Exhibit 99.2

First Quarter Fiscal 2010

Supplemental Operating and Financial Data

for the Quarter Ended July 31, 2009

CONTACT: Michelle Saari VP - Investors Relations Direct Dial: 701-837-4738 E-Mail: msaari@iret.com 3015 16th Street SW, Suite 100 Minot, ND 58701 Tel: 701.837.4738 Fax: 701.838.7785 www.iret.com

Supplemental Financial and Operating Data

Table of Contents

July 31, 2009

	Page
Company Background and Highlights	2
Investment Cost by Segment	5
Key Financial Data
Condensed Consolidated Balance Sheets	6
Condensed Consolidated Statements of Operations	7
Funds From Operations	8
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	9
Capital Analysis
Long-Term Mortgage Debt Analysis	10
Long-Term Mortgage Debt Detail	11-12
Capital Analysis	13
Portfolio Analysis
Stabilized Properties Net Operating Income Summary	14
Net Operating Income Detail	15-16
Stabilized Properties and Overall Economic Occupancy Levels by Segment	17
Tenant Analysis
Commercial Leasing Summary	18-19
Multi-Family Residential Summary	20
10 Largest Commercial Tenants - Based on Annualized Base Rent	21
Lease Expirations as of July 31, 2009	22
Growth and Strategy
Fiscal 2010 Acquisition Summary	23
Definitions	24

1

Company Background and Highlights

First Quarter Fiscal 2010

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 July 31, 2009, IRET had no acquisitions or dispositions. The Company completed the construction of IRET Corporate Plaza, its mixed-use project located in Minot, North Dakota, which consists of 71 apartment units, of which 70 were leased as of July 31, 2009, and approximately 50,360 square feet of office and retail space.  The Company occupies approximately 22,000 square feet of the office and retail space, having moved its headquarters to this location during the fourth quarter of fiscal year 2009.  The expected total cost of the project is approximately $23.0 million, including out-lot infrastructure but not including tenant improvements.

IRET’s first quarter fiscal year 2010 results reflect the continuing challenges the real estate industry faced during the three months ended July 31, 2009.  During this quarter, factors adversely affecting demand for IRET’s commercial and multi-family properties continued to be pervasive across the United States and in IRET’s markets, with commercial tenants continuing to focus on reducing costs through space reductions and lower rents.  Additionally, continued job losses pressured occupancy and revenue in the Company’s multi-family residential segment.  The Company expects current credit market conditions and the continued high level of unemployment to maintain or increase credit stresses on Company tenants, and continues to expect this tenant stress to lead to increases in past due accounts and vacancies.

During the first quarter of fiscal year 2010, the credit markets continued to be considerably less favorable than in the recent past.  Uncertainty about the pricing of commercial real estate, and the curtailment of available financing for commercial real estate, continued to significantly reduce IRET’s ability to rely on cash-out refinancings and on proceeds from the sale of real estate to provide funds for investment opportunities and other business purposes. The continued ability to place debt on multi-family assets on favorable terms with Fannie Mae and Freddie Mac partly offsets the Company’s current inability to leverage its commercial assets at optimal levels, but does not offset it entirely, as the Company does not want to over-leverage its multi-family segment.

On April 7, 2009, IRET and IRET Properties entered into a continuous equity offering program sales agreement with Robert W. Baird & Co. Incorporated (Baird).  Pursuant to the Sales Agreement, IRET may offer and sell its common shares of beneficial interest, no par value, having an aggregate gross sales price of up to $50 million, from time to time through Baird as IRET’s sales agent.  Sales of common shares, if any, under the program will depend upon market conditions and other factors to be determined by IRET and may be made in negotiated transactions or transactions that are deemed to be “at the market offerings”, including sales made directly on the NASDAQ Global Select Market or sales made to or through a market maker other than on an exchange.  IRET has no obligation to sell any common shares in the program, and may at any time suspend solicitation and offers under the program or terminate the program.  Baird is not required to sell any specific number or dollar amount of common shares but has agreed to use its commercially reasonable efforts to sell the common shares, as instructed by IRET.  The common shares sold under the Sales Agreement will be issued pursuant to IRET’s registration statement on Form S-3, and IRET has filed a prospectus supplement with the Securities and Exchange Commission in connection with the offer and sale of the common shares under this continuous equity offering program. During the first quarter of fiscal year 2010, IRET sold 116,869 common shares under this program, for total proceeds (before offering expenses but after underwriting discounts and commissions) of $1.1 million.

During the first quarter of fiscal year 2010, IRET completed a public offering of 3,000,000 common shares of beneficial interest at $8.70 per share (before underwriting discounts and commissions).  Proceeds to the Company were $24,795,000 after deducting underwriting discounts and commissions but before deducting offering expenses.  The shares were sold pursuant to an Underwriting Agreement with Robert W. Baird & Co., Incorporated, D.A. Davidson & Co. and J.J.B. Hilliard, W.L. Lyons, Inc., and were issued pursuant to IRET’s registration statement on Form S-3 filed with and declared effective by the Securities and Exchange Commission.

In the first quarter of fiscal year 2010, IRET paid its 153rd consecutive quarterly distribution per common share/unit at equal or increasing rates.  The $0.1705 per share/unit distribution was paid July 1, 2009.

As of July 31, 2009, IRET owns a diversified portfolio of 244 properties consisting of 77 multi-family residential properties, 67 office properties, 49 medical properties (including senior housing), 18 industrial properties and 33 retail properties.  IRET’s distributions have increased every year for 39 consecutive years.  IRET’s shares are publicly traded on the NASDAQ Global Select Market (NASDAQ:  IRET).

2

Company Snapshot

(as of July 31, 2009)

Company Headquarters	Minot, North Dakota
Fiscal Year-End	April 30
Reportable Segments	Multi-Family Residential; Commercial 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 (thousands)	63,788
Limited Partnership Units Outstanding (thousands)	20,837
Common Share Distribution - Quarter/Annualized	$0.1705/$0.682
Dividend Yield	7.3%
Total Capitalization (see p. 13 for detail)	$1.9 billion

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
Charles A. Greenberg	Senior Vice President, Commercial Asset Management
Michael A. Bosh	Senior Vice President, General Counsel and Secretary
Karin M. Wentz	Senior Vice President, Chief Compliance Officer, Associate General Counsel & Assistant Secretary

Corporate Headquarters:

3015 16th Street SW, Suite 100

Minot, North Dakota 58701

Trading Symbol:  IRET

Stock Exchange Listing:  NASDAQ

Investor Relations:

Michelle Saari

msaari@iret.com

3

Common Share Data (NASDAQ: IRET)

	1st Quarter Fiscal Year 2010			4th Quarter Fiscal Year 2009			3rd Quarter Fiscal Year 2009			2nd Quarter Fiscal Year 2009			1st Quarter Fiscal Year 2009
High Closing Price	$	9.47		$	10.43		$	10.71		$	11.19		$	10.68
Low Closing Price	$	8.30		$	8.60		$	7.43		$	7.66		$	9.54
Average Closing Price	$	8.73		$	9.58		$	9.71		$	10.01		$	10.10
Closing Price at end of quarter	$	9.31		$	9.25		$	9.95		$	9.88		$	10.50
Common Share Distributions—annualized	$	0.682		$	0.680		$	0.678		$	0.676		$	0.674
Closing Dividend Yield - annualized		7.3	%		7.4	%		6.8	%		6.8	%		6.4	%
Closing common shares outstanding (thousands)		63,788			60,304			59,127			58,713			58,202
Closing limited partnership units outstanding (thousands)		20,837			20,838			21,184			21,287			21,293
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)	$	787,859		$	750,564		$	799,094		$	790,400		$	834,698

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 2009 Form 10-K.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

First Quarter Fiscal 2010 Development Project

IRET Corporate Plaza, Minot, ND
(inside apartment photos)

4

Investment Cost by Segment – First Quarter Fiscal 2010

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.

5

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

	07/31/2009			04/30/2009			01/31/2009			10/31/2008			07/31/2008
ASSETS
Real estate investments
Property owned	$	1,737,466		$	1,729,585		$	1,719,690		$	1,690,763		$	1,655,778
Less accumulated depreciation		(274,497	)		(262,871	)		(251,493	)		(240,452	)		(229,691	)
		1,462,969			1,466,714			1,468,197			1,450,311			1,426,087
Development in progress		0			0			0			17,603			35,231
Unimproved land		5,713			5,701			5,695			5,036			4,567
Mortgage loans receivable, net of allowance		160			160			161			528			534
Total real estate investments		1,468,842			1,472,575			1,474,053			1,473,478			1,466,419
Other assets
Cash and cash equivalents		43,935			33,244			31,022			40,855			42,351
Marketable securities – available-for-sale		420			420			420			420			420
Receivable arising from straight-lining of rents, net of allowance		16,201			16,012			15,558			14,962			14,383
Accounts receivable, net of allowance		4,148			2,738			3,678			3,676			4,395
Real estate deposits		460			88			242			86			1,048
Prepaid and other assets		2,900			1,051			1,514			1,813			2,324
Intangible assets, net of accumulated amortization		49,820			52,173			55,663			56,576			58,936
Tax, insurance, and other escrow		7,984			7,261			8,271			6,182			7,888
Property and equipment, net		1,293			1,015			1,436			1,432			1,450
Goodwill		1,392			1,392			1,392			1,392			1,392
Deferred charges and leasing costs, net		16,958			17,122			16,039			16,037			15,155
TOTAL ASSETS	$	1,614,353		$	1,605,091		$	1,609,288		$	1,616,909		$	1,616,161
LIABILITIES AND EQUITY
LIABILITIES
Accounts payable and accrued expenses	$	32,508		$	32,773		$	32,275		$	26,645		$	32,917
Revolving lines of credit		13,000			5,500			8,500			15,000			0
Mortgages payable		1,055,705			1,070,158			1,068,127			1,066,113			1,068,267
Other		1,455			1,516			1,636			703			830
TOTAL LIABILITIES		1,102,668			1,109,947			1,110,538			1,108,461			1,102,014
REDEEMABLE NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE ENTITIES		1,908			1,737			1,939			1,961			1,451
EQUITY
Investors Real Estate Trust shareholders’ equity
Preferred Shares of Beneficial Interest		27,317			27,317			27,317			27,317			27,317
Common Shares of Beneficial Interest		490,441			461,648			451,296			447,711			443,559
Accumulated distributions in excess of net income		(165,349	)		(155,956	)		(147,573	)		(138,392	)		(130,474	)
Total Investors Real Estate Trust shareholders’ equity		352,409			333,009			331,040			336,636			340,402
Noncontrolling interests – consolidated real estate entities		12,248			12,199			12,205			12,229			12,310
Noncontrolling interests – Operating Partnership		145,120			148,199			153,566			157,622			159,984
Total equity		509,777			493,407			496,811			506,487			512,696
TOTAL LIABILITIES AND EQUITY	$	1,614,353		$	1,605,091		$	1,609,288		$	1,616,909		$	1,616,161

6

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

	Three Months Ended
OPERATING RESULTS	07/31/2009			04/30/2009			01/31/2009			10/31/2008			07/31/2008
Real estate revenue	$	60,821		$	60,652		$	60,934		$	59,573		$	58,846
Real estate expenses		24,416			24,495			25,899			23,953			23,804
Net operating income		36,405			36,157			35,035			35,620			35,042
Interest		(17,407	)		(17,436	)		(17,341	)		(17,078	)		(16,888	)
Depreciation/amortization		(14,643	)		(14,438	)		(14,550	)		(13,959	)		(13,767	)
Administrative expenses, advisory and trustee services		(1,487	)		(976	)		(1,336	)		(1,239	)		(1,331	)
Other expenses		(434	)		(283	)		(313	)		(482	)		(362	)
Impairment of real estate investment		0			(338	)		0			0			0
Other income		129			234			152			288			248
Net income	$	2,569		$	2,920		$	1,647		$	3,150		$	2,942
Gain on sale of other investments		0			0			0			54			0
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		(73	)		(57	)		15			19			63
Net income attributable to noncontrolling interest – Operating Partnership		(479	)		(596	)		(284	)		(700	)		(647	)
Net income attributable to Investors Real Estate Trust		2,017			2,267			1,378			2,523			2,358
Dividends to preferred shareholders		(593	)		(593	)		(593	)		(593	)		(593	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	1,424		$	1,674		$	785		$	1,930		$	1,765
Per Share Data
Net income per common share – basic & diluted	$	.02		$	.03		$	.02		$	.03		$	.03
Percentage of Revenues
Real estate expenses		40.1	%		40.4	%		42.5	%		40.2	%		40.5	%
Interest		28.6	%		28.7	%		28.5	%		28.7	%		28.7	%
Depreciation/amortization		24.1	%		23.8	%		23.9	%		23.4	%		23.4	%
General and administrative		2.4	%		1.6	%		2.2	%		2.1	%		2.3	%
Income from continuing operations		3.3	%		3.7	%		2.3	%		4.2	%		4.0	%
Net income		3.3	%		3.7	%		2.3	%		4.2	%		4.0	%
Ratios
EBITDA(1)/Interest expense		1.98	x		1.99	x		1.93	x		1.99	x		1.98	x
EBITDA/Interest expense plus preferred distributions		1.92	x		1.92	x		1.86	x		1.92	x		1.91	x

(1) See Definitions on page 24.  EBITDA is a non-GAAP measure; see page 9 for a reconciliation of EBITDA to net income.

7

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

FUNDS FROM OPERATIONS(unaudited)

(in thousands, except per share and unit data)

	Three Months Ended
	07/31/2009			04/30/2009			01/31/2009			10/31/2008			07/31/2008
Funds From Operations(1)
Net income attributable to Investors Real Estate Trust	$	2,017		$	2,267		$	1,378		$	2,523		$	2,358
Less dividends to preferred shareholders		(593	)		(593	)		(593	)		(593	)		(593	)
Net income available to common shareholders		1,424			1,674			785			1,930			1,765
Adjustments:
Noncontrolling interests – Operating Partnership		479			596			284			700			647
Depreciation and amortization		14,599			14,360			14,454			13,840			13,641
(Gains)/loss on depreciable property sales		0			0			0			(54	)		0
Funds from operations applicable to common shares and Units	$	16,502		$	16,630		$	15,523		$	16,416		$	16,053
FFO per share and unit - basic and diluted	$	0.20		$	0.21		$	0.19		$	0.21		$	0.20
Weighted average shares and units		83,223			80,361			80,038			79,668			79,214

(1) See Definitions on page 24.

8

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

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

(in thousands)

	Three Months Ended
	07/31/2009			04/30/2009			01/31/2009			10/31/2008			07/31/2008
EBITDA(1)
Net income attributable to Investors Real Estate Trust	$	2,017		$	2,267		$	1,378		$	2,523		$	2,358
Adjustments:
Noncontrolling interests – Operating Partnership		437			596			284			700			647
Income before noncontrolling interests – Operating Partnership		2,454			2,863			1,662			3,223			3,005
Add:
Interest		17,401			17,436			17,341			17,078			16,888
Depreciation/amortization related to real estate investments		14,121			13,825			14,023			13,480			13,318
Amortization related to non-real estate investments		522			613			527			479			449
Amortization related to real estate revenues(2)		33			3			(27	)		(52	)		(57	)
Less:
Interest income		(52	)		(51	)		(123	)		(210	)		(223	)
Gain on sale of real estate, land and other investments		0			0			0			(54	)		0
EBITDA	$	34,479		$	34,689		$	33,403		$	33,944		$	33,380

(1)   See Definitions on page 24.

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

9

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT ANALYSIS

(in thousands)

Debt Maturity Schedule

Annual Expirations

Total Mortgage Debt

            7.17%    7.65%    7.01%    5.76%    6.21%   5.60%   5.74%    6.21%   5.80%   6.36%   5.79%   

	Future Maturities of Debt
Fiscal Year	Fixed Debt		Variable Debt		Total Debt		Weighted Average(1)			% of Total Debt
2010	$	92,352	$	6,751	$	99,103		7.17	%		9.4	%
2011		83,042		0		83,042		7.65	%		7.9	%
2012		93,568		0		93,568		7.01	%		8.9	%
2013		25,646		0		25,646		5.76	%		2.4	%
2014		46,696		1,013		47,709		6.21	%		4.5	%
2015		70,551		0		70,551		5.60	%		6.7	%
2016		64,679		308		64,987		5.74	%		6.2	%
2017		160,949		0		160,949		6.21	%		15.2	%
2018		93,275		0		93,275		5.80	%		8.8	%
2019		117,599		686		118,285		6.36	%		11.2	%
Thereafter		198,173		417		198,590		5.79	%		18.8	%
Total maturities	$	1,046,530	$	9,175	$	1,055,705		6.31	%		100.0	%

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

	07/31/2009			04/30/2009			01/31/2009			10/31/2008			07/31/2008
Balances Outstanding
Mortgage
Fixed rate	$	1,046,530		$	1,060,581		$	1,053,527		$	1,054,938		$	1,057,009
Variable rate		9,175			9,577			14,600			11,175			11,258
Mortgage total		1,055,705			1,070,158			1,068,127			1,066,113			1,068,267
Weighted Average Interest Rates
Secured		6.31	%		6.30	%		6.34	%		6.36	%		6.36	%

10

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT DETAIL AS OF JULY 31, 2009

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(3)	$	6,127	$	0	$	0	$	0	$	0	$	6,127
Rimrock Apartments - Billings, MT	8/1/2009(2)		2,156		0		0		0		0		2,156
Rocky Meadows Apartments - Billings, MT	8/1/2009(2)		3,064		0		0		0		0		3,064
Thomasbrook - Lincoln, NE	10/1/2009(5)		5,035		0		0		0		0		5,035
17 South Main Apartments - Minot, ND	11/4/2009		196		0		0		0		0		196
401 South Main - Minot, ND	11/4/2009		688		0		0		0		0		688
Minot 4th Street - Minot, ND	11/4/2009		98		0		0		0		0		98
Minot 11th Street - Minot, ND	11/4/2009		98		0		0		0		0		98
Minot Fairmont Apartments - Minot, ND	11/4/2009		393		0		0		0		0		393
Minot Westridge Apartments - Minot, ND	11/4/2009		1,966		0		0		0		0		1,966
Westwood Park - Bismarck, ND	12/1/2009(5)		999		0		0		0		0		999
Dakota Hill at Valley Ranch - Irving, TX	2/1/2010		22,621		0		0		0		0		22,621
Southbrook & Mariposa - Topeka, KS	2/1/2010		3,155		0		0		0		0		3,155
Kirkwood Apartments - Bismarck, ND	5/1/2010(5)		0		1,911		0		0		0		1,911
Country Meadows II - Billings, MT	7/31/2010(5)		0		1,919		0		0		0		1,919
Pebble Springs - Bismarck, ND	7/31/2010		0		336		0		0		0		336
The Meadows I - Jamestown, ND	8/1/2010		0		901		0		0		0		901
The Meadows II - Jamestown, ND	8/1/2010		0		901		0		0		0		901
Olympic Village - Billings, MT	11/1/2010		0		7,625		0		0		0		7,625
Southview Apartments - Minot, ND	11/1/2010		0		732		0		0		0		732
Valley Park Manor - Grand Forks, ND	11/1/2010		0		2,708		0		0		0		2,708
Valley Park Manor 2nd Mortgage - Grand Forks, ND	11/1/2010		0		823		0		0		0		823
Ridge Oaks Apartments - Sioux City, IA	2/1/2011		0		2,607		0		0		0		2,607
Sunset Trail I - Rochester, MN	3/1/2011		0		3,924		0		0		0		3,924
Sunset Trail II - Rochester, MN	3/1/2011		0		3,808		0		0		0		3,808
Oakwood Estates - Sioux Falls, SD	6/1/2011		0		0		3,463		0		0		3,463
Oxbow - Sioux Falls, SD	6/1/2011		0		0		3,774		0		0		3,774
Chateau Apartments - Minot, ND	7/1/2011		0		0		1,793		0		0		1,793
Oakmont Apartments - Sioux Falls, SD	9/1/2011		0		0		3,722		0		0		3,722
Canyon Lake Apartments - Rapid City, SD	10/1/2011		0		0		2,689		0		0		2,689
The Meadows III - Jamestown, ND	11/1/2011		0		0		993		0		0		993
East Park Apartments - Sioux Falls, SD	12/1/2012		0		0		0		1,584		0		1,584
Sycamore Village Apartments - Sioux Falls, SD	12/1/2012		0		0		0		891		0		891
Monticello Village Apartments - Monticello, MN	3/1/2013		0		0		0		3,130		0		3,130
Summary of Debt due after 2013			0		0		0		0		218,063		218,063
Sub-Total Multi-Family Residential		$	46,596	$	28,195	$	16,434	$	5,605	$	218,063	$	314,893
Commercial Office
Mendota Center I - Mendota Heights, MN(6)	11/1/2009(2)	$	3,772	$	0	$	0	$	0	$	0	$	3,772	(7)
Mendota Center II - Mendota Heights, MN(6)	11/1/2009(2)		6,040		0		0		0		0		6,040	(7)
Mendota Center III - Mendota Heights, MN(6)	11/1/2009(2)		3,531		0		0		0		0		3,531	(7)
Mendota Center IV - Mendota Heights, MN(6)	11/1/2009(2)		4,584		0		0		0		0		4,584	(7)
American Corporate Center - Mendota Heights, MN(6)	11/1/2009(2)		9,513		0		0		0		0		9,513	(7)
Northgate II - Maple Grove, MN	2/1/2010		1,301		0		0		0		0		1,301
Southeast Tech Center - Eagan, MN	2/1/2010		3,521		0		0		0		0		3,521
Westgate I - Boise, ID	2/1/2010		1,884		0		0		0		0		1,884
Westgate II - Boise, ID	2/1/2010		4,612		0		0		0		0		4,612
Brenwood - Minnetonka, MN	10/1/2010		0		7,584		0		0		0		7,584
Nicollet VII - Burnsville, MN	12/1/2010		0		4,060		0		0		0		4,060

11

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT DETAIL AS OF JULY 31, 2009 (continued)

Property	Maturity Date	Fiscal 2010		Fiscal 2011		Fiscal 2012		Fiscal 2013		Thereafter		Total(1)
Commercial Office - Continued
Dewey Hill Business Center - Edina, MN	1/1/2011	$	0	$	2,643	$	0	$	0	$	0	$	2,643
Plymouth IV - Plymouth, MN	1/1/2011		0		3,241		0		0		0		3,241
Plymouth V - Plymouth, MN	1/1/2011		0		4,664		0		0		0		4,664
Whitewater Plaza - Minnetonka, MN	3/1/2011		0		2,665		0		0		0		2,665
Whitewater Plaza 2nd Mortgage - Minnetonka, MN	3/1/2011		0		1,382		0		0		0		1,382
2030 Cliff Road - Eagan, MN	4/1/2011		0		489		0		0		0		489
Cold Spring Center - St Cloud, MN	4/1/2011		0		4,169		0		0		0		4,169
Pillsbury Business Center - Edina, MN	4/1/2011		0		947		0		0		0		947
Golden Hills Office Center - Golden Valley, MN	7/1/2011		0		0		14,490		0		0		14,490
Wells Fargo Center - St Cloud, MN	7/1/2011		0		0		6,830		0		0		6,830
Interlachen Corp Center - Eagan, MN	10/11/2011		0		0		9,814		0		0		9,814
Bloomington Business Plaza - Bloomington, MN	12/1/2011		0		0		4,266		0		0		4,266
Wirth Corporate Center - Golden Valley, MN	2/1/2012		0		0		4,201		0		0		4,201
Summary of Debt due after 2013			0		0		0		0		256,517		256,517
Sub-Total Commercial Office		$	38,758	$	31,844	$	39,601	$	0	$	256,517	$	366,720
Commercial Medical
Edina 6545 France SMC I - Edina, MN	1/1/2011	$	0	$	21,887	$	0	$	0	$	0	$	21,887
Edina 6525 France SMC II - Edina, MN	6/1/2011		0		0		9,778		0		0		9,778
Edina 6405 France Medical - Edina, MN	1/1/2012		0		0		9,273		0		0		9,273
Edina 6363 France Medical - Edina, MN	4/1/2012		0		0		8,114		0		0		8,114
Fox River Cottages - Grand Chute, WI	5/1/2012		0		0		0		2,297		0		2,297
Summary of Debt due after 2013			0		0		0		0		196,931		196,931
Sub-Total Commercial Medical		$	0	$	21,887	$	27,165	$	2,297	$	196,931	$	248,280
Commercial Industrial
Waconia Industrial Building - Waconia, MN	8/2/2009(5)	$	1,118	$	0	$	0	$	0	$	0	$	1,118
Metal Improvement Co - New Brighton, MN	10/1/2009(5)		1,203		0		0		0		0		1,203
Lexington Commerce Center - Eagan, MN	2/1/2010		2,832		0		0		0		0		2,832
Eagan 2785 & 2795 Highway 55 - Eagan, MN	6/1/2011		0		0		3,758		0		0		3,758
Stone Container - Roseville, MN	2/1/2012		0		0		4,122		0		0		4,122
Minnetonka 13600 Cty Rd 62 - Minnetonka, MN	2/27/2012		0		0		2,488		0		0		2,488
Dixon Avenue Industrial Park - Des Moines, IA	1/1/2013		0		0		0		7,728		0		7,728
Bloomington-2000 West 94th Street - Bloomington, MN	3/1/2013		0		0		0		4,054		0		4,054
Roseville-2929 Long Lake Road - Roseville, MN	3/1/2013		0		0		0		5,962		0		5,962
Summary of Debt due after 2013			0		0		0				29,866		29,866
Sub-Total Commercial Industrial		$	5,153	$	0	$	10,368	$	17,744	$	29,866	$	63,131
Commercial Retail
Rochester Maplewood Square - Rochester, MN	8/1/2009(4)	$	3,517	$	0	$	0	$	0	$	0	$	3,517
Minot Arrowhead Shopping Center 2nd Mortgage - Minot, ND	8/23/2009(5)		2,193		0		0		0		0		2,193
Grand Forks MedPark Mall - Grand Forks, ND	3/1/2010		2,886		0		0		0		0		2,886
Minot Plaza - Minot, ND	8/1/2010		0		629		0		0		0		629
Kentwood Thomasville Furniture - Kentwood, MI	2/1/2011		0		487		0		0		0		487
Summary of Debt due after 2013			0		0		0		0		52,969		52,969
Sub-Total Commercial Retail		$	8,596	$	1,116	$	0	$	0	$	52,969	$	62,681
Total		$	99,103	$	83,042	$	93,568	$	25,646	$	754,346	$	1,055,705

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

(2) Refinancing closed on August 3, 2009.

(3) Loan paid in full on August 3, 2009, loan commitment received, refinancing pending.

(4) Loan paid in full at maturity.

(5) Loan commitment received, refinancing pending.

(6) 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.

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

12

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CAPITAL ANALYSIS

(in thousands, except per share and unit amounts)

	07/31/2009			04/30/2009			01/31/2009			10/31/2008			07/31/2008
Equity Capitalization
Common shares outstanding		63,788			60,304			59,127			58,713			58,202
Operating partnership (OP) units outstanding		20,837			20,838			21,184			21,287			21,293
Total common shares and OP units outstanding		84,625			81,142			80,311			80,000			79,495
Market price per common share (closing price at end of period)	$	9.31		$	9.25		$	9.95		$	9.88		$	10.50
Equity capitalization-common shares and OP units	$	787,859		$	750,564		$	799,094		$	790,400		$	834,698
Recorded book value of preferred shares	$	27,317		$	27,317		$	27,317		$	27,317		$	27,317
Total equity capitalization	$	815,176		$	777,881		$	826,411		$	817,717		$	862,015
Debt Capitalization
Total mortgage debt	$	1,055,705		$	1,070,158		$	1,068,127		$	1,066,113		$	1,068,267
Total capitalization	$	1,870,881		$	1,848,039		$	1,894,538		$	1,883,830		$	1,930,282
Total debt to total capitalization	0.56:1			0.58:1			0.56:1			0.57:1			0.55:1
Earnings to fixed charges(1)		1.18	x		1.20	x		1.13	x		1.16	x		1.15	x
Earnings to combined fixed charges and preferred distributions(1)		1.14	x		1.16	x		1.09	x		1.13	x		1.12	x
Debt service coverage ratio(1)		1.39	x		1.42	x		1.39	x		1.41	x		1.40	x
Distribution Data
Common shares and units outstanding at record date		84,280			80,323			80,018			79,566			79,116
Total common distribution paid	$	14,370		$	13,656		$	13,562		$	13,445		$	13,332
Common distribution per share and unit	$	.1705		$	0.1700		$	0.1695		$	0.1690		$	0.1685
Payout ratio (FFO per share and unit basis)(1)		85.3	%		81.0	%		89.2	%		80.5	%		84.3	%

(1)   See Definitions on page 24.

13

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

STABILIZED PROPERTIES NET OPERATING INCOME SUMMARY

(in thousands)

	Stabilized Properties(1)
	Three Months Ended July 31,
Segment	2009		2008		% Change
Multi-Family Residential	$	9,483	$	9,659		(1.8	%)
Commercial Office		11,733		11,365		3.2	%
Commercial Medical		9,789		9,091		7.7	%
Commercial Industrial		2,340		2,362		(0.9	%)
Commercial Retail		2,368		2,337		1.3	%
	$	35,713	$	34,814		2.6	%

1. For 1st Quarter Fiscal 2010 and 1st Quarter Fiscal 2009, stabilized properties excluded:

Multi-Family Residential - 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; 401 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND. Total number of units, 409. Occupancy % for the three months ended July 31, 2009, 91.2%.

Commercial Office - Bismarck 715 E Broadway, Bismarck, ND; 401 South Main, Minot, ND; IRET Corporate Plaza, Minot, ND and 12 South Main Street, Minot, ND. Total square footage, 82,986. Occupancy % for the three months ended July 31, 2009, 20.2%.

Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN. Total square footage, 56,239. Occupancy % for the three months ended July 31, 2009, 71.8%.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN. Total square footage, 69,984. Occupancy % for the three months ended July 31, 2009, 100%.

14

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended July 31, 2009
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and  Other			Total
Real estate rental revenue
Stabilized(1)	$	18,274		$	21,119		$	13,315		$	3,253		$	3,459		$	0		$	59,420
Non-Stabilized		809			47			403			142			0			0			1,401
Total		19,083			21,166			13,718			3,395			3,459			0			60,821
Real estate expenses
Stabilized(1)		8,791			9,386			3,526			913			1,091			0			23,707
Non-Stabilized		443			61			167			38			0			0			709
Total		9,234			9,447			3,693			951			1,091			0			24,416
Net Operating Income (NOI)
Stabilized(1)		9,483			11,733			9,789			2,340			2,368			0			35,713
Non-Stabilized		366			(14	)		236			104			0			0			692
Net operating income	$	9,849		$	11,719		$	10,025		$	2,444		$	2,368		$	0		$	36,405
Reconciliation of NOI to net income (loss) available to common shareholders
Interest expense	$	(5,043	)	$	(5,895	)	$	(4,380	)	$	(1,004	)	$	(967	)	$	(112	)	$	(17,401	)
Depreciation/amortization		(3,711	)		(5,684	)		(3,547	)		(922	)		(705	)		(74	)		(14,643	)
Administrative, advisory and trustee fees		0			0			0			0			0			(1,487	)		(1,487	)
Other expenses		0			0			0			0			0			(434	)		(434	)
Other income		0			0			0			0			0			129			129
Net income (loss)		1,095			140			2,098			518			696			(1,978	)		2,569
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		0			0			0			0			0			(73	)		(73	)
Net income attributable to noncontrolling interests – Operating Partnership		0			0			0			0			0			(479	)		(479	)
Net income (loss) attributable to Investors Real Estate Trust		1,095			140			2,098			518			696			(2,530	)		2,017
Dividends to preferred shareholders		0			0			0			0			0			(593	)		(593	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	1,095		$	140		$	2,098		$	518		$	696		$	(3,123	)	$	1,424

For 1st Quarter Fiscal 2010 and 1st Quarter Fiscal 2009, stabilized properties excluded:

Multi-Family Residential - 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; 401 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND.
Total number of units, 409. Occupancy % for the three months ended July 31, 2009, 91.2%.

Commercial Office - Bismarck 715 E Broadway, Bismarck, ND; 401 South Main, Minot, ND; IRET Corporate Plaza, Minot, ND and 12 South Main Street, Minot, ND. Total square footage, 82,986. Occupancy % for the three months ended July 31, 2009, 20.2%.

Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN. Total square footage, 56,239. Occupancy % for the three months ended July 31, 2009, 71.8%.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN. Total square footage, 69,984. Occupancy % for the three months ended July 31, 2009, 100%.

15

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended July 31, 2008
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and  Other			Total
Real estate rental revenue
Stabilized(1)	$	18,133		$	20,805		$	12,853		$	3,096		$	3,477		$	0		$	58,364
Non-Stabilized		468			1			13			0			0			0			482
Total		18,601			20,806			12,866			3,096			3,477			0			58,846
Real estate expenses
Stabilized(1)		8,474			9,440			3,762			734			1,140			0			23,550
Non-Stabilized		250			4			0			0			0			0			254
Total		8,724			9,444			3,762			734			1,140			0			23,804
Net Operating Income (NOI)
Stabilized(1)		9,659			11,365			9,091			2,362			2,337			0			34,814
Non-Stabilized		218			(3	)		13			0			0			0			228
Net operating income	$	9,877		$	11,362		$	9,104		$	2,362		$	2,337		$	0		$	35,042
Reconciliation of NOI to net income (loss) available to common shareholders
Interest (expense) income	$	(4,945	)	$	(5,979	)	$	(4,304	)	$	(960	)	$	(1,038	)	$	338		$	(16,888	)
Depreciation/amortization		(3,473	)		(5,492	)		(3,140	)		(859	)		(742	)		(61	)		(13,767	)
Administrative, advisory and trustee fees		0			0			0			0			0			(1,331	)		(1,331	)
Other expenses		0			0			0			0			0			(362	)		(362	)
Other income		0			0			0			0			0			248			248
Net income (loss)		1,459			(109	)		1,660			543			557			(1,168	)		2,942
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		0			0			0			0			0			63			63
Net income attributable to noncontrolling interests – Operating Partnership		0			0			0			0			0			(647	)		(647	)
Net income (loss) attributable to Investors Real Estate Trust		1,459			(109	)		1,660			543			557			(1,752	)		2,358
Dividends to preferred shareholders		0			0			0			0			0			(593	)		(593	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	1,459		$	(109	)	$	1,660		$	543		$	557		$	(2,345	)	$	1,765

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

Multi-Family Residential - Minot 4th Street Apartments, Minot, ND; Minot 11th Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot Westridge Apartments, Minot, ND and Thomasbrook Apartments, Lincoln, NE. Total number of units, 292. Occupancy % for the three months ended July 31, 2009, 85.1%.

Commercial Office - 401 South Main, Minot, ND. Total square footage, 8,443. Occupancy % for the three months ended July 31, 2009, 0.0%.

16

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

STABILIZED PROPERTIES AND OVERALL ECONOMIC OCCUPANCY LEVELS BY SEGMENT

1st Quarter Fiscal 2010 vs. 1st Quarter Fiscal 2009

Segments	Stabilized Properties						All Properties
	1st Quarter			1st Quarter			1st Quarter			1st Quarter
	Fiscal 2010			Fiscal 2009			Fiscal 2010			Fiscal 2009
Multi-Family Residential		91.1	%		92.5	%		91.1	%		92.3	%
Commercial Office		88.5	%		89.1	%		87.9	%		89.1	%
Commercial Medical		94.1	%		96.5	%		93.4	%		96.5	%
Commercial Industrial		89.8	%		96.8	%		90.1	%		96.8	%
Commercial Retail		85.5	%		86.6	%		85.5	%		86.6	%

 

17

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

COMMERCIAL LEASING SUMMARY

for the three months ended July 31, 2009

	Three Months Ended July 31, 2009
	New(1)		Renew(2)		1st Quarter Fiscal 2010 Total
Gross Leasing Square Footage
Commercial Office		17,540		168,601		186,141
Commercial Medical		13,730		8,065		21,795
Commercial Industrial		0		92,901		92,901
Commercial Retail		25,549		43,928		69,477
Total		56,819		313,495		370,314
Weighted Average Term (yrs)
Commercial Office		2.9		3.4		3.3
Commercial Medical		5.5		3.5		4.1
Commercial Industrial		0.0		5.8		5.8
Commercial Retail		5.3		2.8		3.4
All Segments		4.1		3.4		3.6
Weighted Average Rental Rate Increases(3)
Rate on Expiring Leases
Commercial Office					$	14.90
Commercial Medical						22.00
Commercial Industrial						0.00
Commercial Retail						12.24
All Segments					$	15.33
Weighted Average Rate on New and Renewal Leases(3)
Commercial Office	$	7.17	$	11.56	$	11.15
Commercial Medical		19.35		21.58		20.18
Commercial Industrial		0.00		3.21		3.21
Commercial Retail		7.50		4.18		5.40
All Segments	$	10.26	$	8.31	$	8.61
Percentage Increase (Decrease)
Commercial Office						(25.2	%)
Commercial Medical						(8.3	%)
Commercial Industrial						0.0	%
Commercial Retail						(55.9	%)
All Segments						(43.8	%)

(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.

18

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

COMMERCIAL LEASING SUMMARY

for the three months ended July 31, 2009

	1st Quarter Fiscal 2010 Total
	New		Renew		Total Dollars
Tenant Improvements
Commercial Office	$	198,061	$	198,315	$	396,376
Commercial Medical		78,664		130,126		208,790
Commercial Industrial		0		71,400		71,400
Commercial Retail		348,988		6,295		355,283
Subtotal	$	625,713	$	406,136	$	1,031,849
Tenant Improvements per square foot
Commercial Office	$	11.29	$	1.18	$	2.13
Commercial Medical		5.73		16.13		9.58
Commercial Industrial		0.00		0.77		0.77
Commercial Retail		13.66		0.14		5.11
All Segments	$	11.01	$	1.30	$	2.79
Leasing Costs
Commercial Office	$	43,960	$	291,640	$	335,600
Commercial Medical		41,190		20,886		62,076
Commercial Industrial		0		81,789		81,789
Commercial Retail		205,955		72,437		278,392
Subtotal	$	291,105	$	466,752	$	757,857
Leasing Costs per square foot
Commercial Office	$	2.51	$	1.73	$	1.80
Commercial Medical		3.00		2.59		2.85
Commercial Industrial		0.00		0.88		0.88
Commercial Retail		8.06		1.65		4.01
All Segments	$	5.12	$	1.49	$	2.05
Tenant Improvements and Leasing Costs
Commercial Office	$	242,021	$	489,955	$	731,976
Commercial Medical		119,854		151,012		270,866
Commercial Industrial		0		153,189		153,189
Commercial Retail		554,943		78,732		633,675
Total	$	916,818	$	872,888	$	1,789,706
Tenant Improvements and Leasing Costs per square foot
Commercial Office	$	13.80	$	2.91	$	3.93
Commercial Medical		8.73		18.72		12.43
Commercial Industrial		0.00		1.65		1.65
Commercial Retail		21.72		1.79		9.12
All Segments	$	16.14	$	2.78	$	4.83

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INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

MULTI-FAMILY RESIDENTIAL SUMMARY

	Three Months Ended
	07/31/2009			04/30/2009			01/31/2009			10/31/2008			07/31/2008
Number of Units		9,645			9,645			9,645			9,564			9,528
Average Investment Per Unit	$	56,298		$	56,130		$	55,082		$	54,303		$	53,919
Average Scheduled Rent per Unit
Stabilized	$	711.11		$	711.22		$	708.32		$	705.53		$	700.43
Non-Stabilized		714.34			703.02			655.12			648.90			647.89
	$	711.24		$	710.63		$	704.75		$	701.98		$	697.18
Total Receipts per Unit
Stabilized	$	659.51		$	671.29		$	679.54		$	682.32		$	657.09
Non-Stabilized		659.37			620.95			590.39			598.48			536.68
	$	659.50		$	667.67		$	673.55		$	677.06		$	649.63
Occupancy %
Stabilized		91.1	%		93.1	%		94.5	%		95.1	%		92.8	%
Non-Stabilized		91.2	%		87.1	%		88.9	%		92.6	%		84.1	%
		91.1	%		92.7	%		94.2	%		94.9	%		92.3	%
Operating Expenses as a % of Scheduled Rent
Stabilized		44.6	%		43.6	%		45.9	%		44.2	%		43.5	%
Non-Stabilized		50.6	%		52.6	%		53.4	%		47.9	%		47.5	%
Total		44.9	%		44.3	%		46.4	%		44.4	%		43.7	%

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INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

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

as of July 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		19		235		9.8	%		909,591		8.8	%
St. Lukes Hospital of Duluth, Inc.		6		72		3.4	%		198,775		1.9	%
Fairview Health		8		42		2.4	%		175,419		1.7	%
Applied Underwriters		3		91		2.2	%		141,724		1.4	%
Best Buy Co., Inc. (NYSE: BBY)		2		16		1.9	%		224,650		2.2	%
HealthEast Care System		1		115		1.7	%		114,316		1.1	%
UGS Corp.		1		25		1.6	%		122,567		1.2	%
Microsoft (NASDAQ: MSFT)		1		49		1.5	%		122,040		1.2	%
Smurfit - Stone Container (NASDAQ: SSCC)(2)		2		47		1.4	%		424,147		4.1	%
Arcadis Corporate Services (NASDAQ: ARCAF)		2		24		1.4	%		82,725		0.8	%
Total/Weighted Average				102		27.3	%		2,515,954		24.4	%

(1) See Definitions on page 24.

(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 been notified by the bankruptcy court that Smurfit – Stone Container has assumed both of its leases with us.

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INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LEASE EXPIRATIONS

as of July 31, 2009

Fiscal Year	Number of  Leases		Rentable  Square Feet		% of Rentable  Square Feet			Annualized  Rent *		Average  Rental  Rate		% of Annualized Rent
Commercial Office
2010		46		275,751		6.6	%	$	3,107,411	$	11.27		5.8	%
2011		70		693,633		16.6	%		8,953,520		12.91		16.6	%
2012		56		805,282		19.2	%		11,212,924		13.92		20.8	%
2013		33		510,007		12.2	%		6,498,092		12.74		12.0	%
2014		33		509,283		12.2	%		6,876,643		13.50		12.7	%
2015 and thereafter		62		1,387,368		33.2	%		17,349,958		12.51		32.1	%
		300		4,181,324		100.0	%	$	53,998,548	$	12.91		100.0	%
Commercial Medical
2010		18		54,645		2.5	%	$	1,040,185	$	19.04		2.7	%
2011		16		63,417		2.9	%		1,133,542		17.87		2.9	%
2012		30		102,335		4.7	%		2,090,550		20.43		5.4	%
2013		18		68,391		3.1	%		1,262,589		18.46		3.2	%
2014		24		160,399		7.4	%		3,305,442		20.61		8.5	%
2015 and thereafter		88		1,731,476		79.4	%		30,048,307		17.35		77.3	%
		194		2,180,663		100.0	%	$	38,880,615	$	17.83		100.0	%
Commercial Industrial
2010		5		195,031		7.3	%	$	758,739	$	3.89		7.6	%
2011		15		1,072,579		40.3	%		3,599,289		3.36		35.8	%
2012		5		381,157		14.3	%		1,213,844		3.18		12.1	%
2013		3		214,335		8.1	%		1,073,159		5.01		10.7	%
2014		5		169,396		6.4	%		786,164		4.64		7.8	%
2015 and thereafter		8		628,714		23.6	%		2,611,195		4.15		26.0	%
		41		2,661,212		100.0	%	$	10,042,390	$	3.77		100.0	%
Commercial Retail
2010		32		162,238		13.7	%	$	1,019,888	$	6.29		10.6	%
2011		50		275,475		23.3	%		2,658,854		9.65		27.6	%
2012		33		239,591		20.2	%		1,374,477		5.74		14.2	%
2013		15		70,528		5.9	%		469,298		6.65		4.9	%
2014		19		64,677		5.5	%		745,105		11.52		7.7	%
2015 and thereafter		29		371,528		31.4	%		3,374,460		9.08		35.0	%
		178		1,184,037		100.0	%	$	9,642,082	$	8.14		100.0	%
Commercial Total
2010		101		687,665		6.7	%	$	5,926,223	$	8.62		5.3	%
2011		151		2,105,104		20.6	%		16,345,205		7.76		14.5	%
2012		124		1,528,365		15.0	%		15,891,795		10.40		14.1	%
2013		69		863,261		8.5	%		9,303,138		10.78		8.3	%
2014		81		903,755		8.8	%		11,713,354		12.96		10.4	%
2015 and thereafter		187		4,119,086		40.4	%		53,383,920		12.96		47.4	%
		713		10,207,236		100.0	%	$	112,563,635	$	11.03		100.0	%

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

22

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

FISCAL 2010 ACQUISITION SUMMARY

as of July 31, 2009

The Company had no acquisitions or development projects placed in service in the first quarter of fiscal year 2010.

23

Definitions

July 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 noncontrolling interests, 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 noncontrolling interests, 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.

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