BMO REAL ESTATE CONFERENCE PRESENTATION September 2019

SAFE HARBOR STATEMENT AND LEGAL DISCLOSURE Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from expected results. These statements may be identified by our use of words such as “expects,” “plans,” “estimates,” “anticipates,” “projects,” “intends,” “believes,” and similar expressions that do not relate to historical matters. Such risks, uncertainties, and other factors include, but are not limited to, changes in general and local economic and real estate market conditions, rental conditions in our markets, fluctuations in interest rates, the effect of government regulations, the availability and cost of capital and other financing risks, risks associated with our value-add and redevelopment opportunities, the failure of our property acquisition and disposition activities to achieve expected results, competition in our markets, our ability to attract and retain skilled personnel, our ability to maintain our tax status as a real estate investment trust (REIT), and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in our Form 10-KT for the transition period ended December 31, 2018. We assume no obligation to update or supplement forward-looking statements that become untrue due to subsequent events. www.iretapartments.com BMO Real Estate Conference Presentation 2

WHY IRET? Differentiated Increased exposure to target markets in Minneapolis Markets and Denver through disciplined capital recycling Internal Growth Enhanced operating platform opportunities to spur Opportunity organic growth with minimal capital requirement Increased Strong balance sheet with sufficient liquidity to Flexibility capitalize on future opportunities Value-Add Deep pipeline of value-add opportunities in our Opportunities current portfolio Experienced Dynamic and experienced management team and board of trustees with an owner mentality and sound Leadership strategic plan www.iretapartments.com BMO Real Estate Conference Presentation 3

COMPANY SNAPSHOT PORTFOLIO SUMMARY 2019 GUIDANCE . . Founded in 1970 Midpoint of Core FFO per share growth is 7.6% . Midpoint of same-store NOI growth is 3.5% . Apartment owner/operator with 13,975 homes in differentiated markets TOTAL MARKET . Publicly traded since 1997 CAPITALIZATION OF(2) . Net Asset Value (NAV) - $78 per Share(1) $1.75B PERCENT OF PROFORMA 2019 NOI BY STATE Minot Grand Forks MANAGEMENT FOCUSED ON 5% 20% Billings Bismarck 44% St. Cloud 8% Minneapolis Per Share Rapid City Rochester Metrics Sioux Falls Sioux City 8% Omaha Lincoln Balance Denver Improving Topeka Sheet 10% Markets 5% Strength (1) Average NAV per covering analyst – Baird, BMO, BTIG, Compass Point, & D.A. Davidson as of September 16, 2019 (2) See page 10 for breakdown www.iretapartments.com BMO Real Estate Conference Presentation 4

PORTFOLIO IMPROVEMENT CONTINUES % of CORE MARKET FUNDAMENTALS Proforma Average Region 2019 NOI Homes Revenue(1) Minneapolis, MN 22.5% 2,259 $1,569 Rochester, MN 14.4% 1,711 $1,285 Job/Population Growth Denver, CO 9.6% 664 $2,008 Grand Forks, ND 8.4% 1,555 $967 Omaha, NE 7.8% 1,370 $966 Bismarck, ND 7.5% 1,259 $1,026 Strong Market St. Cloud, MN 7.2% 1,190 $1,053 Fundamentals Sioux Falls, SD 5.2% 969 $927 Topeka, KS 5.2% 1,042 $856 Billings, MT 5.0% 770 $986 Minot, ND 4.2% 712 $1,057 Institutional Rapid City, SD 3.0% 474 $1,015 Quality Assets Total / Average 100.0% 13,975 $1,161 (1) Weighted average monthly revenue per occupied home during 2Q19 25.0% % of NOI by Market - Proforma 2019 vs Actual 2017 20.0% 15.0% 10.0% 5.0% 0.0% Minneapolis Rochester Denver Grand Forks Omaha Bismarck St. Cloud Sioux Falls Topeka Billings Minot Rapid City Williston www.iretapartments.com BMO Real Estate Conference Presentation 5

OPERATIONAL AND MARGIN-ENHANCING INITIATIVES Focusing efforts to harvest organic growth from operational enhancements and margin-enhancing initiatives 60% KEY OPPORTUNITIES 59% 61% 58% 62% • Revenue Optimization 57% 63% Lease-Roll Management 5% increase • in SS 56% operating 64% • Value-Add Program margin • Technology 55% 65% • Processes and Training Average Revenue Per Unit Average Cap Ex NOI Margin Average Monthly Revenue / Home Includes rent and other income $2,000 70% $1,848 $1,647 59% $1,500 60% $1,101 $992 $1,000 $872 50% 44% $500 40% $0 30% Acquired Assets Sold MF Assets Acquired Assets Sold MF Assets Apr-18 Current Current Non- Same-Store Same-Store Same-Store ($443.1M) ($49.8M) ($443.1M) ($49.8M) Pool Pool www.iretapartments.com BMO Real Estate Conference Presentation 6

DRIVING INTERNAL GROWTH Our plan is producing consistent growth YoY Same-Store NOI Growth Trailing 3-Months 10.0% 8.7% 9.0% 8.0% 6.4% 7.0% 5.8% 6.0% 4.7% 4.6% 5.0% 4.0% 2.8% 2.6% 3.0% 2.0% 1.0% 0.0% 1/31/2019 4/30/2019 7/31/2019 10/31/2019 12/31/2019 3/31/2019 6/30/2019* IRET MF Average Peer Average *Excluding an insurance adjustment in 2Q18 NOI growth would be 4.1% for the 3-month period ending June 30, 2019 Growth rate comparisons are made based on most comparable calendar quarter to IRET’s previous fiscal quarter schedule Peer average includes AIV, CPT, IRT, NXRT, and MAA IRET converted to a December 31 fiscal year end in December 2018 www.iretapartments.com BMO Real Estate Conference Presentation 7

GROWING RENTAL REVENUE: CURRENT OUTLOOK Strong same-store performance has continued into this quarter. Non same-store is stabilized and performing Same-Store Lease Over Lease Pricing Same-Store Physical Occupancy (3,115 Leases) 98.0% 8.0% 6.0% 96.0% 4.1% 4.3% 4.0% 2.7% 2.4% 94.0% 2.0% 1.0% 0.0% 92.0% July August -2.0% -1.3% 90.0% New Lease Renewal Blended 2017 2018 2019 Non Same-Store Lease Over Lease Pricing (215 Leases) 8.0% 5.8% 6.0% 3.9% 3.9% 4.0% Our non same-store portfolio 1.8% 2.0% 0.6% is fully stabilized (94.3%) 0.0% -2.0% -0.7% July August New Lease Renewal Blended www.iretapartments.com BMO Real Estate Conference Presentation 8

PEER COMPARISON We continue to view share repurchases as an attractive use of capital Second Quarter 2019 Peer Same-Store1 Avg. IRT NXRT AIV CPT MAA No. of SS Units 12,848 38,269 13,697 11,471 27,640 42,618 95,920 Revenue Growth 3.1% 4.0% 5.4% 4.0% 3.8% 3.4% 3.2% Expense Growth 3.8% 2.5% 3.1% 2.2% 1.8% 2.0% 3.6% NOI Growth 2.6% 4.8% 6.9% 5.4% 4.6% 4.2% 3.0% Occupancy 94.3% 95.5% 94.1% 94.6% 96.9% 96.1% 96.0% Average Rent $1,028 $1,376 $1,062 $1,009 $2,069 $1,509 $1,230 Implied Cap Rate2 6.1% 5.0% 5.7% 4.6% 5.3% 4.7% 5.0% Implied Price / Home3 $124k $213k $140k $157k $339k $237k $192k 1Data as originally reported on company financials 2Implied Cap Rate is calculated by dividing average analyst estimated 2019 NOI by the sum of total debt & preferred equity from latest financials and September 10, 2019 equity market cap 3Implied Price / Home is calculated by dividing current enterprise value by total number of units IRET trades at a discount compared to peers Average Analyst Peer Average Valuation Comparison Cap Rate of 6.0% Cap Rate of 5.0% Enterprise Value based on midpoint of NOI guidance $1,807,991 $2,145,920 and given Cap Rate (1000s) Total Debt & Pref as of 6/30/19 (808,502) (808,502) NAV 999,488 1,337,417 Shares Outstanding as of 6/30/19 12,880 12,880 Resulting NAV Per Share $77.60 $103.84 9/10/19 Share Price Discount (8.2%) (31.4%) Resulting Price / Home $129k $154k www.iretapartments.com BMO Real Estate Conference Presentation 9

CAPITAL STRUCTURE PROFORMA SEPTEMBER 30, 2019 A strong and flexible balance sheet allows us to execute our investment and operational strategies $ in thousands, except where noted $1.75B Total Capitalization % of Weighted Weighted Debt Summary Amount Total Avg. Rate Avg. Maturity Debt Summary $99M Series D Preferred Total Secured Debt $348,167 49% 4.08% 5.9 Years $730M Preferred 1% Total Debt Total Unsecured Debt $365,270 51% 3.87% 6.1 Years Equity Series C Unsecured LOC(1) $95,270 13% 3.58% 2.9 Years Preferred Secured Debt 6% 20% Unsecured Term Loans $145,000 20% 4.14% 5.1 Years Private Placement $125,000 18% 3.78% 9.6 Years Unsecured Total Debt(2) $713,437 100% 3.97% 6.0 Years Debt 21% Common Fixed Rate $668,167 94% 3.99% 6.2 Years Equity Variable Rate $45,270 6% 3.75% 2.9 Years $918M 52% Common (1) LOC commitments total $250M (2) Excludes $16.6M Preferred D debt instrument Equity* (3) Totals include planned acquisition/disposition/financing activity *Share price $71.27 as of September 10, 2019 Unsecured Debt $133,315 Secured Debt $108,816 LOC $70,000 $75,000 Term Loan $55,081 $54,738 $59,900 $48,502 $45,337 B $50,000 Term Loan Private Private Securian $9,599 A Placement $0 Placement $3,149 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 % of Total Maturing 0.00% 1.3% 6.4% 18.7% 6.8% 9.8% 15.3% 7.7% 7.7% 7.0% 10.5% 0.4% 8.4% Weighted Average Interest Rate 0.00% 4.85% 5.34% 3.79% 4.02% 3.70% 4.25% 3.74% 3.47% 3.69% 3.84% 5.39% 3.88% www.iretapartments.com BMO Real Estate Conference Presentation 10

VALUE-ADD OPPORTUNITY Highlights . We are moving forward to deliberately mine the opportunities in our portfolio. Currently, we have approved $33 million of value-add projects in 25% of the homes in our portfolio . Expected investment in 2019 is $5.7 million and is expected to be neutral to FFO in 2019 due to timing . Approximately 42% of homes have not been renovated since before 2008 Duration of Estimated Estimated Region Projects Cost ROI1 Minneapolis, MN 1.0 – 4.0 $14,700,000 16% - 18% Omaha, NE 1.0 – 3.0 $14,000,000 15% - 17% Rochester, MN 1.0 – 2.0 $1,300,000 12% - 14% St. Cloud, MN 2.5 $600,000 23% - 27% Multi-Region Initiatives2 1.0 $2,800,000 22% - 26% Total Approved Pipeline3 $33,400,000 15% - 18% 1 Estimated ROI includes any expected vacancy loss and only includes return on invested capital of project and does not include any rent increase due to normal year-over-year market rent increase 2 Initiatives include Laundry Coin to Card Conversion, In-Unit Laundry Conversion, and LED Retrofit www.iretapartments.com BMO Real Estate Conference Presentation 11

ACQUISITION CASE STUDY – SOUTHFORK Opportunity . SouthFork Townhomes is a 272-unit community built in 1988 & 1990 and purchased by IRET from the original developers in February 2019 . The developers would have incurred a significant tax bill in a cash sale . IRET was able to work with the seller to reach a mutually beneficial preferred unit structured deal . IRET is bringing our operational discipline to improve resident experience and optimize revenue Deal Structure Purchase Price $44,000,000 Cash Paid $27,440,000 Series D Preferred Units $16,560,000 Preferred Dividend 3.862% Senior to all other Operating Partnership Units and Waterfall Priority common equity Pari passu with Series C Preferred equity Holder has the right to exchange each unit for common Exchange Feature units or equity at $72.50 Tax Protection 7 years of 100% tax protection Perpetual right to put all, or any part, for the issue Put Right price in cash www.iretapartments.com BMO Real Estate Conference Presentation 12

MARKETS UPDATE Minneapolis – St. Paul and Denver boast extremely tight job markets, characterized by a highly educated workforce % of Adult Population with Bachelor's Degree or Higher Unemployment Rate (1) Washington-Arlington-Alexandria, DC-VA-MD-WV 50.8% 3.6% San Francisco-Oakland-Hayward, CA 49.3% 3.3% 3.1% Boston-Cambridge-Newton, MA-NH 47.6% 2.8% Denver-Aurora-Lakewood, CO 43.9% 2.6% Seattle-Tacoma-Bellevue, WA 41.9% Minneapolis-St. Paul-Bloomington, MN-WI 41.7% Portland-Vancouver-Hillsboro, OR-WA 40.3% New York-Newark-Jersey City, NY-NJ-PA 39.6% Baltimore-Columbia-Towson, MD 39.5% San Diego-Carlsbad, CA 38.8% Atlanta-Sandy Springs-Roswell, GA 37.9% Washington DC MSA San Francisco,CA MSA Denver, CO MSA Twin Cities, MN MSA Seattle, WA MSA Both of these characteristics support strong incomes Rank Metropolitan Area Median Household Income 1 San Francisco-Oakland-Hayward, CA MSA $101,714 2 Washington-Arlington-Alexandria, DC-VA-MD-WV MSA $99,669 3 Boston-Cambridge-Newton, MA-NH MSA $85,691 4 Seattle-Tacoma-Bellevue, WA MSA $82,133 5 Baltimore-Columbia-Towson, MD MSA $77,394 6 Minneapolis-St. Paul-Bloomington, MN-WI MSA $76,856 7 Denver-Aurora-Lakewood, CO MSA $76,643 8 San Diego-Carlsbad, CA $76,207 9 New York-Newark-Jersey City, NY-NJ-PA $75,368 10 Portland-Vancouver-Hillsboro, OR-WA $71,931 Data shown is latest available from US Census Bureau and Bureau of Labor Statistics (1) Preliminary July 2019 Unemployment Rate www.iretapartments.com BMO Real Estate Conference Presentation 13

MINNEAPOLIS–ST. PAUL IS STRONG Economic Drivers 17 Fortune 500 Companies • The Minneapolis–St. Paul economy is supported by large Rank Company Rank Company corporations in diverse industries that generate stable job 6 United Health Group 212 Land O’ Lakes growth. Seventeen Fortune 500 companies and eight companies 39 Target 215 Ecolab on Forbes’ list of America’s 225 largest private companies, including Cargill at #1, are headquartered in Minnesota 74 Best Buy 249 Ameriprise Financial • Minneapolis–St. Paul’s skilled labor force powers companies in a 95 3M 274 Xcel Energy mix of industries, including agriculture, manufacturing, retail, 97 CHS 325 Mosaic medical devices, biosciences, healthcare, IT, and clean energy 117 U.S. Bancorp 328 Hormel Foods • Axiometrics forecasts rental growth of 3.3% and vacancy of 3.9% 185 C.H. Robinson 351 Thrivent Financial in 2019 200 General Mills 476 Polaris 201 Supervalu Effective Apartment Rent Growth Apartment Vacancy 6% 8% 5.3% 4.9% 7% 5% 4.7% 4.6% 4.2% 6% 3.8% 3.8% 3.9% 4% 3.6% 3.3%3.3% 5% 3.1% 3.1%3.2% 3.1% 3% 2.6% 4% 3.9% 2.2% 2.3% 3% 2% 2.5% 2% 1% 1% 0% 0% 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019 2019 Twin Cities National Twin Cities National Data shown is latest available from Bureau of Labor Statistics, US Census Bureau, Fortune, and Axiometrics Note: 2019 YTD through 8/31/19 www.iretapartments.com BMO Real Estate Conference Presentation 14

DENVER’S ECONOMY IS THRIVING Economic Drivers 130 Total Nonfarm Payrolls (SA 2010-present) Indexed to Jan 2010 = 100 +28% • Denver’s advantageous location, livability, skilled workforce, and 125 attractiveness for doing business have prompted job creation throughout the metro area as employers relocate and 120 entrepreneurs create new ventures. The Denver metro area has added 325,000 jobs since the beginning of 2010 115 +16% • The region’s economy is deeply rooted in high-quality industries such as aerospace, technology, healthcare, energy, 110 transportation, finance, and tourism • Relative to incomes, single family home prices in Denver are high 105 at $421,400 as of 2Q19, driving approximately 51% of the population to rent (national average = 36%) 100 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Denver National Effective Apartment Rent Growth Apartment Vacancy 10% 9.7% 8% 8.8% 9% 7% 8% 6.7% 6.9% 6% 7% 6.5% 6% 5% 4.7% 4.9% 4.4% 5% 4.2% 4% 3.8% 3.8% 3.9% 4% 3.3% 3.4% 3.2% 3.2% 3.0% 3.2%3.1% 3% 3% 2.3% 2% 2% 1% 1% 0% 0% 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019 2019 Denver National Denver National Data shown is latest available from Bureau of Labor Statistics, US Census Bureau, Fortune, National Association of Realtors, and Axiometrics Note: 2019 YTD through 8/31/19 www.iretapartments.com BMO Real Estate Conference Presentation 15

UNDERSTANDING OUR SECONDARY MARKETS These five markets, plus Minneapolis-St. Paul and Denver are expected to make up 77% of proforma 2019 NOI Rochester, MN Omaha, NE Grand Forks, ND St. Cloud, MN Bismarck, ND Population 218,280 933,316 102,414 197,759 132,142 Median Household Income $71,985 $65,619 $48,609 $61,943 $66,087 Unemployment Rate(1) 2.8% 3.2% 2.9% 3.0% 2.2% Mayo Clinic State of Nebraska University of ND CentraCare Health State of ND Major Employers IBM Union Pacific Altru Health State of Minnesota Sanford Health Number of IRET Homes 1,711 1,370 1,555 1,190 1,259 Total Multifamily Supply 13,041 77,674 15,761 16,772 13,826 Same-Store Average Revenue per Unit(2) $1,285 $966 $967 $1,053 $1,026 Same-Store Average Revenue per Unit / 21.4% 17.7% 23.9% 20.4% 18.6% Median Household Income (Monthly) Same-Store Occupancy(3) 95.4% 93.3% 93.5% 95.4% 92.8% Sources: US Census Bureau, Bureau of Labor Statistics, IRET, Axiometrics, Company Filings and Disclosures, and IRET Research (1) Preliminary July 2019 Unemployment Rate (2) 2Q19 Weighted Average Monthly Revenue per Occupied Home (3) 2Q19 Weighted Average Occupancy www.iretapartments.com BMO Real Estate Conference Presentation 16

BEST IN CLASS GOVERNANCE Executive Management Team Mark O. Decker, Jr. John A. Kirchmann Anne M. Olson PRESIDENT AND CEO EVP AND CFO EVP AND COO • Former investment banker with 18 years • Former Private Consultant • Former Partner – Dorsey & Whitney focused on small/mid cap REITs • Former VP of Operations LLP’s Real Estate Practice Group Support– Essex • Former Director of Investment • Former KPMG Professional Operations - Welsh Companies, LLC IRET rated ISS’s top score of 1 - indicating highest quality corporate governance practices and lowest governance risk Jeffrey P. Caira Michael T. Dance Mark O. Decker Jr. Emily Nagle Green Linda J. Hall John A. Schissel Mary J. Twinem Terrance P. Maxwell Since 2015 Since 2016 Since 2017 Since 2018 Since 2011 Since 2016 Since 2018 Since 2013 TRUSTEE TENURE GENDER DIVERSITY BOARD INDEPENDENCE 13% 25% 37% 25% 63% 50% 87% Less than 2 years 2-5 years More than 5 years Female Male Non-independent Independent www.iretapartments.com BMO Real Estate Conference Presentation 17

INVESTMENT HIGHLIGHTS Differentiated Market Exposure Internal Growth Opportunities Flexible Balance Sheet Value Add Opportunities Best in Class Governance www.iretapartments.com BMO Real Estate Conference Presentation 18

Investor Relations Contact: Jonathan Bishop ir@iret.com 952.401.4827