Exhibit 12

CALCULATION OF RATIO OF EARNINGS TO
FIXED CHARGES AND PREFERRED SHARE DIVIDENDS
(In Thousands, Except Ratios)

			Six-Months Ended			Fiscal-Year Ended
			October 31			April 30
			2003			2003			2002			2001			2000			1999
Income before allocation to minority interests:			$	7,559		$	15,859		$	14,260		$	10,755		$	8,549		$	6,402
Plus Fixed Charges:
	Mortgage and loan interest expense		$	20,904		$	37,073		$	30,089		$	24,694		$	17,014		$	12,102
	Amortization of debt expense			311			530			405			337			216			155
	Capitalized interest			173			91			100			317			404			212
			$	28,947		$	53,554		$	44,854		$	36,102		$	26,183		$	18,870
Less:
	Capitalized interest		$	(173	)	$	(91	)	$	(100	)	$	(317	)	$	(404	)	$	(212	)
		Total Earnings	$	28,774		$	53,463		$	44,754		$	35,786		$	25,779		$	18,658
Fixed Charges:
	Mortgage and loan interest expense		$	20,904		$	37,073		$	30,089		$	24,694		$	17,014		$	12,102
	Ammortization of debt expense			311			530			405			337			216			155
	Capitalized interest			173			91			100			317			404			212
	Preferred share dividend(1)			—			—			—			—			—			—
		Total Fixed Charges	$	21,387		$	37,694		$	30,594		$	25,347		$	17,634		$	12,469
Ratio of earnings to combined fixed charges and preferred share dividends:				1.35			1.42			1.46			1.41			1.46			1.50

⁽¹⁾ Investors Real Estate Trust has not issued any preferred shares and, therefore, no preferred share dividends were paid.