IRET Announces Recent Acquisition Activity

Investors Real Estate Trust ("IRET") (Nasdaq:IRET) (Nasdaq:IRETP) announced today that its operating partnership, IRET Properties, has completed the acquisition of the 6525 Drew Avenue South medical office building in Edina, Minnesota, along with the Cottage West Twin Homes and the Gables Townhomes, both located in Sioux Falls, South Dakota. 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 medical office building located at 6525 Drew Avenue South was acquired for a purchase price of $505,000, and has approximately 3,431 square feet. The 6525 building adjoins the 6517 Drew Avenue property already owned by IRET, and will also be managed internally by IRET Properties.

The Cottage West Twin Homes were acquired for a purchase price of $4,730,000 and consists of 50 units (25 twin homes) sitting on approximately 8.81 acres. Gables, which has 24 units (8 3-Plex Townhomes) sits on approximately 2.8 acres, and was acquired for a purchase price of $2,270,000. Both the Cottage West Twin Homes and the Gables Townhomes will be internally managed by IRET Properties.

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

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: [phone]
         fax: [phone]
         email:[e-mail]