harbor

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.

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