Investors Real Estate Trust Announces Recent Lease Transactions and Recent Acquisition Activity

Investors Real Estate Trust ("IRET") (Nasdaq:IRET) (Nasdaq:IRETP) announced today that its operating partnership, IRET Properties, has signed leases totaling 137,218 square feet at three of its commercial properties.

Jacobson Warehouse Company, a third party logistics company offering end-to-end supply chain management solutions around the globe, has signed a 73,681 square foot lease at the Dixon Industrial Park, located in Des Moines, Iowa. With this latest lease, Dixon Industrial Park, with a total square footage of 604,886, is now 96.9% occupied.

PrairieCare, LLC, which has been delivering high quality psychiatric and behavioral health services in the Twin Cities since 2005, has signed a 23,500 square foot lease at the 6363 Physicians Building, located in Edina, Minnesota. The 70,934 square foot Physicians Building is 100% occupied following the PrairieCare lease.

Black Box Network Services, a world leader in communications and infrastructure products and solutions, has signed a 40,037 square foot lease at the Interlachen Corporate Center located in Edina, Minnesota. Following the lease with Black Box Network Services, the 105,128 square foot property is now 71.4% occupied.

Separately, IRET also announces the acquisition of Phase II of the Evergreen Apartments property in Isanti, Minnesota. This residential property is located on approximately 1.71 acres, and adds 36 units to the multi-family portfolio. The property adjoins the existing Evergreen Apartments property, and will be internally managed by IRET. The acquisition also included an adjoining parcel of vacant land, comprised of approximately 4.95 acres. The total purchase price was $3.475 million. 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]