Exhibit 99.2

Third Quarter Fiscal 2009

Supplemental Operating and Financial Data

for the Quarter Ended January 31, 2009

CONTACT: Michelle Saari VP - Investors Relations Direct Dial: 701-837-4738 E-Mail: msaari@iret.com 12 Main Street South Minot, ND 58701 Tel: 701-837-4738 Fax: 701.838.7785 www.iret.com

Supplemental Financial and Operating Data

Table of Contents

January 31, 2009

	Page
Company Background and Highlights	2
Investment Cost by Segment	4
Key Financial Data
Condensed Consolidated Balance Sheets	5
Condensed Consolidated Statements of Operations	6
Funds From Operations	7
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	8
Capital Analysis
Long-Term Mortgage Debt Analysis	9
Long-Term Mortgage Debt Detail	10-11
Capital Analysis	12
Portfolio Analysis
Stabilized Properties Net Operating Income Summary	13
Net Operating Income Detail	14-17
Stabilized Properties and Overall Economic Occupancy Levels by Segment	18
Tenant Analysis
Commercial Leasing Summary	19-20
Multi-Family Residential Summary	21
10 Largest Commercial Tenants - Based on Annualized Base Rent	22
Lease Expirations as of January 31, 2009	23
Growth and Strategy
Fiscal 2009 Acquisition Summary	24
Definitions	25

1

Company Background and Highlights

Third Quarter Fiscal 2009

Investors Real Estate Trust is a self-administered, equity real estate investment trust (REIT) investing in a portfolio of income-producing properties located primarily in the upper Midwest.  IRET’s portfolio is diversified among multi-family residential, commercial office, medical (including senior housing), industrial and retail segments.

During the three months ended January 31, 2009, IRET acquired an approximately 69,984 square foot office/warehouse property located in Minnetonka, Minnesota, for a purchase price of $4.0 million, consisting of $3.0 million in cash and the balance payable under a promissory note with a ten-year term, at 6% interest.  An affiliate of the seller is leasing the property on a triple-net basis for ten years.  If the tenant defaults in the initial term of the lease, the then-current balance of the promissory note is forfeited to the Company.  The Company had no dispositions in the third quarter of fiscal year 2009.

During the third quarter, the Company’s Board of Trustees finalized and disclosed the Company’s long-standing management succession plan, announcing that IRET’s co-founder, and current President and CEO, Thomas A. Wentz, Sr., will be retiring as President and CEO at the Company’s 2009 Annual Meeting of Shareholders, scheduled for September 15, 2009.  He will be succeeded in those positions by Timothy P. Mihalick, currently the Company’s Senior Vice President and Chief Operating Officer, and a trustee.  Mr. Mihalick will be succeeded as COO by Thomas A. Wentz, Jr. The remainder of the Company’s senior management team will continue in their current positions.  Mr. Wentz, Sr. will remain with the Company on a part-time basis as a Senior Vice President and Chief Investment Officer, overseeing the acquisition of additions to IRET’s real estate portfolio.

IRET’s third quarter fiscal year 2009 results reflect the challenges the real estate industry faced during the three months ended January 31, 2009.  During this quarter, factors adversely affecting demand for and rents received in our commercial office segment in particular became more intense and pervasive across the United States.  Worsening conditions in the economy and credit markets continued to restrain demand for commercial office, medical, industrial and retail space throughout our portfolio.  We expect current credit market conditions and the continued deterioration in the economy to increase credit stresses on our tenants, and we continue to expect this tenant stress to lead to moderate increases for us in past due accounts and vacancies.

In the third quarter of fiscal year 2009, IRET paid its 151st consecutive quarterly distribution per common share/unit at equal or increasing rates.  The $0.1695 per share/unit distribution was paid January 14, 2009.

As of January 31, 2009, IRET owns a diversified portfolio of 244 properties consisting of 78 multi-family residential properties, 66 office properties, 49 medical properties (including senior housing), 18 industrial properties and 33 retail properties.  IRET’s distributions have increased every year for 38 consecutive years.  IRET’s shares are publicly traded on the NASDAQ Global Select Market (NASDAQ:  IRET).

Company Snapshot

(as of January 31, 2009)

Company Headquarters	Minot, North Dakota
Fiscal Year-End	April 30
Reportable Segments	Multi-Family Residential, Office, Medical, Industrial, Retail
Total Properties	244
Total Square Feet
(commercial properties)	11.7 million
Total Units
(multi-family residential properties)	9,645
Common Shares Outstanding	59,127,397
Limited Partnership Units Outstanding	21,184,054
Common Share Distribution - Quarter/Annualized	$0.1695/$0.6780
Dividend Yield	6.8%
Total Capitalization (see p. 12 for detail)	$1.9 billion

2

Investor Information

Board of Trustees

Jeffrey L. Miller	Trustee and Chairman
Stephen L. Stenehjem	Trustee and Vice Chairman, Chair of Compensation Committee
John D. Stewart	Trustee, Chair of Audit Committee
Patrick G. Jones	Trustee, Chair of Nominating Committee
C.W. “Chip” Morgan	Trustee
John T. Reed	Trustee
W. David Scott	Trustee
Thomas A. Wentz, Jr.	Trustee, Senior Vice President - Asset Management and Finance
Timothy P. Mihalick	Trustee, Senior Vice President and Chief Operating Officer

Management

Thomas A. Wentz, Sr.	President and Chief Executive Officer
Diane K. Bryantt	Senior Vice President and Chief Financial Officer
Timothy P. Mihalick	Senior Vice President and Chief Operating Officer; Trustee
Thomas A. Wentz, Jr	Senior Vice President, Asset Management and Finance; Trustee
Kelly A. Walters	Senior Vice President, Capital Markets and New Business Development
Charles A. Greenberg	Senior Vice President, Commercial Asset Management
Michael A. Bosh	Senior Vice President, General Counsel and Secretary

Corporate Headquarters:

12 Main Street South

Minot, North Dakota 58701

Trading Symbol:  IRET

Stock Exchange Listing:  NASDAQ

Investor Relations:

Michelle Saari

msaari@iret.com

Common Share Data (NASDAQ: IRET)

	3rd Quarter Fiscal Year 2009			2nd Quarter Fiscal Year 2009			1st Quarter Fiscal Year 2009			4th Quarter Fiscal Year 2008			3rd Quarter Fiscal Year 2008
High Closing Price	$	10.71		$	11.19		$	10.68		$	10.47		$	10.55
Low Closing Price	$	7.43		$	7.66		$	9.54		$	8.95		$	8.84
Average Closing Price	$	9.71		$	10.01		$	10.10		$	9.82		$	9.67
Closing Price at end of quarter	$	9.95		$	9.88		$	10.50		$	10.20		$	9.80
Common Share Distributions—annualized	$	0.678		$	0.676		$	0.674		$	0.672		$	0.67
Closing Dividend Yield - annualized		6.8	%		6.8	%		6.4	%		6.6	%		6.8	%
Closing common shares outstanding (thousands)		59,127			58,713			58,202			57,732			56,977
Closing limited partnership units outstanding (thousands)		21,184			21,287			21,293			21,238			20,395
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)	$	799,094		$	790,400		$	834,698		$	805,494		$	758,246

Certain statements in these supplemental disclosures are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results.  Such risks, uncertainties and other factors include, but are not limited to:  fluctuations in interest rates, the effect of government regulation, the availability of capital, changes in general and local economic and real estate market conditions, competition, our ability to attract and retain skilled personnel, and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our 2008 Form 10-K.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

3

Third Quarter Fiscal 2009 Acquisition and Development Project

Minnetonka 13600 County Road 62, Minnetonka,MN
IRET Corporate Plaza, Minot, ND
(inside apartment photos)

Investment Cost by Segment – Third Quarter Fiscal 2009

With investments in the multi-family residential and commercial office, medical, industrial and retail segments, IRET’s diversified portfolio helps to provide stability during market fluctuations in returns from specific property types.

4

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited)

(in thousands)

	01/31/2009			10/31/2008			07/31/2008			04/30/2008			01/31/2008
ASSETS
Real estate investments
Property owned	$	1,719,690		$	1,690,763		$	1,655,778		$	1,648,259		$	1,558,560
Less accumulated depreciation		(251,493	)		(240,452	)		(229,691	)		(219,379	)		(209,400	)
		1,468,197			1,450,311			1,426,087			1,428,880			1,349,160
Development in progress		0			17,603			35,231			22,856			14,734
Unimproved land		5,695			5,036			4,567			3,901			3,901
Mortgage loans receivable, net of allowance		161			528			534			541			548
Total real estate investments		1,474,053			1,473,478			1,466,419			1,456,178			1,368,343
Other assets
Cash and cash equivalents		31,022			40,855			42,351			53,481			76,392
Marketable securities – available-for-sale		420			420			420			420			2,160
Receivable arising from straight-lining of rents, net of allowance		15,558			14,962			14,383			14,113			13,753
Accounts receivable, net of allowance		3,678			3,676			4,395			4,163			3,842
Real estate deposits		242			86			1,048			1,379			1,103
Prepaid and other assets		1,514			1,813			2,324			349			821
Intangible assets, net of accumulated amortization		55,663			56,576			58,936			61,649			29,025
Tax, insurance, and other escrow		8,271			6,182			7,888			8,642			8,060
Property and equipment, net		1,436			1,432			1,450			1,467			1,487
Goodwill		1,392			1,392			1,392			1,392			1,396
Deferred charges and leasing costs, net		16,039			16,037			15,155			14,793			13,528
TOTAL ASSETS	$	1,609,288		$	1,616,909		$	1,616,161		$	1,618,026		$	1,519,910
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Accounts payable and accrued expenses	$	32,275		$	26,645		$	32,917		$	33,757		$	29,573
Revolving lines of credit		8,500			15,000			0			0			0
Mortgages payable		1,068,127			1,066,113			1,068,267			1,063,858			975,785
Other		1,636			703			830			978			1,019
TOTAL LIABILITIES		1,110,538			1,108,461			1,102,014			1,098,593			1,006,377
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST IN PARTNERSHIPS		13,000			13,098			13,186			12,609			12,768
MINORITY INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP		153,566			157,622			159,984			161,818			155,301
SHAREHOLDERS’ EQUITY
Preferred Shares of Beneficial Interest		27,317			27,317			27,317			27,317			27,317
Common Shares of Beneficial Interest		452,440			448,803			444,134			440,187			433,645
Accumulated distributions in excess of net income		(147,573	)		(138,392	)		(130,474	)		(122,498	)		(115,546	)
Accumulated other comprehensive income (loss)		0			0			0			0			48
Total shareholders’ equity		332,184			337,728			340,977			345,006			345,464
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,609,288		$	1,616,909		$	1,616,161		$	1,618,026		$	1,519,910

5

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

	Nine Months Ended						Three Months Ended
OPERATING RESULTS	01/31/2009			01/31/2008			01/31/2009			10/31/2008			07/31/2008			04/30/2008			01/31/2008
Real estate revenue	$	179,353		$	162,208		$	60,934		$	59,573		$	58,846		$	58,962		$	54,424
Real estate expenses		73,656			63,494			25,899			23,953			23,804			23,911			21,567
Net operating income		105,697			98,714			35,035			35,620			35,042			35,051			32,857
Interest		(51,307	)		(46,969	)		(17,341	)		(17,078	)		(16,888	)		(16,470	)		(15,840	)
Depreciation/amortization		(42,276	)		(37,544	)		(14,550	)		(13,959	)		(13,767	)		(13,974	)		(12,508	)
Administrative, advisory and trustee fees		(3,906	)		(3,811	)		(1,336	)		(1,239	)		(1,331	)		(1,392	)		(1,348	)
Operating expenses		(1,157	)		(1,053	)		(313	)		(482	)		(362	)		(291	)		(343	)
Non-operating income		688			2,089			152			288			248			671			1,023
Income before minority interest and discontinued operations and (loss) gain on sale of other investments	$	7,739		$	11,426		$	1,647		$	3,150		$	2,942		$	3,595		$	3,841
Gain on sale of other investments		54			4			0			54			0			38			2
Minority interest portion of operating partnership income		(1,631	)		(2,691	)		(284	)		(700	)		(647	)		(833	)		(855	)
Minority interest portion of other partnerships’ (income) loss		97			25			15			19			63			111			(11	)
Income from continuing operations		6,259			8,764			1,378			2,523			2,358			2,911			2,977
Discontinued operations, net of minority interest		0			36			0			0			0			377			6
NET INCOME		6,259			8,800			1,378			2,523			2,358			3,288			2,983
Dividends to preferred shareholders		(1,779	)		(1,779	)		(593	)		(593	)		(593	)		(593	)		(593	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	4,480		$	7,021		$	785		$	1,930		$	1,765		$	2,695		$	2,390
Per Share Data
Earnings per common share from continuing operations	$	.08		$	.14		$	.02		$	.03		$	.03		$	.04		$	.04
Earnings per common share from discontinued operations		.00			.00			.00			.00			.00			.01			.00
Net income per common share – basic & diluted	$	.08		$	.14		$	.02		$	.03		$	.03		$	.05		$	.04
Percentage of Revenues
Real estate expenses		41.1	%		39.1	%		42.5	%		40.2	%		40.5	%		40.6	%		39.6	%
General and administrative		2.2	%		2.3	%		2.2	%		2.1	%		2.3	%		2.4	%		2.5	%
Income from continuing operations		3.5	%		5.4	%		2.3	%		4.2	%		4.0	%		4.9	%		5.5	%
Net income		3.5	%		5.4	%		2.3	%		4.2	%		4.0	%		5.6	%		5.5	%
Ratios
EBITDA/Interest expense		1.96	x		2.00	x		1.93	x		1.99	x		1.98	x		2.04	x		1.97	x
EBITDA/Interest expense plus preferred distributions		1.90	x		1.93	x		1.86	x		1.92	x		1.91	x		1.97	x		1.90	x

6

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

FUNDS FROM OPERATIONS(unaudited)

(in thousands, except per share and unit data)

	Nine Months Ended						Three Months Ended
	01/31/2009			01/31/2008			01/31/2009			10/31/2008			07/31/2008			04/30/2008			01/31/2008
Funds From Operations(1)
Net income	$	6,259		$	8,800		$	1,378		$	2,523		$	2,358		$	3,288		$	2,983
Less dividends to preferred shareholders		(1,779	)		(1,779	)		(593	)		(593	)		(593	)		(593	)		(593	)
Net income available to common shareholders		4,480			7,021			785			1,930			1,765			2,695			2,390
Adjustments:
Minority interest in earnings of Unitholders		1,631			2,704			284			700			647			973			858
Depreciation and amortization		41,935			37,393			14,454			13,840			13,641			13,910			12,456
(Gains)/loss on depreciable property sales		(54	)		(4	)		0			(54	)		0			(510	)		(2	)
Funds from operations applicable to common shares and Units	$	47,992		$	47,114		$	15,523		$	16,416		$	16,053		$	17,068		$	15,702
FFO per share and unit - basic and diluted	$	0.60		$	0.66		$	0.19		$	0.21		$	0.20		$	0.22		$	0.21
Weighted average shares and units		79,642			71,620			80,038			79,668			79,214			78,195			75,755

(1) See Definitions on page 25.

7

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA) (unaudited)

(in thousands)

	Nine Months Ended						Three Months Ended
	01/31/2009			01/31/2008			01/31/2009			10/31/2008			07/31/2008			04/30/2008			01/31/2008
EBITDA(1)
Net income	$	6,259		$	8,800		$	1,378		$	2,523		$	2,358		$	3,288		$	2,983
Adjustments:
Minority interest portion of operating partnership income		1,631			2,704			284			700			647			973			858
Income before minority interest		7,890			11,504			1,662			3,223			3,005			4,261			3,841
Add:
Interest		51,307			46,969			17,341			17,078			16,888			16,470			15,840
Depreciation/amortization related to real estate investments		40,821			36,547			14,023			13,480			13,318			13,542			12,165
Amortization related to non-real estate investments		1,455			1,039			527			479			449			437			356
Amortization related to real estate revenues(2)		(136	)		(218	)		(27	)		(52	)		(57	)		(65	)		(79	)
Less:
Interest income		(556	)		(1,646	)		(123	)		(210	)		(223	)		(449	)		(953	)
Gain on sale of real estate, land and other investments		(54	)		(4	)		0			(54	)		0			(552	)		(2	)
EBITDA	$	100,727		$	94,191		$	33,403		$	33,944		$	33,380		$	33,644		$	31,168

(1)   See Definitions on page 25.

(2)   Included in real estate revenue in the Statement of Operations.

8

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT ANALYSIS

(in thousands)

Debt Maturity Schedule

Annual Expirations

Total Mortgage Debt

7.20%    7.64%    7.02%    5.97%    6.22%    5.60%    5.76%   6.22%    5.80%    6.47%    5.75%

	Future Maturities of Debt
Fiscal Year	Fixed Debt		Variable Debt		Total Debt		Weighted Average(1)			% of Total Debt
2010	$	125,306	$	3,626	$	128,932		7.20	%		12.1	%
2011		81,765		0		81,765		7.64	%		7.6	%
2012		92,146		0		92,146		7.02	%		8.6	%
2013		25,944		4,921		30,865		5.97	%		2.9	%
2014		48,123		1,064		49,187		6.22	%		4.6	%
2015		71,653		0		71,653		5.60	%		6.7	%
2016		65,871		353		66,224		5.76	%		6.2	%
2017		161,876		0		161,876		6.22	%		15.2	%
2018		94,021		0		94,021		5.80	%		8.8	%
2019		91,183		712		91,895		6.47	%		8.6	%
Thereafter		195,639		3,924		199,563		5.75	%		18.7	%
Total maturities	$	1,053,527	$	14,600	$	1,068,127		6.34	%		100.0	%

(1)   Weighted average interest rate of debt that matures in fiscal year.

	01/31/2009			10/31/2008			07/31/2008			04/30/2008			01/31/2008
Balances Outstanding
Mortgage
Fixed rate	$	1,053,527		$	1,054,938		$	1,057,009		$	1,052,162		$	951,112
Variable rate		14,600			11,175			11,258			11,696			24,673
Mortgage total		1,068,127			1,066,113			1,068,267			1,063,858			975,785
Weighted Average Interest Rates
Secured		6.34	%		6.36	%		6.36	%		6.37	%		6.44	%

9

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT DETAIL

Property	Maturity Date	Fiscal 2010		Fiscal 2011		Fiscal 2012		Fiscal 2013		Thereafter		Total(1)
Multi-Family Residential
Forest Park Estates - Grand Forks, ND	8/1/2009	$	6,229	$	0	$	0	$	0	$	0	$	6,229
Rimrock Apts - Billings, MT	8/1/2009		2,192		0		0		0		0		2,192
Rocky Meadows Apts - Billings, MT	8/1/2009		3,115		0		0		0		0		3,115
Park Meadows I - Waite Park, MN	9/1/2009		2,643		0		0		0		0		2,643
Park Meadows II & III - Waite Park, MN	9/1/2009		7,015		0		0		0		0		7,015
Terrace on the Green - Moorhead, MN	9/01/2009		1,423		0		0		0		0		1,423
Thomasbrook - Lincoln, NE	10/1/2009		5,119		0		0		0		0		5,119
Crown Colony - Topeka, KS	11/1/2009		6,497		0		0		0		0		6,497
Sherwood Apts - Topeka, KS	11/1/2009		9,746		0		0		0		0		9,746
Westwood Park - Bismarck, ND	12/1/2009		1,014		0		0		0		0		1,014
Dakota Hill at Valley Ranch - Irving, TX	2/1/2010		22,836		0		0		0		0		22,836
Southbrook & Mariposa - Topeka, KS	2/1/2010		3,186		0		0		0		0		3,186
Kirkwood Apts - Bismarck, ND	5/1/2010		0		1,940		0		0		0		1,940
Meadows I - Jamestown, ND	8/1/2010		0		908		0		0		0		908
Meadows II - Jamestown, ND	8/1/2010		0		908		0		0		0		908
Olympic Village - Billings, MT	11/1/2010		0		7,688		0		0		0		7,688
Southview Apartments - Minot, ND	11/1/2010		0		744		0		0		0		744
Valley Park Manor - Grand Forks, ND	11/1/2010		0		2,731		0		0		0		2,731
Valley Park Manor - Grand Forks, ND	11/1/2010		0		831		0		0		0		831
Ridge Oaks Apts - Sioux City, IA	2/1/2011		0		2,631		0		0		0		2,631
Sunset Trail I - Rochester, MN	3/1/2011		0		3,958		0		0		0		3,958
Sunset Trail II - Rochester, MN	3/1/2011		0		3,846		0		0		0		3,846
Oakwood Estates - Sioux Falls, SD	6/1/2011		0		0		3,498		0		0		3,498
Oxbow - Sioux Falls, SD	6/1/2011		0		0		3,811		0		0		3,811
Chateau Apts - Minot, ND	7/1/2011		0		0		1,810		0		0		1,810
Oakmont Apts - Sioux Falls, SD	9/1/2011		0		0		3,754		0		0		3,754
Canyon Lake Apts - Rapid City, SD	10/1/2011		0		0		2,714		0		0		2,714
Meadows III - Jamestown, ND	11/1/2011		0		0		1,006		0		0		1,006
East Park Apts - Sioux Falls, SD	12/1/2012		0		0		0		1,599		0		1,599
Sycamore Village Apts - Sioux Falls, SD	12/1/2012		0		0		0		899		0		899
Brookfield Village - Topeka, KS	1/1/2013		0		0		0		4,921		0		4,921
Monticello Village Apts - Monticello, MN	3/1/2013		0		0		0		3,159		0		3,159
Summary of Debt due after 2013			0		0		0		0		188,325		188,325
Sub-Total Multi-Family Residential		$	71,015	$	26,185	$	16,593	$	10,578	$	188,325	$	312,696
Commercial Office
Three Paramount Plaza - Bloomington, MN	8/1/2009	$	4,026	$	0	$	0	$	0	$	0	$	4,026
Mendota - American Corporate Center - Mendota Heights, MN(2)	11/1/2009		9,680		0		0		0		0		9,680	(3)
Mendota Center I - Mendota Heights, MN(2)	11/1/2009		3,838		0		0		0		0		3,838	(3)
Mendota Center II - Mendota Heights, MN(2)	11/1/2009		6,146		0		0		0		0		6,146	(3)
Mendota Center III - Mendota Heights, MN(2)	11/1/2009		3,577		0		0		0		0		3,577	(3)
Mendota Center IV - Mendota Heights, MN(2)	11/1/2009		4,645		0		0		0		0		4,645	(3)
Westgate I - Boise, ID	1/1/2010		1,927		0		0		0		0		1,927
Westgate II - Boise, ID	1/1/2010		4,718		0		0		0		0		4,718
Northgate II - Maple Grove, MN	2/1/2010		1,322		0		0		0		0		1,322
Southeast Tech Center - Eagan, MN	2/1/2010		3,576		0		0		0		0		3,576
Brenwood - Minnetonka, MN	10/1/2010		0		7,695		0		0		0		7,695
Nicollet VII - Burnsville, MN	12/1/2010		0		4,119		0		0		0		4,119
Dewey Hill Business Center - Edina, MN	1/1/2011		0		2,681		0		0		0		2,681
Plymouth IV - Plymouth, MN	1/1/2011		0		3,287		0		0		0		3,287
Plymouth V - Plymouth, MN	1/1/2011		0		4,730		0		0		0		4,730

10

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT DETAIL (continued)

Property	Maturity Date	Fiscal 2010		Fiscal 2011		Fiscal 2012		Fiscal 2013		Thereafter		Total(1)
Commercial Office - Continued
Whitewater Plaza - Minnetonka, MN	3/1/2011	$	0	$	2,679	$	0	$	0	$	0	$	2,679
Whitewater Plaza 2nd Mortgage - Minnetonka, MN	3/1/2011		0		1,389		0		0		0		1,389
2030 Cliff Road - Eagan, MN	4/1/2011		0		501		0		0		0		501
Cold Spring Center - St Cloud, MN	4/1/2011		0		4,255		0		0		0		4,255
Pillsbury Business Center - Edina, MN	4/1/2011		0		972		0		0		0		972
Golden Hills Office Center - Golden Valley, MN	7/1/2011		0		0		14,582		0		0		14,582
Wells Fargo Center - St Cloud, MN	7/1/2011		0		0		6,963		0		0		6,963
Interlachen Corp Center - Eagan, MN	10/11/2011		0		0		9,957		0		0		9,957
Bloomington Business Plaza - Bloomington, MN	12/1/2011		0		0		4,328		0		0		4,328
Wirth Corporate Center - Golden Valley, MN	2/1/2012		0		0		4,315		0		0		4,315
Summary of Debt due after 2013			0		0		0		0		257,458		257,458
Sub-Total Commercial Office		$	43,455	$	32,308	$	40,145	$	0	$	257,458	$	373,366
Commercial Medical
Edina 6545 France SMC I - Edina, MN	1/1/2011	$	0	$	22,062	$	0	$	0	$	0	$	22,062
Edina 6525 France SMC II - Edina, MN	6/1/2011		0		0		9,816		0		0		9,816
Edina 6405 France Medical - Edina, MN	1/1/2012		0		0		9,371		0		0		9,371
Edina 6363 France Medical - Edina, MN	4/1/2012		0		0		8,204		0		0		8,204
Fox River Cottages - Grand Chute, WI	5/1/2012		0		0		0		2,318		0		2,318
Summary of Debt due after 2013			0		0		0		0		204,249		204,249
Sub-Total Commercial Medical		$	0	$	22,062	$	27,391	$	2,318	$	204,249	$	256,020
Commercial Industrial
Waconia Industrial Bldg - Waconia, MN	8/2/2009	$	1,126	$	0	$	0	$	0	$	0	$	1,126
Metal Improvement Co - New Brighton, MN	10/1/2009		1,230		0		0		0		0		1,230
Lexington Commerce Center - Eagan, MN	2/1/2010		2,877		0		0		0		0		2,877
Eagan 2785 & 2795 Highway 55 - Eagan, MN	6/1/2011		0		0		3,795		0		0		3,795
Stone Container - Roseville, MN	2/1/2012		0		0		4,222		0		0		4,222
Dixon Avenue Industrial Park - Des Moines, IA	1/1/2013		0		0		0		7,843		0		7,843
Bloomington 2000 West 94th St - Bloomington, MN	3/1/2013		0		0		0		4,099		0		4,099
Roseville-2929 Long Lake Road - Roseville, MN	3/1/2013		0		0		0		6,027		0		6,027
Summary of Debt due after 2013			0		0		0		0		30,361		30,361
Sub-Total Commercial Industrial		$	5,233	$	0	$	8,017	$	17,969	$	30,361	$	61,580
Commercial Retail
Rochester Maplewood Square - Rochester, MN	8/1/2009	$	3,801	$	0	$	0	$	0	$	0	$	3,801
Minot Arrowhead Shopping Center - Minot, ND	8/23/2009		2,500		0		0		0		0		2,500
Grand Forks MedPark Mall - Grand Forks, ND	3/1/2010		2,928		0		0		0		0		2,928
Minot Plaza - Minot, ND	8/1/2010		0		639		0		0		0		639
Kentwood Thomasville Furniture - Kentwood, MI	2/1/2011		0		571		0		0		0		571
Summary of Debt due after 2013			0		0		0		0		54,026		54,026
Sub-Total Commercial Retail		$	9,229	$	1,210	$	0	$	0	$	54,026	$	64,465
Total		$	128,932	$	81,765	$	92,146	$	30,865	$	734,419	$	1,068,127

(1) Totals given are principal balances as of January 31, 2009.

(2) IRET’s ownership interest in these properties is 51%. IRET’s 49% joint venture partner is obligated on the mortgage debt in proportion to its ownership interest.

(3) Includes the 49% share of IRET’s joint venture partner.

11

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CAPITAL ANALYSIS

(in thousands, except per share and unit amounts)

	01/31/2009			10/31/2008			07/31/2008			04/30/2008			01/31/2008
Equity Capitalization
Common shares outstanding		59,127			58,713			58,202			57,732			56,977
Operating partnership (OP) units outstanding		21,184			21,287			21,293			21,238			20,395
Total common shares and OP units outstanding		80,311			80,000			79,495			78,970			77,372
Market price per common share (closing price at end of period)	$	9.95		$	9.88		$	10.50		$	10.20		$	9.80
Equity capitalization-common shares and OP units	$	799,094		$	790,400		$	834,698		$	805,494		$	758,246
Recorded book value of preferred shares	$	27,317		$	27,317		$	27,317		$	27,317		$	27,317
Total equity capitalization	$	826,411		$	817,717		$	862,015		$	832,811		$	785,563
Debt Capitalization
Total mortgage debt	$	1,068,127		$	1,066,113		$	1,068,267		$	1,063,858		$	975,785
Total capitalization	$	1,894,538		$	1,883,830		$	1,930,282		$	1,896,669		$	1,761,348
Total debt to total capitalization	0.56:1			0.57:1			0.55:1			0.56:1			0.55:1
Earnings to fixed charges(1)		1.13	x		1.16	x		1.15	x		1.20	x		1.23	x
Earnings to combined fixed charges and preferred distributions(1)		1.09	x		1.13	x		1.12	x		1.16	x		1.19	x
Debt service coverage ratio(1)		1.39	x		1.41	x		1.40	x		1.46	x		1.42	x
Distribution Data
Common shares and units outstanding at record date		80,018			79,566			79,116			77,675			76,698
Total common distribution paid	$	13,562		$	13,445		$	13,332		$	13,050		$	12,847
Common distribution per share and unit	$	0.1695		$	0.1690		$	0.1685		$	0.1680		$	0.1675
Payout ratio (FFO per share and unit basis)(1)		89.2	%		80.5	%		84.3	%		76.4	%		79.8	%

(1)   See Definitions on page 25.

12

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

STABILIZED PROPERTIES NET OPERATING INCOME SUMMARY

(in thousands)

	Stabilized Properties(1)							Stabilized Properties
	Three Months Ended January 31,							Nine months Ended January 31,
Segment	2009		2008		% Change			2009		2008		% Change
Multi-Family Residential	$	9,522	$	9,494		0.3	%	$	28,947	$	28,219		2.6	%
Commercial Office		10,745		11,668		(7.9	%)		32,713		35,401		(7.6	%)
Commercial Medical		6,487		6,555		(1.0	%)		19,821		20,001		(0.9	%)
Commercial Industrial		1,893		1,904		(0.6	%)		5,216		5,860		(11.0	%)
Commercial Retail		2,347		2,394		(2.0	%)		7,042		7,322		(3.8	%)
	$	30,994	$	32,015		(3.2	%)	$	93,739	$	96,803		(3.2	%)

1. For 3rd Quarter Fiscal 2009 and 3rd Quarter Fiscal 2008, stabilized properties excluded:

Multi-Family Residential -	Indian Hills, Sioux City, IA; Cottonwood IV Apartments, Bismarck, ND; Greenfield Apartments, Omaha, NE; Minot 4th Street Apartments, Minot, ND; Minot 11th Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot Westridge Apartments, Minot, ND; Thomasbrook Apartments, Lincoln, NE; Evergreen Apartments, Isanti, MN; 410 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND.
	Total number of units, 692. Occupancy % for the three and nine months ended January 31, 2009, 88.9% and 88.6%, respectively.

Commercial Office -	610 Business Center, Brooklyn Park, MN; Intertech, Fenton, MO; Plymouth 5095, Plymouth, MN; Bismarck 715 E Broadway, Bismarck, ND; 410 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND.
	Total square footage, 240,160. Occupancy % for the three and nine months ended January 31, 2009, 95.4% and 95.2%, respectively.

Commercial Medical - Barry Point, Kansas City, MO; Edgewood Vista Billings, Billings, MT; Edgewood Vista East Grand Forks, East Grand Forks, MN; Edgewood Vista Sioux Falls, Sioux Falls, SD; Edina 6405 France Medical, Edina, MN; Edina 6363 France Medical, Edina, MN; Minneapolis 701 25th Ave Medical (Riverside), Minneapolis, MN; Burnsville 303 Nicollet Medical (Ridgeview), Burnsville, MN; Burnsville 305 Nicollet Medical (Ridgeview South), Burnsville, MN; Eagan 1440 Duckwood Medical, Eagan, MN; Edgewood Vista Belgrade, Belgrade, MT; Edgewood Vista Columbus, Columbus, NE; Edgewood Vista Fargo, Fargo, ND; Edgewood Vista Grand Island, Grand Island, NE; Edgewood Vista Norfolk, Norfolk, NE and 2828 Chicago Avenue, Minneapolis, MN.

Total square footage, 597,265. Occupancy % for the three and nine months ended January 31, 2009, 93.6% and 95.8%, respectively.

Commercial Industrial -	Cedar Lake Business Center, St. Louis Park, MN; Urbandale, Urbandale, IA; Woodbury 1865, Woodbury, MN; Eagan 2785 & 2795 Highway 55, Eagan, MN and Minnetonka 13600 County Road 62, Minnetonka, MN.
	Total square footage, 916,937. Occupancy % for the three and nine months ended January 31, 2009, 100.0% and 100.0%, respectively.

 Discontinued operations from fiscal 2008 include:

Multi-Family Residential - 405 Grant Avenue Apartments, Harvey, ND and Sweetwater – Green Acres 1&2 Apartments, Devils Lake, ND.

Total number of units, 60.

Commercial Office - Minnetonka Office Building, Minnetonka, MN.

Total square footage, 1,142.

13

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended January 31, 2009
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and  Other			Total
Real estate rental revenue
Stabilized(1)	$	18,252		$	20,088		$	9,585		$	2,475		$	3,972		$	0		$	54,372
Non-Stabilized		1,142			705			3,761			954			0			0			6,562
Total		19,394			20,793			13,346			3,429			3,972			0			60,394
Real estate expenses
Stabilized(1)		8,730			9,343			3,098			582			1,625			0			23,378
Non-Stabilized		676			205			1,337			303			0			0			2,521
Total		9,406			9,548			4,435			885			1,625			0			25,899
Net Operating Income (NOI)
Stabilized(1)		9,522			10,745			6,487			1,893			2,347			0			30,994
Non-Stabilized		466			500			2,424			651			0			0			4,041
Net operating income	$	9,988		$	11,245		$	8,911		$	2,544		$	2,347		$	0		$	35,035
Reconciliation of NOI to net income available to common shareholders
Interest (expense) income	$	(4,982	)	$	(5,956	)	$	(4,247	)	$	(951	)	$	(984	)	$	(221	)	$	(17,341	)
Depreciation/amortization		(3,561	)		(5,218	)		(3,251	)		(1,239	)		(685	)		(596	)		(14,550	)
Administrative, advisory and trustee fees		0			0			0			0			0			(1,336	)		(1,336	)
Other expenses		0			0			0			0			0			(313	)		(313	)
Other income		0			0			0			0			0			152			152
Income before gain on sale of other investments and minority interest and discontinued operations		1,445			71			1,413			354			678			(2,314	)		1,647
Gain on sale of the other investments		0			0			0			0			0			0			0
Minority interest portion of operating partnership income		0			0			0			0			0			(284	)		(284	)
Minority interest portion of other partnerships’ loss		0			0			0			0			0			15			15
Income from continuing operations		1,445			71			1,413			354			678			(2,583	)		1,378
NET INCOME		1,445			71			1,413			354			678			(2,583	)		1,378
Dividends to preferred shareholders		0			0			0			0			0			(593	)		(593	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	1,445		$	71		$	1,413		$	354		$	678		$	(3,176	)	$	785

1. For 3rd Quarter Fiscal 2009, non-stabilized properties included:

Multi-Family Residential -	Indian Hills, Sioux City, IA; Cottonwood IV Apartments, Bismarck, ND; Greenfield Apartments, Omaha, NE; Minot 4th Street Apartments, Minot, ND; Minot 11th Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot Westridge Apartments, Minot, ND; Thomasbrook Apartments, Lincoln, NE; Evergreen Apartments, Isanti, MN; 410 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND.
	Total number of units, 692. Occupancy % for the three and nine months ended January 31, 2009, 88.9% and 88.6%, respectively.

Commercial Office -	610 Business Center, Brooklyn Park, MN; Intertech, Fenton, MO; Plymouth 5095, Plymouth, MN; Bismarck 715 E Broadway, Bismarck, ND; 410 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND.
	Total square footage, 240,160. Occupancy % for the three and nine months ended January 31, 2009, 95.4% and 95.2%, respectively.

Commercial Medical - Barry Point, Kansas City, MO; Edgewood Vista Billings, Billings, MT; Edgewood Vista East Grand Forks, East Grand Forks, MN; Edgewood Vista Sioux Falls, Sioux Falls, SD; Edina 6405 France Medical, Edina, MN; Edina 6363 France Medical, Edina, MN; Minneapolis 701 25th Ave Medical (Riverside), Minneapolis, MN; Burnsville 303 Nicollet Medical (Ridgeview), Burnsville, MN; Burnsville 305 Nicollet Medical (Ridgeview South), Burnsville, MN; Eagan 1440 Duckwood Medical, Eagan, MN; Edgewood Vista Belgrade, Belgrade, MT; Edgewood Vista Columbus, Columbus, NE; Edgewood Vista Fargo, Fargo, ND; Edgewood Vista Grand Island, Grand Island, NE; Edgewood Vista Norfolk, Norfolk, NE and 2828 Chicago Avenue, Minneapolis, MN.

Total square footage, 597,265. Occupancy % for the three and nine months ended January 31, 2009, 93.6% and 95.8%, respectively.

Commercial Industrial -	Cedar Lake Business Center, St. Louis Park, MN; Urbandale, Urbandale, IA; Woodbury 1865, Woodbury, MN; Eagan 2785 & 2795 Highway 55, Eagan, MN and Minnetonka 13600 County Road 62, Minnetonka, MN.
	Total square footage, 916,937. Occupancy % for the three and nine months ended January 31, 2009, 100.0% and 100.0%, respectively.

14

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended January 31, 2008
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and  Other			Total
Real estate rental revenue
Stabilized(1)	$	17,699		$	20,454		$	8,729		$	2,417		$	3,525		$	0		$	52,824
Non-Stabilized		672			167			150			611			0			0			1,600
Total		18,371			20,621			8,879			3,028			3,525			0			54,424
Real estate expenses
Stabilized(1)		8,205			8,786			2,174			513			1,131			0			20,809
Non-Stabilized		409			67			85			197			0			0			758
Total		8,614			8,853			2,259			710			1,131			0			21,567
Net Operating Income (NOI)
Stabilized(1)		9,494			11,668			6,555			1,904			2,394			0			32,015
Non-Stabilized		263			100			65			414			0			0			842
Net operating income	$	9,757		$	11,768		$	6,620		$	2,318		$	2,394		$	0		$	32,857
Reconciliation of NOI to net income available to common shareholders
Interest (expense) income	$	(4,923	)	$	(5,823	)	$	(2,900	)	$	(925	)	$	(1,057	)	$	(212	)	$	(15,840	)
Depreciation/amortization		(3,327	)		(5,216	)		(2,072	)		(799	)		(673	)		(421	)		(12,508	)
Administrative, advisory and trustee fees		0			0			0			0			0			(1,348	)		(1,348	)
Other expenses		0			0			0			0			0			(343	)		(343	)
Other income		0			0			0			0			0			1,023			1,023
Income before gain on sale of other investments and minority interest and discontinued operations		1,507			729			1,648			594			664			(1,301	)		3,841
Gain on sale of other investments		0			0			0			0			0			2			2
Minority interest portion of operating partnership income		0			0			0			0			0			(855	)		(855	)
Minority interest portion of other partnerships income		0			0			0			0			0			(11	)		(11	)
Income from continuing operations		1,507			729			1,648			594			664			(2,165	)		2,977
Discontinued operations, net of minority interest(2)		6			0			0			0			0			0			6
NET INCOME		1,513			729			1,648			594			664			(2,165	)		2,983
Dividends to preferred shareholders		0			0			0			0			0			(593	)		(593	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	1,513		$	729		$	1,648		$	594		$	664		$	(2,758	)	$	2,390

1. For 3rd Quarter Fiscal 2008, non-stabilized properties included:

Multi-Family Residential - Indian Hills, Sioux City, IA; Thomasbrook Apartments, Lincoln, NE; Cottonwood Lake IV Apartments, Bismarck, ND and Greenfield Apartments, Omaha, NE.

Total number of units, 547. Occupancy for the three and nine month ended, 76.1% and 79.5%, respectively.

Commercial Office - Plymouth 5095, Plymouth, MN; 610 Business Center, Brooklyn Park, MN; Intertech, Fenton, MO and 401 South Main, Minot, ND.

Total square footage, 172,138. Occupancy for the three and nine month ended, 88.3% and 84.4%, respectively.

Commercial Medical -	Barry Point, Kansas City, MO.
	Total sq. ft., 18,502. Occupancy for the three and nine month ended, 100.0% and 100.0%, respectively.

Commercial Industrial -	Cedar Lake Business Center, St. Louis Park, MN; Urbandale, Urbandale, IA and Woodbury 1865, Woodbury, MN.
	Total square footage, 648,353. Occupancy for the three and nine month ended, 91.8% and 92.1%, respectively.

Discontinued operations from fiscal 2008 include:

Multi-Family Residential - 405 Grant Avenue Apartments, Harvey, ND and Sweetwater – Green Acres 1&2 Apartments, Devils Lake, ND.

Total number of units, 60.

Commercial Office -	Minnetonka Office Building, Minnetonka, MN.
	Total square footage, 1,142.

15

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Nine Months Ended January 31, 2009
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and  Other			Total
Real estate rental revenue
Stabilized(1)	$	54,225		$	60,302		$	28,156		$	6,816		$	10,963		$	0		$	160,462
Non-Stabilized		3,172			2,019			11,016			2,684			0			0			18,891
Total		57,397			62,321			39,172			9,500			10,963			0			179,353
Real estate expenses
Stabilized(1)		25,278			27,589			8,335			1,600			3,921			0			66,723
Non-Stabilized		1,782			605			3,726			820			0			0			6,933
Total		27,060			28,194			12,061			2,420			3,921			0			73,656
Net Operating Income (NOI)
Stabilized(1)		28,947			32,713			19,821			5,216			7,042			0			93,739
Non-Stabilized		1,390			1,414			7,290			1,864			0			0			11,958
Net operating income	$	30,337		$	34,127		$	27,111		$	7,080		$	7,042		$	0		$	105,697
Reconciliation of NOI to net income available to common shareholders
Interest (expense) income	$	(14,749	)	$	(17,803	)	$	(12,717	)	$	(2,841	)	$	(2,986	)	$	(211	)	$	(51,307	)
Depreciation/amortization		(10,532	)		(15,469	)		(9,538	)		(2,972	)		(2,105	)		(1,660	)		(42,276	)
Administrative, advisory and trustee fees		0			0			0			0			0			(3,906	)		(3,906	)
Other expenses		0			0			0			0			0			(1,157	)		(1,157	)
Other income		0			0			0			0			0			688			688
Income before gain on sale of other investments and minority interest and discontinued operations		5,056			855			4,856			1,267			1,951			(6,246	)		7,739
Gain on sale of other investments		0			0			0			0			0			54			54
Minority interest portion of operating partnership income		0			0			0			0			0			(1,631	)		(1,631	)
Minority interest portion of other partnerships’ loss		0			0			0			0			0			97			97
Income from continuing operations		5,056			855			4,856			1,267			1,951			(7,726	)		6,259
NET INCOME		5,056			855			4,856			1,267			1,951			(7,726	)		6,259
Dividends to preferred shareholders		0			0			0			0			0			(1,779	)		(1,779	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	5,056		$	855		$	4,856		$	1,267		$	1,951		$	(9,505	)	$	4,480

1. For 3rd Quarter Fiscal 2009, non-stabilized properties included:

Multi-Family Residential -	Indian Hills, Sioux City, IA; Cottonwood IV Apartments, Bismarck, ND; Greenfield Apartments, Omaha, NE; Minot 4th Street Apartments, Minot, ND; Minot 11th Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot Westridge Apartments, Minot, ND; Thomasbrook Apartments, Lincoln, NE; Evergreen Apartments, Isanti, MN; 410 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND.
	Total number of units, 692. Occupancy % for the three and nine months ended January 31, 2009, 88.9% and 88.6%, respectively.

Commercial Office -	610 Business Center, Brooklyn Park, MN; Intertech, Fenton, MO; Plymouth 5095, Plymouth, MN; Bismarck 715 E Broadway, Bismarck, ND; 410 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND.
	Total square footage, 240,160. Occupancy % for the three and nine months ended January 31, 2009, 95.4% and 95.2%, respectively.

Commercial Medical - Barry Point, Kansas City, MO; Edgewood Vista Billings, Billings, MT; Edgewood Vista East Grand Forks, East Grand Forks, MN; Edgewood Vista Sioux Falls, Sioux Falls, SD; Edina 6405 France Medical, Edina, MN; Edina 6363 France Medical, Edina, MN; Minneapolis 701 25th Ave Medical (Riverside), Minneapolis, MN; Burnsville 303 Nicollet Medical (Ridgeview), Burnsville, MN; Burnsville 305 Nicollet Medical (Ridgeview South), Burnsville, MN; Eagan 1440 Duckwood Medical, Eagan, MN; Edgewood Vista Belgrade, Belgrade, MT; Edgewood Vista Columbus, Columbus, NE; Edgewood Vista Fargo, Fargo, ND; Edgewood Vista Grand Island, Grand Island, NE; Edgewood Vista Norfolk, Norfolk, NE and 2828 Chicago Avenue, Minneapolis, MN.

Total square footage, 597,265. Occupancy % for the three and nine months ended January 31, 2009, 93.6% and 95.8%, respectively.

Commercial Industrial -	Cedar Lake Business Center, St. Louis Park, MN; Urbandale, Urbandale, IA; Woodbury 1865, Woodbury, MN; Eagan 2785 & 2795 Highway 55, Eagan, MN and Minnetonka 13600 County Road 62, Minnetonka, MN.
	Total square footage, 916,937. Occupancy % for the three and nine months ended January 31, 2009, 100.0% and 100.0%, respectively.

16

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Nine Months Ended January 31, 2008
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and  Other			Total
Real estate rental revenue
Stabilized(1)	$	52,539		$	61,593		$	26,383		$	7,267		$	10,542		$	0		$	158,324
Non-Stabilized		1,819			233			381			1,451			0			0			3,884
Total		54,358			61,826			26,764			8,718			10,542			0			162,208
Real estate expenses
Stabilized(1)		24,320			26,192			6,382			1,407			3,220			0			61,521
Non-Stabilized		1,254			97			193			429			0			0			1,973
Total		25,574			26,289			6,575			1,836			3,220			0			63,494
Net Operating Income (NOI)
Stabilized(1)		28,219			35,401			20,001			5,860			7,322			0			96,803
Non-Stabilized		565			136			188			1,022			0			0			1,911
Net operating income	$	28,784		$	35,537		$	20,189		$	6,882		$	7,322		$	0		$	98,714
Reconciliation of NOI to net income available to common shareholders
Interest (expense) income	$	(14,702	)	$	(17,331	)	$	(8,546	)	$	(2,566	)	$	(3,113	)	$	(711	)	$	(46,969	)
Depreciation/amortization		(9,815	)		(15,880	)		(6,309	)		(2,303	)		(2,004	)		(1,233	)		(37,544	)
Administrative, advisory and trustee fees		0			0			0			0			0			(3,811	)		(3,811	)
Other expenses		0			0			0			0			0			(1,053	)		(1,053	)
Other income		0			0			0			0			0			2,089			2,089
Income before gain on sale of other investments and minority interest and discontinued operations		4,267			2,326			5,334			2,013			2,205			(4,719	)		11,426
Gain on sale of other investments		0			0			0			0			0			4			4
Minority interest portion of operating partnership income		0			0			0			0			0			(2,691	)		(2,691	)
Minority interest portion of other partnerships’ loss		0			0			0			0			0			25			25
Income from continuing operations		4,267			2,326			5,334			2,013			2,205			(7,381	)		8,764
Discontinued operations, net of minority interest(2)		39			(3	)		0			0			0			0			36
NET INCOME		4,306			2,323			5,334			2,013			2,205			(7,381	)		8,800
Dividends to preferred shareholders		0			0			0			0			0			(1,779	)		(1,779	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	4,306		$	2,323		$	5,334		$	2,013		$	2,205		$	(9,160	)	$	7,021

1. For 3rd Quarter Fiscal 2008, non-stabilized properties included:

Multi-Family Residential - Indian Hills, Sioux City, IA; Thomasbrook Apartments, Lincoln, NE; Cottonwood Lake IV Apartments, Bismarck, ND and Greenfield Apartments, Omaha, NE.

Total number of units, 547. Occupancy for the three and nine month ended, 76.1% and 79.5%, respectively.

Commercial Office - Plymouth 5095, Plymouth, MN; 610 Business Center, Brooklyn Park, MN; Intertech, Fenton, MO and 401 South Main, Minot, ND.

Total square footage, 172,138. Occupancy for the three and nine month ended, 88.3% and 84.4%, respectively.

Commercial Medical -	Barry Point, Kansas City, MO.
	Total sq. ft., 18,502. Occupancy for the three and nine month ended, 100.0% and 100.0%, respectively.

Commercial Industrial -	Cedar Lake Business Center, St. Louis Park, MN; Urbandale, Urbandale, IA and Woodbury 1865, Woodbury, MN.
	Total square footage, 648,353. Occupancy for the three and nine month ended, 91.8% and 92.1%, respectively.

Discontinued operations from fiscal 2008 include:

Multi-Family Residential - 405 Grant Avenue Apartments, Harvey, ND and Sweetwater – Green Acres 1&2 Apartments, Devils Lake, ND.

Total number of units, 60.

Commercial Office -	Minnetonka Office Building, Minnetonka, MN.
	Total square footage, 1,142.

17

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

STABILIZED PROPERTIES AND OVERALL ECONOMIC OCCUPANCY LEVELS BY SEGMENT

3rd Quarter Fiscal 2009 vs. 3rd Quarter Fiscal 2008

Segments	Stabilized Properties						All Properties
	3rd Quarter			3rd Quarter			3rd Quarter			3rd Quarter
	Fiscal 2009			Fiscal 2008			Fiscal 2009			Fiscal 2008
Multi-Family Residential		94.5	%		93.9	%		94.2	%		93.1	%
Commercial Office		88.6	%		91.3	%		88.8	%		91.3	%
Commercial Medical		95.5	%		95.3	%		95.0	%		95.4	%
Commercial Industrial		98.9	%		94.9	%		99.1	%		94.3	%
Commercial Retail		87.4	%		87.4	%		87.4	%		87.4	%

18

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

COMMERCIAL LEASING SUMMARY

for the three months and nine months ended January 31, 2009

	Three Months Ended January 31, 2009							Nine Months Ended January, 2009
	New(1)		Renew(2)		3rd Quarter 2008 Total			New(1)		Renew(2)		Year-To-Date Total
Gross Leasing Square Footage
Commercial Office		11,816		194,270		206,086			168,426		350,252		518,678
Commercial Medical		29,647		5,027		34,674			37,843		28,349		66,192
Commercial Industrial		311,686		69,600		381,286			311,686		141,227		452,913
Commercial Retail		11,858		96,342		108,200			75,234		146,772		222,006
Total		365,007		365,239		730,246			593,189		666,600		1,259,789
Weighted Average Term (yrs)
Commercial Office		4.6		4.5		4.5			4.8		3.6		4.0
Commercial Medical		6.9		5.0		6.2			6.5		5.3		5.7
Commercial Industrial		4.7		8.0		5.5			4.7		6.5		5.6
Commercial Retail		2.3		4.0		3.6			5.1		3.5		4.0
Total		4.6		4.5		4.5			5.1		3.9		6.4
Rental Rate Increases
Rate on Expiring Leases
Commercial Office					$	19.32						$	11.69
Commercial Medical						18.10							18.61
Commercial Industrial						0.00							2.88
Commercial Retail						4.74							5.14
Total					$	6.39						$	9.60
Rate on New and Renewal Leases
Commercial Office	$	15.95	$	9.51	$	9.88		$	10.57	$	9.63	$	9.93
Commercial Medical		15.74		19.76		16.32			25.59		16.93		21.88
Commercial Industrial		3.80		5.10		4.04			3.80		4.87		4.14
Commercial Retail		7.39		7.07		7.11			13.28		7.60		9.53
Total	$	5.28	$	8.17	$	11.49		$	8.32	$	8.48	$	8.41
Percentage Increase (Decrease)
Commercial Office						(48.9	%)						(15.1	%)
Commercial Medical						(9.8	%)						17.6	%
Commercial Industrial						N/A							43.8	%
Commercial Retail						50.0	%						85.4	%
Total						79.8	%						(12.4	%)

(1) Excluding leases in place on date of acquisition.

(2) Renewing leases are not necessarily leases expiring in that period. Expansion footage for renewing tenants is included in this column.

(3) Net of estimated operating expenses, other than tenant improvements.

19

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

COMMERCIAL LEASING SUMMARY

for the three months and nine months ended January 31, 2009

	3rd Quarter 2008 Total						Year-To-Date Total
	New		Renew		Total Dollars		New		Renew		Total Dollars
Tenant Improvements
Commercial Office	$	111,610	$	1,590,870	$	1,702,480	$	1,484,389	$	2,192,603	$	3,676,992
Commercial Medical		2,043,060		21,230		2,064,290		2,314,345		276,301		2,590,646
Commercial Industrial		150,000		633,500		783,500		150,000		802,583		952,583
Commercial Retail		10,648		75,000		85,648		450,350		93,369		543,719
Subtotal	$	2,315,318	$	2,320,600	$	4,635,918	$	4,399,084	$	3,364,856	$	7,763,940
Tenant Improvements per square foot
Commercial Office	$	9.45	$	8.19	$	8.26	$	8.81	$	6.26	$	7.09
Commercial Medical		68.91		4.22		59.53		61.16		9.75		39.14
Commercial Industrial		0.48		9.10		2.05		0.48		5.68		2.10
Commercial Retail		0.90		0.78		0.79		5.99		0.64		2.45
Subtotal	$	6.34	$	6.35	$	6.35	$	7.42	$	5.05	$	6.16
Leasing Costs
Commercial Office	$	56,663	$	566,059	$	622,722	$	544,331	$	1,005,511	$	1,549,842
Commercial Medical		560,518		10,054		570,572		612,481		87,509		699,990
Commercial Industrial		7,151		85,065		92,216		7,151		124,025		131,176
Commercial Retail		6,977		15,507		22,484		44,647		47,245		91,892
Subtotal	$	631,309	$	676,685	$	1,307,994	$	1,208,610	$	1,264,290	$	2,472,900
Leasing Costs per square foot
Commercial Office	$	4.80	$	2.91	$	3.02	$	3.23	$	2.87	$	2.99
Commercial Medical		18.91		2.00		16.46		16.18		3.09		10.58
Commercial Industrial		0.02		1.22		0.24		0.02		0.88		0.29
Commercial Retail		0.59		0.16		0.21		0.59		0.32		0.41
Subtotal	$	1.73	$	1.85	$	1.79	$	2.04	$	1.90	$	1.96
Tenant Improvements and Leasing Costs
Commercial Office	$	168,273	$	2,156,929	$	2,325,202	$	2,028,720	$	3,198,114	$	5,226,834
Commercial Medical		2,603,578		31,284		2,634,862		2,926,826		363,810		3,290,636
Commercial Industrial		157,151		718,565		875,716		157,151		926,608		1,083,759
Commercial Retail		17,625		90,507		108,132		494,997		140,614		635,611
Total	$	2,946,627	$	2,997,285	$	5,943,912	$	5,607,694	$	4,629,146	$	10,236,840
Tenant Improvements and Leasing Costs per square foot
Commercial Office	$	14.24	$	11.10	$	11.28	$	12.05	$	9.13	$	10.08
Commercial Medical		87.82		6.22		75.99		77.34		12.83		49.71
Commercial Industrial		0.50		10.32		2.30		0.50		6.56		2.39
Commercial Retail		1.49		0.94		1.00		6.58		0.96		2.86
Total	$	8.07	$	8.21	$	8.14	$	9.45	$	6.94	$	8.13

20

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

MULTI-FAMILY RESIDENTIAL SUMMARY

	Three Months Ended
	01/31/2009			10/31/2008			07/31/2008			04/30/2008			01/31/2008
Number of Units		9,645			9,564			9,528			9,500			9,500
Average Investment Per Unit	$	55,082		$	54,303		$	53,919		$	53,677		$	53,313
Average Scheduled Rent per Unit
Stabilized	$	708.32		$	705.53		$	700.43		$	695.01		$	690.31
Non-Stabilized		655.12			648.90			647.89			657.55			611.55
	$	704.75		$	701.98		$	697.18		$	692.85		$	686.38
Total Receipts per Unit
Stabilized	$	679.54		$	682.32		$	657.09		$	658.05		$	659.05
Non-Stabilized		590.39			598.48			536.68			484.14			474.53
	$	673.55		$	677.06		$	649.63		$	648.03		$	649.84
Occupancy %
Stabilized		94.5	%		95.1	%		92.8	%		93.2	%		93.9	%
Non-Stabilized		88.9	%		92.6	%		84.1	%		72.4	%		76.1	%
		94.2	%		94.9	%		92.3	%		92.1	%		93.1	%
Operating Expenses as a % of Scheduled Rent
Stabilized		45.9	%		44.2	%		43.5	%		45.9	%		44.3	%
Non-Stabilized		53.4	%		47.9	%		47.5	%		46.7	%		47.2	%
Total		46.4	%		44.4	%		43.7	%		45.9	%		44.4	%

21

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

10 LARGEST COMMERCIAL TENANTS – BASED ON ANNUALIZED BASE RENT(1)

as of January 31, 2009

Tenant	Number of Properties		Average  Remaining  Lease Term  in Months		% of Total Commercial Segments’ Minimum  Rents			Aggregate  Rentable  Square Feet		% of Aggregate  Occupied  Square  Feet
Affiliates of Edgewood Vista		21		239		10.6	%		983,877		9.2	%
St. Lukes Hospital of Duluth, Inc.		6		78		3.5	%		198,775		1.9	%
Fairview Health		8		45		2.3	%		166,563		1.6	%
Applied Underwriters		3		97		2.3	%		141,724		1.3	%
Best Buy Co., Inc. (NYSE: BBY)		2		22		2.0	%		224,650		2.1	%
UGS Corp.		1		31		1.6	%		122,567		1.1	%
HealthEast Care System		1		121		1.6	%		114,316		1.1	%
Microsoft (NASDAQ: MSFT)		1		55		1.5	%		122,040		1.1	%
Smurfit - Stone Container (NASDAQ: SSCC)(2)		2		53		1.5	%		424,147		4.0	%
Arcadis Corporate Services (NASDAQ: ARCAF)		2		30		1.4	%		82,725		0.8	%
Total/Weighted Average				110		28.3	%		2,581,384		24.2	%

(1) See Definitions on page 25.

(2) Smurfit-Stone Container has filed bankruptcy under Chapter 11 of the Bankruptcy Code. To date Smurfit is current on all base rent payments under its leases with us. We have not yet been notified of the debtor’s intentions with respect to these leases.

22

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LEASE EXPIRATIONS

as of January 31, 2009

Fiscal Year	Number of  Leases		Rentable  Square Feet		% of Rentable  Square Feet			Annualized  Rent *		Average  Rental  Rate		% of Annualized Rent
Commercial Office
2009		16		74,421		1.9	%	$	787,125	$	10.58		1.5	%
2010		77		593,270		14.9	%		6,997,647		11.80		13.4	%
2011		65		637,029		16.0	%		8,576,363		13.46		16.4	%
2012		48		716,331		17.9	%		10,140,198		14.16		19.4	%
2013		35		548,816		13.7	%		6,920,404		12.61		13.2	%
2014 and thereafter		69		1,422,143		35.6	%		18,882,081		13.28		36.1	%
		310		3,992,010		100.0	%	$	52,303,818	$	13.10		100.0	%
Commercial Medical
2009		3		7,929		0.4	%	$	142,273	$	17.94		0.4	%
2010		24		59,478		2.7	%		1,100,037		18.49		2.9	%
2011		17		67,247		3.1	%		1,216,441		18.09		3.2	%
2012		30		112,160		5.1	%		2,328,064		20.76		6.2	%
2013		18		68,390		3.1	%		1,244,184		18.19		3.3	%
2014 and thereafter		105		1,877,198		85.6	%		31,689,950		16.88		84.0	%
		197		2,192,402		100.0	%	$	37,720,949	$	17.21		100.0	%
Commercial Industrial
2009		1		9,702		0.3	%	$	59,085	$	6.09		0.6	%
2010		7		289,844		10.3	%		985,673		3.40		9.3	%
2011		15		1,072,579		38.2	%		3,595,371		3.35		34.0	%
2012		3		214,984		7.7	%		663,899		3.09		6.3	%
2013		2		204,633		7.3	%		1,003,250		4.90		9.5	%
2014 and thereafter		12		1,016,573		36.2	%		4,267,497		4.20		40.3	%
		40		2,808,315		100.0	%	$	10,574,775	$	3.77		100.0	%
Commercial Retail
2009		10		40,182		3.3	%	$	280,841	$	6.99		2.8	%
2010		52		262,532		21.6	%		1,663,736		6.34		16.7	%
2011		46		263,393		21.7	%		2,581,793		9.80		25.9	%
2012		28		233,075		19.2	%		1,305,356		5.60		13.1	%
2013		14		68,720		5.7	%		447,486		6.51		4.5	%
2014 and thereafter		37		346,445		28.5	%		3,682,602		10.63		37.0	%
		187		1,214,347		100.0	%	$	9,961,814	$	8.20		100.0	%
Commercial Total
2009		30		132,234		1.3	%	$	1,269,324	$	9.60		1.2	%
2010		160		1,205,124		11.8	%		10,747,093		8.92		9.7	%
2011		143		2,040,248		20.0	%		15,969,968		7.83		14.4	%
2012		109		1,276,550		12.5	%		14,437,517		11.31		13.1	%
2013		69		890,559		8.7	%		9,615,324		10.80		8.7	%
2014 and thereafter		223		4,662,359		45.7	%		58,522,130		12.55		52.9	%
		734		10,207,074		100.0	%	$	110,561,356	$	10.83		100.0	%

* Annualized Rent is monthly scheduled rent as of January 31, 2009 (cash basis), multiplied by 12.

23

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

FISCAL 2009 ACQUISITION SUMMARY

as of January 31, 2009

($’s in thousands)

Property	Location	Segment Type	Acquisition Date	Square Feet/Units		Leased Percentage at Acquisition			January 31, 2009 Leased Percentage			Acquisition Cost
33-unit Minot Westridge Apartments	Minot, ND	Multi-Family Residential	May 1, 2008		33		100.0	%		100.0	%	$	1,954
12-unit Minot Fairmont Apartments	Minot, ND	Multi-Family Residential	May 1, 2008		12		100.0	%		100.0	%		365
4-unit Minot 4th Street Apartments	Minot, ND	Multi-Family Residential	May 1, 2008		4		100.0	%		100.0	%		89
3-unit Minot 11th Street Apartments	Minot, ND	Multi-Family Residential	May 1, 2008		3		100.0	%		100.0	%		64
Bismarck 2130 S. 12th Street	Bismarck, ND	Unimproved Land	May 23, 2008		N/A		N/A			N/A			576
22,500 sq. ft. Bismarck 715 E. Broadway	Bismarck, ND	Commercial Office	August 1, 2008		22,500		100.0	%		100.0	%		1,911
Bismarck 700 E. Main	Bismarck, ND	Unimproved Land	August 1, 2008		N/A		N/A			N/A			314
36-unit Evergreen Apartments	Isanti, MN	Multi-Family Residential	September 2, 2008		36		100.0	%		100.0	%		3,100
56,239 sq. ft.- 2828 Chicago Avenue	Minneapolis, MN	Commercial Medical	September 16, 2008		56,239		68	%		72	%		5,052
31,643 sq. ft.- Southdale Medical Expansion (6545 France Avenue)	Edina, MN	Commercial Medical	September 17, 2008		31,643		75	%		82	%		1,378
10-unit 401 S. Main	Minot, ND	Multi-Family Residential	November 10, 2008		10		0	%		50	%		760
69,984 sq. ft. – Minnetonka 13600 Cty Rd 62	Minnetonka, MN	Commercial Industrial	January 20, 2009		69,984		100	%		100	%		4,000
71-unit – IRET Corporate Plaza	Minot, ND	Multi-Family Residential	January 31, 2009		71		0	%		15	%		9,010
54,335 sq. ft. – IRET Corporate Plaza	Minot, ND	Commercial Office	January 31, 2009		54,335		0	%		0	%		3,333
			Total Square Feet		234,701							$	31,906
			Total Units		169

24

Definitions

January 31, 2009

Annualized base rent (ABR) is calculated as monthly base rent (cash basis) per the lease, as of the reporting period, multiplied by 12.

Debt to total market capitalization is total debt from the balance sheet divided by the sum of total debt from the balance sheet plus the market value of shares outstanding at the end of the period.

Debt service coverage ratio is computed by dividing earnings before interest income and expense, depreciation, amortization and gain on sale of real estate by interest expense and principal amortization.

EBITDAis earnings before interest, taxes, depreciation and amortization. We consider EBITDA to be an appropriate supplemental performance measure because it eliminates depreciation, interest and the gain/loss from property dispositions, which permits investors to view income from operations without the effect of non-cash depreciation or the cost of debt. EBITDA is a non-GAAP measure. EBITDA as calculated by us is not comparable to EBITDA reported by other REITs that do not define EBITDA exactly as we do.

Funds from operations (FFO) - The National Association of Real Estate Investment Trusts, Inc. (NAREIT) defines FFO as net income (computed in accordance with generally accepted accounting principles, excluding gains/losses from sales of property plus real estate depreciation and amortization. FFO is a non-GAAP measure.  We consider FFO to be a standard supplemental measure for equity real estate investment trusts because it facilitates an understanding of the operating performance of properties without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time.  Since real estate values instead historically rise or fall with market conditions, we believe that FFO provides investors and management with a more accurate indication of our financial and operating results.

Payout ratio (FFO per share and unit basis) - The ratio of the current quarterly distribution rate per common share and unit divided by quarterly FFO per share and unit.

Ratio of earnings to fixed charges - The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For this purpose, earnings consist of income from continuing operations before adjustments for minority interest in consolidated subsidiaries, plus fixed charges and preferred distributions, less capitalized interest and preferred distributions. Fixed charges consist of mortgage and loan interest expense, whether expensed or capitalized, the amortization of debt expense and capitalized interest.

Ratio of earnings to combined fixed charges and preferred distributions - The ratio of earnings to combined fixed charges and preferred distributions is computed by dividing earnings by combined fixed charges and preferred distributions. For this purpose, earnings consist of income from continuing operations before adjustments for minority interest in consolidated subsidiaries, plus fixed charges and preferred distributions, less capitalized interest and preferred distributions. Combined fixed charges and preferred distributions consist of fixed charges (mortgage and loan interest expense, whether expensed or capitalized, the amortization of debt expense and capitalized interest) and preferred distributions.

Stabilized properties are those properties owned for the entirety of both periods being compared.  While results presented on a stabilized property basis are not determined in accordance with GAAP, management believes that measuring performance on a stabilized property basis is useful to investors and to management because it enables evaluation of how the Company’s properties are performing year over year.

25