Centerspace 8K Results of Operations and Financial Condition | CSR 30 Jun 09

Exhibit 99.2

Fourth Quarter Fiscal 2009

Supplemental Operating and Financial Data

for the Quarter Ended April 30, 2009


CONTACT: Michelle Saari VP - Investors Relations Direct Dial: 701-837-4738 E-Mail: msaari@iret.com				3015 16th Street SW, Suite 100 Minot, ND 58701 Tel: 701.837.4738 Fax: 701.838.7785 www.iret.com

Supplemental Financial and Operating Data

Table of Contents

April 30, 2009

	Page

Company Background and Highlights	2

Investment Cost by Segment	5

Key Financial Data
Condensed Consolidated Balance Sheets	6
Condensed Consolidated Statements of Operations	7
Funds From Operations	8
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	9

Capital Analysis
Long-Term Mortgage Debt Analysis	10
Long-Term Mortgage Debt Detail	11-12
Capital Analysis	13

Portfolio Analysis
Stabilized Properties Net Operating Income Summary	14
Net Operating Income Detail	15-18
Stabilized Properties and Overall Economic Occupancy Levels by Segment	19

Tenant Analysis
Commercial Leasing Summary	20-21
Multi-Family Residential Summary	22
10 Largest Commercial Tenants - Based on Annualized Base Rent	23
Lease Expirations as of April 30, 2009	24

Growth and Strategy
Fiscal 2009 Acquisition Summary	25

Definitions & #160;	26

Table of Contents

Company Background and Highlights

Fourth Quarter Fiscal 2009

Investors Real Estate Trust is a self-administered, equity real estate investment trust (REIT) investing in a portfolio of income-producing properties located primarily in the upper Midwest. IRET’s portfolio is diversified among multi-family residential, commercial office, medical (including senior housing), industrial and retail segments.

During the three months ended April 30, 2009, IRET had no material acquisitions or dispositions. The Company substantially completed the construction of IRET Corporate Plaza, its mixed-use project located in Minot, North Dakota, which consists of 71 apartment units, of which 58 were leased as of April 30, 2009, and approximately 50,360 square feet of office and retail space. The Company occupies approximately 22,000 square feet of the office and retail space, having moved its headquarters to this location during the fourth quarter of fiscal year 2009. The expected total cost of the project is approximately $23.0 million, including out-lot infrastructure but not including tenant improvements.

IRET’s fourth quarter fiscal year 2009 results reflect the continuing challenges the real estate industry faced during the three months ended April 30, 2009. During this quarter, factors adversely affecting demand for and rents received in IRET’s commercial segments became more intense and pervasive across the United States and in IRET’s markets, with commercial tenants focused on reducing costs through space reductions and lower rents. Additionally, continued job losses may pressure occupancy and revenue in the Company’s multi-family residential segment going forward. The Company expects current credit market conditions and the continued deterioration in the economy to increase credit stresses on Company tenants, and continues to expect this tenant stress to lead to increases in past due accounts and vacancies.

During the fourth quarter of fiscal year 2009, the credit markets continued to be considerably less favorable than in the recent past. Uncertainty about the pricing of commercial real estate, and the curtailment of available financing for commercial real estate, significantly reduced IRET’s ability to rely on cash-out refinancings and on proceeds from the sale of real estate to provide funds for investment opportunities and other business purposes. The continued ability to place debt on multi-family assets on favorable terms with Fannie Mae and Freddie Mac partly offsets the Company’s current inability to leverage its commercial assets at optimal levels, but does not offset it entirely, as the Company does not want to over-leverage its multi-family segment. Primarily due to these financing constraints on commercial real estate, current market conditions are not favorable for traditional leveraged acquisitions and development in IRET’s commercial segments, and consequently the potential for growth in net income from acquisitions and development in these segments is anticipated to be limited in fiscal year 2010.

On April 7, 2009, IRET and IRET Properties entered into a continuous equity offering program sales agreement with Robert W. Baird & Co. Incorporated (Baird). Pursuant to the Sales Agreement, IRET may offer and sell its common shares of beneficial interest, no par value, having an aggregate gross sales price of up to $50 million, from time to time through Baird as IRET’s sales agent. Sales of common shares, if any, under the program will depend upon market conditions and other factors to be determined by IRET and may be made in negotiated transactions or transactions that are deemed to be “at the market offerings”, including sales made directly on the NASDAQ Global Select Market or sales made to or through a market maker other than on an exchange. IRET has no obligation to sell any common shares in the program, and may at any time suspend solicitation and offers under the program or terminate the program. Baird is not required to sell any specific number or dollar amount of common shares but has agreed to use its commercially reasonable efforts to sell the common shares, as instructed by IRET. The common shares sold under the Sales Agreement will be issued pursuant to IRET’s registration statement on Form S-3, and IRET has filed a prospectus supplement with the Securities and Exchange Commission in connection with the offer and sale of the common shares under this continuous equity offering program. During the fourth quarter of fiscal year 2009, IRET sold 632,712 newly-issued common shares under this program, for total proceeds (before offering expenses but after underwriting discounts and commissions) of $6.0 million.

Subsequent to the fourth quarter of fiscal year 2009, IRET completed a public offering of 3,000,000 common shares of beneficial interest at $8.70 per share (before underwriting discounts and commissions). Proceeds to the Company were $24,795,000 after deducting underwriting discounts and commissions but before deducting offering expenses. The shares were sold pursuant to an Underwriting Agreement with Robert W. Baird & Co., Incorporated, D.A. Davidson & Co. and J.J.B. Hilliard, W.L. Lyons, Inc., and were issued pursuant to IRET’s registration statement on Form S-3 filed with and declared effective by the Securities and Exchange Commission.

In the fourth quarter of fiscal year 2009, IRET paid its 152nd consecutive quarterly distribution per common share/unit at equal or increasing rates. The $0.1700 per share/unit distribution was paid April 1, 2009.

As of April 30, 2009, IRET owns a diversified portfolio of 244 properties consisting of 77 multi-family residential properties, 67 office properties, 49 medical properties (including senior housing), 18 industrial properties and 33 retail properties. IRET’s distributions have increased every year for 38 consecutive years. IRET’s shares are publicly traded on the NASDAQ Global Select Market (NASDAQ: IRET).

Table of Contents

Company Snapshot

(as of April 30, 2009)

Company Headquarters	Minot, North Dakota
Fiscal Year-End	April 30
Reportable Segments	Multi-Family Residential, Office, Medical, Industrial, Retail
Total Properties	244
Total Square Feet
(commercial properties)	11.7 million
Total Units
(multi-family residential properties)	9,645
Common Shares Outstanding (thousands)	60,304
Limited Partnership Units Outstanding (thousands)	20,838
Common Share Distribution - Quarter/Annualized	$0.170/$0.680
Dividend Yield	7.4%
Total Capitalization (see p. 13 for detail)	$1.8 billion

Investor Information

Board of Trustees

Jeffrey L. Miller��	Trustee and Chairman
Stephen L. Stenehjem	Trustee and Vice Chairman, Chair of Compensation Committee
John D. Stewart	Trustee, Chair of Audit Committee
Patrick G. Jones	Trustee, Chair of Nominating Committee
C.W. “Chip” Morgan	Trustee
John T. Reed	Trustee
W. David Scott	Trustee
Thomas A. Wentz, Jr.	Trustee, Senior Vice President - Asset Management and Finance
Timothy P. Mihalick	Trustee, Senior Vice President and Chief Operating Officer

Management

Thomas A. Wentz, Sr.	President and Chief Executive Officer
Diane K. Bryantt	Senior Vice President and Chief Financial Officer
Timothy P. Mihalick	Senior Vice President and Chief Operating Officer; Trustee
Thomas A. Wentz, Jr	Senior Vice President, Asset Management and Finance; Trustee
Charles A. Greenberg	Senior Vice President, Commercial Asset Management
Michael A. Bosh	Senior Vice President, General Counsel and Secretary

Corporate Headquarters:

3015 16th Street SW, Suite 100

Minot, North Dakota 58701

Trading Symbol: IRET

Stock Exchange Listing: NASDAQ

Investor Relations:

Michelle Saari

msaari@iret.com

Table of Contents

Common Share Data (NASDAQ: IRET)

	4th Quarter Fiscal Year 2009			3rd Quarter Fiscal Year 2009			2nd Quarter Fiscal Year 2009			1st Quarter Fiscal Year 2009			4th Quarter Fiscal Year 2008
High Closing Price	$	10.43		$	10.71		$	11.19		$	10.68		$	10.47
Low Closing Price	$	8.60		$	7.43		$	7.66		$	9.54		$	8.95
Average Closing Price	$	9.58		$	9.71		$	10.01		$	10.10		$	9.82
Closing Price at end of quarter	$	9.25		$	9.95		$	9.88		$	10.50		$	10.20
Common Share Distributions—annualized	$	0.680		$	0.678		$	0.676		$	0.674		$	0.672
Closing Dividend Yield - annualized		7.4	%		6.8	%		6.8	%		6.4	%		6.6	%
Closing common shares outstanding (thousands)		60,304			59,127			58,713			58,202			57,732
Closing limited partnership units outstanding (thousands)		20,838			21,184			21,287			21,293			21,238
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)	$	750,564		$	799,094		$	790,400		$	834,698		$	805,494

Certain statements in these supplemental disclosures 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 projected results. Such risks, uncertainties and other factors include, but are not limited to: fluctuations in interest rates, the effect of government regulation, the availability of capital, changes in general and local economic and real estate market conditions, competition, our ability to attract and retain skilled personnel, and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our 2008 Form 10-K. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Fourth Quarter Fiscal 2009 Development Project

IRET Corporate Plaza, Minot, ND



(inside apartment photos)

Table of Contents

Investment Cost by Segment – Fourth Quarter Fiscal 2009

With investments in the multi-family residential and commercial office, medical, industrial and retail segments, IRET’s diversified portfolio helps to provide stability during market fluctuations in returns from specific property types.

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INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

	04/30/2009			01/31/2009			10/31/2008			07/31/2008			04/30/2008
ASSETS
Real estate investments
Property owned	$	1,729,585		$	1,719,690		$	1,690,763		$	1,655,778		$	1,648,259
Less accumulated depreciation		(262,871	)		(251,493	)		(240,452	)		(229,691	)		(219,379	)
		1,466,714			1,468,197			1,450,311			1,426,087			1,428,880
Development in progress		0			0			17,603			35,231			22,856
Unimproved land		5,701			5,695			5,036			4,567			3,901
Mortgage loans receivable, net of allowance		160			161			528			534			541
Total real estate investments		1,472,575			1,474,053			1,473,478			1,466,419			1,456,178
Other assets
Cash and cash equivalents		33,244			31,022			40,855			42,351			53,481
Marketable securities – available-for-sale		420			420			420			420			420
Receivable arising from straight-lining of rents, net of allowance		16,012			15,558			14,962			14,383			14,113
Accounts receivable, net of allowance		2,738			3,678			3,676			4,395			4,163
Real estate deposits		88			242			86			1,048			1,379
Prepaid and other assets		1,051			1,514			1,813			2,324			349
Intangible assets, net of accumulated amortization		52,173			55,663			56,576			58,936			61,649
Tax, insurance, and other escrow		7,261			8,271			6,182			7,888			8,642
Property and equipment, net		1,015			1,436			1,432			1,450			1,467
Goodwill		1,392			1,392			1,392			1,392			1,392
Deferred charges and leasing costs, net		17,122			16,039			16,037			15,155			14,793
TOTAL ASSETS	$	1,605,091		$	1,609,288		$	1,616,909		$	1,616,161		$	1,618,026

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Accounts payable and accrued expenses	$	32,773		$	32,275		$	26,645		$	32,917		$	33,757
Revolving lines of credit		5,500			8,500			15,000			0			0
Mortgages payable		1,070,158			1,068,127			1,066,113			1,068,267			1,063,858
Other		1,516			1,636			703			830			978
TOTAL LIABILITIES		1,109,947			1,110,538			1,108,461			1,102,014			1,098,593

COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST IN PARTNERSHIPS		13,010			13,000			13,098			13,186			12,609
MINORITY INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP		148,199			153,566			157,622			159,984			161,818
SHAREHOLDERS’ EQUITY
Preferred Shares of Beneficial Interest		27,317			27,317			27,317			27,317			27,317
Common Shares of Beneficial Interest		462,574			452,440			448,803			444,134			440,187
Accumulated distributions in excess of net income		(155,956	)		(147,573	)		(138,392	)		(130,474	)		(122,498	)
Total shareholders’ equity		333,935			332,184			337,728			340,977			345,006
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,605,091		$	1,609,288		$	1,616,909		$	1,616,161		$	1,618,026

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INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

	Twelve Months Ended						Three Months Ended
OPERATING RESULTS	04/30/2009			04/30/2008			04/30/2009			01/31/2009			10/31/2008			07/31/2008			04/30/2008
Real estate revenue	$	240,005		$	221,170		$	60,652		$	60,934		$	59,573		$	58,846		$	58,962
Real estate expenses		98,151			87,405			24,495			25,899			23,953			23,804			23,911
Net operating income		141,854			133,765			36,157			35,035			35,620			35,042			35,051
Interest		(68,743	)		(63,439	)		(17,436	)		(17,341	)		(17,078	)		(16,888	)		(16,470	)
Depreciation/amortization		(56,714	)		(51,518	)		(14,438	)		(14,550	)		(13,959	)		(13,767	)		(13,974	)
Administrative, advisory and trustee fees		(4,882	)		(5,203	)		(976	)		(1,336	)		(1,239	)		(1,331	)		(1,392	)
Operating expenses		(1,440	)		(1,344	)		(283	)		(313	)		(482	)		(362	)		(291	)
Impairment of real estate investment		(338	)		0			(338	)		0			0			0			0
Non-operating income		922			2,760			234			152			288			248			671
Income before minority interest and discontinued operations and (loss) gain on sale of other investments	$	10,659		$	15,021		$	2,920		$	1,647		$	3,150		$	2,942		$	3,595

Gain on sale of other investments		54			42			0			0			54			0			38
Minority interest portion of operating partnership income		(2,227	)		(3,524	)		(596	)		(284	)		(700	)		(647	)		(833	)
Minority interest portion of other partnerships’ (income) loss		40			136			(57	)		15			19			63			111
Income from continuing operations		8,526			11,675			2,267			1,378			2,523			2,358			2,911
Discontinued operations, net of minority interest		0			413			0			0			0			0			377
NET INCOME		8,526			12,088			2,267			1,378			2,523			2,358			3,288
Dividends to preferred shareholders		(2,372	)		(2,372	)		(593	)		(593	)		(593	)		(593	)		(593	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	6,154		$	9,716		$	1,674		$	785		$	1,930		$	1,765		$	2,695

Per Share Data
Earnings per common share from continuing operations	$	.11		$	.17		$	.03		$	.02		$	.03		$	.03		$	.04
Earnings per common share from discontinued operations		.00			.01			.00			.00			.00			.00			.01
Net income per common share – basic & diluted	$	.11		$	.18		$	.03		$	.02		$	.03		$	.03		$	.05

Percentage of Revenues
Real estate expenses		40.9	%		39.5	%		40.4	%		42.5	%		40.2	%		40.5	%		40.6	%
Interest		28.6	%		28.7	%		28.7	%		28.5	%		28.7	%		28.7	%		27.9	%
Depreciation/amortization		23.6	%		23.3	%		23.8	%		23.9	%		23.4	%		23.4	%		23.7	%
General and administrative		2.0	%		2.4	%		1.6	%		2.2	%		2.1	%		2.3	%		2.4	%
Income from continuing operations		3.6	%		5.3	%		3.7	%		2.3	%		4.2	%		4.0	%		4.9	%
Net income		3.6	%		5.5	%		3.7	%		2.3	%		4.2	%		4.0	%		5.6	%

Ratios
EBITDA(1)/Interest expense		1.97	x		2.02	x		1.99	x		1.93	x		1.99	x		1.98	x		2.04	x
EBITDA/Interest expense plus preferred distributions		1.90	x		1.94	x		1.92	x		1.86	x		1.92	x		1.91	x		1.97	x

(1)	See Definitions on page 26. EBITDA is a non-GAAP measure; see page 9 for a reconciliation of EBITDA to net income.

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INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

FUNDS FROM OPERATIONS (unaudited)

(in thousands, except per share and unit data)

	Twelve Months Ended						Three Months Ended
	04/30/2009			04/30/2008			04/30/2009			01/31/2009			10/31/2008			07/31/2008			04/30/2008
Funds From Operations(1)
Net income	$	8,526		$	12,088		$	2,267		$	1,378		$	2,523		$	2,358		$	3,288
Less dividends to preferred shareholders		(2,372	)		(2,372	)		(593	)		(593	)		(593	)		(593	)		(593	)
Net income available to common shareholders		6,154			9,716			1,674			785			1,930			1,765			2,695
Adjustments:
Minority interest in earnings of Unitholders		2,227			3,677			596			284			700			647			973
Depreciation and amortization		56,295			51,303			14,360			14,454			13,840			13,641			13,910
(Gains)/loss on depreciable property sales		(54	)		(514	)		0			0			(54	)		0			(510	)
Funds from operations applicable to common shares and Units	$	64,622		$	64,182		$	16,630		$	15,523		$	16,416		$	16,053		$	17,068

FFO per share and unit - basic and diluted	$	0.81		$	0.87		$	0.21		$	0.19		$	0.21		$	0.20		$	0.22
Weighted average shares and units		79,820			73,477			80,361			80,038			79,668			79,214			78,195

(1)	See Definitions on page 26.

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INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA) (unaudited)

(in thousands)

	Twelve Months Ended						Three Months Ended
	04/30/2009			04/30/2008			04/30/2009			01/31/2009			10/31/2008			07/31/2008			04/30/2008
EBITDA(1)
Net income	$	8,526		$	12,088		$	2,267		$	1,378		$	2,523		$	2,358		$	3,288
Adjustments:
Minority interest portion of operating partnership income		2,227			3,677			596			284			700			647			973
Income before minority interest		10,753			15,765			2,863			1,662			3,223			3,005			4,261
Add:
Interest		68,743			63,439			17,436			17,341			17,078			16,888			16,470
Depreciation/amortization related to real estate investments		54,646			50,089			13,825			14,023			13,480			13,318			13,542
Amortization related to non-real estate investments		2,068			1,476			613			527			479			449			437
Amortization related to real estate revenues(2)		(133	)		(283	)		3			(27	)		(52	)		(57	)		(65	)
Less:
Interest income		(607	)		(2,095	)		(51	)		(123	)		(210	)		(223	)		(449	)
Gain on sale of real estate, land and other investments		(54	)		(556	)		0			0			(54	)		0			(552	)
EBITDA	$	135,416		$	127,835		$	34,689		$	33,403		$	33,944		$	33,380		$	33,644

(1)	See Definitions on page 26.

(2)	Included in real estate revenue in the Statement of Operations.

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INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT ANALYSIS

(in thousands)

Debt Maturity Schedule

Annual Expirations

Total Mortgage Debt

7.02% 7.64% 7.01% 5.76% 6.22% 5.60% 5.74% 6.22% 5.80% 6.35% 5.80%

	Future Maturities of Debt
Fiscal Year	Fixed Debt		Variable Debt		Total Debt		Weighted Average(1)			% of Total Debt
2010	$	108,149	$	7,089	$	115,238		7.02	%		10.8	%
2011		81,276		0		81,276		7.64	%		7.6	%
2012		94,116		0		94,116		7.01	%		8.8	%
2013		25,796		0		25,796		5.76	%		2.4	%
2014		47,414		1,038		48,452		6.21	%		4.5	%
2015		71,105		0		71,105		5.60	%		6.6	%
2016		65,280		330		65,610		5.74	%		6.1	%
2017		161,414		0		161,414		6.22	%		15.1	%
2018		93,646		0		93,646		5.80	%		8.8	%
2019		118,274		699		118,973		6.35	%		11.1	%
Thereafter		194,111		421		194,532		5.80	%		18.2	%
Total maturities	$	1,060,581	$	9,577	$	1,070,158		6.30	%		100.0	%

(1)	Weighted average interest rate of debt that matures in fiscal year.

	04/30/2009			01/31/2009			10/31/2008			07/31/2008			04/30/2008
Balances Outstanding
Mortgage
Fixed rate	$	1,060,581		$	1,053,527		$	1,054,938		$	1,057,009		$	1,052,162
Variable rate		9,577			14,600			11,175			11,258			11,696
Mortgage total		1,070,158			1,068,127			1,066,113			1,068,267			1,063,858

Weighted Average Interest Rates
Secured		6.30	%		6.34	%		6.36	%		6.36	%		6.37	%

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INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT DETAIL AS OF APRIL 30, 2009

Property	Maturity Date	Fiscal 2010		Fiscal 2011		Fiscal 2012		Fiscal 2013		Thereafter		Total(1)
Multi-Family Residential
Forest Park Estates - Grand Forks, ND	8/1/2009(2)	$	6,178	$	0	$	0	$	0	$	0	$	6,178
Rimrock Apts - Billings, MT	8/1/2009(2)		2,174		0		0		0		0		2,174
Rocky Meadows Apts - Billings, MT	8/1/2009(2)		3,089		0		0		0		0		3,089
Park Meadows I - Waite Park, MN	9/1/2009(3)		2,629		0		0		0		0		2,629
Park Meadows II & III - Waite Park, MN	9/1/2009(3)		6,977		0		0		0		0		6,977
Terrace on the Green - Moorhead, MN	9/1/2009(3)		1,416		0		0		0		0		1,416
Thomasbrook - Lincoln, NE	10/1/2009		5,077		0		0		0		0		5,077
17 South Main Apts - Minot, ND	11/4/2009		198		0		0		0		0		198
401 South Main - Minot, ND	11/4/2009		693		0		0		0		0		693
Minot 4th St Apartments - Minot, ND	11/4/2009		99		0		0		0		0		99
Minot 11th St Apartments - Minot, ND	11/4/2009		99		0		0		0		0		99
Minot Fairmont Apartments - Minot, ND	11/4/2009		396		0		0		0		0		396
Minot Westridge Apartments - Minot, ND	11/4/2009		1,981		0		0		0		0		1,981
Westwood Park - Bismarck, ND	12/1/2009		1,006		0		0		0		0		1,006
Dakota Hill at Valley Ranch - Irving, TX	2/1/2010		22,730		0		0		0		0		22,730
Southbrook & Mariposa - Topeka, KS	2/1/2010		3,170		0		0		0		0		3,170
Kirkwood Apts - Bismarck, ND	5/1/2010		0		1,925		0		0		0		1,925
Meadows I - Jamestown, ND	8/1/2010		0		905		0		0		0		905
Meadows II - Jamestown, ND	8/1/2010		0		905		0		0		0		905
Olympic Village - Billings, MT	11/1/2010		0		7,656		0		0		0		7,656
Southview Apartments - Minot, ND	11/1/2010		0		738		0		0		0		738
Valley Park Manor - Grand Forks, ND	11/1/2010		0		2,720		0		0		0		2,720
Valley Park Manor - Grand Forks, ND	11/1/2010		0		827		0		0		0		827
Ridge Oaks Apts - Sioux City, IA	2/1/2011		0		2,619		0		0		0		2,619
Sunset Trail I - Rochester, MN	3/1/2011		0		3,941		0		0		0		3,941
Sunset Trail II - Rochester, MN	3/1/2011		0		3,826		0		0		0		3,826
Oakwood Estates - Sioux Falls, SD	6/1/2011		0		0		3,480		0		0		3,480
Oxbow - Sioux Falls, SD	6/1/2011		0		0		3,793		0		0		3,793
Chateau Apts - Minot, ND	7/1/2011		0		0		1,802		0		0		1,802
Oakmont Apts - Sioux Falls, SD	9/1/2011		0		0		3,737		0		0		3,737
Canyon Lake Apts - Rapid City, SD	10/1/2011		0		0		2,702		0		0		2,702
Meadows III - Jamestown, ND	11/1/2011		0		0		999		0		0		999
East Park Apts - Sioux Falls, SD	12/1/2012		0		0		0		1,591		0		1,591
Sycamore Village Apts - Sioux Falls, SD	12/1/2012		0		0		0		895		0		895
Monticello Village Apts - Monticello, MN	3/1/2013		0		0		0		3,145		0		3,145
Summary of Debt due after 2013	10/1/2013		0		0		0		0		210,089		210,089
Sub-Total Multi-Family Residential		$	57,912	$	26,062	$	16,513	$	5,631	$	210,089	$	316,207

Commercial Office
Three Paramount Plaza - Bloomington, MN	8/1/2009	$	3,969	$	0	$	0	$	0	$	0	$	3,969
Mendota - American Corporate Center - Mendota Heights, MN(2)(4)	11/1/2009		9,597		0		0		0		0		9,597	(5)
Mendota Center I - Mendota Heights, MN(2)(4)	11/1/2009		3,806		0		0		0		0		3,806	(5)
Mendota Center II - Mendota Heights, MN(2)(4)	11/1/2009		6,094		0		0		0		0		6,094	(5)
Mendota Center III - Mendota Heights, MN(2)(4)	11/1/2009		3,554		0		0		0		0		3,554	(5)
Mendota Center IV - Mendota Heights, MN(2)(4)	11/1/2009		4,615		0		0		0		0		4,615	(5)
Northgate II - Maple Grove, MN	2/1/2010		1,312		0		0		0		0		1,312
Southeast Tech Center - Eagan, MN	2/1/2010		3,549		0		0		0		0		3,549
Westgate I - Boise, ID	2/1/2010		1,905		0		0		0		0		1,905
Westgate II - Boise, ID	2/1/2010		4,665		0		0		0		0		4,665
Brenwood - Minnetonka, MN	10/1/2010		0		7,640		0		0		0		7,640
Nicollet VII - Burnsville, MN	12/1/2010		0		4,090		0		0		0		4,090

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT DETAIL AS OF APRIL 30, 2009 (continued)

Property	Maturity Date	Fiscal 2010		Fiscal 2011		Fiscal 2012		Fiscal 2013		Thereafter		Total(1)
Commercial Office - Continued
Dewey Hill Business Center - Edina, MN	1/1/2011	$	0		2,663		0		0		0		2,663
Plymouth IV - Plymouth, MN	1/1/2011		0		3,264		0		0		0		3,264
Plymouth V - Plymouth, MN	1/1/2011		0		4,698		0		0		0		4,698
Whitewater Plaza - Minnetonka, MN	3/1/2011		0		2,672		0		0		0		2,672
Whitewater Plaza 2nd Mortgage - Minnetonka, MN	3/1/2011		0		1,385		0		0		0		1,385
2030 Cliff Road - Eagan, MN	4/1/2011		0		495		0		0		0		495
Cold Spring Center - St Cloud, MN	4/1/2011		0		4,212		0		0		0		4,212
Pillsbury Business Center - Edina, MN	4/1/2011		0		959		0		0		0		959
Golden Hills Office Center - Golden Valley, MN	7/1/2011		0		0		14,537		0		0		14,537
Wells Fargo Center - St Cloud, MN	7/1/2011		0		0		6,897		0		0		6,897
Interlachen Corp Center - Eagan, MN	10/11/2011		0		0		9,886		0		0		9,886
Bloomington Business Plaza - Bloomington, MN	12/1/2011		0		0		4,297		0		0		4,297
Wirth Corporate Center - Golden Valley, MN	2/1/2012		0		0		4,258		0		0		4,258
Summary of Debt due after 2013	5/1/2014		0		0				0		257,730		257,730
Sub-Total Commercial Office		$	43,066	$	32,078	$	39,875	$	0	$	257,730	$	372,749

Commercial Medical
Edina 6545 France SMC I - Edina, MN	1/1/2011	$	0	$	21,973	$	0	$	0	$	0	$	21,973
Edina 6525 France SMC II - Edina, MN	6/1/2011		0		0		9,798		0		0		9,798
Edina 6405 France Medical - Edina, MN	1/1/2012		0		0		9,323		0		0		9,323
Edina 6363 France Medical - Edina, MN	4/1/2012		0		0		8,159		0		0		8,159
Fox River Cottages - Grand Chute, WI	5/1/2012		0		0		0		2,308		0		2,308
Summary of Debt due after 2013	8/1/2015		0		0		0		0		188,963		188,963
Sub-Total Commercial Medical		$	0	$	21,973	$	27,280	$	2,308	$	188,963	$	240,524

Commercial Industrial
Waconia Industrial Bldg - Waconia, MN	8/2/2009	$	1,122	$	0	$	0	$	0	$	0	$	1,122
Metal Improvement Co - New Brighton, MN	10/1/2009		1,217		0		0		0		0		1,217
Lexington Commerce Center - Eagan, MN	2/1/2010		2,854		0		0		0		0		2,854
Eagan 2785 & 2795 Highway 55 - Eagan, MN	6/1/2011		0		0		3,776		0		0		3,776
Stone Container - Roseville, MN	2/1/2012		0		0		4,173		0		0		4,173
Minnetonka 13600 Cty Rd 62 - Minnetonka, MN	2/27/2012		0		0		2,499		0		0		2,499
Dixon Avenue Industrial Park - Des Moines, IA	1/1/2013		0		0		0		7,786		0		7,786
Bloomington-2000 West 94th Street - Bloomington, MN	3/1/2013		0		0		0		4,076		0		4,076
Roseville-2929 Long Lake Road - Roseville, MN	3/1/2013		0		0		0		5,995		0		5,995
Summary of Debt due after 2013	9/1/2013		0		0		0		0		43,451		43,451
Sub-Total Commercial Industrial		$	5,193	$	0	$	10,448	$	17,857	$	43,451	$	76,949

Commercial Retail
Rochester Maplewood Square - Rochester, MN	8/1/2009	$	3,660	$	0	$	0	$	0	$	0	$	3,660
Minot Arrowhead Shopping Center-2nd Mtg - Minot, ND	8/23/2009		2,500		0		0		0		0		2,500
Grand Forks MedPark Mall - Grand Forks, ND	3/1/2010		2,907		0		0		0		0		2,907
Minot Plaza - Minot, ND	8/1/2010		0		634		0		0		0		634
Kentwood Thomasville Furniture - Kentwood, MI	2/1/2011		0		529		0		0		0		529
St Cloud Westgate Shopping Center - St Cloud, MN	10/10/2013		0		0		0		0		53,499		53,499
Sub-Total Commercial Retail		$	9,067	$	1,163	$	0	$	0	$	53,499	$	63,729

Total		$	115,238	$	81,276	$	94,116	$	25,796	$	753,732	$	1,070,158

(1)	Totals given are principal balances as of April 30, 2009.

(2)	Refinancing pending; loan commitment received.

(3)	Refinancing closed June 2009; new debt placed with Freddie Mac.

(4)	IRET’s ownership interest in these properties is 51%. IRET’s 49% joint venture partner is obligated on the mortgage debt in proportion to its ownership interest.

(5)	Includes the 49% share of IRET’s joint venture partner.

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CAPITAL ANALYSIS

(in thousands, except per share and unit amounts)

	04/30/2009			01/31/2009			10/31/2008			07/31/2008			04/30/2008
Equity Capitalization
Common shares outstanding		60,304			59,127			58,713			58,202			57,732
Operating partnership (OP) units outstanding		20,838			21,184			21,287			21,293			21,238
Total common shares and OP units outstanding		81,142			80,311			80,000			79,495			78,970
Market price per common share (closing price at end of period)	$	9.25		$	9.95		$	9.88		$	10.50		$	10.20
Equity capitalization-common shares and OP units	$	750,564		$	799,094		$	790,400		$	834,698		$	805,494
Recorded book value of preferred shares	$	27,317		$	27,317		$	27,317		$	27,317		$	27,317
Total equity capitalization	$	777,881		$	826,411		$	817,717		$	862,015		$	832,811

Debt Capitalization
Total mortgage debt	$	1,070,158		$	1,068,127		$	1,066,113		$	1,068,267		$	1,063,858
Total capitalization	$	1,848,039		$	1,894,538		$	1,883,830		$	1,930,282		$	1,896,669

Total debt to total capitalization	0.58:1			0.56:1			0.57:1			0.55:1			0.56:1

Earnings to fixed charges(1)		1.20	x		1.13	x		1.16	x		1.15	x		1.20	x
Earnings to combined fixed charges and preferred distributions(1)		1.16	x		1.09	x		1.13	x		1.12	x		1.16	x
Debt service coverage ratio(1)		1.42	x		1.39	x		1.41	x		1.40	x		1.46	x

Distribution Data
Common shares and units outstanding at record date		80,323			80,018			79,566			79,116			77,675
Total common distribution paid	$	13,656		$	13,562		$	13,445		$	13,332		$	13,050
Common distribution per share and unit	$	0.1700		$	0.1695		$	0.1690		$	0.1685		$	0.1680
Payout ratio (FFO per share and unit basis)(1)		81.0	%		89.2	%		80.5	%		84.3	%		76.4	%

(1)	See Definitions on page 26.

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

STABILIZED PROPERTIES NET OPERATING INCOME SUMMARY

(in thousands)

	Stabilized Properties(1)							Stabilized Properties
	Three Months Ended April 30,							Twelve Months Ended April 30,
Segment	2009		2008		% Change			2009		2008		% Change
Multi-Family Residential	$	9,697	$	9,114		6.4	%	$	38,644	$	37,332		3.5	%
Commercial Office		11,257		12,135		(7.2	%)		43,969		47,536		(7.5	%)
Commercial Medical		6,910		6,908		0.0	%		26,732		26,909		(0.7	%)
Commercial Industrial		1,666		1,717		(3.0	%)		6,882		7,576		(9.2	%)
Commercial Retail		2,449		2,597		(5.7	%)		9,491		9,921		(4.3	%)
	$	31,979	$	32,471		(1.5	%)	$	125,718	$	129,274		(2.8	%)

1.	For 4th Quarter Fiscal 2009 and 4th Quarter Fiscal 2008, stabilized properties excluded:

Multi-Family Residential -	Indian Hills, Sioux City, IA; Cottonwood IV Apartments, Bismarck, ND; Greenfield Apartments, Omaha, NE; Minot 4th Street Apartments, Minot, ND; Minot 11th Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot Westridge Apartments, Minot, ND; Thomasbrook Apartments, Lincoln, NE; Evergreen Apartments, Isanti, MN; 401 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND.
	Total number of units, 692. Occupancy % for the three and twelve months ended April 30, 2009, 87.1% and 88.2%, respectively.

Commercial Office -	610 Business Center, Brooklyn Park, MN; Intertech, Fenton, MO; Plymouth 5095, Plymouth, MN; Bismarck 715 E Broadway, Bismarck, ND; 401 South Main, Minot, ND; IRET Corporate Plaza, Minot, ND and 12 South Main Street, Minot, ND.
	Total square footage, 246,311. Occupancy % for the three and twelve months ended April 30, 2009, 95.4% and 95.3%, respectively.

Commercial Medical -

Barry Point, Kansas City, MO; Edgewood Vista Billings, Billings, MT; Edgewood Vista East Grand Forks, East Grand Forks, MN; Edgewood Vista Sioux Falls, Sioux Falls, SD; Edina 6405 France Medical, Edina, MN; Edina 6363 France Medical, Edina, MN; Minneapolis 701 25th Ave Medical (Riverside), Minneapolis, MN; Burnsville 303 Nicollet Medical (Ridgeview), Burnsville, MN; Burnsville 305 Nicollet Medical (Ridgeview South), Burnsville, MN; Eagan 1440 Duckwood Medical, Eagan, MN; Edgewood Vista Belgrade, Belgrade, MT; Edgewood Vista Columbus, Columbus, NE; Edgewood Vista Fargo, Fargo, ND; Edgewood Vista Grand Island, Grand Island, NE; Edgewood Vista Norfolk, Norfolk, NE and 2828 Chicago Avenue, Minneapolis, MN.

Total square footage, 597,265. Occupancy % for the three and twelve months ended April 30, 2009, 92.3% and 94.9%, respectively.

Commercial Industrial -	Cedar Lake Business Center, St. Louis Park, MN; Urbandale, Urbandale, IA; Woodbury 1865, Woodbury, MN; Eagan 2785 & 2795 Highway 55, Eagan, MN and Minnetonka 13600 County Road 62, Minnetonka, MN.
	Total square footage, 916,937. Occupancy % for the three and twelve months ended April 30, 2009, 98.9% and 99.7%, respectively.

Discontinued operations from fiscal 2008 include:

Multi-Family Residential -	405 Grant Avenue Apartments, Harvey, ND and Sweetwater – Green Acres 1&2 Apartments, Devils Lake, ND.
	Total number of units, 60.

Commercial Office -	Minnetonka Office Building, Minnetonka, MN.
	Total square footage, 4,000.

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended April 30, 2009
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and Other			Total
Real estate rental revenue
Stabilized(1)	$	18,030		$	20,443		$	9,638		$	2,245		$	3,605		$	0		$	53,961
Non-Stabilized		1,289			682			3,755			965			0			0			6,691
Total		19,319			21,125			13,393			3,210			3,605			0			60,652

Real estate expenses
Stabilized(1)		8,333			9,186			2,728			579			1,156			0			21,982
Non-Stabilized		768			264			1,258			223			0			0			2,513
Total		9,101			9,450			3,986			802			1,156			0			24,495

Net Operating Income (NOI)
Stabilized(1)		9,697			11,257			6,910			1,666			2,449			0			31,979
Non-Stabilized		521			418			2,497			742			0			0			4,178
Net operating income	$	10,218		$	11,675		$	9,407		$	2,408		$	2,449		$	0		$	36,157

Reconciliation of NOI to net income available to common shareholders
Interest (expense) income	$	(5,190	)	$	(5,933	)	$	(4,232	)	$	(1,004	)	$	(977	)	$	(100	)	$	(17,436	)
Depreciation/amortization		(3,690	)		(5,744	)		(3,667	)		(532	)		(732	)		(73	)		(14,438	)
Administrative, advisory and trustee fees		0			0			0			0			0			(976	)		(976	)
Other expenses		0			0			0			0			0			(283	)		(283	)
Impairment of real estate investment		0			(338	)		0			0			0			0			(338	)
Other income		0			0			0			0			0			234			234
Income (loss) before gain on sale of other investments and minority interest and discontinued operations		1,338			(340	)		1,508			872			740			(1,198	)		2,920
Minority interest portion of operating partnership income		0			0			0			0			0			(596	)		(596	)
Minority interest portion of other partnerships’ income		0			0			0			0			0			(57	)		(57	)
Income (loss) from continuing operations		1,338			(340	)		1,508			872			740			(1,851	)		2,267
NET INCOME (LOSS)		1,338			(340	)		1,508			872			740			(1,851	)		2,267
Dividends to preferred shareholders		0			0			0			0			0			(593	)		(593	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	1,338		$	(340	)	$	1,508		$	872		$	740		$	(2,444	)	$	1,674

1.	For 4th Quarter Fiscal 2009, non-stabilized properties included:

Multi-Family Residential -	Indian Hills, Sioux City, IA; Cottonwood IV Apartments, Bismarck, ND; Greenfield Apartments, Omaha, NE; Minot 4th Street Apartments, Minot, ND; Minot 11th Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot Westridge Apartments, Minot, ND; Thomasbrook Apartments, Lincoln, NE; Evergreen Apartments, Isanti, MN; 401 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND.
	Total number of units, 692. Occupancy % for the three and twelve months ended April 30, 2009, 87.1% and 88.2%, respectively.

Commercial Office -	610 Business Center, Brooklyn Park, MN; Intertech, Fenton, MO; Plymouth 5095, Plymouth, MN; Bismarck 715 E Broadway, Bismarck, ND; 401 South Main, Minot, ND; IRET Corporate Plaza, Minot, ND and 12 South Main Street, Minot, ND.
	Total square footage, 246,311. Occupancy % for the three and twelve months ended April 30, 2009, 95.4% and 95.3%, respectively.

Commercial Medical -

Total square footage, 597,265. Occupancy % for the three and twelve months ended April 30, 2009, 92.3% and 94.9%, respectively.

Commercial Industrial -	Cedar Lake Business Center, St. Louis Park, MN; Urbandale, Urbandale, IA; Woodbury 1865, Woodbury, MN; Eagan 2785 & 2795 Highway 55, Eagan, MN and Minnetonka 13600 County Road 62, Minnetonka, MN.
	Total square footage, 916,937. Occupancy % for the three and twelve months ended April 30, 2009, 98.9% and 99.7%, respectively.

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended April 30, 2008
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and Other			Total
Real estate rental revenue
Stabilized(1)	$	17,672		$	21,877		$	9,356		$	2,227		$	3,655		$	0		$	54,787
Non-Stabilized		797			339			2,292			747			0			0			4,175
Total		18,469			22,216			11,648			2,974			3,655			0			58,962

Real estate expenses
Stabilized(1)		8,558			9,742			2,448			510			1,058			0			22,316
Non-Stabilized		505			174			732			184			0			0			1,595
Total		9,063			9,916			3,180			694			1,058			0			23,911

Net Operating Income (NOI)
Stabilized(1)		9,114			12,135			6,908			1,717			2,597			0			32,471
Non-Stabilized		292			165			1,560			563			0			0			2,580
Net operating income	$	9,406		$	12,300		$	8,468		$	2,280		$	2,597		$	0		$	35,051

Reconciliation of NOI to net income available to common shareholders
Interest (expense) income	$	(5,024	)	$	(5,912	)	$	(3,913	)	$	(932	)	$	(1,051	)	$	362		$	(16,470	)
Depreciation/amortization		(3,417	)		(5,452	)		(3,158	)		(1,133	)		(753	)		(61	)		(13,974	)
Administrative, advisory and trustee fees		0			0			0			0			0			(1,392	)		(1,392	)
Other expenses		0			0			0			0			0			(291	)		(291	)
Other income		0			0			0			0			0			671			671
Income (loss) before gain on sale of other investments and minority interest and discontinued operations		965			936			1,397			215			793			(711	)		3,595
Gain on sale of other investments		0			0			0			0			0			38			38
Minority interest portion of operating partnership income		0			0			0			0			0			(833	)		(833	)
Minority interest portion of other partnerships’ loss		0			0			0			0			0			111			111
Income (loss) from continuing operations		965			936			1,397			215			793			(1,395	)		2,911
Discontinued operations, net of minority interest(2)		374			3			0			0			0			0			377
NET INCOME (LOSS)		1,339			939			1,397			215			793			(1,395	)		3,288
Dividends to preferred shareholders		0			0			0			0			0			(593	)		(593	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	1,339		$	939		$	1,397		$	215		$	793		$	(1,988	)	$	2,695

1.	For 4th Quarter Fiscal 2008, non-stabilized properties included:

Multi-Family Residential -	Indian Hills, Sioux City, IA; Cottonwood IV Apartments, Bismarck, ND and Greenfield Apartments, Omaha, NE.
	Total number of units, 283. Occupancy % for the three and twelve months ended April 30, 2009, 72.5% and 77.2%, respectively.

Commercial Office -	610 Business Center, Brooklyn Park, MN; Intertech, Fenton, MO; Plymouth 5095, Plymouth, MN and 401 South Main, Minot, ND.
	Total square footage, 172,138. Occupancy % for the three and twelve months ended April 30, 2009, 90.0% and 87.5%, respectively.

Commercial Medical -

Total square footage, 541,026. Occupancy % for the three and twelve months ended April 30, 2009, 99.8% and 99.9%, respectively.

Commercial Industrial -	Cedar Lake Business Center, St. Louis Park, MN; Urbandale, Urbandale, IA; Woodbury 1865, Woodbury, MN and Eagan 2785 & 2795 Highway 55, Eagan, MN.
	Total square footage, 846,953. Occupancy % for the three and twelve months ended April 30, 2009, 97.6% and 93.9%, respectively.

2.	Discontinued operations from fiscal 2008 include:

Multi-Family Residential -	405 Grant Avenue Apartments, Harvey, ND and Sweetwater – Green Acres 1&2 Apartments, Devils Lake, ND.
	Total number of units, 60.

Commercial Office -	Minnetonka Office Building, Minnetonka, MN.
	Total square footage, 4,000.

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Twelve Months Ended April 30, 2009
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and Other			Total
Real estate rental revenue
Stabilized(1)	$	72,255		$	80,745		$	37,794		$	9,062		$	14,568		$	0		$	214,424
Non-Stabilized		4,461			2,701			14,770			3,649			0			0			25,581
Total		76,716			83,446			52,564			12,711			14,568			0			240,005

Real estate expenses
Stabilized(1)		33,611			36,776			11,062			2,180			5,077			0			88,706
Non-Stabilized		2,551			868			4,984			1,042			0			0			9,445
Total		36,162			37,644			16,046			3,222			5,077			0			98,151

Net Operating Income (NOI)
Stabilized(1)		38,644			43,969			26,732			6,882			9,491			0			125,718
Non-Stabilized		1,910			1,833			9,786			2,607			0			0			16,136
Net operating income	$	40,554		$	45,802		$	36,518		$	9,489		$	9,491		$	0		$	141,854

Reconciliation of NOI to net income available to common shareholders
Interest (expense) income	$	(20,304	)	$	(23,970	)	$	(17,186	)	$	(3,909	)	$	(4,038	)	$	664		$	(68,743	)
Depreciation/amortization		(14,225	)		(22,371	)		(13,363	)		(3,600	)		(2,902	)		(253	)		(56,714	)
Administrative, advisory and trustee fees		0			0			0			0			0			(4,882	)		(4,882	)
Other expenses		0			0			0			0			0			(1,440	)		(1,440	)
Loss on impairment of real estate investment		0			(338	)		0			0			0			0			(338	)
Other income		0			0			0			0			0			922			922
Income (loss) before gain on sale of other investments and minority interest and discontinued operations		6,025			(877	)		5,969			1,980			2,551			(4,989	)		10,659
Gain on sale of other investments		0			0			0			0			0			54			54
Minority interest portion of operating partnership income		0			0			0			0			0			(2,227	)		(2,227	)
Minority interest portion of other partnerships’ loss		0			0			0			0			0			40			40
Income (loss) from continuing operations		6,025			(877	)		5,969			1,980			2,551			(7,122	)		8,526
NET INCOME (LOSS)		6,025			(877	)		5,969			1,980			2,551			(7,122	)		8,526
Dividends to preferred shareholders		0			0			0			0			0			(2,372	)		(2,372	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	6,025			(877	)		5,969			1,980			2,551		$	(9,494	)	$	6,154

1.	For 4th Quarter Fiscal 2009, non-stabilized properties included:

Multi-Family Residential -	Indian Hills, Sioux City, IA; Cottonwood IV Apartments, Bismarck, ND; Greenfield Apartments, Omaha, NE; Minot 4th Street Apartments, Minot, ND; Minot 11th Street Apartments, Minot, ND; Minot Fairmont Apartments, Minot, ND; Minot Westridge Apartments, Minot, ND; Thomasbrook Apartments, Lincoln, NE; Evergreen Apartments, Isanti, MN; 401 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND.
	Total number of units, 692. Occupancy % for the three and twelve months ended April 30, 2009, 87.1% and 88.2%, respectively.

Commercial Office -	610 Business Center, Brooklyn Park, MN; Intertech, Fenton, MO; Plymouth 5095, Plymouth, MN; Bismarck 715 E Broadway, Bismarck, ND; 401 South Main, Minot, ND, IRET Corporate Plaza, Minot, ND and 12 South Main Street, Minot, ND.
	Total square footage, 246,311. Occupancy % for the three and twelve months ended April 30, 2009, 95.4% and 95.3%, respectively.

Commercial Medical -

Total square footage, 597,265. Occupancy % for the three and twelve months ended April 30, 2009, 92.3% and 94.9%, respectively.

Commercial Industrial -	Cedar Lake Business Center, St. Louis Park, MN; Urbandale, Urbandale, IA; Woodbury 1865, Woodbury, MN; Eagan 2785 & 2795 Highway 55, Eagan, MN and Minnetonka 13600 County Road 62, Minnetonka, MN.
	Total square footage, 916,937. Occupancy % for the three and twelve months ended April 30, 2009, 98.9% and 99.7%, respectively.

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Twelve Months Ended April 30, 2008
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and Other			Total
Real estate rental revenue
Stabilized(1)	$	70,211		$	83,470		$	35,740		$	9,493		$	14,198		$	0		$	213,112
Non-Stabilized		2,616			572			2,672			2,198			0			0			8,058
Total		72,827			84,042			38,412			11,691			14,198			0			221,170

Real estate expenses
Stabilized(1)		32,879			35,934			8,831			1,917			4,277			0			83,838
Non-Stabilized		1,758			272			925			612			0			0			3,567
Total		34,637			36,206			9,756			2,529			4,277			0			87,405

Net Operating Income (NOI)
Stabilized(1)		37,332			47,536			26,909			7,576			9,921			0			129,274
Non-Stabilized		858			300			1,747			1,586			0			0			4,491
Net operating income	$	38,190		$	47,836		$	28,656		$	9,162		$	9,921		$	0		$	133,765

Reconciliation of NOI to net income available to common shareholders
Interest (expense) income	$	(20,004	)	$	(23,459	)	$	(12,651	)	$	(3,543	)	$	(4,260	)	$	478		$	(63,439	)
Depreciation/amortization		(13,231	)		(21,003	)		(9,416	)		(3,405	)		(2,725	)		(1,738	)		(51,518	)
Administrative, advisory and trustee fees		0			0			0			0			0			(5,203	)		(5,203	)
Other expenses		0			0			0			0			0			(1,344	)		(1,344	)
Other income		0			0			0			0			0			2,760			2,760
Income (loss) before gain on sale of other investments and minority interest and discontinued operations		4,955			3,374			6,589			2,214			2,936			(5,047	)		15,021
Gain on sale of other investments		0			0			0			0			0			42			42
Minority interest portion of operating partnership income		0			0			0			0			0			(3,524	)		(3,524	)
Minority interest portion of other partnerships’ loss		0			0			0			0			0			136			136
Income (loss) from continuing operations		4,955			3,374			6,589			2,214			2,936			(8,393	)		11,675
Discontinued operations, net of minority interest(2)		415			(2	)		0			0			0			0			413
NET INCOME (LOSS)		5,370			3,372			6,589			2,214			2,936			(8,393	)		12,088
Dividends to preferred shareholders		0			0			0			0			0			(2,372	)		(2,372	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	5,370		$	3,372		$	6,589		$	2,214		$	2,936		$	(10,765	)	$	9,716

1.	For 4th Quarter Fiscal 2008, non-stabilized properties included:

Multi-Family Residential -	Indian Hills, Sioux City, IA; Cottonwood IV Apartments, Bismarck, ND and Greenfield Apartments, Omaha, NE.
	Total number of units, 283. Occupancy % for the three and twelve months ended April 30, 2009, 72.5% and 77.2%, respectively.

Commercial Office -	610 Business Center, Brooklyn Park, MN; Intertech, Fenton, MO; Plymouth 5095, Plymouth, MN and 401 South Main, Minot, ND.
	Total square footage, 172,138. Occupancy % for the three and twelve months ended April 30, 2009, 90.0% and 87.5%, respectively.

Commercial Medical -

Total square footage, 541,026. Occupancy % for the three and twelve months ended April 30, 2009, 99.8% and 99.9%, respectively.

Commercial Industrial -	Cedar Lake Business Center, St. Louis Park, MN; Urbandale, Urbandale, IA; Woodbury 1865, Woodbury, MN and Eagan 2785 & 2795 Highway 55, Eagan, MN.
	Total square footage, 846,953. Occupancy % for the three and twelve months ended April 30, 2009, 97.6% and 93.9%, respectively.

2.	Discontinued operations from fiscal 2008 include:

Multi-Family Residential -	405 Grant Avenue Apartments, Harvey, ND and Sweetwater – Green Acres 1&2 Apartments, Devils Lake, ND.
	Total number of units, 60.

Commercial Office -	Minnetonka Office Building, Minnetonka, MN.
	Total square footage, 4,000.

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

STABILIZED PROPERTIES AND OVERALL ECONOMIC OCCUPANCY LEVELS BY SEGMENT

4th Quarter Fiscal 2009 vs. 4th Quarter Fiscal 2008

Segments	Stabilized Properties						All Properties
	4th Quarter			4th Quarter			4th Quarter			4th Quarter
	Fiscal 2009			Fiscal 2008			Fiscal 2009			Fiscal 2008
Multi-Family Residential		93.1	%		93.2	%		92.7	%		92.1	%
Commercial Office		89.4	%		90.9	%		89.7	%		90.8	%
Commercial Medical		96.9	%		95.3	%		95.7	%		96.1	%
Commercial Industrial		98.0	%		95.5	%		98.2	%		95.9	%
Commercial Retail		85.5	%		88.2	%		85.5	%		88.2	%

Stabilized Economic Occupancy Levels by Segment

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

COMMERCIAL LEASING SUMMARY

for the three months and twelve months ended April 30, 2009

	Three Months Ended April 30, 2009							Twelve Months Ended April 30, 2009
	New(1)		Renew(2)		4th Quarter 2008 Total			New(1)		Renew(2)		Year-To-Date Total
Gross Leasing Square Footage
Commercial Office		12,744		81,744		94,488			181,170		431,996		613,166
Commercial Medical		2,672		12,932		15,604			40,515		41,281		81,796
Commercial Industrial		41,685		203,810		245,495			353,371		345,037		698,408
Commercial Retail		4,120		34,100		38,220			79,354		180,872		260,226
Total		61,221		332,586		393,807			654,410		999,186		1,653,596

Weighted Average Term (yrs)
Commercial Office		3.6		4.8		4.5			4.7		3.8		4.1
Commercial Medical		10.4		2.6		3.9			7.0		4.4		5.2
Commercial Industrial		5.2		3.1		3.8			4.8		5.2		5.0
Commercial Retail		5.4		3.3		3.4			5.1		3.4		3.9
Total		5.6		3.5		3.9			5.2		3.8		4.2

Weighted Average Rental Rate Increases(3)
Rate on Expiring Leases
Commercial Office					$	12.16						$	11.75
Commercial Medical						0.00							18.61
Commercial Industrial						0.00							2.88
Commercial Retail						11.74							5.42
Total					$	12.07						$	9.80

Weighted Average Rate on New and Renewal Leases(3)
Commercial Office	$	2.04	$	13.28	$	12.02		$	10.10	$	10.32	$	10.26
Commercial Medical		19.67		18.85		18.99			25.20		17.53		21.33
Commercial Industrial		2.26		2.87		2.76			3.62		3.69		3.65
Commercial Retail		8.54		11.76		11.42			13.04		8.39		9.81
Total	$	3.80	$	6.96	$	6.47		$	7.89	$	7.98	$	7.94

Percentage Increase (Decrease)
Commercial Office						(1.2	%)						(12.7	%)
Commercial Medical						N/A							14.6	%
Commercial Industrial						N/A							26.7	%
Commercial Retail						(2.7	%)						81.0	%
Total						(46.4	%)						(19.0	%)

(1)	Excluding leases in place on date of acquisition.

(2)	Renewing leases are not necessarily leases expiring in that period. Expansion footage for renewing tenants is included in this column.

(3)	Net of estimated operating expenses, other than tenant improvements.

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

COMMERCIAL LEASING SUMMARY

for the three months and twelve months ended April 30, 2009

	4th Quarter 2009 Total						Year-To-Date Total
	New		Renew		Total Dollars		New		Renew		Total Dollars
Tenant Improvements
Commercial Office	$	15,686	$	354,529	$	370,215	$	1,500,075	$	2,547,132	$	4,047,207
Commercial Medical		93,520		0		93,520		2,407,865		276,301		2,684,166
Commercial Industrial		41,685		5,000		46,685		191,685		807,583		999,268
Commercial Retail		83,173		9,561		92,734		533,523		102,930		636,453
Subtotal	$	234,064	$	369,090	$	603,154	$	4,633,148	$	3,733,946	$	8,367,094

Tenant Improvements per square foot
Commercial Office	$	1.23	$	4.34	$	3.92	$	8.28	$	5.90	$	6.60
Commercial Medical		35.00		0.00		5.99		59.43		6.69		32.82
Commercial Industrial		1.00		0.02		0.19		0.54		2.34		1.43
Commercial Retail		20.19		0.28		2.43		6.72		0.57		2.45
Subtotal	$	3.82	$	1.11	$	1.53	$	7.08	$	3.74	$	5.06

Leasing Costs
Commercial Office	$	17,380	$	190,711	$	208,091	$	561,712	$	1,196,222	$	1,757,934
Commercial Medical		47,150		15,871		63,021		659,631		103,380		763,011
Commercial Industrial		36,843		20,484		57,327		43,993		144,509		188,502
Commercial Retail		38,024		26,639		64,663		82,671		73,884		156,555
Subtotal	$	139,397	$	253,705	$	393,102	$	1,348,007	$	1,517,995	$	2,866,002

Leasing Costs per square foot
Commercial Office	$	1.36	$	2.33	$	2.20	$	3.10	$	2.77	$	2.87
Commercial Medical		17.65		1.23		4.04		16.28		2.50		9.33
Commercial Industrial		0.88		0.10		0.23		0.12		0.42		0.27
Commercial Retail		9.23		0.78		1.69		1.04		0.41		0.60
Subtotal	$	2.28	$	0.76	$	1.00	$	2.06	$	1.52	$	1.73

Tenant Improvements and Leasing Costs
Commercial Office	$	33,066	$	545,240	$	578,306	$	2,061,787	$	3,743,354	$	5,805,141
Commercial Medical		140,670		15,871		156,541		3,067,496		379,681		3,447,177
Commercial Industrial		78,528		25,484		104,012		235,678		952,092		1,187,770
Commercial Retail		121,197		36,200		157,397		616,194		176,814		793,008
Total	$	373,461	$	622,795	$	996,256	$	5,981,155	$	5,251,941	$	11,233,096

Tenant Improvements and Leasing Costs per square foot
Commercial Office	$	2.59	$	6.67	$	6.12	$	11.38	$	8.67	$	9.47
Commercial Medical		52.65		1.23		10.03		75.71		9.20		42.14
Commercial Industrial		1.88		0.13		0.42		0.66		2.76		1.70
Commercial Retail		29.42		1.06		4.12		7.77		0.98		3.05
Total	$	6.10	$	1.87	$	2.53	$	9.14	$	5.26	$	6.79

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

MULTI-FAMILY RESIDENTIAL SUMMARY

	Three Months Ended
	04/30/2009			01/31/2009			10/31/2008			07/31/2008			04/30/2008
Number of Units		9,645			9,645			9,564			9,528			9,500
Average Investment Per Unit	$	56,130		$	55,082		$	54,303		$	53,919		$	53,677

Average Scheduled Rent per Unit
Stabilized	$	711.22		$	708.32		$	705.53		$	700.43		$	695.01
Non-Stabilized		703.02			655.12			648.90			647.89			657.55
	$	710.63		$	704.75		$	701.98		$	697.18		$	692.85

Total Receipts per Unit
Stabilized	$	671.29		$	679.54		$	682.32		$	657.09		$	658.05
Non-Stabilized		620.95			590.39			598.48			536.68			484.14
	$	667.67		$	673.55		$	677.06		$	649.63		$	648.03
Occupancy %
Stabilized		93.1	%		94.5	%		95.1	%		92.8	%		93.2	%
Non-Stabilized		87.1	%		88.9	%		92.6	%		84.1	%		72.4	%
		92.7	%		94.2	%		94.9	%		92.3	%		92.1	%

Operating Expenses as a % of Scheduled Rent
Stabilized		43.6	%		45.9	%		44.2	%		43.5	%		45.9	%
Non-Stabilized		52.6	%		53.4	%		47.9	%		47.5	%		46.7	%
Total		44.3	%		46.4	%		44.4	%		43.7	%		45.9	%

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

10 LARGEST COMMERCIAL TENANTS – BASED ON ANNUALIZED BASE RENT(1)

as of April 30, 2009

Tenant	Number of Properties		Average Remaining Lease Term in Months		% of Total Commercial Segments’ Minimum Rents			Aggregate Rentable Square Feet		% of Aggregate Occupied Square Feet
Affiliates of Edgewood Vista		19		238		9.9	%		909,591		8.5	%
St. Lukes Hospital of Duluth, Inc.		6		75		3.5	%		198,775		1.9	%
Fairview Health		8		45		2.4	%		171,848		1.6	%
Applied Underwriters		3		94		2.2	%		141,724		1.3	%
Best Buy Co., Inc. (NYSE: BBY)		2		19		2.0	%		224,650		2.1	%
HealthEast Care System		1		118		1.7	%		114,316		1.1	%
UGS Corp.		1		28		1.6	%		122,567		1.1	%
Microsoft (NASDAQ: MSFT)		1		52		1.5	%		122,040		1.1	%
Smurfit - Stone Container (NASDAQ: SSCC)(2)		2		50		1.5	%		424,147		4.0	%
Arcadis Corporate Services (NASDAQ: ARCAF)		2		27		1.4	%		82,725		0.8	%
Total/Weighted Average				105		27.7	%		2,512,383		23.5	%

(1)	See Definitions on page 26.

(2)	Smurfit-Stone Container has filed bankruptcy under Chapter 11 of the Bankruptcy Code. To date Smurfit is current on all base rent payments under its leases with us. We have not yet been notified of the debtor’s intentions with respect to these leases.

Table of Contents

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LEASE EXPIRATIONS

as of April 30, 2009

Fiscal Year	Number of Leases		Rentable Square Feet		% of Rentable Square Feet			Annualized Rent *		Average Rental Rate		% of Annualized Rent
Commercial Office
2010		67		390,316		9.4	%	$	4,452,277	$	11.41		8.3	%
2011		67		711,983		17.1	%		9,364,376		13.15		17.5	%
2012		52		789,196		19.0	%		11,018,858		13.96		20.6	%
2013		33		505,752		12.2	%		6,411,409		12.68		12.0	%
2014		32		500,779		12.0	%		6,756,328		13.49		12.6	%
2015 and thereafter		50		1,261,726		30.3	%		15,473,865		12.26		29.0	%
		301		4,159,752		100.0	%	$	53,477,113	$	12.86		100.0	%

Commercial Medical
2010		23		59,471		2.7	%	$	1,114,386	$	18.74		2.9	%
2011		17		67,247		3.0	%		1,217,253		18.10		3.1	%
2012		30		113,686		5.1	%		2,328,064		20.48		5.9	%
2013		18		68,390		3.1	%		1,259,697		18.42		3.2	%
2014		24		160,264		7.3	%		3,300,819		20.60		8.4	%
2015 and thereafter		87		1,741,372		78.8	%		30,051,488		17.26		76.5	%
		199		2,210,430		100.0	%	$	39,271,707	$	17.77		100.0	%

Commercial Industrial
2010		7		289,844		11.7	%	$	985,673	$	3.40		9.0	%
2011		15		1,072,579		43.4	%		3,596,058		3.35		32.8	%
2012		4		228,184		9.3	%		641,725		2.81		5.8	%
2013		3		214,335		8.7	%		1,062,335		4.96		9.7	%
2014		4		84,775		3.4	%		545,545		6.44		5.0	%
2015 and thereafter		8		579,520		23.5	%		4,132,472		7.13		37.7	%
		41		2,469,237		100.0	%	$	10,963,808	$	4.44		100.0	%

Commercial Retail
2010		44		175,724		14.8	%	$	1,171,672	$	6.67		11.9	%
2011		49	��	273,247		23.0	%		2,631,307		9.63		26.8	%
2012		30		237,300		19.9	%		1,350,762		5.69		13.7	%
2013		15		69,970		5.9	%		469,298		6.71		4.8	%
2014		18		63,027		5.3	%		753,272		11.95		7.7	%
2015 and thereafter		28		370,136		31.1	%		3,448,551		9.32		35.1	%
		184		1,189,404		100.0	%	$	9,824,862	$	8.26		100.0	%

Commercial Total
2010		141		915,355		9.1	%	$	7,724,008	$	8.44		6.8	%
2011		148		2,125,056		21.2	%		16,808,994		7.91		14.8	%
2012		116		1,368,366		13.6	%		15,339,409		11.21		13.5	%
2013		69		858,447		8.6	%		9,202,739		10.72		8.1	%
2014		78		808,845		8.1	%		11,355,964		14.04		10.0	%
2015 and thereafter		173		3,952,754		39.4	%		53,106,376		13.44		46.8	%
		725		10,028,823		100.0	%	$	113,537,490	$	11.32		100.0	%

* Annualized Rent is monthly scheduled rent as of April 30, 2009 (cash basis), multiplied by 12.

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INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

FISCAL 2009 ACQUISITION SUMMARY

as of April 30, 2009

($’s in thousands)

Property	Location	Segment Type	Acquisition Date	Square Feet/Units		Leased Percentage at Acquisition			April 30, 2009 Leased Percentage			Acquisition Cost

33-unit Minot Westridge Apartments	Minot, ND	Multi-Family Residential	May 1, 2008		33		100	%		99	%	$	1,954
12-unit Minot Fairmont Apartments	Minot, ND	Multi-Family Residential	May 1, 2008		12		100	%		100	%		365
4-unit Minot 4th Street Apartments	Minot, ND	Multi-Family Residential	May 1, 2008		4		100	%		100	%		89
3-unit Minot 11th Street Apartments	Minot, ND	Multi-Family Residential	May 1, 2008		3		100	%		100	%		64
Bismarck 2130 S. 12th Street	Bismarck, ND	Unimproved Land	May 23, 2008		N/A		N/A			N/A			576
22,500 sq. ft. Bismarck 715 E. Broadway	Bismarck, ND	Commercial Office	August 1, 2008		22,500		100	%		100	%		1,911
Bismarck 700 E. Main	Bismarck, ND	Unimproved Land	August 1, 2008		N/A		N/A			N/A			314
36-unit Evergreen Apartments	Isanti, MN	Multi-Family Residential	September 2, 2008		36		100	%		86	%		3,100
56,239 sq. ft.- 2828 Chicago Avenue	Minneapolis, MN	Commercial Medical	September 16, 2008		56,239		68	%		73	%		5,052
31,643 sq. ft.- Southdale Medical Expansion (6545 France Avenue)	Edina, MN	Commercial Medical	September 17, 2008		31,643		75	%		90	%		779
10-unit 401 S. Main	Minot, ND	Multi-Family Residential	November 10, 2008		10		0	%		100	%		905
69,984 sq. ft. – Minnetonka 13600 Cty Rd 62	Minnetonka, MN	Commercial Industrial	January 20, 2009		69,984		100	%		100	%		4,000
71-unit – IRET Corporate Plaza	Minot, ND	Multi-Family Residential	January 31, 2009		71		0	%		77	%		10,824
50,360 sq. ft. – IRET Corporate Plaza	Minot, ND	Commercial Office	January 31, 2009		50,360		0	%		0	%		3,896
			Total Square Feet		230,726							$	33,829
			Total Units		169

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Definitions

April 30, 2009

Annualized base rent (ABR) is calculated as monthly base rent (cash basis) per the lease, as of the reporting period, multiplied by 12.

Debt to total market capitalization is total debt from the balance sheet divided by the sum of total debt from the balance sheet plus the market value of shares outstanding at the end of the period.

Debt service coverage ratio is computed by dividing earnings before interest income and expense, depreciation, amortization and gain on sale of real estate by interest expense and principal amortization.

EBITDA is earnings before interest, taxes, depreciation and amortization. We consider EBITDA to be an appropriate supplemental performance measure because it eliminates depreciation, interest and the gain/loss from property dispositions, which permits investors to view income from operations without the effect of non-cash depreciation or the cost of debt. EBITDA is a non-GAAP measure. EBITDA as calculated by us is not comparable to EBITDA reported by other REITs that do not define EBITDA exactly as we do.

Funds from operations (FFO) - The National Association of Real Estate Investment Trusts, Inc. (NAREIT) defines FFO as net income (computed in accordance with generally accepted accounting principles, excluding gains/losses from sales of property plus real estate depreciation and amortization. FFO is a non-GAAP measure. We consider FFO to be a standard supplemental measure for equity real estate investment trusts because it facilitates an understanding of the operating performance of properties without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values instead historically rise or fall with market conditions, we believe that FFO provides investors and management with a more accurate indication of our financial and operating results.

Payout ratio (FFO per share and unit basis) - The ratio of the current quarterly distribution rate per common share and unit divided by quarterly FFO per share and unit.

Ratio of earnings to fixed charges - The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For this purpose, earnings consist of income from continuing operations before adjustments for minority interest in consolidated subsidiaries, plus fixed charges and preferred distributions, less capitalized interest and preferred distributions. Fixed charges consist of mortgage and loan interest expense, whether expensed or capitalized, the amortization of debt expense and capitalized interest.

Ratio of earnings to combined fixed charges and preferred distributions - The ratio of earnings to combined fixed charges and preferred distributions is computed by dividing earnings by combined fixed charges and preferred distributions. For this purpose, earnings consist of income from continuing operations before adjustments for minority interest in consolidated subsidiaries, plus fixed charges and preferred distributions, less capitalized interest and preferred distributions. Combined fixed charges and preferred distributions consist of fixed charges (mortgage and loan interest expense, whether expensed or capitalized, the amortization of debt expense and capitalized interest) and preferred distributions.

Stabilized properties are those properties owned for the entirety of both periods being compared. While results presented on a stabilized property basis are not determined in accordance with GAAP, management believes that measuring performance on a stabilized property basis is useful to investors and to management because it enables evaluation of how the Company’s properties are performing year over year.

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Centerspace (CSR) 8-KResults of Operations and Financial Condition