CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Oct. 31, 2011	Oct. 31, 2010	Oct. 31, 2011	Oct. 31, 2010
REVENUE
Real estate rentals	$ 49,820	$ 47,733	$ 98,663	$ 95,541
Tenant reimbursement	10,868	11,114	21,596	22,431
TOTAL REVENUE	60,688	58,847	120,259	117,972
EXPENSES
Depreciation/amortization related to real estate investments	14,195	13,777	28,351	27,681
Utilities	4,900	4,355	8,898	8,409
Maintenance	6,962	6,749	13,790	13,643
Real estate taxes	7,676	7,464	15,479	15,288
Insurance	785	769	1,662	1,220
Property management expenses	5,468	4,964	10,847	10,051
Administrative expenses	1,911	1,582	3,863	3,339
Advisory and trustee services	193	136	422	348
Other expenses	835	563	1,150	916
Amortization related to non-real estate investments	758	637	1,492	1,289
TOTAL EXPENSES	43,683	40,996	85,954	82,184
Interest expense	(16,317)	(16,416)	(32,223)	(32,467)
Interest income	37	65	90	119
Other income	176	102	276	185
Income from continuing operations before income taxes	901	1,602	2,448	3,625
Income tax benefit	0	19	0	0
Income from continuing operations	901	1,621	2,448	3,625
Income from discontinued operations	590	5,500	616	5,828
NET INCOME	1,491	7,121	3,064	9,453
Net income attributable to noncontrolling interests - Operating Partnership	(194)	(1,322)	(372)	(1,692)
Net (income) loss attributable to noncontrolling interests - consolidated real estate entities	(12)	20	14	44
Net income attributable to Investors Real Estate Trust	1,285	5,819	2,706	7,805
Dividends to preferred shareholders	(593)	(593)	(1,186)	(1,186)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$ 692	$ 5,226	$ 1,520	$ 6,619
Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted	$ 0.00	$ 0.01	$ 0.01	$ 0.03
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted	$ 0.01	$ 0.06	$ 0.01	$ 0.06
NET INCOME PER COMMON SHARE - BASIC AND DILUTED	$ 0.01	$ 0.07	$ 0.02	$ 0.09
DIVIDENDS PER COMMON SHARE	$ 0.1300	$ 0.1715	$ 0.3015	$ 0.3430