SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Apr. 30, 2013

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2013

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	$	90	$	11	$	53	$	12	$	16	$	60	$	76	$	(8)		2008	40 years
4th Street 4 Plex - Minot, ND		104		15		74		21		23		87		110		(11)		2008	40 years
Apartments on Main - Minot, ND		688		158		1,123		24		179		1,126		1,305		(164)		1987	24-40 years
Arbors - S Sioux City, NE		4,000		350		6,625		1,281		614		7,642		8,256		(1,522)		2006	40 years
Ashland - Grand Forks, ND		5,710		741		7,569		46		756		7,600		8,356		(247)		2012	40 years
Boulder Court - Eagan, MN		3,231		1,067		5,498		2,596		1,293		7,868		9,161		(2,007)		2003	40 years
Brookfield Village - Topeka, KS		5,385		509		6,698		1,269		635		7,841		8,476		(1,957)		2003	40 years
Brooklyn Heights - Minot, ND		800		145		1,450		785		206		2,174		2,380		(804)		1997	12-40 years
Campus Center - St. Cloud, MN		1,280		395		2,244		171		400		2,410		2,810		(388)		2007	40 years
Campus Heights - St. Cloud, MN		0		110		628		72		122		688		810		(113)		2007	40 years
Campus Knoll - St. Cloud, MN		853		266		1,512		96		273		1,601		1,874		(263)		2007	40 years
Campus Plaza - St. Cloud, MN(1)		0		54		311		45		59		351		410		(59)		2007	40 years
Campus Side - St. Cloud, MN(1)		0		107		615		85		116		691		807		(115)		2007	40 years
Campus View - St. Cloud, MN(1)		0		107		615		79		111		690		801		(112)		2007	40 years
Canyon Lake - Rapid City, SD		2,942		305		3,958		1,009		361		4,911		5,272		(1,357)		2001	40 years
Castlerock - Billings, MT		6,773		736		4,864		1,816		961		6,455		7,416		(2,267)		1998	40 years
Chateau I - Minot, ND		0		61		5,663		326		61		5,989		6,050		(359)		2013	40 years
Cimarron Hills - Omaha, NE		4,879		706		9,588		4,128		1,279		13,143		14,422		(3,948)		2001	40 years
Colonial Villa - Burnsville, MN		6,461		2,401		11,515		4,259		2,797		15,378		18,175		(3,941)		2003	40 years
Colony - Lincoln, NE		13,817		1,515		15,731		107		1,526		15,827		17,353		(365)		2012	40 years
Colton Heights - Minot, ND		450		80		672		392		114		1,030		1,144		(697)		1984	40 years
Cornerstone - St. Cloud, MN(1)		0		54		311		48		55		358		413		(60)		2007	40 years
Cottage West Twin Homes - Sioux Falls, SD		3,704		968		3,762		320		991		4,059		5,050		(155)		2011	40 years
Cottonwood - Bismarck, ND		16,007		1,056		17,372		2,969		1,345		20,052		21,397		(5,812)		1997	40 years
Country Meadows - Billings, MT		6,790		491		7,809		1,210		534		8,976		9,510		(3,241)		1995	33-40 years
Crestview - Bismarck, ND		3,990		235		4,290		1,422		494		5,453		5,947		(2,571)		1994	24-40 years
Crown - Rochester, MN		2,687		261		3,289		171		266		3,455		3,721		(270)		2010	40 years
Crown Colony - Topeka, KS		8,350		620		9,956		2,010		817		11,769		12,586		(3,897)		1999	40 years
East Park - Sioux Falls, SD		0		115		2,405		728		156		3,092		3,248		(921)		2002	40 years
Evergreen - Isanti, MN		2,049		380		2,740		64		380		2,804		3,184		(324)		2008	40 years
Evergreen II - Isanti, MN		2,148		691		2,784		9		691		2,793		3,484		(117)		2011	40 years
Fairmont - Minot, ND		356		28		337		51		53		363		416		(48)		2008	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2013

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
First Avenue - Minot, ND	$	0	$	0	$	2,677	$	232	$	0	$	2,909	$	2,909	$	(3)		2013	40 years
Forest Park - Grand Forks, ND		7,816		810		5,579		6,554		1,365		11,578		12,943		(4,462)		1993	24-40 years
Gables Townhomes - Sioux Falls, SD		1,499		349		1,921		134		366		2,038		2,404		(79)		2011	40 years
Grand Gateway - St. Cloud, MN		5,580		814		7,086		353		909		7,344		8,253		(256)		2012	40 years
Greenfield - Omaha, NE		3,642		578		4,122		586		775		4,511		5,286		(641)		2007	40 years
Heritage Manor - Rochester, MN		4,198		403		6,968		2,422		480		9,313		9,793		(3,206)		1998	40 years
Indian Hills - Sioux City, IA(1)		0		294		2,921		3,309		375		6,149		6,524		(944)		2007	40 years
Kirkwood Manor - Bismarck, ND		3,361		449		2,725		1,443		546		4,071		4,617		(1,528)		1997	12-40 years
Lakeside Village - Lincoln, NE		13,625		1,215		15,837		88		1,216		15,924		17,140		(365)		2012	40 years
Lancaster - St. Cloud, MN		762		289		2,899		981		451		3,718		4,169		(1,329)		2000	40 years
Landmark - Grand Forks, ND		1,700		184		1,514		904		277		2,325		2,602		(896)		1997	40 years
Legacy - Grand Forks, ND		16,222		1,362		21,727		5,870		2,080		26,879		28,959		(8,591)		1995-2005	24-40 years
Mariposa - Topeka, KS		3,022		399		5,110		392		422		5,479		5,901		(1,185)		2004	40 years
Meadows - Jamestown, ND(1)		0		590		4,519		1,200		653		5,656		6,309		(1,811)		1998	40 years
Monticello Village - Monticello, MN		2,886		490		3,756		435		621		4,060		4,681		(1,016)		2004	40 years
North Pointe - Bismarck, ND		3,478		303		3,957		469		336		4,393		4,729		(1,206)		1995-2011	24-40 years
Northern Valley - Rochester, MN		0		110		610		64		119		665		784		(54)		2010	40 years
Oakmont Estates - Sioux Falls, SD		2,524		423		4,838		450		515		5,196		5,711		(1,464)		2002	40 years
Oakwood Estates - Sioux Falls, SD		4,107		543		2,784		4,134		767		6,694		7,461		(2,830)		1993	40 years
Olympic Village - Billings, MT		10,955		1,164		10,441		2,563		1,624		12,544		14,168		(4,061)		2000	40 years
Olympik Village - Rochester, MN		4,610		1,034		6,109		1,493		1,154		7,482		8,636		(1,612)		2005	40 years
Oxbow Park - Sioux Falls, SD		4,011		404		3,152		2,468		563		5,461		6,024		(2,446)		1994	24-40 years
Park Meadows - Waite Park, MN		8,581		1,143		9,099		4,406		1,545		13,103		14,648		(5,283)		1997	40 years
Pebble Springs - Bismarck, ND		792		7		748		132		44		843		887		(299)		1999	40 years
Pinehurst - Billings, MT		279		72		687		229		77		911		988		(245)		2002	40 years
Pines - Minot, ND		128		35		215		181		49		382		431		(121)		1997	40 years
Plaza - Minot, ND		5,602		867		12,784		2,246		986		14,911		15,897		(1,635)		2009	40 years
Pointe West - Rapid City, SD		2,731		240		3,538		1,453		363		4,868		5,231		(2,095)		1994	24-40 years
Ponds at Heritage Place - Sartell, MN		4,045		395		4,564		105		395		4,669		5,064		(73)		2012	40 years
Prairie Winds - Sioux Falls, SD		1,464		144		1,816		436		226		2,170		2,396		(1,107)		1993	24-40 years
Quarry Ridge - Rochester, MN		11,599		1,312		13,362		964		1,347		14,291		15,638		(2,385)		2006	40 years
Quarry Ridge II - Rochester, MN		0		942		16,677		19		942		16,696		17,638		(385)		2012	40 years
Regency Park Estates - St. Cloud, MN		6,966		702		10,198		638		723		10,815		11,538		(474)		2011	40 years
Ridge Oaks - Sioux City, IA		3,466		178		4,073		2,017		272		5,996		6,268		(1,883)		2001	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2013

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
Rimrock West - Billings, MT	$	3,392	$	330	$	3,489	$	1,413	$	431	$	4,801	$	5,232	$	(1,483)		1999	40 years
Rocky Meadows - Billings, MT		5,260		656		5,726		996		767		6,611		7,378		(2,756)		1995	40 years
Rum River - Isanti, MN		3,677		843		4,823		105		848		4,923		5,771		(749)		2007	40 years
Sherwood - Topeka, KS		12,534		1,142		14,684		2,729		1,590		16,965		18,555		(5,699)		1999	40 years
Sierra Vista - Sioux Falls, SD		1,450		241		2,097		322		251		2,409		2,660		(129)		2011	40 years
South Pointe - Minot, ND		8,954		550		9,548		2,351		1,305		11,144		12,449		(4,802)		1995	24-40 years
Southview - Minot, ND		1,082		185		469		314		236		732		968		(313)		1994	24-40 years
Southwind - Grand Forks, ND		5,719		400		5,034		2,627		719		7,342		8,061		(3,037)		1995	24-40 years
Summit Park - Minot, ND		1,110		161		1,898		1,145		292		2,912		3,204		(1,064)		1997	24-40 years
Sunset Trail - Rochester, MN		8,259		336		12,814		2,322		536		14,936		15,472		(4,572)		1999	40 years
Sycamore Village - Sioux Falls, SD		0		101		1,317		470		152		1,736		1,888		(536)		2002	40 years
Temple - Minot, ND		81		0		0		228		0		228		228		(42)		2006	40 years
Terrace Heights - Minot, ND		185		29		312		83		40		384		424		(153)		2006	40 years
Thomasbrook - Lincoln, NE		6,076		600		10,306		2,871		1,151		12,626		13,777		(3,943)		1999	40 years
University Park Place - St. Cloud, MN(1)		0		78		450		73		80		521		601		(81)		2007	40 years
Valley Park - Grand Forks, ND		3,946		294		4,137		2,674		533		6,572		7,105		(2,178)		1999	40 years
Villa West - Topeka, KS		12,446		1,590		15,760		80		1,595		15,835		17,430		(393)		2012	40 years
Village Green - Rochester, MN		1,237		234		2,296		619		357		2,792		3,149		(728)		2003	40 years
West Stonehill - Waite Park, MN		8,783		939		10,167		4,654		1,378		14,382		15,760		(6,424)		1995	40 years
Westridge - Minot, ND		1,716		68		1,887		90		74		1,971		2,045		(250)		2008	40 years
Westwood Park - Bismarck, ND		2,012		116		1,909		1,673		260		3,438		3,698		(1,204)		1998	40 years
Whispering Ridge - Omaha, NE		22,000		2,139		25,424		0		2,139		25,424		27,563		(82)		2012	40 years
Williston Garden - Williston, ND		13,523		1,400		17,712		0		1,400		17,712		19,112		(704)		2012	40 years
Winchester - Rochester, MN		3,028		748		5,622		1,597		1,003		6,964		7,967		(1,839)		2003	40 years
Woodridge - Rochester, MN		6,560		370		6,028		1,754		485		7,667		8,152		(3,103)		1997	40 years
Total Multi-Family Residential	$	376,225	$	46,532	$	504,983	$	108,181	$	57,889	$	601,807	$	659,696	$	(140,354)
Commercial Office
1st Avenue Building - Minot, ND	$	0	$	30	$	80	$	(41)	$	33	$	36	$	69	$	245		1981	33-40 years
2030 Cliff Road - Eagan, MN		967		146		835		90		158		913		1,071		(273)		2001	40 years
610 Business Center IV - Brooklyn Park, MN		7,011		975		5,542		2,886		980		8,423		9,403		(1,711)		2007	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2013

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
7800 West Brown Deer Road - Milwaukee, WI	$	10,709	$	1,455	$	8,756	$	2,333	$	1,475	$	11,069	$	12,544	$	(3,233)		2003	40 years
American Corporate Center - Mendota Heights, MN		8,909		893		16,768		3,908		893		20,676		21,569		(7,763)		2002	40 years
Ameritrade - Omaha, NE		2,831		327		7,957		65		327		8,022		8,349		(2,813)		1999	40 years
Benton Business Park - Sauk Rapids, MN		560		188		1,261		86		188		1,347		1,535		(359)		2003	40 years
Bismarck 715 East Broadway - Bismarck, ND		2,218		389		1,283		1,126		443		2,355		2,798		(287)		2008	40 years
Bloomington Business Plaza - Bloomington, MN		0		1,300		6,106		1,625		1,313		7,718		9,031		(2,357)		2001	40 years
Brenwood - Minnetonka, MN		5,250		1,641		12,138		3,547		1,650		15,676		17,326		(4,964)		2002	40 years
Brook Valley I - La Vista, NE		1,301		347		1,671		81		347		1,752		2,099		(355)		2005	40 years
Burnsville Bluffs II - Burnsville, MN		1,719		300		2,154		976		374		3,056		3,430		(1,236)		2001	40 years
Cold Spring Center - St. Cloud, MN		5,661		588		7,808		1,092		727		8,761		9,488		(2,913)		2001	40 years
Corporate Center West - Omaha, NE		17,315		3,880		17,509		957		4,167		18,179		22,346		(2,975)		2006	40 years
Crosstown Centre - Eden Prairie, MN		13,211		2,884		14,569		2,473		2,919		17,007		19,926		(3,660)		2004	40 years
Dewey Hill Business Center - Edina, MN		0		985		3,507		904		995		4,401		5,396		(1,643)		2000	40 years
Farnam Executive Center - Omaha, NE		12,160		2,188		11,404		0		2,188		11,404		13,592		(1,889)		2006	40 years
Flagship - Eden Prairie, MN		21,565		1,899		21,638		1,424		2,094		22,867		24,961		(4,125)		2006	40 years
Gateway Corporate Center - Woodbury, MN		8,700		1,637		7,763		1,065		1,675		8,790		10,465		(1,453)		2006	40 years
Golden Hills Office Center - Golden Valley, MN		17,988		3,018		18,544		3,639		3,018		22,183		25,201		(7,236)		2003	40 years
Great Plains - Fargo, ND		0		126		15,240		111		126		15,351		15,477		(5,232)		1997	40 years
Highlands Ranch I - Highlands Ranch, CO		8,221		2,268		8,362		427		2,268		8,789		11,057		(1,549)		2006	40 years
Highlands Ranch II - Highlands Ranch, CO		7,898		1,437		9,549		1,527		1,437		11,076		12,513		(2,659)		2004	40 years
Interlachen Corporate Center - Edina, MN		8,857		1,650		14,983		2,395		1,668		17,360		19,028		(4,990)		2001	40 years
Intertech Building - Fenton, MO		4,418		2,130		3,968		1,275		2,165		5,208		7,373		(696)		2007	40 years
Mendota Office Center I - Mendota Heights, MN		3,836		835		6,169		853		835		7,022		7,857		(2,161)		2002	40 years
Mendota Office Center II - Mendota Heights, MN		5,668		1,121		10,085		1,501		1,121		11,586		12,707		(4,185)		2002	40 years
Mendota Office Center III - Mendota Heights, MN		3,895		970		5,734		697		970		6,431		7,401		(1,888)		2002	40 years
Mendota Office Center IV - Mendota Heights, MN		4,631		1,070		7,635		578		1,070		8,213		9,283		(2,716)		2002	40 years
Minnesota National Bank - Duluth, MN		781		287		1,454		174		288		1,627		1,915		(352)		2004	40 years
Minot 2505 16th Street SW - Minot, ND(1)		0		298		1,724		296		298		2,020		2,318		(164)		2009	40 years
Miracle Hills One - Omaha, NE		8,895		1,974		10,117		1,450		2,120		11,421		13,541		(2,446)		2006	40 years
Nicollett VII - Burnsville, MN		0		429		6,931		410		436		7,334		7,770		(2,181)		2001	40 years
Northgate I - Maple Grove, MN		5,163		1,062		6,358		990		1,235		7,175		8,410		(1,637)		2004	40 years
Northgate II - Maple Grove, MN		939		359		1,944		284		403		2,184		2,587		(744)		1999	40 years
Northpark Corporate Center - Arden Hills, MN		12,332		2,034		14,584		1,585		2,034		16,169		18,203		(3,104)		2006	40 years
Omaha 10802 Farnam Dr - Omaha, NE		5,297		2,462		4,374		392		2,818		4,410		7,228		(269)		2010	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2013

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
Pacific Hills - Omaha, NE	$	16,770	$	4,220	$	11,988	$	2,179	$	4,507	$	13,880	$	18,387	$	(2,604)		2006	40 years
Pillsbury Business Center - Bloomington, MN		0		284		1,556		171		299		1,712		2,011		(551)		2001	40 years
Plaza 16 - Minot, ND		7,434		389		5,444		3,843		591		9,085		9,676		(1,291)		2009	40 years
Plaza VII - Boise, ID		993		300		3,058		478		351		3,485		3,836		(1,027)		2003	40 years
Plymouth 5095 Nathan Lane - Plymouth, MN		1,215		604		1,253		83		636		1,304		1,940		(190)		2007	40 years
Plymouth I - Plymouth, MN		1,157		530		1,133		65		530		1,198		1,728		(274)		2004	40 years
Plymouth II - Plymouth, MN		1,157		367		1,264		40		367		1,304		1,671		(305)		2004	40 years
Plymouth III - Plymouth, MN		1,425		507		1,495		365		507		1,860		2,367		(490)		2004	40 years
Plymouth IV & V - Plymouth, MN		6,875		1,336		12,693		2,141		1,338		14,832		16,170		(4,771)		2001	40 years
Prairie Oak Business Center - Eden Prairie, MN		3,304		531		4,069		1,852		764		5,688		6,452		(1,904)		2003	40 years
Rapid City 900 Concourse Drive - Rapid City, SD		1,171		285		6,600		736		514		7,107		7,621		(2,275)		2000	40 years
Riverport - Maryland Heights, MO		19,690		1,891		18,982		554		1,917		19,510		21,427		(3,285)		2006	40 years
Southeast Tech Center - Eagan, MN		1,691		560		5,496		419		569		5,906		6,475		(2,133)		1999	40 years
Spring Valley IV - Omaha, NE		775		178		916		60		186		968		1,154		(212)		2005	40 years
Spring Valley V - Omaha, NE		852		212		1,123		251		240		1,346		1,586		(295)		2005	40 years
Spring Valley X - Omaha, NE		790		180		1,024		60		189		1,075		1,264		(212)		2005	40 years
Spring Valley XI - Omaha, NE		775		143		1,094		36		151		1,122		1,273		(218)		2005	40 years
Superior Office Building - Duluth, MN		1,174		336		2,200		83		336		2,283		2,619		(526)		2004	40 years
TCA Building - Eagan, MN		7,080		627		8,571		911		684		9,425		10,109		(2,616)		2003	40 years
Three Paramount Plaza - Bloomington, MN(1)		0		1,261		6,149		1,755		1,298		7,867		9,165		(2,539)		2002	40 years
Thresher Square - Minneapolis, MN		0		1,094		10,026		1,643		1,104		11,659		12,763		(3,648)		2002	40 years
Timberlands - Leawood, KS		13,155		2,375		12,218		1,405		2,495		13,503		15,998		(2,603)		2006	40 years
UHC Office - International Falls, MN		995		119		2,366		80		119		2,446		2,565		(586)		2004	40 years
US Bank Financial Center - Bloomington, MN		13,425		3,117		13,350		610		3,119		13,958		17,077		(2,894)		2005	40 years
Viromed - Eden Prairie, MN		324		666		4,197		1		666		4,198		4,864		(1,491)		1999	40 years
Wells Fargo Center - St Cloud, MN		6,206		869		8,373		1,448		869		9,821		10,690		(2,087)		2005	40 years
West River Business Park - Waite Park, MN		560		235		1,195		50		235		1,245		1,480		(322)		2003	40 years
Westgate - Boise, ID		4,125		1,000		10,618		1,921		1,000		12,539		13,539		(3,573)		2003	40 years
Whitewater Plaza - Minnetonka, MN		3,830		530		4,860		850		577		5,663		6,240		(1,774)		2002	40 years
Wirth Corporate Center - Golden Valley, MN		3,539		970		7,659		911		971		8,569		9,540		(2,568)		2002	40 years
Woodlands Plaza IV - Maryland Heights, MO		4,360		771		4,609		1,441		837		5,984		6,821		(1,033)		2006	40 years
Total Commercial Office	$	343,753	$	72,069	$	472,083	$	69,623	$	75,222		538,553	$	613,775	$	(138,270)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2013

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 Healthcare
2800 Medical Building - Minneapolis, MN	$	5,399	$	204	$	7,135	$	2,191	$	229	$	9,301	$	9,530	$	(2,343)		2005	40 years
2828 Chicago Avenue - Minneapolis, MN		8,379		726		11,319		5,627		729		16,943		17,672		(2,764)		2007	40 years
Airport Medical - Bloomington, MN		1,083		0		4,678		0		0		4,678		4,678		(1,497)		2002	40 years
Barry Pointe Office Park - Kansas City, MO		1,435		384		2,366		103		392		2,461		2,853		(398)		2007	40 years
Billings 2300 Grant Road - Billings, MT		1,645		649		1,216		0		649		1,216		1,865		(85)		2010	40 years
Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN		8,445		1,071		6,842		1,523		1,071		8,365		9,436		(1,054)		2008	40 years
Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN		5,287		189		5,127		768		189		5,895		6,084		(741)		2008	40 years
Casper 1930 E 12th Street (Park Place) - Casper, WY(1)		0		439		5,780		162		439		5,942		6,381		(530)		2009	40 years
Casper 3955 E 12th Street (Meadow Wind) - Casper, WY(1)		0		388		10,494		25		388		10,519		10,907		(775)		2009	40 years
Cheyenne 4010 N College Drive (Aspen Wind) - Cheyenne, WY(1)		0		628		10,272		260		629		10,531		11,160		(903)		2009	40 years
Cheyenne 4606 N College Drive (Sierra Hills) - Cheyenne, WY(1)		0		695		7,455		40		695		7,495		8,190		(639)		2009	40 years
Denfeld Clinic - Duluth, MN		1,656		501		2,597		1		501		2,598		3,099		(588)		2004	40 years
Eagan 1440 Duckwood Medical - Eagan, MN		1,811		521		1,547		519		521		2,066		2,587		(447)		2008	40 years
Edgewood Vista - Belgrade, MT		0		35		779		5		35		784		819		(100)		2008	40 years
Edgewood Vista - Billings, MT		1,905		115		1,767		7		115		1,774		1,889		(231)		2008	40 years
Edgewood Vista - Bismarck, ND		0		511		9,193		114		511		9,307		9,818		(1,758)		2005	40 years
Edgewood Vista - Brainerd, MN		0		587		8,999		54		587		9,053		9,640		(1,721)		2005	40 years
Edgewood Vista - Columbus, NE(1)		0		43		824		3		44		826		870		(106)		2008	40 years
Edgewood Vista - East Grand Forks, MN		2,902		290		1,352		15		290		1,367		1,657		(177)		2000	40 years
Edgewood Vista - Fargo, ND		12,877		775		20,870		9		775		20,879		21,654		(2,674)		2008	40 years
Edgewood Vista - Fremont, NE		593		56		490		42		56		532		588		(153)		2008	40 years
Edgewood Vista - Grand Island, NE(1)		0		33		773		30		39		797		836		(100)		2008	40 years
Edgewood Vista - Hastings, NE		611		49		517		44		50		560		610		(167)		2008	40 years
Edgewood Vista - Hermantown I, MN		16,382		288		9,871		1,514		288		11,385		11,673		(3,304)		2000	40 years
Edgewood Vista - Hermantown II, MN		0		719		10,517		33		719		10,550		11,269		(2,009)		2005	40 years
Edgewood Vista - Kalispell, MT		613		70		502		603		70		1,105		1,175		(211)		2001	40 years
Edgewood Vista - Minot, ND		9,470		1,045		11,590		70		1,047		11,658		12,705		(714)		2010	40 years
Edgewood Vista - Missoula, MT		870		109		854		72		116		919		1,035		(359)		1996	40 years
Edgewood Vista - Norfolk, NE(1)		0		42		722		7		42		729		771		(93)		2008	40 years
Edgewood Vista - Omaha, NE		387		89		547		42		89		589		678		(171)		2001	40 years
Edgewood Vista - Sioux Falls, SD		1,091		314		974		12		314		986		1,300		(128)		2008	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2013

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 Healthcare - continued
Edgewood Vista - Spearfish, SD	$	0	$	315	$	8,584	$	65	$	330	$	8,634	$	8,964	$	(1,271)		2005	40 years
Edgewood Vista - Virginia, MN		13,932		246		11,823		115		246		11,938		12,184		(3,056)		2002	40 years
Edina 6363 France Medical - Edina, MN		10,000		0		12,675		1,762		0		14,437		14,437		(2,458)		2008	40 years
Edina 6405 France Medical  - Edina, MN		8,782		0		12,201		41		0		12,242		12,242		(2,097)		2008	40 years
Edina 6517 Drew Avenue - Edina, MN		1,133		353		660		529		372		1,170		1,542		(460)		2002	40 years
Edina 6525 Drew Avenue - Edina, MN		0		388		117		0		388		117		505		(4)		2011	40 years
Edina 6525 France SMC II - Edina, MN		10,170		755		8,054		6,018		1,040		13,787		14,827		(5,226)		2003	40 years
Edina 6545 France SMC I - Edina MN		30,786		3,480		30,743		12,464		3,480		43,207		46,687		(14,411)		2001	40 years
Fresenius - Duluth, MN		716		50		1,520		2		50		1,522		1,572		(344)		2004	40 years
Garden View - St. Paul, MN		1,320		0		7,408		709		12		8,105		8,117		(2,217)		2002	40 years
Gateway Clinic - Sandstone, MN		959		66		1,699		0		66		1,699		1,765		(384)		2004	40 years
Healtheast St John & Woodwinds - Maplewood & Woodbury, MN		10,304		3,239		18,362		0		3,239		18,362		21,601		(5,948)		2000	40 years
High Pointe Health Campus - Lake Elmo, MN		5,400		1,305		10,528		1,630		1,329		12,134		13,463		(2,888)		2004	40 years
Jamestown Medical Office Building - Jamestown, ND		6,200		0		7,605		0		0		7,605		7,605		(76)		2013	40 years
Laramie 1072 N 22nd Street (Spring Wind) - Laramie, WY(1)		0		406		10,151		17		406		10,168		10,574		(631)		2009	40 years
Mariner Clinic - Superior, WI		2,097		0		3,781		90		20		3,851		3,871		(871)		2004	40 years
Minneapolis 701 25th Avenue Medical - Minneapolis, MN		7,532		0		7,873		1,093		0		8,966		8,966		(1,133)		2008	40 years
Missoula 3050 Great Northern - Missoula, MT		1,727		640		1,331		0		640		1,331		1,971		(93)		2010	40 years
Nebraska Orthopedic Hospital - Omaha, NE		11,964		0		20,272		1,615		0		21,887		21,887		(4,764)		2004	40 years
Park Dental - Brooklyn Center, MN		621		185		2,767		0		185		2,767		2,952		(735)		2002	40 years
Pavilion I - Duluth, MN		5,525		1,245		8,898		31		1,245		8,929		10,174		(1,993)		2004	40 years
Pavilion II - Duluth, MN		10,168		2,715		14,673		1,937		2,715		16,610		19,325		(4,739)		2004	40 years
Ritchie Medical Plaza - St Paul, MN		6,463		1,615		7,851		1,911		1,647		9,730		11,377		(1,952)		2005	40 years
Sartell 2000 23rd Street South - Sartell, MN		3,256		0		11,781		935		0		12,716		12,716		(3,458)		2002	40 years
Spring Creek-American Falls - American Falls, ID		2,328		145		3,870		0		145		3,870		4,015		(180)		2011	40 years
Spring Creek-Boise - Boise, ID		2,957		708		4,296		0		708		4,296		5,004		(214)		2011	40 years
Spring Creek-Eagle - Eagle, ID		2,141		263		3,775		0		263		3,775		4,038		(176)		2011	40 years
Spring Creek-Meridian - Meridian, ID		3,538		424		6,724		0		424		6,724		7,148		(310)		2011	40 years
Spring Creek-Overland - Overland, ID		3,339		687		5,941		0		687		5,941		6,628		(286)		2011	40 years
Spring Creek-Soda Springs - Soda Springs, ID		838		66		2,134		33		66		2,167		2,233		(101)		2011	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2013

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 Healthcare - continued	$		$		$		$		$		$		$		$
Spring Creek-Ustick - Meridian, ID		0		467		3,833		0		467		3,833		4,300		(165)		2011	40 years
St Michael Clinic - St Michael, MN		1,902		328		2,259		264		328		2,523		2,851		(384)		2007	40 years
Trinity at Plaza 16 - Minot, ND		4,984		568		8,987		5		568		8,992		9,560		(361)		2011	40 years
Wells Clinic - Hibbing, MN		1,463		162		2,497		2		162		2,499		2,661		(565)		2004	40 years
Total Commercial Healthcare	$	255,386	$	32,386	$	423,642	$	45,163	$	32,847		468,344	$	501,191	$	(90,891)
Commercial Industrial
API Building - Duluth, MN	$	796	$	115	$	1,605	$	3	$	115	$	1,608	$	1,723	$	(363)		2004	40 years
Bloomington 2000 W 94th Street - Bloomington, MN(1)		0		2,133		4,097		1,185		2,172		5,243		7,415		(972)		2006	40 years
Bodycote Industrial Building - Eden Prairie, MN		1,046		198		1,154		800		198		1,954		2,152		(858)		1992	40 years
Brooklyn Park 7401 Boone Avenue - Brooklyn Park, MN		7,411		1,368		11,643		2,121		1,368		13,764		15,132		(3,801)		2002	40 years
Cedar Lake Business Center - St. Louis Park, MN		2,276		895		2,810		68		895		2,878		3,773		(444)		2007	40 years
Clive 2075 NW 94th Street - Clive, IA		2,175		408		2,611		47		408		2,658		3,066		(246)		2002	40 years
Dixon Avenue Industrial Park - Des Moines, IA		0		1,439		10,758		1,609		1,439		12,367		13,806		(3,501)		2002	40 years
Eagan 2785 & 2795 Highway 55 - Eagan, MN		0		3,058		2,570		0		3,058		2,570		5,628		(337)		2008	40 years
Fargo 1320 45th Street N - Fargo, ND		0		395		3,518		247		395		3,765		4,160		(273)		2010	40 years
Lexington Commerce Center - Eagan, MN		2,348		453		4,352		1,982		480		6,307		6,787		(2,407)		1999	40 years
Lighthouse - Duluth, MN		836		90		1,788		7		90		1,795		1,885		(408)		2004	40 years
Metal Improvement Company - New Brighton, MN		0		240		2,189		78		240		2,267		2,507		(648)		2002	40 years
Minnetonka 13600 County Road 62 - Minnetonka, MN		2,427		809		434		2,459		809		2,893		3,702		(308)		2009	40 years
Minot IPS - Minot, ND		0		416		5,484		62		416		5,546		5,962		(59)		2012	40 years
Roseville 2929 Long Lake Road - Roseville, MN		0		1,966		7,272		1,729		2,000		8,967		10,967		(1,506)		2006	40 years
Stone Container - Fargo, ND		1,426		440		6,597		104		440		6,701		7,141		(2,608)		2001	40 years
Stone Container - Roseville, MN		4,500		810		7,440		254		882		7,622		8,504		(2,176)		2001	40 years
Urbandale 3900 106th Street - Urbandale, IA		10,702		3,680		9,893		1,215		3,721		11,067		14,788		(1,732)		2007	40 years
Winsted Industrial Building - Winsted, MN		0		100		901		53		100		954		1,054		(358)		2001	40 years
Woodbury 1865 Woodlane - Woodbury, MN		2,679		1,108		2,628		1,884		1,123		4,497		5,620		(683)		2007	40 years
Total Commercial Industrial	$	38,622	$	20,121	$	89,744	$	15,907	$	20,349		105,423	$	125,772	$	(23,688)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2013

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 Retail
17 South Main - Minot, ND	$	81	$	15		$	75		$	197		$	17	$	270	$	287	$	(196)		2000	40 years
Anoka Strip Center - Anoka, MN		0		123			602			25			134		616		750		(160)		2003	40 years
Arrowhead First International Bank - Minot, ND		0		75			1,165			360			75		1,525		1,600		(3)		2013	40 years
Burnsville 1 Strip Center - Burnsville, MN		329		208			773			205			208		978		1,186		(256)		2003	40 years
Burnsville 2 Strip Center - Burnsville, MN		259		291			469			214			294		680		974		(196)		2003	40 years
Champlin South Pond - Champlin, MN		1,473		842			2,703			69			866		2,748		3,614		(650)		2004	40 years
Chan West Village - Chanhassen, MN		13,052		5,035			14,665			1,987			5,606		16,081		21,687		(4,298)		2003	40 years
Dakota West Plaza - Minot , ND		364		92			493			30			106		509		615		(95)		2006	40 years
Duluth 4615 Grand - Duluth, MN		677		130			1,800			4			131		1,803		1,934		(407)		2004	40 years
Duluth Denfeld Retail - Duluth, MN		2,235		276			4,699			160			297		4,838		5,135		(1,114)		2004	40 years
Eagan Community - Eagan, MN		0		702			1,243			800			703		2,042		2,745		(498)		2003	40 years
Fargo Express Community - Fargo, ND		938		374			1,420			777			386		2,185		2,571		(430)		2003-2005	40 years
Forest Lake Auto - Forest Lake, MN(1)		0		50			446			13			50		459		509		(120)		2003	40 years
Forest Lake Westlake Center - Forest Lake, MN		0		2,446			5,304			487			2,480		5,757		8,237		(1,485)		2003	40 years
Grand Forks Carmike - Grand Forks, ND		1,541		184			2,360			2			184		2,362		2,546		(1,092)		1994	40 years
Grand Forks Medpark Mall - Grand Forks, ND		0		681			4,808			251			722		5,018		5,740		(1,683)		2000	40 years
Jamestown Buffalo Mall - Jamestown, ND		2,331		566			5,551			3,036			1,114		8,039		9,153		(1,486)		2003	40 years
Jamestown Business Center - Jamestown, ND		466		297			1,023			1,332			333		2,319		2,652		(844)		2003	40 years
Kalispell Retail Center - Kalispell, MT		1,280		250			2,250			973			253		3,220		3,473		(761)		2003	40 years
Lakeville Strip Center - Lakeville, MN		932		46			1,142			852			94		1,946		2,040		(613)		2003	40 years
Minot 1400 31st Ave - Minot, ND(1)		0		1,026			6,143			4,352			1,038		10,483		11,521		(1,054)		2010	40 years
Minot Arrowhead - Minot, ND(1)		0		100			3,007			5,272			116		8,263		8,379		(1,403)		1973	15 1/2-40 years
Minot Plaza - Minot, ND		795		50			453			147			80		570		650		(296)		1993	40 years
Monticello C Store - Monticello, MN(1)		0		65			770			37			97		775		872		(206)		2003	40 years
Omaha Barnes & Noble - Omaha, NE		2,418		600			3,099			0			600		3,099		3,699		(1,356)		1995	40 years
Pine City C-Store - Pine City, MN		0		83			357			12			83		369		452		(96)		2003	40 years
Pine City Evergreen Square - Pine City, MN		0		154			2,646			606			385		3,021		3,406		(890)		2003	40 years
Rochester Maplewood Square - Rochester, MN(1)		0		3,275			8,610			1,966			3,652		10,199		13,851		(3,229)		1999	40 years
St. Cloud Westgate - St. Cloud, MN		3,008		918			5,535			1,669			941		7,181		8,122		(1,481)		2004	40 years
Weston Retail - Weston, WI		0		79			1,575			27			80		1,601		1,681		(408)		2003	40 years
Weston Walgreens - Weston, WI		3,041		66			1,718			671			67		2,388		2,455		(412)		2006	40 years
Total Commercial Retail	$	35,220	$	19,099		$	86,904		$	26,533		$	21,192		111,344	$	132,536	$	(27,218)
Subtotal	$	1,049,206	$	190,207		$	1,577,356		$	265,407		$	207,499	$	1,825,471	$	2,032,970	$	(420,421)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2013

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
Badger Hills - Rochester, MN	$	0	$	1,050	$	0	$	0	$	1,050	$	0	$	1,050	$	0		2012
Bismarck 4916 - Bismarck, ND		0		3,250		0		0		3,250		0		3,250		0		2013
Bismarck 700 E Main - Bismarck, ND		0		314		0		558		872		0		872		0		2008
Cypress Court - St. Cloud, MN		0		447		0		0		447		0		447		0		2012
Eagan - Eagan, MN		0		423		0		0		423		0		423		0		2006
Georgetown Square - Grand Chute, WI		0		1,860		0		0		1,860		0		1,860		0		2006
Grand Forks 2150 - Grand Forks, ND		0		1,600		0		0		1,600		0		1,600		0		2013
Grand Forks - Grand Forks, ND		0		4,278		0		0		4,278		0		4,278		0		2012
Kalispell - Kalispell, MT		0		1,400		0		23		1,423		0		1,423		0		2003
Minot (Southgate Lot 4) - Minot, ND		0		1,882		0		0		1,882		0		1,882		0		2013
Monticello - Monticello, MN		0		115		0		2		117		0		117		0		2006
Renaissance Heights - Williston, ND		0		2,373		0		0		2,373		0		2,373		0		2012
River Falls - River Falls, WI		0		176		0		3		179		0		179		0		2003
Urbandale - Urbandale, IA		0		5		0		109		114		0		114		0		2009
Weston - Weston, WI		0		812		0		0		812		0		812		0		2006
Williston - Williston, ND		0		823		0		0		823		0		823		0		2012
Total Unimproved Land	$	0	$	20,808	$	0	$	695	$	21,503	$	0	$	21,503	$	0
Development in Progress
Arcata	$	0	$	2,088	$	569	$	0	$	2,088	$	569	$	2,657	$	0		2013
Chateau II - Minot, ND		0		61		189		8		61		197		258		0		2013
Commons at Southgate - Minot, ND		0		3,691		2,180		594	$	3,691		2,774		6,465		0		2013
Cypress Court - St. Cloud, MN		0		1,136		4,610		713	$	1,136		5,323		6,459		0		2012
Landing at Southgate - Minot, ND		0		2,262		4,054		1,104	$	2,262		5,158		7,420		0		2013
Renaissance Heights I - Minot, ND		0		3,080		5,895		1,102	$	3,080		6,997		10,077		0		2013
River Ridge - Bismarck, ND		0		576		9,526		3,073		589		12,586		13,175		0		2008
Total Development in Progress	$	0	$	12,894	$	27,023	$	6,594	$	12,907	$	33,604	$	46,511	$	0
Total	$	1,049,206	$	223,909	$	1,604,380		272,695		241,909		1,859,075		2,100,984		(420,421)

(a) Amounts in this column are the mortgages payable balances as of April 30, 2013. 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, 2013, 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.

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2013

Schedule III

REAL ESTATE AND ACCUMULATED DEPRECIATION

Reconciliations of total real estate carrying value for the three years ended April 30, 2013, 2012, and 2011 are as follows:

	(in thousands)
	2013		2012		2011
Balance at beginning of year	$	1,892,009	$	1,770,798	$	1,800,519
Additions during year
Multi-Family Residential		113,859		47,433		4,210
Commercial Office		0		0		6,836
Commercial Healthcare		11,122		47,408		19,249
Commercial Industrial		5,900		0		3,914
Commercial Retail		1,240		2,316		7,169
Improvements and Other		36,375		35,176		23,183
		2,060,505		1,903,131		1,865,080
Deductions during year
Cost of real estate sold		(21,953)		(3,498)		(86,994)
Impairment charge		(305)		(127)		0
Other(A)		(5,277)		(7,497)		(7,288)
Balance at close of year(B)	$	2,032,970	$	1,892,009	$	1,770,798

Reconciliations of accumulated depreciation/amortization for the three years ended April 30, 2013, 2012, and 2011, are as follows:

	(in thousands)
	2013		2012		2011
Balance at beginning of year	$	373,490	$	328,952	$	308,626
Additions during year
Provisions for depreciation		56,611		51,093		49,375
Deductions during year
Accumulated depreciation on real estate sold		(6,444)		(758)		(25,366)
Other(C)		(3,236)		(5,797)		(3,683)
Balance at close of year	$	420,421	$	373,490	$	328,952

(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 $1.5 billion, $1.4 billion and $1.2 billion at April 30, 2013, 2012 and 2011, respectively.

(C) Consists of miscellaneous disposed assets.