Investors Real Estate Trust Announces 2007 Distribution Allocation

MINOT, ND today announced the final tax treatment (Form 1099) for calendar year 2007 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 2007 calendar year distributions is eligible for treatment as "qualified dividend income."

                                  Cash       Ordinary              Total
 Security    Record   Payable Distribution    Taxable   Return of Capital
Description   Date     Date     Per Share  Distribution  Capital  Gain(1)
----------- -------- -------- ------------ ------------ --------- -------
Common
 Shares     01/02/07 01/12/07    $0.1655      $0.0855    $0.0775  $0.0025
CUSIP:
 461730103  03/15/07 04/02/07    $0.1660      $0.0858    $0.0777  $0.0025
Symbol:
 IRETS      06/15/07 07/02/07    $0.1665      $0.0861    $0.0780  $0.0025
            09/14/07 10/01/07    $0.1670      $0.0863    $0.0782  $0.0025
                              ------------ ------------ --------- -------
                       TOTALS    $0.6650      $0.3437    $0.3114  $0.0099
                              ============ ============ ========= =======


                                  Cash       Ordinary              Total
 Security    Record   Payable Distribution    Taxable   Return of Capital
Description   Date     Date     Per Share  Distribution  Capital  Gain(1)
----------- -------- -------- ------------ ------------ --------- -------
Series A    03/15/07 04/02/07   $0.515625     $0.5080    $0.0000  $0.0076
Preferred
 Shares     06/15/07 07/02/07   $0.515625     $0.5080    $0.0000  $0.0076
CUSIP:
 461730202  09/14/07 10/01/07   $0.515625     $0.5080    $0.0000  $0.0076
Symbol:
 IRETP      12/14/07 12/31/07   $0.515625     $0.5080    $0.0000  $0.0076
                              ------------ ------------ --------- -------
                    TOTALS      $2.062500     $2.0320    $0.0000  $0.0305
                              ============ ============ ========= =======

(1) Of the Total Capital Gain distribution amount, 100% is Unrecaptured
    Section 1250 Gain.  Amounts given do not total due to rounding.

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, 2007, IRET owned 152 commercial properties consisting of office, medical, industrial and retail properties, with a total of approximately 10.6 million square feet, and 69 multi-family apartment communities with a total of 9,397 units, with properties located primarily in the Midwest. For more company information, visit the Investors Real Estate Trust website at www.iret.com.

CONTACT INFO Michelle R. Saari PO Box 1988 12 Main Street S Minot, North Dakota 58701 phone: [phone] fax: [phone] email: [e-mail]