Centerspace (CSR) 8-K Results of Operations and Financial Condition

Exhibit 99.2

Third Quarter Fiscal 2010

Supplemental Operating and Financial Data

for the Quarter Ended January 31, 2010

CONTACT: Lindsey Knoop Anderson Director of Investor Relations Direct Dial: 701-837-4738 E-Mail: landerson@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

January 31, 2010

	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 January 31, 2010	24
Growth and Strategy
Fiscal 2010 Acquisition Summary	25
Definitions                                                                                                                                             ;	26

1

Company Background and Highlights

Third Quarter Fiscal 2010

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 third quarter of fiscal year 2010, IRET acquired two limited liability companies that own and operate a portfolio of five assisted living facilities in three communities in Wyoming. The five facilities, located in Casper (two facilities), Cheyenne (two facilities) and Laramie (one facility), Wyoming, have a total of approximately 320 units or approximately 370-380 beds. IRET acquired 100% of the member interests in the owner and operator of these five facilities for a total purchase price of approximately $45 million. The Wyoming assisted living portfolio consists of the Meadow Wind and Park Place assisted living facilities in Casper, Wyoming; the Aspen Wind and Sierra Hills assisted living facilities in Cheyenne, Wyoming; and the Spring Wind assisted living facility in Laramie, Wyoming.  The acquisition price for the portfolio was funded with cash in the amount of approximately $8.87 million, and with the proceeds of a $36.5 million loan from First International Bank and Trust, Watford City, North Dakota. During the third quarter of fiscal year 2010, the Company also acquired an approximately 6.8 acre parcel of vacant land located in Fargo, North Dakota for a purchase price of approximately $395,000. The Company has agreed to construct a new facility on this property to be leased to a single tenant, with a target lease commencement date in July 2010. The Company estimates that its cost to construct the facility will be approximately $4.2 million, including the cost of the land, plus imputed construction interest. The Company had no development projects placed in service or material dispositions during the third quarter of fiscal year 2010. IRET had no development projects placed in service or material dispositions during the third quarter of fi scal year 2010.

IRET continues to pursue its announced goal of transferring the management of the majority of its commercial and multi-family residential properties from third-party property management companies to its own employees. As of January 31, 2010, the Company has under internal management a total of 119 properties in its commercial industrial, medical, office and retail segments, totaling approximately 7.4 million square feet. Approximately 55.6% of the properties in the Company’s commercial industrial segment, 77.9% of the properties in its medical segment, 47.2% of the properties in its office segment, and 92.3% of the properties in its retail segment, were internally managed by Company employees as of January 31, 2010.  IRET continues to evaluate its port folio of commercial properties to determine additional suitable candidates for internal management, and to establish appropriate timelines to accomplish the transfers.

The transition to internal management in the Company’s multi-family residential segment is still in the early stages. As of January 31, 2010, approximately 4.2% of the properties in the Company’s multi-family residential segment were internally managed by Company employees, or approximately 367 units in six buildings. During the third quarter of fiscal year 2010, the Company added 21 new employees (19 full-time and 2 part-time), 15 of which, including a Vice President of Residential Property Management, were hired to work in multi-family residential property management. Subsequent to the end of the third quarter, in February 2010, the Company opened two regional property management offices in Rochester, Minnesota and St. Cloud, Minnesota, to manage it s multi-family residential properties in those communities.  These additions to staff, and associated investments in equipment, accounting and other support systems, represent a significant expense to the Company, which is reflected in an increase in property management expense of approximately $568,000 for the nine months ended January 31, 2010, primarily in the multi-family residential segment.

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 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. 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. IRET sold no common shares under this program during the second and third quarters of fiscal year 2010. During the first quarter of fiscal year 2010, IRET sold 116,869 common shares under this program for total proceeds (before offering expenses but after underwriting discounts and commissions) of $1.1 million.

IRET's third quarter fiscal year 2010 results reflect the continuing challenges the real estate industry faced during the three months ended January 31, 2010, and worsening conditions in IRET's multi-family residential segment in particular.  During this quarter, factors adversely affecting demand for IRET’s commercial and multi-family properties continued to be pervasive across the United States and in IRET’s markets, with commercial tenants continuing to focus on reducing costs through space reductions and lower rents. Additionally, continued job losses pressured occupancy and revenue in the Company’s multi-family residential segment. We expect current credit market conditions and the continued high level of unemployment to maintain or increase credit stresses on Company tenants, and continue to expect this tenant stress to lead to increases in past due accounts and vacancies.

In the third quarter of fiscal year 2010, IRET paid its 155th consecutive quarterly distribution per common share/unit at equal or increasing rates.  The $0.1715 per share/unit distribution was paid January 15, 2010.

As of January 31, 2010, IRET owns a diversified portfolio of 250 properties consisting of 77 multi-family residential properties, 67 office properties, 54 medical properties (including senior housing), 19 industrial properties and 33 retail properties.  IRET’s distributions have increased every year for 39 consecutive years.  IRET’s shares are publicly traded on the NASDAQ Global Select Market (NASDAQ:  IRET).

2

Company Snapshot

(as of January 31, 2010)

Company Headquarters		Minot, North Dakota
Fiscal Year-End		April 30
Reportable Segments		Multi-Family Residential; Commercial Office, Medical, Industrial, Retail
Total Properties		250
Total Square Feet
(commercial properties)		12.0 million
Total Units
(multi-family residential properties)		9,669
Common Shares Outstanding (thousands)		73,966
Limited Partnership Units Outstanding (thousands)		20,853
Common Share Distribution - Quarter/Annualized	$	0.1715/$0.686
Dividend Yield		7.9%
Total Capitalization (see p. 13 for detail)	$	1.9 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
C.W. “Chip” Morgan	Trustee
John T. Reed	Trustee, Chair of Nominating and Governance Committee
Edward T. Schafer	Trustee
W. David Scott	Trustee
Thomas A. Wentz, Jr.	Trustee, Senior Vice President and Chief Operating Officer
Timothy P. Mihalick	Trustee, President and Chief Executive Officer

Management

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

Corporate Headquarters:

3015 16th Street SW, Suite 100

Minot, North Dakota 58701

Trading Symbol:  IRET

Stock Exchange Listing:  NASDAQ

Investor Relations:

Lindsey Knoop Anderson

landerson@iret.com

3

Common Share Data (NASDAQ: IRET)

	3rd Quarter Fiscal Year 2010			2nd Quarter Fiscal Year 2010			1st Quarter Fiscal Year 2010			4th Quarter Fiscal Year 2009			3rd Quarter Fiscal Year 2009
High Closing Price	$	9.40		$	9.75		$	9.47		$	10.43		$	10.71
Low Closing Price	$	8.25		$	8.19		$	8.30		$	8.60		$	7.43
Average Closing Price	$	8.82		$	9.06		$	8.73		$	9.58		$	9.71
Closing Price at end of quarter	$	8.73		$	8.37		$	9.31		$	9.25		$	9.95
Common Share Distributions—annualized	$	0.686		$	0.684		$	0.682		$	0.680		$	0.678
Closing Dividend Yield - annualized		7.9	%		8.2	%		7.3	%		7.4	%		6.8	%
Closing common shares outstanding (thousands)		73,966			73,502			63,788			60,304			59,127
Closing limited partnership units outstanding (thousands)		20,853			20,962			20,837			20,838			21,184
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)	$	827,770		$	790,664		$	787,859		$	750,564		$	799,094

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 2009 Form 10-K.
60; We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Third Quarter Fiscal 2010 Acquisitions

Casper 1930 E. 12th St. (Park Place), Casper, WY	Laramie 1072 N. 22nd St. (Spring Wind), Laramie, WY
Casper 3955 E. 12th St. (Meadow Wind), Casper, WY	Cheyenne 4010 N. College Dr. (Aspen Wind), Cheyenne, WY

4

Investment Cost by Segment – Third Quarter Fiscal 2010

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.

5

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

	01/31/2010			10/31/2009			07/31/2009			04/30/2009			01/31/2009
ASSETS
Real estate investments
Property owned	$	1,793,995		$	1,749,489		$	1,737,466		$	1,729,585		$	1,719,690
Less accumulated depreciation		(298,523	)		(286,555	)		(274,497	)		(262,871	)		(251,493	)
		1,495,472			1,462,934			1,462,969			1,466,714			1,468,197
Development in progress		1,164			0			0			0			0
Unimproved land		5,987			5,966			5,713			5,701			5,695
Mortgage loans receivable, net of allowance		159			159			160			160			161
Total real estate investments		1,502,782			1,469,059			1,468,842			1,472,575			1,474,053
Other assets
Cash and cash equivalents		47,790			102,732			43,935			33,244			31,022
Restricted cash		36,500			0			0			0			0
Marketable securities – available-for-sale		420			420			420			420			420
Receivable arising from straight-lining of rents, net of allowance		17,102			16,588			16,201			16,012			15,558
Accounts receivable, net of allowance		5,259			4,830			4,148			2,738			3,678
Real estate deposits		978			635			460			88			242
Prepaid and other assets		1,903			2,750			2,900			1,051			1,514
Intangible assets, net of accumulated amortization		52,797			48,118			49,820			52,173			55,663
Tax, insurance, and other escrow		10,044			6,661			7,984			7,261			8,271
Property and equipment, net of accumulated depreciation		1,332			1,450			1,293			1,015			1,436
Goodwill		1,392			1,392			1,392			1,392			1,392
Deferred charges and leasing costs, net of accumulated amortization		17,637			17,273			16,958			17,122			16,039
TOTAL ASSETS	$	1,695,936		$	1,671,908		$	1,614,353		$	1,605,091		$	1,609,288
LIABILITIES AND EQUITY
LIABILITIES
Accounts payable and accrued expenses	$	36,453		$	29,760		$	32,508		$	32,773		$	32,275
Revolving lines of credit		6,579			6,594			13,000			5,500			8,500
Mortgages payable		1,091,945			1,060,131			1,055,705			1,070,158			1,068,127
Other		1,368			1,421			1,455			1,516			1,636
TOTAL LIABILITIES		1,136,345			1,097,906			1,102,668			1,109,947			1,110,538
REDEEMABLE NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE ENTITIES		1,765			1,943			1,908			1,737			1,939
EQUITY
Investors Real Estate Trust shareholders’ equity
Preferred Shares of Beneficial Interest		27,317			27,317			27,317			27,317			27,317
Common Shares of Beneficial Interest		569,439			566,395			490,441			461,648			451,296
Accumulated distributions in excess of net income		(189,340	)		(176,580	)		(165,349	)		(155,956	)		(147,573	)
Total Investors Real Estate Trust shareholders’ equity		407,416			417,132			352,409			333,009			331,040
Noncontrolling interests – Operating Partnership		139,448			143,260			145,120			148,199			153,566
Noncontrolling interests – consolidated real estate entities		10,962			11,667			12,248			12,199			12,205
Total equity		557,826			572,059			509,777			493,407			496,811
TOTAL LIABILITIES AND EQUITY	$	1,695,936		$	1,671,908		$	1,614,353		$	1,605,091		$	1,609,288

6

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

	Nine Months Ended						Three Months Ended
OPERATING RESULTS	01/31/2010			01/31/2009			01/31/2010			10/31/2009			07/31/2009			04/30/2009			01/31/2009
Real estate revenue	$	180,547		$	179,353		$	60,130		$	59,596		$	60,821		$	60,652		$	60,934
Real estate expenses		74,910			73,656			26,009			24,485			24,416			24,495			25,899
Gain on involuntary conversion		1,660			0			1,660			0			0			0			0
Net operating income		107,297			105,697			35,781			35,111			36,405			36,157			35,035
Interest		(52,048	)		(51,307	)		(17,447	)		(17,200	)		(17,401	)		(17,436	)		(17,341	)
Depreciation/amortization		(44,702	)		(42,276	)		(15,078	)		(14,981	)		(14,643	)		(14,438	)		(14,550	)
Administrative expenses, advisory and trustee services		(4,775	)		(3,906	)		(1,790	)		(1,498	)		(1,487	)		(976	)		(1,336	)
Other expenses		(1,468	)		(1,157	)		(536	)		(498	)		(434	)		(283	)		(313	)
Impairment of real estate investment		(1,678	)		0			(818	)		(860	)		0			(338	)		0
Other income		507			688			252			126			129			234			152
Gain on sale of other investments		0			54			0			0			0			0			0
Net income	$	3,133		$	7,793		$	364		$	200		$	2,569		$	2,920		$	1,647
Net (income) loss attributable to noncontrolling interest – Operating Partnership		(381	)		(1,631	)		39			59			(479	)		(596	)		(284	)
Net loss (income) attributable to noncontrolling interests – consolidated real estate entities		2			97			49			26			(73	)		(57	)		15
Net income attributable to Investors Real Estate Trust		2,754			6,259			452			285			2,017			2,267			1,378
Dividends to preferred shareholders		(1,779	)		(1,779	)		(593	)		(593	)		(593	)		(593	)		(593	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	975		$	4,480		$	(141	)	$	(308	)	$	1,424		$	1,674		$	785
Per Share Data
Net income per common share – basic & diluted	$	.02		$	.08		$	.00		$	.00		$	.02		$	.03		$	.02
Percentage of Revenues
Real estate expenses		41.5	%		41.1	%		43.3	%		41.1	%		40.1	%		40.4	%		42.5	%
Interest		28.8	%		28.6	%		29.0	%		28.9	%		28.6	%		28.7	%		28.5	%
Depreciation/amortization		24.8	%		23.6	%		25.1	%		25.1	%		24.1	%		23.8	%		23.9	%
General and administrative		2.6	%		2.2	%		3.0	%		2.5	%		2.4	%		1.6	%		2.2	%
Net income		1.7	%		4.3	%		0.6	%		0.3	%		4.2	%		4.8	%		2.7	%
Ratios
EBITDA(1)/Interest expense		1.92	x		1.96	x		1.88	x		1.88	x		1.98	x		1.99	x		1.93	x
EBITDA/Interest expense plus preferred distributions		1.85	x		1.90	x		1.82	x		1.82	x		1.92	x		1.92	x		1.86	x

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

7

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

FUNDS FROM OPERATIONS(unaudited)

(in thousands, except per share and unit data)

	Nine Months Ended						Three Months Ended
	01/31/2010			01/31/2009			01/31/2010			10/31/2009			07/31/2009			04/30/2009			01/31/2009
Funds From Operations(1)
Net income attributable to Investors Real Estate Trust	$	2,754		$	6,259		$	452		$	285		$	2,017		$	2,267		$	1,378
Less dividends to preferred shareholders		(1,779	)		(1,779	)		(593	)		(593	)		(593	)		(593	)		(593	)
Net income (loss) available to common shareholders		975			4,480			(141	)		(308	)		1,424			1,674			785
Adjustments:
Noncontrolling interests – Operating Partnership		381			1,631			(39	)		(59	)		479			596			284
Depreciation and amortization		44,390			41,935			14,865			14,926			14,599			14,360			14,454
Gain on depreciable property sales		0			(54	)		0			0			0			0			0
Funds from operations applicable to common shares and Units	$	45,746		$	47,992		$	14,685		$	14,559		$	16,502		$	16,630		$	15,523
FFO per share and unit - basic and diluted	$	0.52		$	0.60		$	0.16		$	0.16		$	0.20		$	0.21		$	0.19
Weighted average shares and units		88,284			79,642			94,516			87,162			83,223			80,361			80,038

(1) See Definitions on page 26.

8

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

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

(in thousands)

	Nine Months Ended						Three Months Ended
	01/31/2010			01/31/2009			01/31/2010			10/31/2009			07/31/2009			04/30/2009			01/31/2009
EBITDA(1)
Net income attributable to Investors Real Estate Trust	$	2,754		$	6,259		$	452		$	285		$	2,017		$	2,267		$	1,378
Adjustments:
Noncontrolling interests – Operating Partnership		381			1,631			(39	)		(59	)		479			596			284
Income before noncontrolling interests – Operating Partnership		3,135			7,890			413			226			2,496			2,863			1,662
Add:
Interest		52,048			51,307			17,447			17,200			17,401			17,436			17,341
Depreciation/amortization related to real estate investments		42,986			40,821			14,486			14,432			14,068			13,825			14,023
Amortization related to non-real estate investments		1,716			1,455			592			549			575			613			527
Amortization related to real estate revenues(2)		92			(136	)		28			30			34			3			(27	)
Less:
Interest income		(268	)		(556	)		(140	)		(62	)		(66	)		(51	)		(123	)
Gain on sale of real estate, land and other investments		0			(54	)		0			0			0			0			0
EBITDA	$	99,709		$	100,727		$	32,826		$	32,375		$	34,508		$	34,689		$	33,403

(1)   See Definitions on page 26.

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

9

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT ANALYSIS

(in thousands)

Debt Maturity Schedule

Annual Expirations

Total Mortgage Debt

	Future Maturities of Debt
Fiscal Year	Fixed Debt		Variable Debt		Total Debt		Weighted Average(1)			% of Total Debt
2010	$	35,895	$	0	$	35,895		7.66	%		3.3	%
2011		79,798		3,403		83,201		7.51	%		7.6	%
2012		92,452		0		92,452		7.01	%		8.5	%
2013		22,892		0		22,892		5.75	%		2.1	%
2014		47,685		962		48,647		6.17	%		4.5	%
2015		81,343		0		81,343		5.73	%		7.4	%
2016		99,949		247		100,196		5.27	%		9.2	%
2017		187,915		0		187,915		6.37	%		17.2	%
2018		88,884		0		88,884		5.80	%		8.1	%
2019		66,800		659		67,459		6.45	%		6.2	%
Thereafter		282,651		410		283,061		5.87	%		25.9	%
Total maturities	$	1,086,264	$	5,681	$	1,091,945		6.21	%		100.0	%

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

	01/31/2010			10/31/2009			07/31/2009			04/30/2009			01/31/2009
Balances Outstanding
Mortgage
Fixed rate	$	1,086,264		$	1,054,363		$	1,046,530		$	1,060,581		$	1,053,527
Variable rate		5,681			5,768			9,175			9,577			14,600
Mortgage total		1,091,945			1,060,131			1,055,705			1,070,158			1,068,127
Weighted Average Interest Rates
Secured		6.21	%		6.27	%		6.31	%		6.30	%		6.34	%

10

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT DETAIL AS OF JANUARY 31, 2010

Property	Maturity Date	Fiscal 2010		Fiscal 2011		Fiscal 2012		Fiscal 2013		Thereafter		Total(1)
Multi-Family Residential
Dakota Hill at Valley Ranch - Irving, TX(2)	2/1/2010	$	22,396	$	0	$	0	$	0	$	0	$	22,396
Southbrook & Mariposa - Topeka, KS(3)	2/1/2010		3,125		0		0		0		0		3,125
Kirkwood Manor - Bismarck, ND(2)	5/1/2010		0		1,880		0		0		0		1,880
The Meadows I - Jamestown, ND	8/1/2010		0		895		0		0		0		895
The Meadows II - Jamestown, ND	8/1/2010		0		895		0		0		0		895
17 South Main Apartments - Minot, ND	11/1/2010		0		194		0		0		0		194
401 South Main Apartments - Minot, ND	11/1/2010		0		681		0		0		0		681
Minot 4th Street Apartments - Minot, ND	11/1/2010		0		97		0		0		0		97
Minot 11th Street Apartments - Minot, ND	11/1/2010		0		97		0		0		0		97
Minot Fairmont Apartments - Minot, ND	11/1/2010		0		389		0		0		0		389
Minot Westridge Apartments - Minot, ND	11/1/2010		0		1,944		0		0		0		1,944
Olympic Village - Billings, MT	11/1/2010		0		7,564		0		0		0		7,564
Southview Apartments - Minot, ND	11/1/2010		0		720		0		0		0		720
Valley Park Manor - Grand Forks, ND	11/1/2010		0		2,684		0		0		0		2,684
Valley Park Manor - Grand Forks, ND	11/1/2010		0		815		0		0		0		815
Ridge Oaks Apartments - Sioux City, IA	2/1/2011		0		2,585		0		0		0		2,585
Sunset Trail I - Rochester, MN	3/1/2011		0		3,888		0		0		0		3,888
Sunset Trail II - Rochester, MN	3/1/2011		0		3,770		0		0		0		3,770
Oakwood - Sioux Falls, SD	6/1/2011		0		0		3,428		0		0		3,428
Oxbow - Sioux Falls, SD	6/1/2011		0		0		3,735		0		0		3,735
Chateau Apartments - Minot, ND	7/1/2011		0		0		1,776		0		0		1,776
Oakmont Apartments - Sioux Falls, SD	9/1/2011		0		0		3,691		0		0		3,691
Canyon Lake Apartments - Rapid City, SD	10/1/2011		0		0		2,663		0		0		2,663
The Meadows III - Jamestown, ND	11/1/2011		0		0		979		0		0		979
Monticello Apartments - Monticello, MN	3/1/2013		0		0		0		3,101		0		3,101
Summary of Debt due after Fiscal 2013			0		0		0		0		252,963		252,963
Sub-Total Multi-Family Residential		$	25,521	$	29,098	$	16,272	$	3,101	$	252,963	$	326,955
Commercial Office
Northgate II - Maple Grove, MN(2)	2/1/2010	$	1,280	$		$	0	$	0	$	0	$	1,280
Southeast Tech Center - Eagan, MN(2)	2/1/2010		3,463				0		0		0		3,463
Brenwood - Minnetonka, MN	10/1/2010		0		7,469		0		0		0		7,469
Nicollet VII - Burnsville, MN	12/1/2010		0		4,000		0		0		0		4,000
Dewey Hill Business Center - Edina, MN	1/1/2011		0		2,604		0		0		0		2,604
Plymouth IV - Plymouth, MN	1/1/2011		0		3,194		0		0		0		3,194
Plymouth V - Plymouth, MN	1/1/2011		0		4,596		0		0		0		4,596
Whitewater Plaza - Minnetonka, MN	3/1/2011		0		2,651		0		0		0		2,651
Whitewater Plaza - Minnetonka, MN	3/1/2011		0		1,374		0		0		0		1,374
2030 Cliff Road - Eagan, MN	4/1/2011		0		475		0		0		0		475
Cold Spring Center - St. Cloud, MN	4/1/2011		0		4,080		0		0		0		4,080
Pillsbury Business Center - Edina, MN	4/1/2011		0		921		0		0		0		921
Golden Hills Office Center - Golden Valley, MN	7/1/2011		0		0		14,394		0		0		14,394
Wells Fargo Center - St Cloud, MN	7/1/2011		0		0		6,693		0		0		6,693
Interlachen Corporate Center - Eagan, MN	10/11/2011		0		0		9,666		0		0		9,666
Bloomington Business Plaza - Bloomington, MN	12/1/2011		0		0		4,203		0		0		4,203
Wirth Corporate Center - Golden Valley, MN	2/1/2012		0		0		4,085		0		0		4,085
Summary of Debt due after Fiscal 2013			0		0		0		0		281,946		281,946
Sub-Total Commercial Office		$	4,743	$	31,364	$	39,041	$	0	$	281,946	$	357,094

11

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT DETAIL AS OF JANUARY 31, 2010 (continued)

Property	Maturity Date	Fiscal 2010		Fiscal 2011		Fiscal 2012		Fiscal 2013		Thereafter		Total(1)
Commercial Medical
Edina 6545 France SMC I - Edina, MN	1/1/2011	$	0	$	21,721	$	0	$	0	$	0	$	21,721
Edina 6525 France SMC II - Edina, MN	6/1/2011		0		0		9,739		0		0		9,739
Edina 6405 France Medical - Edina, MN	1/1/2012		0		0		9,172		0		0		9,172
Edina 6363 France Medical - Edina, MN	4/1/2012		0		0		8,019		0		0		8,019
Fox River Cottages - Grand Chute, WI	5/1/2012		0		0		0		2,277		0		2,277
Summary of Debt due after Fiscal 2013			0		0		0		0		235,929		235,929
Sub-Total Commercial Medical		$	0	$	21,721	$	26,930	$	2,277	$	235,929	$	286,857
Commercial Industrial
Lexington Commerce Center - Eagan, MN(2)	2/1/2010	$	2,786	$	0	$	0	$	0	$	0	$	2,786
Eagan 2785 & 2795 Highway 55 - Eagan, MN	6/1/2011		0		0		3,722		0		0		3,722
Stone Container - Roseville, MN	2/1/2012		0		0		4,018		0		0		4,018
Minnetonka 13600 County Road 62 - Minnetonka, MN	2/27/2012		0		0		2,469		0		0		2,469
Dixon Avenue Industrial Park - Des Moines, IA	1/1/2013		0		0		0		7,609		0		7,609
Bloomington 2000 West 94th Street - Bloomington, MN	3/1/2013		0		0		0		4,009		0		4,009
Roseville 2929 Long Lake Road - Roseville, MN	3/1/2013		0		0		0		5,896		0		5,896
Summary of Debt due after Fiscal 2013			0		0		0		0		34,789		34,789
Sub-Total Commercial Industrial		$	2,786	$	0	$	10,209	$	17,514	$	34,789	$	65,298
Commercial Retail
Grand Forks MedPark Mall - Grand Forks, ND(4)	3/1/2010	$	2,845	$	0	$	0	$	0	$	0	$	2,845
Minot Plaza - Minot, ND	8/1/2010		0		618		0		0		0		618
Kentwood Thomasville Furniture - Kentwood, MI	2/1/2011		0		400		0		0		0		400
Summary of Debt due after Fiscal 2013			0				0		0		51,878		51,878
Sub-Total Commercial Retail		$	2,845	$	1,018	$	0	$	0	$	51,878	$	55,741
Total		$	35,895	$	83,201	$	92,452	$	22,892	$	857,505	$	1,091,945

(1) Totals are principal balances as of January 31, 2010.

(2) Refinanced on February 1, 2010.

(3) Loan balance paid off on 2/1/2010; currently under application to refinance.

(4) Loan balance paid off on 3/1/2010; currently in discussion with lenders for refinance.

12

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CAPITAL ANALYSIS

(in thousands, except per share and unit amounts)

	01/31/2010			10/31/2009			07/31/2009			04/30/2009			01/31/2009
Equity Capitalization
Common shares outstanding		73,966			73,502			63,788			60,304			59,127
Operating partnership (OP) units outstanding		20,853			20,962			20,837			20,838			21,184
Total common shares and OP units outstanding		94,819			94,464			84,625			81,142			80,311
Market price per common share (closing price at end of period)	$	8.73		$	8.37		$	9.31		$	9.25		$	9.95
Equity capitalization-common shares and OP units	$	827,770		$	790,664		$	787,859		$	750,564		$	799,094
Recorded book value of preferred shares	$	27,317		$	27,317		$	27,317		$	27,317		$	27,317
Total equity capitalization	$	855,087		$	817,981		$	815,176		$	777,881		$	826,411
Debt Capitalization
Total mortgage debt	$	1,091,945		$	1,060,131		$	1,055,705		$	1,070,158		$	1,068,127
Total capitalization	$	1,947,032		$	1,878,112		$	1,870,881		$	1,848,039		$	1,894,538
Total debt to total capitalization	0.56:1			0.56:1			0.56:1			0.58:1			0.56:1
Earnings to fixed charges(1)		1.03	x		1.02	x		1.11	x		1.16	x		1.08	x
Earnings to combined fixed charges and preferred distributions(1)		0.99	x		0.98	x		1.08	x		1.13	x		1.05	x
Debt service coverage ratio(1)		1.36	x		1.36	x		1.39	x		1.42	x		1.39	x
Distribution Data
Common shares and units outstanding at record date		94,497			84,818			84,280			80,323			80,018
Total common distribution paid	$	16,205		$	14,504		$	14,370		$	13,656		$	13,562
Common distribution per share and unit	$	.1715		$	.1710		$	.1705		$	0.1700		$	0.1695
Payout ratio (FFO per share and unit basis)(1)		107.2	%		106.9	%		85.3	%		81.0	%		89.2	%

(1)   See Definitions on page 26.

13

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

STABILIZED PROPERTIES NET OPERATING INCOME SUMMARY

(in thousands)

	Stabilized Properties(1)							Stabilized Properties
	Three Months Ended January 31,							Nine Months Ended January 31,
Segment	2010		2009		% Change			2010		2009		% Change
Multi-Family Residential	$	8,809	$	9,752		(9.7	%)	$	27,863	$	29,623		(5.9	%)
Commercial Office		11,059		11,183		(1.1	%)		34,165		34,023		0.4	%
Commercial Medical		9,158		8,736		4.8	%		27,927		26,796		4.2	%
Commercial Industrial		1,981		2,530		(21.7	%)		6,291		7,066		(11.0	%)
Commercial Retail		1,952		2,347		(16.8	%)		6,510		7,042		(7.6	%)
	$	32,959	$	34,548		(4.6	%)	$	102,756	$	104,550		(1.7	%)

(1) For Three and Nine Months Ended January 31, 2010, stabilized properties excluded:

Multi-Family Residential - 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, 433. Occupancy % for the three and nine months ended January 31, 2010, 88.8% and 89.5%, respectively.

Commercial Office - Bismarck 715 E Broadway, Bismarck, ND; 401 South Main, Minot, ND; IRET Corporate Plaza, Minot, ND, 12 South Main Street, Minot, ND and Minot 2505 16th St SW, Minot, ND. Total square footage, 87,810. Occupancy % for the three and nine months ended January 31, 2010, 23.5% and 16.7%, respectively.

Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN; Casper 1930 E 12th Street (Park Place), Casper, WY; Casper 3955 E 12th Street (Meadow Wind), Casper, WY; Cheyenne 4010 N College Drive (Aspen Wind), Cheyenne, WY; Cheyenne 4060 N College Drive (Sierra Hills), Cheyenne, WY and Laramie 1072 N 22nd Street (Spring Wind), Laramie, WY. Total square footage, 294,238. Occupancy % for the three and nine months ended January 31, 2010, 93.9% and 91.3%, respectively.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN and Clive 2075 NW 94th St., Clive, IA. Total square footage, 112,494. Occupancy % for the three and nine months ended January 31, 2010, 100% and 100.0%, respectively.

For Three and Nine Months ended January 31, 2009, stabilized properties excluded:

Multi-Family Residential - 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 and 401 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND. Total number of units, 409. Occupancy % for the three and nine months ended January 31, 2009, 86.7% and 88.5%, respectively.

Commercial Office - 401 South Main, Minot, ND; Bismarck 715 E Broadway, Bismarck, ND and IRET Corporate Plaza, Minot, ND. Total square footage, 76,835. Occupancy % for the three and nine months ended January 31, 2009, 100.0% and 100.0%, respectively.

Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN. Total square footage, 56,239. Occupancy % for the three and nine months ended January 31, 2009, 73.3% and 70.9%, respectively.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN. Total square footage, 69,984. Occupancy % for the three and nine months ended January 31, 2010, 100% and 100.0%, respectively.

14

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended January 31, 2010
	Reporting Segments
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and  Other			Total
Real estate rental revenue
Stabilized(1)	$	18,207		$	20,221		$	12,686		$	2,992		$	3,314		$	0		$	57,420
Non-Stabilized		853			82			1,537			238			0			0			2,710
Total		19,060			20,303			14,223			3,230			3,314			0			60,130
Real estate expenses
Stabilized(1)		9,398			9,162			3,528			1,011			1,362			0			24,461
Non-Stabilized		462			71			953			62			0			0			1,548
Total		9,860			9,233			4,481			1,073			1,362			0			26,009
Gain on involuntary conversion
Non-Stabilized		1,660			0			0			0			0			0			1,660
Total		1,660			0			0			0			0			0			1,660
Stabilized(1)		8,809			11,059			9,158			1,981			1,952			0			32,959
Non-Stabilized		2,051			11			584			176			0			0			2,822
Net operating income	$	10,860		$	11,070		$	9,742		$	2,157		$	1,952		$	0		$	35,781
Reconciliation of NOI to net income (loss) available to common shareholders
Interest expense	$	(5,061	)	$	(5,737	)	$	(4,327	)	$	(1,021	)	$	(856	)	$	(445	)	$	(17,447	)
Depreciation/amortization		(3,947	)		(4,258	)		(3,125	)		(827	)		(957	)		(1,964	)		(15,078	)
Administrative, advisory and trustee fees		0			0			0			0			0			(1,790	)		(1,790	)
Other expenses		0			0			0			0			0			(536	)		(536	)
Impairment of real estate investments		0						0			0			(818	)		0			(818	)
Other income		0			0			0			0			0			252			252
Net income (loss)		1,852			1,075			2,290			309			(679	)		(4,483	)		364
Net income attributable to noncontrolling interests – Operating Partnership		0			0			0			0			0			39			39
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		0			0			0			0			0			49			49
Net income (loss) attributable to Investors Real Estate Trust		1,852			1,075			2,290			309			(679	)		(4,395	)		452
Dividends to preferred shareholders		0			0			0			0			0			(593	)		(593	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	1,852		$	1,075		$	2,290		$	309		$	(679	)	$	(4,988	)	$	(141	)

(1) For Three and Nine Months Ended January 31, 2010, stabilized properties excluded:

Multi-Family Residential - 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, 433. Occupancy % for the three and nine months ended January 31, 2010, 88.8% and 89.5%, respectively.

Commercial Office - Bismarck 715 E Broadway, Bismarck, ND; 401 South Main, Minot, ND; IRET Corporate Plaza, Minot, ND, 12 South Main Street, Minot, ND and Minot 2505 16th St SW, Minot, ND. Total square footage, 87,810. Occupancy % for the three and nine months ended January 31, 2010, 23.5% and 16.7%, respectively.

Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN; Casper 1930 E 12th Street (Park Place), Casper, WY; Casper 3955 E 12th Street (Meadow Wind), Casper, WY; Cheyenne 4010 N College Drive (Aspen Wind), Cheyenne, WY; Cheyenne 4060 N College Drive (Sierra Hills), Cheyenne, WY and Laramie 1072 N 22nd Street (Spring Wind), Laramie, WY. Total square footage, 294,238. Occupancy % for the three and nine months ended January 31, 2010, 93.9% and 91.3%, respectively.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN and Clive 2075 NW 94th St., Clive, IA. Total square footage, 112,494. Occupancy % for the three and nine months ended January 31, 2010, 100% and 100.0%, respectively.

15

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended January 31, 2009
	Reporting Segments
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and Other			Total
Real estate rental revenue
Stabilized(1)	$	18,788		$	20,725		$	12,916		$	3,411		$	3,972		$	0		$	59,812
Non-Stabilized		606			68			430			18			0			0			1,122
Total		19,394			20,793			13,346			3,429			3,972			0			60,934
Real estate expenses
Stabilized(1)		9,036			9,542			4,180			881			1,625			0			25,264
Non-Stabilized		370			6			255			4			0			0			635
Total		9,406			9,548			4,435			885			1,625			0			25,899
Net Operating Income (NOI)																					��
Stabilized(1)		9,752			11,183			8,736			2,530			2,347			0			34,548
Non-Stabilized		236			62			175			14			0			0			487
Net operating income	$	9,988		$	11,245		$	8,911		$	2,544		$	2,347		$	0		$	35,035
Reconciliation of NOI to net income (loss) available to common shareholders
Interest (expense) income	$	(4,982	)	$	(5,956	)	$	(4,247	)	$	(951	)	$	(984	)	$	(221	)	$	(17,341	)
Depreciation/amortization		(3,561	)		(5,218	)		(3,251	)		(1,239	)		(685	)		(596	)		(14,550	)
Administrative, advisory and trustee fees		0			0			0			0			0			(1,336	)		(1,336	)
Other expenses		0			0			0			0			0			(313	)		(313	)
Other income		0			0			0			0			0			152			152
Net income (loss)		1,445			71			1,413			354			678			(2,314	)		1,647
Net income attributable to noncontrolling interests – Operating Partnership		0			0			0			0			0			(284	)		(284	)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		0			0			0			0			0			15			15
Net income (loss) attributable to Investors Real Estate Trust		1,445		$	71		$	1,413		$	354		$	678		$	(2,583	)	$	1,378
Dividends to preferred shareholders		0			0			0			0			0			(593	)		(593	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	1,445		$	71		$	1,413		$	354		$	678		$	(3,176	)	$	785

(1) For Three and Nine Months ended January 31, 2009, stabilized properties excluded:

Multi-Family Residential - 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 and 401 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND. Total number of units, 409. Occupancy % for the three and nine months ended January 31, 2009, 86.7% and 88.5%, respectively.

Commercial Office - 401 South Main, Minot, ND; Bismarck 715 E Broadway, Bismarck, ND and IRET Corporate Plaza, Minot, ND. Total square footage, 76,835. Occupancy % for the three and nine months ended January 31, 2009, 100.0% and 100.0%, respectively.

Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN. Total square footage, 56,239. Occupancy % for the three and nine months ended January 31, 2009, 73.3% and 70.9%, respectively.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN. Total square footage, 69,984. Occupancy % for the three and nine months ended January 31, 2010, 100% and 100.0%, respectively.

16

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Nine Months Ended January 31, 2010
	Reporting Segments
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and  Other			Total
Real estate rental revenue
Stabilized(1)	$	54,887		$	61,776		$	38,760		$	9,355		$	10,060		$	0		$	174,838
Non-Stabilized		2,512			176			2,412			609			0			0			5,709
Total		57,399			61,952			41,172			9,964			10,060			0			180,547
Real estate expenses
Stabilized(1)		27,024			27,611			10,833			3,064			3,550			0			72,082
Non-Stabilized		1,209			155			1,302			162			0			0			2,828
Total		28,233			27,766			12,135			3,226			3,550			0			74,910
Gain on involuntary conversion
Non-Stabilized		1,660			0			0			0			0			0			1,660
Total		1,660			0			0			0			0			0			1,660
Net Operating Income (NOI)
Stabilized(1)		27,863			34,165			27,927			6,291			6,510			0			102,756
Non-Stabilized		2,963			21			1,110			447			0			0			4,541
Net operating income	$	30,826		$	34,186		$	29,037		$	6,738		$	6,510		$	0		$	107,297
Reconciliation of NOI to net income (loss) available to common shareholders
Interest expense	$	(14,972	)	$	(17,343	)	$	(12,516	)	$	(2,960	)	$	(2,666	)	$	(1,591	)	$	(52,048	)
Depreciation/amortization		(11,403	)		(15,488	)		(10,613	)		(2,710	)		(2,368	)		(2,120	)		(44,702	)
Administrative, advisory and trustee fees		0			0			0			0			0			(4,775	)		(4,775	)
Other expenses		0			0			0			0			0			(1,468	)		(1,468	)
Impairment of real estate investments		0						0			0			(1,678	)		0			(1,678	)
Other income		0			0			0			0			0			507			507
Net income (loss)		4,451			1,355			5,908			1,068			(202	)		(9,447	)		3,133
Net income attributable to noncontrolling interests – Operating Partnership		0			0			0			0			0			(381	)		(381	)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		0			0			0			0			0			2			2
Net income (loss) attributable to Investors Real Estate Trust		4,451			1,355			5,908			1,068			(202	)		(9,826	)		2,754
Dividends to preferred shareholders		0			0			0			0			0			(1,779	)		(1,779	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	4,451		$	1,355		$	5,908		$	1,068		$	(202	)	$	(11,605	)	$	975

(1) For Three and Nine Months Ended January 31, 2010, stabilized properties excluded:

Multi-Family Residential - 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, 433. Occupancy % for the three and nine months ended January 31, 2010, 88.8% and 89.5%, respectively.

Commercial Office - Bismarck 715 E Broadway, Bismarck, ND; 401 South Main, Minot, ND; IRET Corporate Plaza, Minot, ND, 12 South Main Street, Minot, ND and Minot 2505 16th St SW, Minot, ND. Total square footage, 87,810. Occupancy % for the three and nine months ended January 31, 2010, 23.5% and 16.7%, respectively.

Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN; Casper 1930 E 12th Street (Park Place), Casper, WY; Casper 3955 E 12th Street (Meadow Wind), Casper, WY; Cheyenne 4010 N College Drive (Aspen Wind), Cheyenne, WY; Cheyenne 4060 N College Drive (Sierra Hills), Cheyenne, WY and Laramie 1072 N 22nd Street (Spring Wind), Laramie, WY. Total square footage, 294,238. Occupancy % for the three and nine months ended January 31, 2010, 93.9% and 91.3%, respectively.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN and Clive 2075 NW 94th St., Clive, IA. Total square footage, 112,494. Occupancy % for the three and nine months ended January 31, 2010, 100% and 100.0%, respectively.

17

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Nine Months Ended January 31, 2009
	Reporting Segments
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and Other			Total
Real estate rental revenue
Stabilized(1)	$	55,785		$	62,188		$	38,532		$	9,482		$	10,963		$	0		$	176,950
Non-Stabilized		1,612			133			640			18			0			0			2,403
Total		57,397			62,321			39,172			9,500			10,963			0			179,353
Real estate expenses
Stabilized(1)		26,162			28,165			11,736			2,416			3,921			0			72,400
Non-Stabilized		898			29			325			4			0			0			1,256
Total		27,060			28,194			12,061			2,420			3,921			0			73,656
Net Operating Income (NOI)
Stabilized(1)		29,623			34,023			26,796			7,066			7,042			0			104,550
Non-Stabilized		714			104			315			14			0			0			1,147
Net operating income	$	30,337		$	34,127		$	27,111		$	7,080		$	7,042		$	0		$	105,697
Reconciliation of NOI to net income (loss) available to common shareholders
Interest (expense) income	$	(14,749	)	$	(17,803	)	$	(12,717	)	$	(2,841	)	$	(2,986	)	$	(211	)	$	(51,307	)
Depreciation/amortization		(10,532	)		(15,469	)		(9,538	)		(2,972	)		(2,105	)		(1,660	)		(42,276	)
Administrative, advisory and trustee fees		0			0			0			0			0			(3,906	)		(3,906	)
Other expenses		0			0			0			0			0			(1,157	)		(1,157	)
Other income		0			0			0			0			0			688			688
Gain on sale of other investments		0			0			0			0			0			54			54
Net income (loss)		5,056			855			4,856			1,267			1,951			(6,192	)		7,793
Net income attributable to noncontrolling interests – Operating Partnership		0			0			0			0			0			(1,631	)		(1,631	)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		0			0			0			0			0			97			97
Net income (loss) attributable to Investors Real Estate Trust		5,056			855			4,856			1,267			1,951			(7,726	)		6,259
Dividends to preferred shareholders		0			0			0			0			0			(1,779	)		(1,779	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	5,056		$	855		$	4,856		$	1,267		$	1,951		$	(9,505	)	$	4,480

(1) For Three and Nine Months ended January 31, 2009, stabilized properties excluded:

Multi-Family Residential - 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 and 401 South Main, Minot, ND and IRET Corporate Plaza, Minot, ND. Total number of units, 409. Occupancy % for the three and nine months ended January 31, 2009, 86.7% and 88.5%, respectively.

Commercial Office - 401 South Main, Minot, ND; Bismarck 715 E Broadway, Bismarck, ND and IRET Corporate Plaza, Minot, ND. Total square footage, 76,835. Occupancy % for the three and nine months ended January 31, 2009, 100.0% and 100.0%, respectively.

Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN. Total square footage, 56,239. Occupancy % for the three and nine months ended January 31, 2009, 73.3% and 70.9%, respectively.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN. Total square footage, 69,984. Occupancy % for the three and nine months ended January 31, 2010, 100% and 100.0%, respectively.

18

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

STABILIZED PROPERTIES AND OVERALL ECONOMIC OCCUPANCY LEVELS BY SEGMENT

3rd Quarter Fiscal 2010 vs. 3rd Quarter Fiscal 2009

Segments	Stabilized Properties		All Properties
	3rd Quarter	3rd Quarter	3rd Quarter	3rd Quarter
	Fiscal 2010	Fiscal 2009	Fiscal 2010	Fiscal 2009
Multi-Family Residential	90.4%	94.4%	90.4%	94.2%
Commercial Office	86.9%	88.8%	86.0%	88.8%
Commercial Medical	94.4%	95.7%	94.3%	95.0%
Commercial Industrial	85.3%	99.1%	86.1%	99.1%
Commercial Retail	83.8%	87.4%	83.8%	87.4%

19

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

COMMERCIAL LEASING SUMMARY

for the three and nine months ended January 31, 2010

	Three Months Ended January 31, 2010
	New(1)			Renew(2)			Total			Expiring(3)			Net Change				Percentage Change
Gross Square Footage
Commercial Office			47,097			161,169			208,266			19,690			188,576
Commercial Medical			0			9,335			9,335			18,142			(8,807	)
Commercial Industrial			5,000			46,294			51,294			5,000			46,294
Commercial Retail			4,922			67,381			72,303			61,153			11,150
Total All Segments			57,019			284,179			341,198			103,985			237,213
Weighted Average Rental Rates(3)
Commercial Office		$	11.57		$	15.91		$	14.93		$	10.76		$	4.17			38.8	%
Commercial Medical			0.00			19.36			19.36			19.00			0.36			1.9	%
Commercial Industrial			10.80			7.21			7.56			16.50			(8.94	)		(54.2	%)
Commercial Retail			9.47			5.64			5.90			3.57			2.33			65.3	%
Total All Segments		$	11.32		$	12.17		$	12.03		$	8.24		$	3.79			46.0	%
	Nine Months Ended January 31, 2010
	New(1)			Renew(2)			Total			Expiring(3)			Net Change				Percentage Change
Gross Square Footage
Commercial Office			64,637			490,719			555,356			341,598			213,758
Commercial Medical			15,030			54,594			69,624			49,227			20,3.97
Commercial Industrial			5,000			139,195			144,195			271,062			(126,867	)
Commercial Retail			75,669			199,419			275,088			159,955			115,133
Total All Segments			160,336			883,927			1,044,263			821,842			222,421
Weighted Average Rental Rates
Commercial Office		$	10.38		$	12.98		$	12.68		$	12.04		$	0.64			5.3	%
Commercial Medical			19.34			21.18			20.78			20.19			0.59			2.9	%
Commercial Industrial			10.80			4.54			4.76			3.42			1.34			39.2	%
Commercial Retail			12.72			6.41			8.15			6.09			2.06			33.8	%
Total All Segments		$	12.34		$	10.67		$	10.93		$	8.53		$	2.40			28.1	%

	Three Months Ended January 31, 2010						Nine Months Ended January 31, 2010
	New(1)		Renew(2)		Total		New(1)		Renew(2)		Total
Weighted Average Term of New/Renewed Leased
Commercial Office		5.9		3.4		4.3		4.5		3.4		3.6
Commercial Medical		0.0		2.0		2.0		5.7		4.5		4.7
Commercial Industrial		0.2		3.0		2.1		0.2		4.4		3.6
Commercial Retail		2.6		3.0		2.9		3.1		3.0		3.0
Total All Segments		4.4		3.1		3.5		4.0		3.5		3.6

(1)   Does not include leases in place on acquired properties.

(2)   Renewals may include leases that have renewed prior to expiration date.  Square footage or rental rate changes on renewals are included in calculation.

(3)   Expired leases include leases with tenants who have vacated or renewed. Excluded from expired leases are leases that have been amended to extend the term, including leases on a month-to-month basis.

20

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

COMMERCIAL LEASING SUMMARY

for the three and nine months ended January 31, 2010

	3rd Quarter Fiscal 2010 Total						Year-To-Date Total
	New		Renew		Total Dollars		New		Renew		Total Dollars
Tenant Improvements
Commercial Office	$	93,950	$	1,421,323	$	1,515,273	$	292,011	$	2,203,547	$	2,495,558
Commercial Medical		0		0		0		98,164		1,070,171		1,168,335
Commercial Industrial		0		89,985		89,985		0		161,385		161,385
Commercial Retail		10,540		3,418		13,958		359,528		15,102		374,630
Subtotal	$	104,490	$	1,514,726	$	1,619,216	$	749,703	$	3,450,205	$	4,199,908
Tenant Improvements per square foot
Commercial Office	$	1.99	$	8.82	$	7.28	$	4.52	$	4.49	$	4.49
Commercial Medical		0.00		0.00		0.00		6.53		19.60		16.78
Commercial Industrial		0.00		1.94		1.75		0.00		1.16		1.12
Commercial Retail		2.14		0.05		0.19		4.75		0.08		1.36
All Segments	$	1.83	$	5.33	$	4.75	$	4.68	$	3.90	$	4.02
Leasing Costs
Commercial Office	$	292,988	$	1,942,270	$	2,235,258	$	336,947	$	2,758,488	$	3,095,435
Commercial Medical		0		18,930		18,930		58,971		283,151		342,122
Commercial Industrial		2,250		115,752		118,002		2,250		197,541		199,791
Commercial Retail		0		6,399		6,399		209,515		101,972		311,487
Subtotal	$	295,238	$	2,083,351	$	2,378,589	$	607,683	$	3,341,152	$	3,948,835
Leasing Costs per square foot
Commercial Office	$	6.22	$	12.05	$	10.73	$	5.21	$	5.62	$	5.57
Commercial Medical		0.00		2.03		2.03		3.92		5.19		4.91
Commercial Industrial		0.45		2.50		2.30		0.45		1.42		1.39
Commercial Retail		0.00		0.09		0.09		2.77		0.51		1.13
All Segments	$	5.18	$	7.33	$	6.97	$	3.79	$	3.78	$	3.78
Tenant Improvements and Leasing Costs
Commercial Office	$	386,938		3,363,593		3,750,531	$	628,958	$	4,962,035	$	5,590,993
Commercial Medical		0		18,930		18,930		157,135		1,353,322		1,510,457
Commercial Industrial		2,250		205,737		207,987		2,250		358,926		361,176
Commercial Retail		10,540		9,817		20,357		569,043		117,074		686,117
Total	$	399,728	$	3,598,077	$	3,997,805	$	1,357,386	$	6,791,357	$	8,148,743
Tenant Improvements and Leasing Costs per square foot
Commercial Office	$	8.22	$	20.87	$	18.01	$	9.73	$	10.11	$	10.07
Commercial Medical		0.00		2.03		2.03		10.45		24.79		21.69
Commercial Industrial		0.45		4.44		4.05		0.45		2.58		2.50
Commercial Retail		2.14		0.15		0.28		7.52		0.59		2.49
All Segments	$	7.01	$	12.66	$	11.72	$	8.47	$	7.68	$	7.80

21

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

MULTI-FAMILY RESIDENTIAL SUMMARY

	Three Months Ended
	01/31/2010			10/31/2009			07/31/2009			04/30/2009			01/31/2009
Number of Units		9,669			9,669			9,645			9,645			9,645
Average Investment Per Unit
Stabilized	$	55,739		$	55,479		$	55,179		$	54,960		$	54,790
Non-Stabilized		79,217			77,214			81,566			82,555			62,537
	$	56,790		$	56,452		$	56,298		$	56,130		$	55,082
Average Scheduled Rent per Unit
Stabilized	$	716		$	713		$	711		$	711		$	708
Non-Stabilized		721			723			714			712			631
	$	717		$	714		$	711		$	711		$	705
Total Receipts per Unit
Stabilized	$	657		$	664		$	660		$	671		$	678
Non-Stabilized		657			654			659			603			558
	$	657		$	664		$	660		$	668		$	674
Occupancy %
Stabilized		90.4	%		91.7	%		91.1	%		93.1	%		94.4	%
Non-Stabilized		88.8	%		88.7	%		91.2	%		83.4	%		86.8	%
		90.4	%		91.5	%		91.1	%		92.7	%		94.2	%
Operating Expenses as a % of Scheduled Rent
Stabilized		47.4	%		44.7	%		44.6	%		43.8	%		46.1	%
Non-Stabilized		49.4	%		32.3	%		50.6	%		55.1	%		54.1	%
Total		47.4	%		44.1	%		44.9	%		44.3	%		46.4	%

22

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

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

as of January 31, 2010

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	229	9.8%	909,591	8.7%
St. Lukes Hospital of Duluth, Inc.	6	66	3.5%	198,775	1.9%
Fairview Health	8	52	2.4%	179,831	1.7%
Applied Underwriters	3	85	2.2%	141,724	1.4%
Best Buy Co., Inc. (NYSE: BBY)	2	10	1.9%	224,650	2.1%
HealthEast Care System	1	109	1.7%	114,316	1.1%
UGS Corp.	1	19	1.6%	122,567	1.2%
Smurfit - Stone Container (NASDAQ: SSCC)	2	41	1.5%	424,147	4.1%
Microsoft (NASDAQ: MSFT)	1	43	1.4%	122,040	1.2%
Nebraska Orthopedic Hospital	1	230	1.3%	61,758	0.6%
Total/Weighted Average		106	27.3%	2,499,399	24.1%

(1) See Definitions on page 26.

23

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LEASE EXPIRATIONS

as of January 31, 2010

Fiscal Year	Number of Leases		Rentable Square Feet		% of Rentable Square Feet			Annualized Rent*		Average Rental Rate		% of Annualized Rent
Commercial Office
2010		14		88,431		2.1	%	$	981,503	$	11.10		1.8	%
2011		72		676,250		16.3	%		8,714,632		12.89		16.2	%
2012		57		742,720		17.9	%		9,842,773		13.25		18.4	%
2013		39		526,276		12.7	%		6,607,758		12.56		12.3	%
2014		36		541,534		13.0	%		7,058,508		13.03		13.2	%
2015 and thereafter		72		1,575,075		38.0	%		20,410,760		12.96		38.1	%
		290		4,150,286		100.0	%	$	53,615,934	$	12.92		100.0	%
Commercial Medical
2010		5		16,493		0.8	%	$	350,782	$	21.27		0.9	%
2011		16		66,150		3.0	%		1,189,722		17.99		3.0	%
2012		30		102,335		4.6	%		2,093,556		20.46		5.3	%
2013		20		78,943		3.6	%		1,468,133		18.60		3.7	%
2014		24		146,515		6.6	%		3,029,121		20.67		7.6	%
2015 and thereafter		96		1,798,828		81.4	%		31,463,942		17.49		79.5	%
		191		2,209,264		100.0	%	$	39,595,256	$	17.92		100.0	%
Commercial Industrial
2010		1		23,782		1.0	%	$	141,406	$	5.95		1.5	%
2011		14		1,059,253		42.0	%		3,573,305		3.37		36.5	%
2012		5		383,210		15.2	%		1,214,545		3.17		12.4	%
2013		3		214,335		8.5	%		1,106,269		5.16		11.3	%
2014		5		169,396		6.7	%		786,164		4.46		8.0	%
2015 and thereafter		9		671,224		26.6	%		2,968,514		4.42		3.03	%
		37		2,521,200		100.0	%	$	9,790,203	$	3.88		100.0	%
Commercial Retail
2010		12		24,655		2.2	%	$	273,503	$	11.09		2.9	%
2011		55		222,252		19.7	%		2,120,134		9.54		22.6	%
2012		33		282,655		25.1	%		1,528,588		5.41		16.3	%
2013		18		74,457		6.6	%		520,362		6.99		5.5	%
2014		19		64,677		5.7	%		720,926		11.15		7.7	%
2015 and thereafter		38		459,074		40.7	%		4,219,193		9.19		45.0	%
		175		1,127,770		100.0	%	$	9,382,706	$	8.32		100.0	%
Commercial Total
2010		32		153,361		1.6	%	$	1,747,194	$	11.39		1.6	%
2011		157		2,023,905		20.2	%		15,597,793		7.71		13.9	%
2012		125		1,510,920		15.1	%		14,679,462		9.72		13.1	%
2013		80		894,011		8.9	%		9,702,522		10.85		8.6	%
2014		84		922,122		9.2	%		11,594,719		12.57		10.3	%
2015 and thereafter		215		4,504,201		45.0	%		59,062,409		13.11		52.5	%
		693		10,008,520		100.0	%	$	112,384,099	$	11.23		100.0	%

* Annualized Rent is monthly scheduled rent as of January 31, 2010 (cash basis), multiplied by 12.

24

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

FISCAL 2010 ACQUISITION SUMMARY

as of January 31, 2010

($’s in thousands)

Property	Location	Segment Type	Acquisition Date	Square Feet/Units		Leased Percentage At Acquisition			January 31, 2010 Leased Percentage			Acquisition Cost
Clive 2075 NW 94th Street	Clive, IA	Commercial Industrial	August 5, 2009		42,510		100	%		100	%	$	3,350
Minot 2505 16th Street SW	Minot, ND	Commercial Office	October 1, 2009		15,000		93.8	%		93.8	%		2,400
Fargo 1320 4th Street N	Fargo, ND	Unimproved Land	November 13, 2009	NA		NA			NA				395
Casper 1930 E 12th Street (Park Place)	Casper, WY	Commercial Medical	December 30, 2009		65,160		94.6	%		94.6	%		7,339
Casper 3955 E 12th Street (Meadow Wind)	Casper, WY	Commercial Medical	December 30, 2009		35,629		100.0	%		100.0	%		7,339
Cheyenne 4010 N College Drive (Aspen Wind)	Cheyenne, WY	Commercial Medical	December 30, 2009		47,509		94.5	%		94.5	%		12,457
Cheyenne 4060 N College Drive (Sierra Hills)	Cheyenne, WY	Commercial Medical	December 30, 2009		54,072		75.6	%		75.6	%		9,560
Laramie 1072 N 22nd Street (Spring Wind)	Laramie, WY	Commercial Medical	December 30, 2009		35,629		100.0	%		100.0	%		8,305
			Total Square Feet		295,509							$	51,145
			Total Units		0

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Definitions

January 31, 2010

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.

EBITDAis 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; however, EBIDTA as we calculate it has not been adjusted for the effect of nonrecurring events such as asset impairment and gain/loss on involuntary conversion.  EBITDA is a non-GAAP measure. EBITDA as calculated by us is not comparable to EBITDA reported by other RE ITs 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 plus fixed charges and preferred distributions, less adjustments for noncontrolling interests - consolidated real estate entities, 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 plus fixed charges and preferred distributions, less adjustments for noncontrolling interests - consolidated real estate entities, 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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