INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2015

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

			Initial Cost to Company				Costs capitalized		Gross amount at which carried at close of period									Date of	Life on which depreciation in latest income
Description	Encumbrances(1)		Land		Buildings & Improvements		subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation			Construction or Acquisition	statement is computed
Multifamily
11th Street 3 Plex - Minot, ND	$	84	$	11	$	53	$	19	$	20	$	63	$	83	$	(12	)	2008	40 years
4th Street 4 Plex - Minot, ND	98		15		74		34		23		100		123		(19		)	2008	40 years
Alps Park - Rapid City, SD	3,934		287		5,551		165		293		5,710		6,003		(299		)	2013	40 years
Apartments on Main - Minot, ND	642		158		1,123		53		193		1,141		1,334		(235		)	1987	24-40 years
Arbors - S Sioux City, NE	3,840		350		6,625		1,923		980		7,918		8,898		(2,115		)	2006	40 years
Arcata - Golden Valley, MN	0		2,088		29,640		95		2,088		29,735		31,823		(380		)	2013	40 years
Ashland - Grand Forks, ND	5,517		741		7,569		163		774		7,699		8,473		(678		)	2012	40 years
Boulder Court - Eagan, MN	2,736		1,067		5,498		3,005		1,324		8,246		9,570		(2,539		)	2003	40 years
Brookfield Village - Topeka, KS	5,216		509		6,698		1,539		756		7,990		8,746		(2,348		)	2003	40 years
Brooklyn Heights - Minot, ND	694		145		1,450		879		219		2,255		2,474		(949		)	1997	12-40 years
Campus Center - St. Cloud, MN	1,127		395		2,244		243		407		2,475		2,882		(534		)	2007	40 years
Campus Heights - St. Cloud, MN	0		110		628		157		124		771		895		(163		)	2007	40 years
Campus Knoll - St. Cloud, MN	752		266		1,512		180		305		1,653		1,958		(364		)	2007	40 years
Campus Plaza - St. Cloud, MN	0		54		311		85		60		390		450		(87		)	2007	40 years
Campus Side - St. Cloud, MN	0		107		615		161		118		765		883		(170		)	2007	40 years
Campus View - St. Cloud, MN	0		107		615		156		113		765		878		(164		)	2007	40 years
Canyon Lake - Rapid City, SD	2,843		305		3,958		1,652		376		5,539		5,915		(1,739		)	2001	40 years
Castlerock - Billings, MT	6,574		736		4,864		2,165		994		6,771		7,765		(2,726		)	1998	40 years
Chateau I - Minot, ND	0		61		5,663		683		71		6,336		6,407		(786		)	2013	40 years
Cimarron Hills - Omaha, NE	4,729		706		9,588		4,346		1,334		13,306		14,640		(4,723		)	2001	40 years
Colonial Villa - Burnsville, MN	5,473		2,401		11,515		7,471		2,844		18,543		21,387		(5,255		)	2003	40 years
Colony - Lincoln, NE	13,303		1,515		15,730		671		1,574		16,342		17,916		(1,316		)	2012	40 years
Colton Heights - Minot, ND	391		80		672		421		123		1,050		1,173		(769		)	1984	40 years
Commons at Southgate - Minot, ND	0		3,691		31,351		580		3,703		31,919		35,622		(993		)	2013	40 years
Cornerstone - St. Cloud, MN	0		54		311		88		57		396		453		(89		)	2007	40 years
Cottage West Twin Homes - Sioux Falls, SD	3,586		968		3,762		432		1,022		4,140		5,162		(378		)	2011	40 years
Cottonwood - Bismarck, ND	15,586		1,056		17,372		3,294		1,383		20,339		21,722		(6,904		)	1997	40 years
Country Meadows - Billings, MT	6,560		491		7,809		1,486		538		9,248		9,786		(3,797		)	1995	33-40 years
Crestview - Bismarck, ND	3,839		235		4,290		1,682		515		5,692		6,207		(2,915		)	1994	24-40 years
Crown - Rochester, MN	2,571		261		3,289		246		269		3,527		3,796		(470		)	2010	40 years
Crown Colony - Topeka, KS	8,081		620		9,956		2,388		898		12,066		12,964		(4,531		)	1999	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2015

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

			Initial Cost to Company				Costs capitalized		Gross amount at which carried at close of period									Date of	Life on which depreciation in latest income
Description	Encumbrances(1)		Land		Buildings & Improvements		subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation			Construction or Acquisition	statement is computed
Multifamily - continued
Cypress Court - St. Cloud, MN	$	13,150	$	1,583	$	18,874	$	148	$	1,583	$	19,022	$	20,605	$	(652	)	2012	40 years
Dakota Commons - Williston, ND(2)	0		823		9,596		25		824		9,620		10,444		(236		)	2012	40 years
Evergreen - Isanti, MN	1,986		380		2,740		116		385		2,851		3,236		(474		)	2008	40 years
Evergreen II - Isanti, MN	2,066		691		2,784		55		698		2,832		3,530		(277		)	2011	40 years
Fairmont - Minot, ND	332		28		337		117		55		427		482		(76		)	2008	40 years
First Avenue - Minot, ND	0		0		3,046		11		0		3,057		3,057		(155		)	2013	40 years
Forest Park - Grand Forks, ND	7,560		810		5,579		7,407		1,426		12,370		13,796		(5,333		)	1993	24-40 years
Gables Townhomes - Sioux Falls, SD	1,452		349		1,921		173		374		2,069		2,443		(189		)	2011	40 years
Grand Gateway - St. Cloud, MN	5,345		814		7,086		805		934		7,771		8,705		(746		)	2012	40 years
Greenfield - Omaha, NE	3,552		578		4,122		769		803		4,666		5,469		(932		)	2007	40 years
Heritage Manor - Rochester, MN	3,895		403		6,968		2,796		580		9,587		10,167		(3,751		)	1998	40 years
Homestead Garden - Rapid City, SD	9,761		655		14,139		156		658		14,292		14,950		(329		)	2014	40 years
Indian Hills - Sioux City, IA(2)	0		294		2,921		3,709		397		6,527		6,924		(1,353		)	2007	40 years
Kirkwood Manor - Bismarck, ND	3,259		449		2,725		1,676		553		4,297		4,850		(1,786		)	1997	12-40 years
Lakeside Village - Lincoln, NE	13,129		1,215		15,837		442		1,263		16,231		17,494		(1,294		)	2012	40 years
Landing at Southgate - Minot, ND	0		2,254		12,955		93		2,294		13,008		15,302		(546		)	2013	40 years
Landmark - Grand Forks, ND	1,573		184		1,514		1,093		331		2,460		2,791		(1,070		)	1997	40 years
Legacy - Grand Forks, ND	15,528		1,362		21,727		6,665		2,133		27,621		29,754		(10,186		)	1995-2005	24-40 years
Legacy Heights - Bismarck, ND	0		804		9,162		73		804		9,235		10,039		(21		)	2015	40 years
Mariposa - Topeka, KS	2,925		399		5,110		535		427		5,617		6,044		(1,498		)	2004	40 years
Meadows - Jamestown, ND(2)	0		590		4,519		1,355		669		5,795		6,464		(2,135		)	1998	40 years
Monticello Village - Monticello, MN	2,956		490		3,756		491		621		4,116		4,737		(1,257		)	2004	40 years
Northern Valley - Rochester, MN	0		110		610		129		119		730		849		(100		)	2010	40 years
North Pointe - Bismarck, ND	3,382		303		3,957		622		354		4,528		4,882		(1,474		)	1995-2011	24-40 years
Northridge - Bismarck, ND	6,322		884		7,516		26		888		7,538		8,426		(126		)	2014	40 years
Oakmont Estates - Sioux Falls, SD	2,418		422		4,838		638		627		5,271		5,898		(1,746		)	2002	40 years
Oakwood Estates - Sioux Falls, SD	3,939		543		2,784		4,336		777		6,886		7,663		(3,214		)	1993	40 years
Olympic Village - Billings, MT	10,575		1,164		10,441		3,086		1,785		12,906		14,691		(4,881		)	2000	40 years
Olympik Village - Rochester, MN	4,382		1,034		6,109		1,968		1,183		7,928		9,111		(2,127		)	2005	40 years
Oxbow Park - Sioux Falls, SD	3,846		404		3,152		2,894		824		5,626		6,450		(2,808		)	1994	24-40 years
Park Meadows - Waite Park, MN	8,482		1,143		9,099		5,792		1,629		14,405		16,034		(5,939		)	1997	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2015

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

			Initial Cost to Company				Costs capitalized		Gross amount at which carried at close of period									Date of	Life on which depreciation in latest income
Description	Encumbrances(1)		Land		Buildings & Improvements		subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation			Construction or Acquisition	statement is computed
Multifamily - continued
Pebble Springs - Bismarck, ND	$	757	$	7	$	748	$	165	$	54	$	866	$	920	$	(349	)	1999	40 years
Pinehurst - Billings, MT	205		72		687		251		81		929		1,010		(305		)	2002	40 years
Pinecone Villas - Sartell, MN	0		584		2,191		27		585		2,217		2,802		(95		)	2013	40 years
Pines - Minot, ND	111		35		215		185		49		386		435		(141		)	1997	40 years
Plaza - Minot, ND	5,348		867		12,784		2,455		995		15,111		16,106		(2,433		)	2009	40 years
Pointe West - Rapid City, SD	2,624		240		3,538		1,527		368		4,937		5,305		(2,379		)	1994	24-40 years
Ponds at Heritage Place - Sartell, MN	3,852		395		4,564		320		404		4,875		5,279		(363		)	2012	40 years
Prairie Winds - Sioux Falls, SD	1,410		144		1,816		487		235		2,212		2,447		(1,228		)	1993	24-40 years
Quarry Ridge - Rochester, MN	27,268		2,254		30,024		1,392		2,307		31,363		33,670		(4,533		)	2006	40 years
Red 20 - Minneapolis, MN	0		1,900		26,412		4		1,900		26,416		28,316		(445		)	2013	40 years
Regency Park Estates - St. Cloud, MN	6,680		702		10,198		1,465		811		11,554		12,365		(1,162		)	2011	40 years
Renaissance Heights - Williston, ND	0		2,464		43,488		123		2,467		43,608		46,075		(848		)	2013	40 years
Ridge Oaks - Sioux City, IA	3,359		178		4,073		2,437		288		6,400		6,688		(2,205		)	2001	40 years
Rimrock West - Billings, MT	3,282		330		3,489		1,510		435		4,894		5,329		(1,765		)	1999	40 years
River Ridge - Bismarck, ND	13,200		576		23,826		998		1,438		23,962		25,400		(1,290		)	2008	40 years
Rocky Meadows - Billings, MT	5,089		656		5,726		1,201		772		6,811		7,583		(3,129		)	1995	40 years
Rum River - Isanti, MN	3,536		843		4,823		215		862		5,019		5,881		(1,020		)	2007	40 years
Sherwood - Topeka, KS	12,134		1,142		14,684		3,064		1,694		17,196		18,890		(6,619		)	1999	40 years
Sierra Vista - Sioux Falls, SD	1,390		241		2,097		435		265		2,508		2,773		(273		)	2011	40 years
Silver Springs - Rapid City, SD	2,230		215		3,006		48		215		3,054		3,269		(68		)	2014	40 years
South Pointe - Minot, ND	8,613		550		9,548		2,847		1,343		11,602		12,945		(5,494		)	1995	24-40 years
Southpoint - Grand Forks, ND(2)	0		576		9,893		48		591		9,926		10,517		(414		)	2013	40 years
Southview - Minot, ND	1,035		185		469		410		240		824		1,064		(371		)	1994	40 years
Southwind - Grand Forks, ND	5,503		400		5,034		2,974		765		7,643		8,408		(3,486		)	1995	24-40 years
Summit Park - Minot, ND	963		161		1,898		1,550		560		3,049		3,609		(1,249		)	1997	24-40 years
Sunset Trail - Rochester, MN	8,009		336		12,814		2,652		581		15,221		15,802		(5,453		)	1999	40 years
Temple - Minot, ND	75		0		0		231		0		231		231		(57		)	2006	40 years
Terrace Heights - Minot, ND	160		29		312		142		40		443		483		(172		)	2006	40 years
Thomasbrook - Lincoln, NE	5,893		600		10,306		3,336		1,403		12,839		14,242		(4,680		)	1999	40 years
University Park Place - St. Cloud, MN	0		78		450		115		83		560		643		(118		)	2007	40 years
Valley Park - Grand Forks, ND	3,822		294		4,137		3,508		1,115		6,824		7,939		(2,599		)	1999	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2015

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

			Initial Cost to Company				Costs capitalized		Gross amount at which carried at close of period									Date of	Life on which depreciation in latest income
Description	Encumbrances(1)		Land		Buildings & Improvements		subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation			Construction or Acquisition	statement is computed
Multifamily - continued
Villa West - Topeka, KS	$	12,106	$	1,590	$	15,760	$	923	$	1,876	$	16,397	$	18,273	$	(1,331	)	2012	40 years
Village Green - Rochester, MN	1,047		234		2,296		962		359		3,133		3,492		(935		)	2003	40 years
West Stonehill - Waite Park, MN	8,448		939		10,167		5,224		1,533		14,797		16,330		(6,896		)	1995	40 years
Westridge - Minot, ND	1,604		68		1,887		263		77		2,141		2,218		(377		)	2008	40 years
Westwood Park - Bismarck, ND	1,950		116		1,909		1,784		284		3,525		3,809		(1,425		)	1998	40 years
Whispering Ridge - Omaha, NE	22,000		2,139		25,424		732		2,276		26,019		28,295		(1,563		)	2012	40 years
Williston Garden - Williston, ND	10,870		1,400		17,696		85		1,421		17,760		19,181		(2,132		)	2012	40 years
Winchester - Rochester, MN	2,564		748		5,622		1,846		1,009		7,207		8,216		(2,297		)	2003	40 years
Woodridge - Rochester, MN	6,257		370		6,028		2,207		642		7,963		8,605		(3,557		)	1997	40 years

Total Multifamily	$	423,385	$	65,410	$	746,299	$	134,811	$	81,919	$	864,601	$	946,520	$	(180,414	)


Healthcare
2800 Medical Building - Minneapolis, MN	$	7,740	$	204	$	7,135	$	2,492	$	229	$	9,602	$	9,831	$	(3,037	)	2005	40 years
2828 Chicago Avenue - Minneapolis, MN	12,105		726		11,319		5,627		729		16,943		17,672		(4,011		)	2007	40 years
Airport Medical - Bloomington, MN	431		0		4,678		0		0		4,678		4,678		(1,730		)	2002	40 years
Billings 2300 Grant Road - Billings, MT	1,226		649		1,216		0		649		1,216		1,865		(146		)	2010	40 years
Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN	8,092		1,071		6,842		1,968		1,092		8,789		9,881		(1,612		)	2008	40 years
Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN	5,066		189		5,127		971		203		6,084		6,287		(1,078		)	2008	40 years
Casper 1930 E 12th Street (Park Place) - Casper, WY(2)	0		439		5,780		172		439		5,952		6,391		(855		)	2009	40 years
Casper 3955 E 12th Street (Meadow Wind) - Casper, WY(2)	0		388		10,494		576		459		10,999		11,458		(1,510		)	2009	40 years
Cheyenne 4010 N College Drive (Aspen Wind) - Cheyenne, WY(2)	0		628		10,272		270		629		10,541		11,170		(1,457		)	2009	40 years
Cheyenne 4606 N College Drive (Sierra Hills) - Cheyenne, WY(2)	0		695		7,455		50		695		7,505		8,200		(1,020		)	2009	40 years
Denfeld Clinic - Duluth, MN	1,430		501		2,597		1		501		2,598		3,099		(718		)	2004	40 years
Eagan 1440 Duckwood Medical - Eagan, MN	0		521		1,547		556		521		2,103		2,624		(635		)	2008	40 years
Edgewood Vista - Belgrade, MT	0		35		779		21		35		800		835		(140		)	2008	40 years
Edgewood Vista - Billings, MT	1,785		115		1,767		66		115		1,833		1,948		(323		)	2008	40 years
Edgewood Vista - Bismarck, ND	0		511		9,193		177		511		9,370		9,881		(2,231		)	2005	40 years
Edgewood Vista - Brainerd, MN	0		587		8,999		134		587		9,133		9,720		(2,184		)	2005	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2015

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

			Initial Cost to Company				Costs capitalized		Gross amount at which carried at close of period									Date of	Life on which depreciation in latest income
Description	Encumbrances(1)		Land		Buildings & Improvements		subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation			Construction or Acquisition	statement is computed
Healthcare - continued
Edgewood Vista - Columbus, NE	$	0	$	43	$	824	$	24	$	44	$	847	$	891	$	(148	)	2008	40 years
Edgewood Vista - East Grand Forks, MN	2,718		290		1,352		59		290		1,411		1,701		(251		)	2000	40 years
Edgewood Vista - Fargo, ND	11,846		775		20,870		199		775		21,069		21,844		(3,730		)	2008	40 years
Edgewood Vista - Fremont, NE	550		56		490		54		56		544		600		(179		)	2008	40 years
Edgewood Vista - Grand Island, NE	0		33		773		51		39		818		857		(142		)	2008	40 years
Edgewood Vista - Hastings, NE	567		49		517		63		50		579		629		(197		)	2008	40 years
Edgewood Vista - Hermantown I, MN	15,197		288		9,871		1,761		288		11,632		11,920		(3,888		)	2000	40 years
Edgewood Vista - Hermantown II, MN	0		719		10,517		121		719		10,638		11,357		(2,542		)	2005	40 years
Edgewood Vista - Kalispell, MT	568		70		502		633		70		1,135		1,205		(364		)	2001	40 years
Edgewood Vista - Minot, ND	9,017		1,045		11,590		210		1,047		11,798		12,845		(1,307		)	2010	40 years
Edgewood Vista - Missoula, MT	807		109		854		94		116		941		1,057		(412		)	1996	40 years
Edgewood Vista - Norfolk, NE	0		42		722		22		42		744		786		(131		)	2008	40 years
Edgewood Vista - Omaha, NE	359		89		547		53		89		600		689		(201		)	2001	40 years
Edgewood Vista - Sioux Falls, SD	1,022		314		974		58		314		1,032		1,346		(185		)	2008	40 years
Edgewood Vista - Spearfish, SD	0		315		8,584		124		330		8,693		9,023		(1,710		)	2005	40 years
Edgewood Vista - Virginia, MN	12,927		246		11,823		313		246		12,136		12,382		(3,669		)	2002	40 years
Edina 6363 France Medical - Edina, MN	9,567		0		12,675		2,906		0		15,581		15,581		(3,781		)	2008	40 years
Edina 6405 France Medical - Edina, MN	8,145		0		12,201		41		0		12,242		12,242		(2,969		)	2008	40 years
Edina 6517 Drew Avenue - Edina, MN	0		353		660		529		372		1,170		1,542		(579		)	2002	40 years
Edina 6525 Drew Avenue - Edina, MN	0		388		117		0		388		117		505		(10		)	2011	40 years
Edina 6525 France SMC II - Edina, MN	9,803		755		8,054		5,723		1,040		13,492		14,532		(5,874		)	2003	40 years
Edina 6545 France SMC I - Edina MN	29,622		3,480		30,192		14,423		3,480		44,615		48,095		(17,035		)	2001	40 years
Fresenius - Duluth, MN	576		50		1,520		2		50		1,522		1,572		(420		)	2004	40 years
Garden View - St. Paul, MN	0		0		7,408		898		26		8,280		8,306		(2,723		)	2002	40 years
Gateway Clinic - Sandstone, MN	828		66		1,699		0		66		1,699		1,765		(469		)	2004	40 years
Healtheast St John & Woodwinds - Maplewood & Woodbury, MN	7,366		3,239		18,362		0		3,239		18,362		21,601		(6,867		)	2000	40 years
High Pointe Health Campus - Lake Elmo, MN	7,500		1,305		10,528		2,091		1,329		12,595		13,924		(3,750		)	2004	40 years
Laramie 1072 N 22nd Street (Spring Wind) - Laramie, WY(2)	0		406		10,151		27		406		10,178		10,584		(1,251		)	2009	40 years
Legends at Heritage Place - Sartell, MN	0		970		9,920		0		970		9,920		10,890		(382		)	2013	40 years
Mariner Clinic - Superior, WI	1,811		0		3,781		90		20		3,851		3,871		(1,077		)	2004	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2015

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

			Initial Cost to Company				Costs capitalized		Gross amount at which carried at close of period									Date of	Life on which depreciation in latest income
Description	Encumbrances(1)		Land		Buildings & Improvements		subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation			Construction or Acquisition	statement is computed
Healthcare - continued
Minneapolis 701 25th Avenue Medical - Minneapolis, MN	$	7,196	$	0	$	7,873	$	1,566	$	0	$	9,439	$	9,439	$	(1,837	)	2008	40 years
Missoula 3050 Great Northern - Missoula, MT	1,267		640		1,331		0		640		1,331		1,971		(159		)	2010	40 years
Park Dental - Brooklyn Center, MN	247		185		2,767		0		185		2,767		2,952		(873		)	2002	40 years
Pavilion I - Duluth, MN	4,773		1,245		8,898		31		1,245		8,929		10,174		(2,445		)	2004	40 years
Pavilion II - Duluth, MN	8,783		2,715		14,673		1,937		2,715		16,610		19,325		(5,788		)	2004	40 years
Ritchie Medical Plaza - St Paul, MN	5,980		1,615		7,851		3,611		1,647		11,430		13,077		(2,880		)	2005	40 years
Sartell 2000 23rd Street South - Sartell, MN	1,593		0		11,781		934		0		12,715		12,715		(4,101		)	2002	40 years
Spring Creek-American Falls - American Falls, ID	2,086		145		3,870		0		145		3,870		4,015		(404		)	2011	40 years
Spring Creek-Boise - Boise, ID	2,751		708		4,296		0		708		4,296		5,004		(482		)	2011	40 years
Spring Creek-Eagle - Eagle, ID	1,919		263		3,775		0		263		3,775		4,038		(396		)	2011	40 years
Spring Creek-Fruitland - Fruitland, ID	0		550		6,565		0		550		6,565		7,115		(260		)	2014	40 years
Spring Creek-Meridian - Meridian, ID	3,171		424		6,724		0		424		6,724		7,148		(698		)	2011	40 years
Spring Creek-Overland - Overland, ID	3,106		687		5,942		0		687		5,942		6,629		(644		)	2011	40 years
Spring Creek-Soda Springs - Soda Springs, ID	751		66		2,124		33		66		2,157		2,223		(228		)	2011	40 years
Spring Creek-Ustick - Meridian, ID	0		467		3,833		0		467		3,833		4,300		(370		)	2011	40 years
St Michael Clinic - St Michael, MN	1,795		328		2,259		264		328		2,523		2,851		(510		)	2007	40 years
Trinity at Plaza 16 - Minot, ND	4,718		568		9,009		125		674		9,028		9,702		(820		)	2011	40 years
Wells Clinic - Hibbing, MN	1,263		162		2,497		2		162		2,499		2,661		(690		)	2004	40 years

Total Healthcare	$	220,070	$	33,522	$	409,346	$	52,153	$	34,201	$	460,820	$	495,021	$	(112,515	)


Industrial
Bloomington 2000 W 94th Street - Bloomington, MN(2)	$	0	$	2,133	$	4,097	$	1,217	$	2,204	$	5,243	$	7,447	$	(1,423	)	2006	40 years
Lexington Commerce Center - Eagan, MN	1,604		453		4,352		1,977		480		6,302		6,782		(2,831		)	1999	40 years
Minot IPS - Minot, ND(2)	0		416		5,952		0		416		5,952		6,368		(374		)	2012	40 years
Stone Container - Fargo, ND	382		440		6,597		104		440		6,701		7,141		(2,943		)	2001	40 years
Roseville 3075 Long Lake Road - Roseville, MN	0		810		9,562		1,326		810		10,888		11,698		(145		)	2001	40 years
Urbandale 3900 106th Street - Urbandale, IA	10,418		3,680		9,893		1,982		3,863		11,692		15,555		(2,553		)	2007	40 years
Woodbury 1865 Woodlane - Woodbury, MN	0		1,108		2,628		1,884		1,123		4,497		5,620		(987		)	2007	40 years

Total Industrial	$	12,404	$	9,040	$	43,081	$	8,490	$	9,336	$	51,275	$	60,611	$	(11,256	)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2015

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

			Initial Cost to Company				Costs capitalized		Gross amount at which carried at close of period									Date of	Life on which depreciation in latest income
Description	Encumbrances(1)		Land		Buildings & Improvements		subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation			Construction or Acquisition	statement is computed
Other
1st Avenue Building - Minot, ND	$	0	$	30	$	337	$	0	$	30	$	337	$	367	$	(41	)	1981	33-40 years
17 South Main - Minot, ND	75		15		75		197		17		270		287		$	(202	)	2000	40 years
Arrowhead First International Bank - Minot, ND	0		75		1,211		20		95		1,211		1,306		(65		)	2013	40 years
Bismarck 715 East Broadway - Bismarck, ND	2,103		389		1,283		1,126		443		2,355		2,798		(458		)	2008	40 years
Dakota West Plaza - Minot , ND	347		92		493		30		106		509		615		(122		)	2006	40 years
Grand Forks Carmike - Grand Forks, ND	1,304		184		2,360		2		184		2,362		2,546		(1,211		)	1994	40 years
Minot 1400 31st Ave - Minot, ND(2)	0		1,026		6,143		4,404		1,038		10,535		11,573		(2,287		)	2010	40 years
Minot 2505 16th Street SW - Minot, ND(2)	0		298		1,724		296		298		2,020		2,318		(275		)	2009	40 years
Minot Arrowhead - Minot, ND(2)	0		100		3,216		5,553		176		8,693		8,869		(2,058		)	1973	40 years
Minot Plaza - Minot, ND	758		50		453		155		80		578		658		(339		)	1993	40 years
Minot Southgate Wells Fargo Bank - Minot, ND	0		992		2,194		0		992		2,194		3,186		(24		)	2014	40 years
Plaza 16 - Minot, ND	7,098		389		5,444		3,859		598		9,094		9,692		(2,041		)	2009	40 years

Total Other	$	11,685	$	3,640	$	24,933	$	15,642	$	4,057	$	40,158	$	44,215	$	(9,123	)

Subtotal	$	667,544	$	111,612	$	1,223,659	$	211,096	$	129,513	$	1,416,854	$	1,546,367	$	(313,308	)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2015

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

			Initial Cost to Company				Costs capitalized		Gross amount at which carried at close of period									Date of
Description	Encumbrances(1)		Land		Buildings & Improvements		subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation			Construction or Acquisition
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		565		879		0		879		0			2008
Creekside Crossing - Bismarck, ND	0		4,286		0		0		4,286		0		4,286		0			2014
Georgetown Square - Grand Chute, WI	0		1,860		0		0		1,860		0		1,860		0			2006
Grand Forks — Grand Forks, ND	0		4,278		0		0		4,278		0		4,278		0			2012
Isanti Unimproved - Isanti, MN	0		58		0		0		58		0		58		0			2014
Legends at Heritage Place - Sartell, MN	0		537		0		0		537		0		537		0			2013
Minot 1525 24th Ave SW - Minot, ND	0		1,262		0		0		1,262		0		1,262		0			2014
Monticello - Monticello, MN	0		115		0		3		118		0		118		0			2006
Monticello 7th Addition - Monticello, MN	0		1,734		0		0		1,734		0		1,734		0			2014
Rapid City Unimproved- Rapid City, SD	0		1,376		0		0		1,376		0		1,376		0			2014
Renaissance Heights - Williston, ND	0		2,229		0		1,581		3,810		0		3,810		0			2012
River Falls - River Falls, WI	0		176		0		5		181		0		181		0			2003
Spring Creek Fruitland - Fruitland, IA	0		339		0		0		339		0		339		0			2014
TCA - Eagan, MN	0		325		0		0		325		0		325		0			2006
Urbandale - Urbandale, IA	0		5		0		109		114		0		114		0			2009
Weston - Weston, WI	0		370		0		0		370		0		370		0			2006

Total Unimproved Land	$	0	$	23,564	$	0	$	2,263	$	25,827	$	0	$	25,827	$	0


Development in Progress
71 France - Edina, MN	$	0	$	4,721	$	27,655	$	2,761	$	4,721	$	30,416	$	35,137	$	0		2014
Cardinal Point - Grand Forks, ND	0		1,600		21,455		3,395		1,600		24,850		26,450		0			2013
Chateau II - Minot, ND	0		240		12,080		809		240		12,889		13,129		0			2013
Deer Ridge - Jamestown, ND	0		711		13,580		1,064		711		14,644		15,355		0			2013
Edina 6565 France SMC III - Edina, MN	0		0		20,799		1,750		0		22,549		22,549		0			2014
Minot Southgate Retail - Minot, ND	0		889		1,199		76		889		1,275		2,164		0			2014
PrairieCare Medical - Brooklyn Park, MN	0		2,610		14,715		2,132		2,610		16,847		19,457		0			2014
Renaissance Heights - Williston, ND	0		616		11,156		1,363		616		12,519		13,135		0			2013
Other	0		402		3,233		2,983		402		6,216		6,618		0			n/a

Total Development in Progress	$	0	$	11,789	$	125,872	$	16,333	$	11,789	$	142,205	$	153,994	$	0


Total	$	667,544	$	146,965	$	1,349,531	$	229,692	$	167,129	$	1,559,059	$	1,726,189	$	(313,308	)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2015

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

			Initial Cost to Company				Costs capitalized		Gross amount at which carried at close of period									Date of	Life on which depreciation in latest income
Description	Encumbrances(1)		Land		Buildings & Improvements		subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation			Construction or Acquisition	statement is computed
Discontinued Operations
610 Business Center IV - Brooklyn Park, MN	$	6,759	$	975	$	5,542	$	2,886	$	980	$	8,423	$	9,403	$	(2,408	)	2007	40 years
7800 West Brown Deer Road - Milwaukee, WI	10,320		1,455		8,756		2,431		1,475		11,167		12,642		(4,022		)	2003	40 years
American Corporate Center - Mendota Heights, MN	8,670		893		16,768		4,067		893		20,835		21,728		(8,926		)	2002	40 years
Ameritrade - Omaha, NE	2,020		327		7,957		65		327		8,022		8,349		(3,215		)	1999	40 years
Barry Pointe Office Park - Kansas City, MO	1,369		384		2,366		226		392		2,584		2,976		(547		)	2007	40 years
Benton Business Park - Sauk Rapids, MN	0		188		1,261		87		188		1,348		1,536		(429		)	2003	40 years
Brenwood - Minnetonka, MN	0		1,642		12,138		3,864		1,650		15,994		17,644		(5,810		)	2002	40 years
Brook Valley I - La Vista, NE	1,209		347		1,671		134		347		1,805		2,152		(458		)	2005	40 years
Burnsville 1 Strip Center - Burnsville, MN	0		208		773		200		208		973		1,181		(306		)	2003	40 years
Champlin South Pond - Champlin, MN	1,185		842		2,703		105		866		2,784		3,650		(797		)	2004	40 years
Chan West Village - Chanhassen, MN	12,307		5,035		14,665		2,079		5,679		16,100		21,779		(5,215		)	2003	40 years
Corporate Center West - Omaha, NE	17,315		3,880		5,253		21		3,880		5,274		9,154		(126		)	2006	40 years
Crosstown Centre - Eden Prairie, MN	9,000		2,884		14,569		3,183		2,980		17,656		20,636		(4,939		)	2004	40 years
Duluth 4615 Grand - Duluth, MN	544		130		1,800		156		131		1,955		2,086		(499		)	2004	40 years
Duluth Denfeld Retail - Duluth, MN	1,798		276		4,699		185		297		4,863		5,160		(1,380		)	2004	40 years
Eden Prairie 6101 Blue Circle Dr - Eden Prairie, MN	0		666		4,197		1		666		4,198		4,864		(1,701		)	1999	40 years
Farnam Executive Center - Omaha, NE	12,160		2,188		7,912		1		2,188		7,913		10,101		(190		)	2006	40 years
Flagship - Eden Prairie, MN	21,565		1,899		15,518		31		1,913		15,535		17,448		(373		)	2006	40 years
Forest Lake Auto - Forest Lake, MN	0		50		446		13		50		459		509		(143		)	2003	40 years
Forest Lake Westlake Center - Forest Lake, MN	0		2,446		5,304		1,747		2,480		7,017		9,497		(1,830		)	2003	40 years
Gateway Corporate Center - Woodbury, MN	8,700		1,637		6,663		0		1,637		6,663		8,300		(160		)	2006	40 years
Golden Hills Office Center - Golden Valley, MN	17,417		3,018		18,544		4,313		3,018		22,857		25,875		(8,851		)	2003	40 years
Grand Forks Medpark Mall - Grand Forks, ND	0		681		4,808		231		722		4,998		5,720		(1,924		)	2000	40 years
Granite Corporate Center - St. Cloud, MN	5,313		588		7,808		1,521		740		9,177		9,917		(3,524		)	2001	40 years
Great Plains - Fargo, ND(2)	0		126		15,240		721		126		15,961		16,087		(6,161		)	1997	40 years
Highlands Ranch I - Highlands Ranch, CO	0		2,268		8,362		1,117		2,268		9,479		11,747		(2,211		)	2006	40 years
Highlands Ranch II - Highlands Ranch, CO	0		1,437		9,549		1,901		1,437		11,450		12,887		(3,391		)	2004	40 years
Interlachen Corporate Center - Edina, MN	8,800		1,650		14,983		2,530		1,693		17,470		19,163		(6,389		)	2001	40 years
Intertech Building - Fenton, MO	4,177		2,130		3,968		1,721		2,191		5,628		7,819		(1,253		)	2007	40 years
Jamestown Buffalo Mall - Jamestown, ND	1,717		566		5,551		2,975		1,114		7,978		9,092		(1,996		)	2003	40 years
Jamestown Business Center - Jamestown, ND	327		297		1,023		1,312		333		2,299		2,632		(965		)	2003	40 years
Lakeville Strip Center - Lakeville, MN	0		46		1,142		955		94		2,049		2,143		(726		)	2003	40 years
Mendota Office Center I - Mendota Heights, MN	3,734		835		6,169		1,402		835		7,571		8,406		(2,683		)	2002	40 years
Mendota Office Center II - Mendota Heights, MN	5,516		1,121		10,085		2,097		1,121		12,182		13,303		(4,882		)	2002	40 years
Mendota Office Center III - Mendota Heights, MN	3,791		970		5,734		957		970		6,691		7,661		(2,419		)	2002	40 years
Mendota Office Center IV - Mendota Heights, MN	4,507		1,070		7,635		1,510		1,070		9,145		10,215		(3,235		)	2002	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2015

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

			Initial Cost to Company				Costs capitalized		Gross amount at which carried at close of period									Date of	Life on which depreciation in latest income
Description	Encumbrances(1)		Land		Buildings & Improvements		subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation			Construction or Acquisition	statement is computed
Discontinued Operations - continued
Minnesota National Bank - Duluth, MN	628		287		1,454		224		288		1,677		1,965		(475		)	2004	40 years
Miracle Hills One - Omaha, NE	8,895		1,974		5,726		6		1,974		5,732		7,706		(139		)	2006	40 years
Monticello C Store - Monticello, MN	0		65		770		37		97		775		872		(247		)	2003	40 years
Northpark Corporate Center - Arden Hills, MN	11,519		2,034		14,584		2,497		2,037		17,078		19,115		(4,231		)	2006	40 years
Omaha 10802 Farnam Dr - Omaha, NE	5,061		2,462		4,374		392		2,818		4,410		7,228		(525		)	2010	40 years
Omaha Barnes & Noble - Omaha, NE	0		600		3,099		0		600		3,099		3,699		(1,511		)	1995	40 years
Pacific Hills - Omaha, NE	16,770		4,220		6,280		243		4,220		6,523		10,743		(180		)	2006	40 years
Pine City C-Store - Pine City, MN	0		83		357		12		83		369		452		(118		)	2003	40 years
Pine City Evergreen Square - Pine City, MN	0		154		2,646		1,334		385		3,749		4,134		(1,104		)	2003	40 years
Plaza VII - Boise, ID	0		300		913		4		300		917		1,217		(11		)	2003	40 years
Plymouth 5095 Nathan Lane - Plymouth, MN	1,147		604		1,253		87		636		1,308		1,944		(258		)	2007	40 years
Prairie Oak Business Center - Eden Prairie, MN	3,120		531		4,069		2,523		1,030		6,093		7,123		(2,365		)	2003	40 years
Rapid City 900 Concourse Drive - Rapid City, SD	181		285		6,600		1,151		514		7,522		8,036		(2,912		)	2000	40 years
Riverport - Maryland Heights, MO	19,690		1,891		6,109		0		1,891		6,109		8,000		(146		)	2006	40 years
Rochester Maplewood Square - Rochester, MN	6,325		3,275		8,610		2,155		3,652		10,388		14,040		(3,936		)	1999	40 years
Spring Valley IV - Omaha, NE	720		178		916		60		186		968		1,154		(259		)	2005	40 years
Spring Valley V - Omaha, NE	792		212		1,123		251		240		1,346		1,586		(388		)	2005	40 years
Spring Valley X - Omaha, NE	734		180		1,024		80		189		1,095		1,284		(282		)	2005	40 years
Spring Valley XI - Omaha, NE	720		143		1,094		36		151		1,122		1,273		(276		)	2005	40 years
St. Cloud Westgate - St. Cloud, MN	0		885		5,535		1,396		1,002		6,814		7,816		(1,827		)	2004	40 years
Superior Office Building - Duluth, MN	944		336		2,200		143		336		2,343		2,679		(688		)	2004	40 years
TCA Building - Eagan, MN	7,500		627		8,571		915		684		9,429		10,113		(2,767		)	2003	40 years
Three Paramount Plaza - Bloomington, MN	0		1,261		6,149		1,961		1,482		7,889		9,371		(3,085		)	2002	40 years
Timberlands - Leawood, KS	13,155		2,375		9,601		189		2,375		9,790		12,165		(242		)	2006	40 years
UHC Office - International Falls, MN	800		119		2,366		230		119		2,596		2,715		(734		)	2004	40 years
US Bank Financial Center - Bloomington, MN	12,766		3,117		13,350		2,023		3,195		15,295		18,490		(3,805		)	2005	40 years
Wells Fargo Center - St Cloud, MN	5,787		869		8,373		1,956		884		10,314		11,198		(2,641		)	2005	40 years
West River Business Park - Waite Park, MN	0		235		1,195		267		235		1,462		1,697		(430		)	2003	40 years
Westgate - Boise, ID	3,844		1,000		10,618		1,933		1,000		12,551		13,551		(4,512		)	2003	40 years
Woodlands Plaza IV - Maryland Heights, MO	4,360		771		4,609		1,461		862		5,979		6,841		(1,501		)	2006	40 years

Total Discontinued Operations	$	295,678	$	76,228	$	405,130	$	70,311	$	80,424	$	471,245	$	551,669	$	(135,679	)

(1) Amounts in this column are the mortgages payable balances as of April 30, 2015. These amounts do not include amounts owing under the Company’s multi-bank line of credit or under the Company’s construction loans.

(2) As of April 30, 2015, this property was included in the collateral pool securing the Company’s $90.0 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, 2015

Schedule III

REAL ESTATE AND ACCUMULATED DEPRECIATION

Reconciliations of the carrying value of total property owned for the three years ended April 30, 2015, 2014, and 2013 are as follows:

	(in thousands)
	2015			2014			2013

Balance at beginning of year	$	1,450,216		$	1,435,574		$	1,303,393
Additions during year
Multifamily	183,114			84,117			113,859
Healthcare	0			18,005			11,122
Industrial	9,037			0			5,900
Other	3,186			0			1,240
Improvements and Other	22,665			24,619			27,037

	1,668,218			1,562,315			1,462,551
Deductions during year
Cost of real estate sold	(15,719		)	(85,030		)	(21,953		)
Impairment charge	(1,566		)	(8,322		)	(305		)
Write down of asset and accumulated depreciation on impaired assets	(881		)	(6,291		)	0
Properties classified as held for sale during the year	(97,824		)	(10,307		)	(1,893		)
Other(1)	(5,861		)	(2,149		)	(2,826		)

Balance at close of year	$	1,546,367		$	1,450,216		$	1,435,574

Reconciliations of accumulated depreciation/amortization for the three years ended April 30, 2015, 2014, and 2013, are as follows:

	(in thousands)
	2015			2014			2013

Balance at beginning of year	$	302,405		$	289,624		$	258,809
Additions during year
Provisions for depreciation	45,498			40,450			40,032
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale	(29,463		)	(19,413		)	(6,444		)
Write down of asset and accumulated depreciation on impaired assets	(881		)	(6,291		)	0
Other(1)	(4,251		)	(1,965		)	(2,773		)

Balance at close of year	$	313,308		$	302,405		$	289,624

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2015

Schedule III

REAL ESTATE AND ACCUMULATED DEPRECIATION - continued

Reconciliations of development in progress for the three years ended April 30, 2015, 2014, and 2013, are as follows:

	(in thousands)
	2015			2014			2013

Balance at beginning of year	$	104,609		$	46,782		$	27,599
Additions during year
Unimproved land acquisitions	12,647			2,079			9,177
Unimproved land moved to development in progress	7,015			2,870			0
Improvements and other	189,306			123,240			52,970
Deductions during year
Involuntary conversion	0			(7,052		)	0
Development placed in service(2)	(159,578		)	(63,210		)	(42,964		)
Other(3)	(5		)	(100		)	0

Balance at close of year	$	153,994		$	104,609		$	46,782

Reconciliations of unimproved land for the three years ended April 30, 2015, 2014, and 2013, are as follows:

	(in thousands)
	2015			2014			2013

Balance at beginning of year	$	22,864		$	21,503		$	10,990
Additions during year
Unimproved land acquisitions	10,487			3,022			13,329
Improvements and other	1,533			1,209			854
Deductions during year
Cost of real estate sold	(670		)	0			0
Impairment charge	(1,293		)	0			0
Properties classified as held for sale during the year	(79		)	0			0
Unimproved land moved to development in progress	(7,015		)	(2,870		)	(3,670		)

Balance at close of year	$	25,827		$	22,864		$	21,503


Total real estate investments(4)	$	1,412,880		$	1,275,284		$	1,214,235

(1) Consists of miscellaneous disposed assets.

(2) Includes development projects that are placed in service in phases.

(3) Consists of miscellaneous re-classed assets.

(4) The net basis of the Company’s real estate investments for Federal Income Tax purposes was $1.7 billion, $1.5 billion and $1.5 billion at April 30, 2015, 2014 and 2013, respectively.