Exhibit 12

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED SHARE DISTRIBUTIONS

(In Thousands, Except Ratios; Unaudited)

		Three Months Ended						Fiscal Year Ended April 30,
		July 31, 2009			2009			2008			2007			2006			2005
Earnings
Net income attributable to Investors Real Estate Trust		$	2,017		$	8,526		$	11,675		$	11,026		$	8,766		$	7,768
Add:
	Noncontrolling interests – Operating Partnership		479			2,227			3,524			3,217			1,892			1,727
	Combined fixed charges and preferred distributions (see below)		17,994			72,027			66,317			60,866			53,070			49,564
Less:
	Interest capitalized		0			(912	)		(506	)		(69	)		(21	)		(138	)
	Preferred distributions		(593	)		(2,372	)		(2,372	)		(2,372	)		(2,372	)		(2,372	)
Total earnings		$	19,897		$	79,496		$	78,638		$	72,668		$	61,335		$	56,549
Fixed charges
	Interest expensed	$	17,401		$	68,743		$	63,439		$	58,425		$	50,677		$	47,054
	Interest capitalized		0			912			506			69			21			138
Total Fixed charges		$	17,401		$	69,655		$	63,945		$	58,494		$	50,698		$	47,192
	Preferred distributions		593			2,372			2,372			2,372			2,372			2,372
Total Combined fixed charges and preferred distributions		$	17,994		$	72,027		$	66,317		$	60,866		$	53,070		$	49,564
Ratio of earnings to fixed charges			1.14			1.14			1.23			1.24			1.21			1.20
Ratio of earnings to combined fixed charges and preferred distributions			1.11			1.10			1.19			1.19			1.16			1.14