SCHEDULE III

12 Months Ended

Apr. 30, 2012

Real Estate And Accumulated Depreciation Disclosure Abstract

Schedule III

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2012

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances(a)		Land		Buildings & Improvements		Costs capitalized subseq­uent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Multi-Family Residential
11th Street 3 Plex - Minot, ND	$	93	$	11	$	53	$	10	$	16	$	58	$	74	$	(6)		2008	40 years
4th Street 4 Plex - Minot, ND		107		15		74		13		22		80		102		(8)		2008	40 years
Apartments on Main - Minot, ND		709		158		1,123		20		178		1,123		1,301		(128)		1987	24-40 years
Arbors - S Sioux City, NE		4,074		350		6,625		1,143		603		7,515		8,118		(1,256)		2006	40 years
Ashland - Grand Forks, ND		5,800		741		7,569		0		741		7,569		8,310		(37)		2012	40 years
Boulder Court - Eagan, MN		3,459		1,067		5,498		2,507		1,282		7,790		9,072		(1,738)		2003	40 years
Brookfield Village - Topeka, KS		5,463		509		6,698		1,181		611		7,777		8,388		(1,728)		2003	40 years
Brooklyn Heights - Minot, ND		848		145		1,450		732		204		2,123		2,327		(765)		1997	12-40 years
Campus Center - St. Cloud, MN		1,350		395		2,244		137		398		2,378		2,776		(319)		2007	40 years
Campus Heights - St. Cloud, MN		0		110		628		47		112		673		785		(92)		2007	40 years
Campus Knoll - St. Cloud, MN		900		266		1,512		76		271		1,583		1,854		(216)		2007	40 years
Campus Plaza - St. Cloud, MN(1)		0		54		311		39		59		345		404		(47)		2007	40 years
Campus Side - St. Cloud, MN(1)		0		107		615		76		114		684		798		(93)		2007	40 years
Campus View - St. Cloud, MN(1)		0		107		615		66		109		679		788		(91)		2007	40 years
Candlelight - Fargo, ND		1,274		80		758		1,051		223		1,666		1,889		(772)		1992	24-40 years
Canyon Lake - Rapid City, SD		2,989		305		3,958		799		343		4,719		5,062		(1,199)		2001	40 years
Castlerock - Billings, MT		6,864		736		4,864		1,623		900		6,323		7,223		(2,127)		1998	40 years
Chateau - Minot, ND		0		122		1,499		469		122		1,968		2,090		(219)		1998	12-40 years
Cimarron Hills - Omaha, NE		4,947		706		9,588		4,263		1,244		13,313		14,557		(3,786)		2001	40 years
Colonial Villa - Burnsville, MN		6,918		2,401		11,515		3,404		2,772		14,548		17,320		(3,417)		2003	40 years
Colton Heights - Minot, ND		477		80		672		358		114		996		1,110		(660)		1984	40 years
Cornerstone - St. Cloud, MN(1)		0		54		311		42		55		352		407		(48)		2007	40 years
Cottage West Twin Homes - Sioux Falls, SD		3,758		968		3,762		33		976		3,787		4,763		(52)		2011	40 years
Cottonwood - Bismarck, ND		16,197		1,056		17,372		2,657		1,312		19,773		21,085		(5,253)		1997	40 years
Country Meadows - Billings, MT		6,894		491		7,809		1,067		534		8,833		9,367		(2,970)		1995	33-40 years
Crestview - Bismarck, ND		4,059		235		4,290		1,260		480		5,305		5,785		(2,411)		1994	24-40 years
Crown - Rochester, MN		2,737		261		3,289		128		266		3,412		3,678		(176)		2010	40 years
Crown Colony - Topeka, KS		8,473		620		9,956		1,896		782		11,690		12,472		(3,598)		1999	40 years
East Park - Sioux Falls, SD		1,497		115		2,405		681		156		3,045		3,201		(843)		2002	40 years
Evergreen - Isanti, MN		2,078		380		2,720		72		380		2,792		3,172		(253)		2008	40 years
Evergreen II - Isanti, MN		2,185		691		2,784		2		691		2,786		3,477		(39)		2011	40 years
Fairmont - Minot, ND		367		28		337		43		53		355		408		(36)		2008	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2012

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances(a)		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Multi-Family Residential - continued
Forest Park - Grand Forks, ND	$	7,934	$	810	$	5,579	$	6,174	$	1,339	$	11,224	$	12,563	$	(4,118)		1993	24-40 years
Gables Townhomes - Sioux Falls, SD		1,521		349		1,921		23		364		1,929		2,293		(27)		2011	40 years
Grand Gateway - St. Cloud, MN		5,691		814		7,086		14		814		7,100		7,914		(47)		2012	40 years
Greenfield - Omaha, NE		3,650		578		4,122		512		757		4,455		5,212		(504)		2007	40 years
Heritage Manor - Rochester, MN		4,337		403		6,968		2,144		479		9,036		9,515		(2,989)		1998	40 years
Indian Hills - Sioux City, IA(1)		0		294		2,921		2,987		375		5,827		6,202		(751)		2007	40 years
Kirkwood Manor - Bismarck, ND		3,408		449		2,725		1,343		544		3,973		4,517		(1,429)		1997	12-40 years
Lancaster - St. Cloud, MN		875		289		2,899		868		439		3,617		4,056		(1,213)		2000	40 years
Landmark - Grand Forks, ND		1,759		184		1,514		845		274		2,269		2,543		(818)		1997	40 years
Legacy - Grand Forks, ND		16,540		1,362		21,727		5,447		2,041		26,495		28,536		(7,839)		1995-2005	24-40 years
Mariposa - Topeka, KS		3,067		399		5,110		334		420		5,423		5,843		(1,033)		2004	40 years
Monticello Village - Monticello, MN		2,958		490		3,756		399		616		4,029		4,645		(892)		2004	40 years
North Pointe - Bismarck, ND		3,522		303		3,957		243		324		4,179		4,503		(1,089)		1995-2011	24-40 years
Northern Valley - Rochester, MN		0		110		610		49		119		650		769		(34)		2010	40 years
Oakmont Estates - Sioux Falls, SD		2,573		423		4,838		409		511		5,159		5,670		(1,334)		2002	40 years
Oakwood Estates - Sioux Falls, SD		4,184		543		2,784		4,012		764		6,575		7,339		(2,709)		1993	40 years
Olympic Village - Billings, MT		11,131		1,164		10,441		2,277		1,573		12,309		13,882		(3,695)		2000	40 years
Olympik Village - Rochester, MN		4,715		1,034		6,109		1,351		1,138		7,356		8,494		(1,370)		2005	40 years
Oxbow Park - Sioux Falls, SD		4,086		404		3,152		2,395		557		5,394		5,951		(2,304)		1994	24-40 years
Park Meadows - Waite Park, MN		8,694		1,143		9,099		4,181		1,506		12,917		14,423		(5,118)		1997	40 years
Pebble Springs - Bismarck, ND		809		7		748		101		42		814		856		(276)		1999	40 years
Pinehurst - Billings, MT		313		72		687		160		77		842		919		(222)		2002	40 years
Pines - Minot, ND		136		35		215		149		49		350		399		(113)		2002	40 years
Plaza - Minot, ND		5,720		793		0		15,028		900		14,921		15,821		(1,246)		2009	40 years
Pointe West - Rapid City, SD		2,780		240		3,538		1,118		353		4,543		4,896		(1,983)		1994	24-40 years
Prairie Winds - Sioux Falls, SD		1,488		144		1,816		433		225		2,168		2,393		(1,059)		1993	24-40 years
Prairiewood Meadows - Fargo, ND		2,456		280		2,531		953		340		3,424		3,764		(1,038)		2000	40 years
Quarry Ridge - Rochester, MN		11,876		1,312		13,362		581		1,345		13,910		15,255		(1,980)		2006	40 years
Regency Park Estates - St. Cloud, MN		7,097		702		10,198		140		703		10,337		11,040		(185)		2011	40 years
Ridge Oaks - Sioux City, IA		3,516		178		4,073		1,936		257		5,930		6,187		(1,755)		2001	40 years
Rimrock West - Billings, MT		3,443		330		3,489		1,356		417		4,758		5,175		(1,348)		1999	40 years
Rocky Meadows - Billings, MT		5,338		656		5,726		871		767		6,486		7,253		(2,575)		1995	40 years
Rum River - Isanti, MN		3,741		843		4,823		74		848		4,892		5,740		(619)		2007	40 years

  2012 Annual Report F-35

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2012

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances(a)		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Multi-Family Residential - continued
Sherwood - Topeka, KS	$	12,716	$	1,145	$	14,684	$	2,500	$	1,503	$	16,826	$	18,329	$	(5,260)		1999	40 years
Sierra Vista - Sioux Falls, SD		1,477		241		2,097		56		251		2,143		2,394		(66)		2011	40 years
South Pointe - Minot, ND		9,109		550		9,548		2,139		1,261		10,976		12,237		(4,442)		1995	24-40 years
Southview - Minot, ND		1,105		185		469		295		236		713		949		(292)		1994	24-40 years
Southwind - Grand Forks, ND		5,818		400		5,034		2,373		714		7,093		7,807		(2,757)		1995	24-40 years
Summit Park - Minot, ND		1,176		161		1,898		1,022		266		2,815		3,081		(983)		1995	24-40 years
Sunset Trail - Rochester, MN		8,373		336		12,814		2,214		522		14,842		15,364		(4,154)		1999	40 years
Sycamore Village - Sioux Falls, SD		842		101		1,317		457		151		1,724		1,875		(495)		2002	40 years
Temple - Minot, ND		83		0		0		226		0		226		226		(36)		2006	40 years
Terrace Heights - Minot, ND		196		29		312		83		40		384		424		(153)		2006	40 years
Terrace On The Green - Moorhead, MN		2,210		24		1,490		1,792		132		3,174		3,306		(2,200)		1970	33-40 years
The Meadows - Jamestown, ND(1)		0		590		4,519		1,063		646		5,526		6,172		(1,663)		1998	40 years
Thomasbrook - Lincoln, NE		6,159		600		10,306		2,753		1,084		12,575		13,659		(3,596)		1999	40 years
University Park Place - St. Cloud, MN(1)		0		78		450		54		78		504		582		(66)		2007	40 years
Valley Park - Grand Forks, ND		4,004		294		4,137		2,481		509		6,403		6,912		(2,055)		1999	40 years
Village Green - Rochester, MN		1,324		234		2,296		581		349		2,762		3,111		(630)		2003	40 years
West Stonehill - Waite Park, MN		8,935		939		10,167		4,227		1,295		14,038		15,333		(5,911)		1995	40 years
Westridge - Minot, ND		1,768		68		1,887		55		72		1,938		2,010		(196)		2008	40 years
Westwood Park - Bismarck, ND		2,041		116		1,909		1,596		258		3,363		3,621		(1,100)		1998	40 years
Williston Garden - Williston, ND		0		700		8,978		0		700		8,978		9,678		(113)		2012	40 years
Winchester - Rochester, MN		3,242		748		5,622		1,437		1,000		6,807		7,807		(1,601)		2003	40 years
Woodridge - Rochester, MN		6,700		370		6,028		1,777		485		7,690		8,175		(2,970)		1997	40 years
Total Multi-Family Residential	$	311,153	$	38,410	$	387,390	$	113,983	$	48,952	$	490,831	$	539,783	$	(128,834)
Commercial Office
1st Avenue Building - Minot, ND	$	0	$	30	$	80	$	(39)	$	33	$	38	$	71	$	270		1981	33-40 years
2030 Cliff Road - Eagan, MN		995		146		835		90		158		913		1,071		(246)		2007	40 years
610 Business Center IV - Brooklyn Park, MN		7,125		975		5,542		2,886		980		8,423		9,403		(1,363)		2001	19-40 years
7800 West Brown Deer Road - Milwaukee, WI		10,887		1,455		8,756		2,261		1,475		10,997		12,472		(2,853)		2003	40 years
American Corporate Center - Mendota Heights, MN		9,016		893		16,768		3,879		893		20,647		21,540		(7,061)		2002	40 years
Ameritrade - Omaha, NE		3,195		327		7,957		65		327		8,022		8,349		(2,613)		1999	40 years
Benton Business Park - Sauk Rapids, MN		626		188		1,261		79		188		1,340		1,528		(326)		2003	40 years
Bismarck 715 East Broadway - Bismarck, ND		2,398		389		0		2,389		422		2,356		2,778		(202)		2008	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2012

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances(a)		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Commercial Office - continued
Bloomington Business Plaza - Bloomington, MN	$	0	$	1,300	$	6,106	$	1,562	$	1,311	$	7,657	$	8,968	$	(2,210)		2001	40 years
Brenwood - Minnetonka, MN		5,250		1,688		12,138		3,675		1,697		15,804		17,501		(4,695)		2002	40 years
Brook Valley I - La Vista, NE		1,344		347		1,671		81		347		1,752		2,099		(304)		2005	40 years
Burnsville Bluffs II - Burnsville, MN		1,756		300		2,154		961		359		3,056		3,415		(1,124)		2001	40 years
Cold Spring Center - St. Cloud, MN		5,822		588		7,808		1,002		592		8,806		9,398		(2,698)		2001	40 years
Corporate Center West - Omaha, NE		17,315		3,880		17,509		941		4,167		18,163		22,330		(2,507)		2006	40 years
Crosstown Centre - Eden Prairie, MN		13,687		2,884		14,569		1,620		2,900		16,173		19,073		(3,069)		2004	40 years
Dewey Hill Business Center - Edina, MN		0		985		3,507		907		995		4,404		5,399		(1,522)		2000	40 years
Farnam Executive Center - Omaha, NE		12,160		2,188		11,404		0		2,188		11,404		13,592		(1,604)		2006	40 years
Flagship - Eden Prairie, MN		21,565		1,899		21,638		939		2,013		22,463		24,476		(3,462)		2006	40 years
Gateway Corporate Center - Woodbury, MN		8,700		1,637		7,763		438		1,651		8,187		9,838		(1,165)		2006	40 years
Golden Hills Office Center - Golden Valley, MN		18,251		3,018		18,544		3,249		3,018		21,793		24,811		(6,388)		2003	40 years
Great Plains - Fargo, ND		1,947		126		15,240		10		126		15,250		15,376		(4,845)		1997	40 years
Highlands Ranch I - Highlands Ranch, CO		8,436		2,268		8,362		427		2,268		8,789		11,057		(1,268)		2006	40 years
Highlands Ranch II - Highlands Ranch, CO		8,180		1,437		9,549		1,397		1,437		10,946		12,383		(2,298)		2004	40 years
Interlachen Corporate Center - Edina, MN		9,082		1,650		14,983		1,991		1,668		16,956		18,624		(4,324)		2001	40 years
Intertech Building - Fenton, MO		4,527		2,130		3,968		505		2,147		4,456		6,603		(492)		2007	40 years
Mendota Office Center I - Mendota Heights, MN		3,883		835		6,169		367		835		6,536		7,371		(1,889)		2002	40 years
Mendota Office Center II - Mendota Heights, MN		5,737		1,121		10,085		1,474		1,121		11,559		12,680		(3,777)		2002	40 years
Mendota Office Center III - Mendota Heights, MN		3,942		970		5,734		258		970		5,992		6,962		(1,684)		2002	40 years
Mendota Office Center IV - Mendota Heights, MN		4,687		1,070		7,635		578		1,070		8,213		9,283		(2,396)		2002	40 years
Minnesota National Bank - Duluth, MN		850		287		1,454		171		288		1,624		1,912		(293)		2004	40 years
Minot 2505 16th Street SW - Minot, ND(1)		0		298		1,724		296		298		2,020		2,318		(113)		2009	40 years
Miracle Hills One - Omaha, NE		8,895		1,974		10,117		1,284		2,120		11,255		13,375		(2,039)		2006	40 years
Nicollett VII - Burnsville, MN		0		429		6,931		430		436		7,354		7,790		(1,981)		2001	40 years
Northgate I - Maple Grove, MN		5,339		1,062		6,358		832		1,077		7,175		8,252		(1,429)		2004	40 years
Northgate II - Maple Grove, MN		960		359		1,944		144		403		2,044		2,447		(675)		1999	40 years
Northpark Corporate Center - Arden Hills, MN		12,706		2,034		14,584		1,315		2,034		15,899		17,933		(2,589)		2006	40 years
Omaha 10802 Farnam Dr - Omaha, NE		5,405		2,462		4,374		0		2,462		4,374		6,836		(150)		2010	40 years
Pacific Hills - Omaha, NE		16,770		4,220		11,988		1,775		4,478		13,505		17,983		(2,129)		2006	40 years
Pillsbury Business Center - Bloomington, MN		0		284		1,556		170		299		1,711		2,010		(492)		2001	40 years
Plaza 16 - Minot, ND		7,591		389		5,444		3,749		591		8,991		9,582		(925)		2009	40 years
Plaza VII - Boise, ID		1,052		300		3,058		442		351		3,449		3,800		(925)		2003	40 years
Plymouth 5095 Nathan Lane - Plymouth, MN		1,245		604		1,253		82		636		1,303		1,939		(156)		2007	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2012

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances(a)		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Commercial Office - continued
Plymouth I - Plymouth, MN	$	1,197	$	530	$	1,133	$	42	$	530	$	1,175	$	1,705	$	(241)		2004	40 years
Plymouth II - Plymouth, MN		1,197		367		1,264		41		367		1,305		1,672		(269)		2004	40 years
Plymouth III - Plymouth, MN		1,473		507		1,495		359		507		1,854		2,361		(417)		2004	40 years
Plymouth IV & V - Plymouth, MN		7,026		1,336		12,693		1,676		1,338		14,367		15,705		(4,294)		2001	40 years
Prairie Oak Business Center - Eden Prairie, MN		3,387		531		4,069		1,640		563		5,677		6,240		(1,696)		2003	40 years
Rapid City 900 Concourse Drive - Rapid City, SD		1,609		285		6,600		503		321		7,067		7,388		(2,040)		2000	40 years
Riverport - Maryland Heights, MO		19,690		1,891		18,982		696		1,917		19,652		21,569		(2,692)		2006	40 years
Southeast Tech Center - Eagan, MN		1,727		560		5,496		419		569		5,906		6,475		(1,964)		1999	40 years
Spring Valley IV - Omaha, NE		800		178		916		60		186		968		1,154		(188)		2005	40 years
Spring Valley V - Omaha, NE		880		212		1,123		251		240		1,346		1,586		(249)		2005	40 years
Spring Valley X - Omaha, NE		816		180		1,024		54		189		1,069		1,258		(184)		2005	40 years
Spring Valley XI - Omaha, NE		800		143		1,094		36		151		1,122		1,273		(189)		2005	40 years
Superior Office Building - Duluth, MN		1,279		336		2,200		83		336		2,283		2,619		(443)		2004	40 years
TCA Building - Eagan, MN		7,536		627		8,571		807		684		9,321		10,005		(2,324)		2003	40 years
Three Paramount Plaza - Bloomington, MN(1)		0		1,261		6,149		1,883		1,298		7,995		9,293		(2,339)		2002	40 years
Thresher Square - Minneapolis, MN		0		1,094		10,026		1,706		1,104		11,722		12,826		(3,281)		2002	40 years
Timberlands - Leawood, KS		13,155		2,375		12,218		749		2,495		12,847		15,342		(2,179)		2006	40 years
UHC Office - International Falls, MN		1,084		119		2,366		80		119		2,446		2,565		(515)		2004	40 years
US Bank Financial Center - Bloomington, MN		13,728		3,117		13,350		610		3,119		13,958		17,077		(2,532)		2005	40 years
Viromed - Eden Prairie, MN		626		666		4,197		1		666		4,198		4,864		(1,386)		1999	40 years
Wells Fargo Center - St Cloud, MN		6,400		869		8,373		1,430		869		9,803		10,672		(1,795)		2005	40 years
West River Business Park - Waite Park, MN		626		235		1,195		50		235		1,245		1,480		(291)		2003	40 years
Westgate - Boise, ID		4,254		1,000		10,618		1,911		1,000		12,529		13,529		(3,100)		2003	40 years
Whitewater Plaza - Minnetonka, MN		3,900		530		4,860		784		577		5,597		6,174		(1,552)		2002	40 years
Wirth Corporate Center - Golden Valley, MN		3,539		970		7,659		932		971		8,590		9,561		(2,404)		2002	40 years
Woodlands Plaza IV - Maryland Heights, MO		4,360		771		4,609		917		837		5,460		6,297		(847)		2006	40 years
Total Commercial Office	$	352,415	$	72,116	$	470,800	$	62,402	$	74,017		531,301	$	605,318	$	(121,422)
Commercial Medical
2800 Medical Building - Minneapolis, MN	$	5,586	$	204	$	7,135	$	2,184	$	229	$	9,294	$	9,523	$	(1,962)		2005	40 years
2828 Chicago Avenue - Minneapolis, MN		8,529		726		11,319		5,627		729		16,943		17,672		(2,141)		2007	40 years
Airport Medical - Bloomington, MN		1,372		0		4,678		0		0		4,678		4,678		(1,380)		2002	40 years
Barry Pointe Office Park - Kansas City, MO		1,466		384		2,366		104		392		2,462		2,854		(328)		2007	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2012

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances(a)		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Commercial Medical - continued
Billings 2300 Grant Road - Billings, MT	$	1,820	$	649	$	1,216	$	0	$	649	$	1,216	$	1,865	$	(54)		2010	40 years
Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN		8,610		1,071		6,842		1,394		1,071		8,236		9,307		(790)		2008	40 years
Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN		5,390		189		5,127		678		189		5,805		5,994		(586)		2008	40 years
Casper 1930 E 12th Street (Park Place) - Casper, WY(1)		0		439		5,780		162		439		5,942		6,381		(367)		2009	40 years
Casper 3955 E 12th Street (Meadow Wind) - Casper, WY(1)		0		388		8,858		1,004		388		9,862		10,250		(433)		2009	40 years
Cheyenne 4010 N College Drive (Aspen Wind) - Cheyenne, WY(1)		0		628		10,272		260		629		10,531		11,160		(625)		2009	40 years
Cheyenne 4606 N College Drive (Sierra Hills) - Cheyenne, WY(1)		0		695		7,455		39		695		7,494		8,189		(448)		2009	40 years
Denfeld Clinic - Duluth, MN		1,760		501		2,597		1		501		2,598		3,099		(523)		2004	40 years
Eagan 1440 Duckwood Medical - Eagan, MN		1,854		521		1,547		519		521		2,066		2,587		(353)		2008	40 years
Edgewood Vista - Belgrade, MT		0		35		779		0		35		779		814		(80)		2008	40 years
Edgewood Vista - Billings, MT		1,967		115		1,782		(15)		115		1,767		1,882		(186)		2008	40 years
Edgewood Vista - Bismarck, ND		5,492		511		9,193		36		511		9,229		9,740		(1,526)		2005	40 years
Edgewood Vista - Brainerd, MN		5,427		587		8,999		34		587		9,033		9,620		(1,494)		2005	40 years
Edgewood Vista - Columbus, NE(1)		0		43		824		0		43		824		867		(85)		2008	40 years
Edgewood Vista - East Grand Forks, MN		2,997		290		1,383		(31)		290		1,352		1,642		(143)		2000	40 years
Edgewood Vista - Fargo, ND		13,310		775		20,870		0		775		20,870		21,645		(2,152)		2008	40 years
Edgewood Vista - Fremont, NE		609		56		490		42		56		532		588		(141)		2008	40 years
Edgewood Vista - Grand Island, NE(1)		0		33		773		1		33		774		807		(80)		2000	40 years
Edgewood Vista - Hastings, NE		628		49		517		40		49		557		606		(153)		2008	40 years
Edgewood Vista - Hermantown I, MN		16,836		288		9,871		1,501		288		11,372		11,660		(3,020)		2000	40 years
Edgewood Vista - Hermantown II, MN		6,290		719		10,517		33		719		10,550		11,269		(1,745)		2005	40 years
Edgewood Vista - Kalispell, MT		629		70		502		72		70		574		644		(149)		2001	40 years
Edgewood Vista - Minot, ND		9,674		1,045		11,590		0		1,045		11,590		12,635		(423)		2010	40 years
Edgewood Vista - Missoula, MT		894		109		854		36		109		890		999		(335)		1996	40 years
Edgewood Vista - Norfolk, NE(1)		0		42		722		0		42		722		764		(74)		2008	40 years
Edgewood Vista - Omaha, NE		398		89		547		40		89		587		676		(156)		2001	40 years
Edgewood Vista - Sioux Falls, SD		1,127		314		1,001		(26)		314		975		1,289		(103)		2008	40 years
Edgewood Vista - Spearfish, SD		3,419		315		8,584		43		317		8,625		8,942		(1,054)		2005	40 years
Edgewood Vista - Virginia, MN		14,322		246		11,823		77		246		11,900		12,146		(2,758)		2002	40 years
Edina 6363 France Medical - Edina, MN(1)		0		0		12,675		1,527		0		14,202		14,202		(1,848)		2008	40 years
Edina 6405 France Medical  - Edina, MN		9,073		0		12,201		0		0		12,201		12,201		(1,664)		2008	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2012

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period										Life on which depreciation in latest income statement is computed
Description	Encumbrances(a)		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition
Commercial Medical - continued
Edina 6517 Drew Avenue - Edina, MN	$	1,164	$	353	$	660	$	529	$	372	$	1,170	$	1,542	$	(401)		2002	40 years
Edina 6525 Drew Avenue - Edina, MN		0		388		117		0		388		117		505		(2)		2011	40 years
Edina 6525 France SMC II - Edina, MN		10,339		755		8,054		5,945		1,003		13,751		14,754		(4,603)		2003	40 years
Edina 6545 France SMC I - Edina MN		31,325		3,480		30,743		11,244		3,480		41,987		45,467		(12,697)		2001	40 years
Fresenius - Duluth, MN		780		50		1,520		2		50		1,522		1,572		(306)		2004	40 years
Garden View - St. Paul, MN		1,815		0		7,408		411		0		7,819		7,819		(2,006)		2002	40 years
Gateway Clinic - Sandstone, MN		1,019		66		1,699		1		66		1,700		1,766		(342)		2004	40 years
Healtheast St John & Woodwinds - Maplewood & Woodbury, MN		11,538		3,239		18,362		0		3,239		18,362		21,601		(5,489)		2000	40 years
High Pointe Health Campus - Lake Elmo, MN		5,400		1,305		10,528		1,629		1,329		12,133		13,462		(2,448)		2004	40 years
Laramie 1072 N 22nd Street (Spring Wind) - Laramie, WY(1)		0		406		6,634		17		406		6,651		7,057		(396)		2009	40 years
Mariner Clinic - Superior, WI		2,229		0		3,781		83		20		3,844		3,864		(768)		2004	40 years
Minneapolis 701 25th Avenue Medical - Minneapolis, MN		6,442		0		7,873		809		0		8,682		8,682		(827)		2008	40 years
Missoula 3050 Great Northern - Missoula, MT		1,920		640		1,331		0		640		1,331		1,971		(60)		2010	40 years
Nebraska Orthopedic Hospital - Omaha, NE		12,385		0		20,272		1,615		0		21,887		21,887		(4,176)		2004	40 years
Park Dental - Brooklyn Center, MN		787		185		2,767		0		185		2,767		2,952		(666)		2002	40 years
Pavilion I - Duluth, MN		5,873		1,245		8,898		31		1,245		8,929		10,174		(1,767)		2004	40 years
Pavilion II - Duluth, MN		10,808		2,715		14,673		1,937		2,715		16,610		19,325		(4,215)		2004	40 years
Ritchie Medical Plaza - St Paul, MN		6,686		1,615		7,851		1,252		1,647		9,071		10,718		(1,608)		2005	40 years
Sartell 2000 23rd Street South - Sartell, MN		3,997		0		11,781		935		0		12,716		12,716		(3,133)		2002	40 years
Spring Creek-American Falls - American Falls, ID		2,438		145		3,870		0		145		3,870		4,015		(68)		2011	40 years
Spring Creek-Soda Springs - Soda Springs, ID		878		66		2,134		33		66		2,167		2,233		(38)		2011	40 years
Spring Creek-Eagle - Eagle, ID		2,243		263		3,775		0		263		3,775		4,038		(66)		2011	40 years
Spring Creek-Meridian - Meridian, ID		3,706		424		6,724		0		424		6,724		7,148		(117)		2011	40 years
Spring Creek-Overland - Overland, ID		3,448		687		5,941		0		687		5,941		6,628		(107)		2011	40 years
Spring Creek-Boise - Boise, ID		3,054		708		4,296		0		708		4,296		5,004		(80)		2011	40 years
Spring Creek-Ustick - Meridian, ID		0		467		3,833		0		467		3,833		4,300		(63)		2011	40 years
St Michael Clinic - St Michael, MN		1,951		328		2,259		264		328		2,523		2,851		(321)		2007	40 years
Stevens Point - Stevens Point, WI		9,797		442		3,888		10,495		442		14,383		14,825		(1,977)		2006	40 years
Trinity at Plaza 16 - Minot, ND		5,111		568		8,270		697		568		8,967		9,535		(137)		2011	40 years
Wells Clinic - Hibbing, MN		1,554		162		2,497		1		162		2,498		2,660		(501)		2004	40 years
Total Commercial Medical	$	278,166	$	32,828	$	414,128	$	53,312	$	33,210		467,058	$	500,268	$	(78,744)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2012

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company							Gross amount at which carried at close of period										Life on which depreciation in latest income statement is computed
Description	Encumbrances(a)		Land		Buildings & Improvements			Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition
Commercial Industrial
API Building - Duluth, MN	$	868	$	115	$		1,605	$	3	$	115	$	1,608	$	1,723	$	(323)		2004	40 years
Bloomington 2000 W 94th Street - Bloomington, MN		3,789		2,133			4,097		1,107		2,150		5,187		7,337		(748)		2006	40 years
Bodycote Industrial Building - Eden Prairie, MN		1,118		198			1,154		800		198		1,954		2,152		(809)		1992	40 years
Brooklyn Park 7401 Boone Avenue - Brooklyn Park, MN		6,172		1,368			11,643		2,121		1,368		13,764		15,132		(3,367)		2007	40 years
Cedar Lake Business Center - St. Louis Park, MN		2,334		895			2,810		66		895		2,876		3,771		(363)		2009	40 years
Clive 2075 NW 94th Street - Clive, IA		2,214		408			2,611		48		408		2,659		3,067		(180)		2002	40 years
Dixon Avenue Industrial Park - Des Moines, IA		7,028		1,439			10,758		1,611		1,439		12,369		13,808		(3,177)		2008	40 years
Eagan 2785 & 2795 Highway 55 - Eagan, MN		0		3,058			2,570		0		3,058		2,570		5,628		(272)		1999	40 years
Fargo 1320 45th Street N - Fargo, ND(1)		0		395			3,518		246		395		3,764		4,159		(176)		2010	40 years
Lexington Commerce Center - Eagan, MN		2,399		453			4,352		1,842		480		6,167		6,647		(2,200)		2004	40 years
Lighthouse - Duluth, MN		911		90			1,788		7		90		1,795		1,885		(363)		2002	40 years
Metal Improvement Company - New Brighton, MN		1,494		240			2,189		78		240		2,267		2,507		(587)		2009	40 years
Minnetonka 13600 County Road 62 - Minnetonka, MN		2,496		809			434		2,459		809		2,893		3,702		(235)		2006	40 years
Roseville 2929 Long Lake Road - Roseville, MN		5,572		1,966			7,272		1,722		2,000		8,960		10,960		(1,235)		1995	40 years
Stone Container - Fargo, ND		1,896		440			6,597		104		440		6,701		7,141		(2,440)		2001	40 years
Stone Container - Roseville, MN		4,500		810			7,440		202		830		7,622		8,452		(1,952)		2007	40 years
Urbandale 3900 106th Street - Urbandale, IA		10,800		3,680			10,089		493		3,721		10,541		14,262		(1,414)		2000	40 years
Winsted Industrial Building - Winsted, MN		394		100			901		48		100		949		1,049		(320)		2001	40 years
Woodbury 1865 Woodlane - Woodbury, MN		2,746		1,108			2,628		1,884		1,123		4,497		5,620		(532)		2007	40 years
Total Commercial Industrial	$	56,731	$	19,705	$		84,456	$	14,841	$	19,859		99,143	$	119,002	$	(20,693)
Commercial Retail
17 South Main - Minot, ND	$	83	$	15		$	75	$	197	$	17	$	270	$	287	$	(194)		2000	40 years
Anoka Strip Center - Anoka, MN		0		123			602		25		134		616		750		(143)		2003	40 years
Burnsville 1 Strip Center - Burnsville, MN		393		208			773		207		208		980		1,188		(229)		2003	40 years
Burnsville 2 Strip Center - Burnsville, MN		312		291			469		214		294		680		974		(172)		2003	40 years
Champlin South Pond - Champlin, MN		1,604		842			2,703		58		866		2,737		3,603		(576)		2004	40 years
Chan West Village - Chanhassen, MN		13,396		5,035			14,665		1,895		5,606		15,989		21,595		(3,846)		2003	40 years
Dakota West Plaza - Minot , ND		372		92			493		30		106		509		615		(80)		2006	40 years
Duluth Denfeld Retail - Duluth, MN		2,435		276			4,699		122		297		4,800		5,097		(976)		2004	40 years
Duluth NAPA - Duluth, MN		737		130			1,800		4		131		1,803		1,934		(362)		2004	40 years
Eagan Community - Eagan, MN		1,342		702			1,588		877		703		2,464		3,167		(564)		2003	40 years
Fargo Express Community - Fargo, ND		991		374			1,420		695		386		2,103		2,489		(354)		2003-2005	40 years
Forest Lake Auto - Forest Lake, MN(1)		0		50			446		13		50		459		509		(109)		2003	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2012

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances(a)		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Commercial Retail - continued
Forest Lake Westlake Center - Forest Lake, MN	$	4,291	$	2,446	$	5,304	$	487	$	2,480	$	5,757	$	8,237	$	(1,336)		2003	40 years
Grand Forks Carmike - Grand Forks, ND		1,650		184		2,360		2		184		2,362		2,546		(1,033)		1994	40 years
Grand Forks Medpark Mall - Grand Forks, ND		3,045		681		4,808		251		722		5,018		5,740		(1,547)		2000	40 years
Jamestown Buffalo Mall - Jamestown, ND		2,710		566		4,962		3,112		950		7,690		8,640		(1,237)		2003	40 years
Jamestown Business Center - Jamestown, ND		530		297		1,023		1,334		333		2,321		2,654		(730)		2003	40 years
Kalispell Retail Center - Kalispell, MT		1,352		250		2,250		973		253		3,220		3,473		(682)		2003	40 years
Lakeville Strip Center - Lakeville, MN		986		46		1,142		852		94		1,946		2,040		(553)		2003	40 years
Minot 1400 31st Ave - Minot, ND(1)		0		1,026		6,143		4,256		1,026		10,399		11,425		(440)		2010	40 years
Minot Arrowhead - Minot, ND		0		100		1,690		4,311		103		5,998		6,101		(1,135)		1973	15 1/2-40 years
Minot Plaza - Minot, ND		812		50		453		147		80		570		650		(275)		1993	40 years
Monticello C Store - Monticello, MN(1)		0		65		770		37		97		775		872		(185)		2003	40 years
Omaha Barnes & Noble - Omaha, NE		2,559		600		3,099		0		600		3,099		3,699		(1,278)		1995	40 years
Pine City C-Store - Pine City, MN		298		83		357		12		83		369		452		(85)		2003	40 years
Pine City Evergreen Square - Pine City, MN		1,831		154		2,646		582		385		2,997		3,382		(792)		2003	40 years
Rochester Maplewood Square - Rochester, MN(1)		0		3,275		8,610		1,399		3,652		9,632		13,284		(2,924)		1999	40 years
St. Cloud Westgate - St. Cloud, MN		3,197		950		5,535		1,614		973		7,126		8,099		(1,237)		2004	40 years
Weston Retail - Weston, WI		0		79		1,575		27		80		1,601		1,681		(369)		2003	40 years
Weston Walgreens - Weston, WI		3,124		66		1,718		671		67		2,388		2,455		(354)		2006	40 years
Total Commercial Retail	$	48,050	$	19,056	$	84,178	$	24,404	$	20,960		106,678	$	127,638	$	(23,797)
Subtotal	$	1,046,515	$	182,115	$	1,440,952	$	268,942	$	196,998	$	1,695,011	$	1,892,009	$	(373,490)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2012

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances(a)		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Unimproved Land
Bismarck 2130 S 12th St - Bismarck, ND	$	0	$	576	$	0	$	13	$	589	$	0	$	589	$	0		2008
Bismarck 700 E Main - Bismarck, ND		0		314		0		557		871		0		871		0		2008
Eagan Unimproved Land - Eagan, MN		0		423		0		0		423		0		423		0		2006
Georgetown Square - Grand Chute, WI		2,174		1,860		0		0		1,860		0		1,860		0		2006
Kalispell Unimproved Land - Kalispell, MT		0		1,400		0		24		1,411		13		1,424		0		2003
Monticello Unimproved Land - Monticello, MN		0		115		0		2		117		0		117		0		2006
Renaissance Heights - Williston, ND		0		4,600		0		0		4,600		0		4,600		0		2012
River Falls Unimproved Land - River Falls, WI		0		176		0		4		179		1		180		0		2003
Urbandale Unimproved Land - Urbandale, IA		0		5		0		109		114		0		114		0		2009
Weston Unimproved Land - Weston, WI		0		812		0		0		812		0		812		0		2006
Total Unimproved Land	$	2,174	$	10,281	$	0	$	709	$	10,976	$	14	$	10,990	$	0
Development in Progress
1st Avenue Building - Minot, ND	$	0	$	0	$	0	$	321	$	0	$	321	$	321	$	0		1981
Chateau 2nd Floor Renovation - Minot, ND		0		0		0		1,407		0		1,407		1,407		0		1998
Jamestown Medical Office Building - Jamestown, ND		0		0		3		1,608		0		1,611		1,611		0		2012
Laramie 1072 Expansion - Laramie, WY		0		0		0		1,810		0		1,810		1,810		0		2009
Minot Arrowhead Outlot - Minot, ND		0		0		75		0		0		75		75		0		2011
Minot IPS - Minot, ND		0		416		63		1,771		416		1,834		2,250		0		2012
Quarry Ridge 2 - Rochester, MN		0		942		12,037		2,457		942		14,494		15,436		0		2011
Williston Garden - Williston, ND		0		700		154		3,835		700		3,989		4,689		0		2011
Total Development in Progress	$	0	$	2,058	$	12,332	$	13,209	$	2,058	$	25,541	$	27,599	$	0
Total	$	1,048,689	$	194,454	$	1,453,284	$	282,860	$	210,032	$	1,720,566	$	1,930,598	$	(373,490)

(a)   Amounts in this column are the mortgages payable balances as of April 30, 2012. These amounts do not include amounts owing under the Company's multi-bank line of credit or under the Company's construction loans.

(1)   As of April 30, 2012, this property was included in the collateral pool securing the Company's $60.0 million multi-bank line of credit. The Company may add and remove eligible properties from the collateral pool if certain minimum collateral requirements are satisfied. Advances under the facility may not exceed 60% of the value of properties provided as security.

  2012 Annual Report F-43

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2012

Schedule III

REAL ESTATE AND ACCUMULATED DEPRECIATION

Reconciliations of total real estate carrying value for the three years ended April 30, 2012, 2011, and 2010 are as follows:

	(in thousands)
	2012			2011			2010
Balance at beginning of year	$	1,770,798		$	1,800,519		$	1,729,585
Additions during year
Multi-Family Residential		47,433			4,210			4,270
Commercial Office		0			6,836			2,096
Commercial Medical		47,408			19,249			38,125
Commercial Industrial		0			3,914			3,066
Commercial Retail		2,316			7,169			0
Improvements and Other		35,176			23,183			29,343
		1,903,131			1,865,080			1,806,485
Deductions during year
Cost of real estate sold		(3,498	)		(86,994	)		(1,217	)
Impairment charge		(127	)		0			(1,678	)
Other(A)		(7,497	)		(7,288	)		(3,071	)
Balance at close of year(B)	$	1,892,009		$	1,770,798		$	1,800,519

Reconciliations of accumulated depreciation/amortization for the three years ended April 30, 2012, 2011, and 2010, are as follows:

	(in thousands)
	2012			2011			2010
Balance at beginning of year	$	328,952		$	308,626		$	262,871
Additions during year
Provisions for depreciation		51,093			49,375			48,152
Deductions during year
Accumulated depreciation on real estate sold		(758	)		(25,366	)		(737	)
Other(C)		(5,797	)		(3,683	)		(1,660	)
Balance at close of year	$	373,490		$	328,952		$	308,626

(A) Consists of miscellaneous disposed assets and assets moved to Development in Progress.

(B) The net basis of the Company's real estate investments for Federal Income Tax purposes was approximately $1.4 billion, $1.2 billion and $1.3 billion at April 30, 2012, 2011 and 2010, respectively.

(C) Consists of miscellaneous disposed assets.

2012 Annual Report F-44