Exhibit 23.1 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

We consent to the incorporation by reference in Registration Statement Nos. 333-131894, 333-128745, 333-122289, 333-119547, 333-117121, 333-115082, 333-112465, 333-114162, 333-112272, 333-110003, 333-109387, 333-107729, 333-106748, 333-104267, 333-102610, 333-101782, 333-100272, 333-98575, 333-91788, 333-85930, 333-85352, 333-76034, 333-76266, 333-57676, 333-89761 and 333-67317 of Investors Real Estate Trust on Form S-3 of our report dated July 6, 2006 (September 29, 2006 as to  the effects of discontinued operations as disclosed in Note 13), appearing in the Form 8-K dated on or about September 29, 2006 of Investors Real Estate Trust for the fiscal year ended April 30, 2006 and of our report on financial statement schedules, and management’s assessment of the effectiveness of internal control over financial reporting, appearing in the Annual Report on Form 10-K of Investors Real Estate Trust for the fiscal year ended April 30, 2006. 

/s/ DELOITTE & TOUCHE LLP 

Minneapolis, Minnesota

September 29, 2006

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