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

Exhibit 99.2

Fourth Quarter Fiscal 2010

Supplemental Operating and Financial Data

for the Quarter Ended April 30, 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

April 30, 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 April 30, 2010	24
Growth and Strategy
Fiscal 2010 Acquisition Summary	25
Definitions                                                                                                                                             ;	26

1

Company Background and Highlights

Fourth 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 fourth quarter of fiscal year 2010, on April 1, 2010, the Company acquired two multi-family residential properties in Rochester, Minnesota, with 48 units and 16 units, respectively.  The Company paid a total of approximately $3.6 million for the 48-unit apartment complex, a portion of which was paid in limited partnership units of the Company’s Operating Partnership (“Units”) valued at approximately $1.0 million, or $10.25 per unit, with the remainder consisting of the assumption of existing debt on the property.  The Company paid $720,000 in cash for the 16-unit apartment property.  The Company had no development projects placed in service or material dispositions in the fourth quarter of fiscal 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 April 30, 2010, the Company has under internal management a total of 120 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 April 30, 2010.  IRET continues to evaluate its portfolio of commercial properties to determine additional suitable candidates for in ternal management, and to establish appropriate timelines to accomplish the transfers.

The transition to internal management in the Company’s multi-family residential segment also continued during the fourth quarter of fiscal year 2010. As of April 30, 2010, approximately 39.7% of the properties in the Company’s multi-family residential segment were internally managed by Company employees, or approximately 3,963 units in 31 properties. During fiscal year 2010, the Company added a significant number of new employees, many of whom were hired to work in multi-family residential property management.  As of April 30, 2010, the Company had 218 employees, of which 191 were full-time and 27 part-time employees; of these 218 employees, 49 are corporate staff in our Minot, North Dakota and Eden Prairie, Minnesota offices, and 169 are property management employees based at our properties or in local property managemen t offices. 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 attributable to the Company’s internal property management initiative of approximately $1.4 million for the twelve months ended April 30, 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. During the fourth quarter of fiscal year 2010, IRET sold 1.2 million shares under this program for total proceeds (before offering expenses but after underwriting discounts and commissions) of $10.2 million.

IRET's fourth quarter fiscal year 2010 results reflect the continuing challenges the real estate industry faced during the three months ended April 30, 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 te nant stress to lead to increases in past due accounts and vacancies.

In the fourth quarter of fiscal year 2010, IRET paid its 156th consecutive quarterly distribution per common share/unit at equal or increasing rates.  The $0.1715 per share/unit distribution was paid April 1, 2010.  At a regularly-scheduled meeting in the fourth quarter of fiscal year 2010, the Company’s Board of Trustees thought it prudent, given the current economic environment, the challenges facing the real estate industry, and a continuing deterioration in the Company’s occupancy rates and operating results, to maintain the Company’s common share/unit distribution at its current level ($0.1715 per share/unit), rather than continue the small qu arterly increases in the distribution that had previously been the Company’s practice.  Company management and the Board continue to review the Company’s common share distribution level in conjunction with closely monitoring the Company’s operating results during this prolonged economic downturn.

As of April 30, 2010, IRET owns a diversified portfolio of 251 properties consisting of 78 multi-family residential properties, 67 office properties, 54 medical properties (including senior housing), 19 industrial properties and 33 retail properties.  IRET’s distributions have been maintained or 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 April 30, 2010)

Company Headquarters	Minot, North Dakota
Fiscal Year-End	April 30
Reportable Segments	Multi-Family Residential; Commercial Office, Medical, Industrial, Retail
Total Properties	251
Total Square Feet
(commercial properties)	12.0 million
Total Units
(multi-family residential properties)	9,691
Common Shares Outstanding (thousands)	75,805
Limited Partnership Units Outstanding (thousands)	20,522
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)

	4th Quarter Fiscal Year 2010			3rd Quarter Fiscal Year 2010			2nd Quarter Fiscal Year 2010			1st Quarter Fiscal Year 2010			4th Quarter Fiscal Year 2009
High Closing Price	$	9.37		$	9.40		$	9.75		$	9.47		$	10.43
Low Closing Price	$	8.31		$	8.25		$	8.19		$	8.30		$	8.60
Average Closing Price	$	8.89		$	8.82		$	9.06		$	8.73		$	9.58
Closing Price at end of quarter	$	8.73		$	8.73		$	8.37		$	9.31		$	9.25
Common Share Distributions—annualized	$	0.686		$	0.686		$	0.684		$	0.682		$	0.680
Closing Dividend Yield - annualized		7.9	%		7.9	%		8.2	%		7.3	%		7.4	%
Closing common shares outstanding (thousands)		75,805			73,966			73,502			63,788			60,304
Closing limited partnership units outstanding (thousands)		20,522			20,853			20,962			20,837			20,838
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)	$	840,935		$	827,770		$	790,664		$	787,859		$	750,564

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.

Fourth Quarter Fiscal 2010 Acquisitions

Crown Apartments 2850 & 2852 59th Street NW, Rochester, MN 55901	Northern Valley Apartments 2826, 2834, 2840 & 2908, Northern Valley Drive Rochester, MN 55906

4

Investment Cost by Segment – Fourth 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)

	04/30/2010			01/31/2010			10/31/2009			07/31/2009			04/30/2009
ASSETS
Real estate investments
Property owned	$	1,800,519		$	1,793,995		$	1,749,489		$	1,737,466		$	1,729,585
Less accumulated depreciation		(308,626	)		(298,523	)		(286,555	)		(274,497	)		(262,871	)
		1,491,893			1,495,472			1,462,934			1,462,969			1,466,714
Development in progress		2,831			1,164			0			0			0
Unimproved land		6,007			5,987			5,966			5,713			5,701
Mortgage loans receivable, net of allowance		158			159			159			160			160
Total real estate investments		1,500,889			1,502,782			1,469,059			1,468,842			1,472,575
Other assets
Cash and cash equivalents		54,791			47,790			102,732			43,935			33,244
Restricted cash		0			36,500			0			0			0
Marketable securities – available-for-sale		420			420			420			420			420
Receivable arising from straight-lining of rents, net of allowance		17,320			17,102			16,588			16,201			16,012
Accounts receivable, net of allowance		4,916			5,259			4,830			4,148			2,738
Real estate deposits		516			978			635			460			88
Prepaid and other assets		1,189			1,903			2,750			2,900			1,051
Intangible assets, net of accumulated amortization		50,700			52,797			48,118			49,820			52,173
Tax, insurance, and other escrow		9,301			10,044			6,661			7,984			7,261
Property and equipment, net of accumulated depreciation		1,392			1,332			1,450			1,293			1,015
Goodwill		1,388			1,392			1,392			1,392			1,392
Deferred charges and leasing costs, net of accumulated amortization		18,108			17,637			17,273			16,958			17,122
TOTAL ASSETS	$	1,660,930		$	1,695,936		$	1,671,908		$	1,614,353		$	1,605,091
LIABILITIES AND EQUITY
LIABILITIES
Accounts payable and accrued expenses	$	38,514		$	36,453		$	29,760		$	32,508		$	32,773
Revolving lines of credit		6,550			6,579			6,594			13,000			5,500
Mortgages payable		1,057,619			1,091,945			1,060,131			1,055,705			1,070,158
Other		1,320			1,368			1,421			1,455			1,516
TOTAL LIABILITIES		1,104,003			1,136,345			1,097,906			1,102,668			1,109,947
REDEEMABLE NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE ENTITIES		1,812			1,765			1,943			1,908			1,737
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		583,618			569,439			566,395			490,441			461,648
Accumulated distributions in excess of net income		(201,412	)		(189,340	)		(176,580	)		(165,349	)		(155,956	)
Total Investors Real Estate Trust shareholders’ equity		409,523			407,416			417,132			352,409			333,009
Noncontrolling interests – Operating Partnership		134,970			139,448			143,260			145,120			148,199
Noncontrolling interests – consolidated real estate entities		10,622			10,962			11,667			12,248			12,199
Total equity		555,115			557,826			572,059			509,777			493,407
TOTAL LIABILITIES AND EQUITY	$	1,660,930		$	1,695,936		$	1,671,908		$	1,614,353		$	1,605,091

6

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	04/30/2010			04/30/2009			04/30/2010			01/31/2010			10/31/2009			07/31/2009			04/30/2009
Real estate revenue	$	242,775		$	240,005		$	62,228		$	60,130		$	59,596		$	60,821		$	60,652
Real estate expenses		101,541			98,151			26,631			26,009			24,485			24,416			24,495
Gain on involuntary conversion		1,660			0			0			1,660			0			0			0
Net operating income		142,894			141,854			35,597			35,781			35,111			36,405			36,157
Depreciation/amortization		(59,763	)		(56,714	)		(15,061	)		(15,078	)		(14,981	)		(14,643	)		(14,438	)
Administrative expenses, advisory and trustee services		(6,218	)		(4,882	)		(1,443	)		(1,790	)		(1,498	)		(1,487	)		(976	)
Other expenses		(2,513	)		(1,440	)		(1,045	)		(536	)		(498	)		(434	)		(283	)
Impairment of real estate investment		(1,678	)		(338	)		0			(818	)		(860	)		0			(338	)
Interest		(69,106	)		(68,743	)		(17,058	)		(17,447	)		(17,200	)		(17,401	)		(17,436	)
Other income		901			922			394			252			126			129			234
Gain on sale of other investments		68			54			68			0			0			0			0
Net income	$	4,585		$	10,713		$	1,452		$	364		$	200		$	2,569		$	2,920
Net (income) loss attributable to noncontrolling interest – Operating Partnership		(562	)		(2,227	)		(181	)		39			59			(479	)		(596	)
Net loss (income) attributable to noncontrolling interests – consolidated real estate entities		(22	)		40			(24	)		49			26			(73	)		(57	)
Net income attributable to Investors Real Estate Trust		4,001			8,526			1,247			452			285			2,017			2,267
Dividends to preferred shareholders		(2,372	)		(2,372	)		(593	)		(593	)		(593	)		(593	)		(593	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	1,629		$	6,154		$	654		$	(141	)	$	(308	)	$	1,424		$	1,674
Per Share Data
Net income per common share – basic & diluted	$	.03		$	.11		$	.01		$	.00		$	.00		$	.02		$	.03
Percentage of Revenues
Real estate expenses		41.8	%		40.9	%		42.8	%		43.3	%		41.1	%		40.1	%		40.4	%
Interest		28.5	%		28.6	%		27.4	%		29.0	%		28.9	%		28.6	%		28.7	%
Depreciation/amortization		24.6	%		23.6	%		24.2	%		25.1	%		25.1	%		24.1	%		23.8	%
General and administrative		2.6	%		2.0	%		2.3	%		3.0	%		2.5	%		2.4	%		1.6	%
Net income		1.9	%		4.5	%		2.3	%		0.6	%		0.3	%		4.2	%		4.8	%
Ratios
EBITDA(1)/Interest expense		1.92	x		1.97	x		1.95	x		1.88	x		1.88	x		1.98	x		1.99	x
EBITDA/Interest expense plus preferred distributions		1.86	x		1.90	x		1.88	x		1.82	x		1.82	x		1.92	x		1.92	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)

	Twelve Months Ended						Three Months Ended
	04/30/2010			04/30/2009			04/30/2010			01/31/2010			10/31/2009			07/31/2009			04/30/2009
Funds From Operations(1)
Net income attributable to Investors Real Estate Trust	$	4,001		$	8,526		$	1,247		$	452		$	285		$	2,017		$	2,267
Less dividends to preferred shareholders		(2,372	)		(2,372	)		(593	)		(593	)		(593	)		(593	)		(593	)
Net income (loss) available to common shareholders		1,629			6,154			654			(141	)		(308	)		1,424			1,674
Adjustments:
Noncontrolling interests – Operating Partnership		562			2,227			181			(39	)		(59	)		479			596
Depreciation and amortization		59,383			56,295			14,993			14,865			14,926			14,599			14,360
Gain on depreciable property sales		(68	)		(54	)		(68	)		0			0			0			0
Funds from operations applicable to common shares and Units	$	61,506		$	64,622		$	15,760		$	14,685		$	14,559		$	16,502		$	16,630
FFO per share and unit - basic and diluted	$	0.69		$	0.81		$	0.17		$	0.16		$	0.16		$	0.20		$	0.21
Weighted average shares and units		89,918			79,820			94,979		$	94,516		$	87,162		$	83,223		$	80,361

(1) See Definitions on page 26.

8

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

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

(in thousands)

	Twelve Months Ended						Three Months Ended
	04/30/2010			04/30/2009			04/30/2010			01/31/2010			10/31/2009			07/31/2009			04/30/2009
EBITDA(1)
Net income attributable to Investors Real Estate Trust	$	4,001		$	8,526		$	1,247		$	452		$	285		$	2,017		$	2,267
Adjustments:
Noncontrolling interests – Operating Partnership		562			2,227			181			(39	)		(59	)		479			596
Income before noncontrolling interests – Operating Partnership		4,563			10,753			1,428			413			226			2,496			2,863
Add:
Interest		69,106			68,743			17,058			17,447			17,200			17,401			17,436
Depreciation/amortization related to real estate investments		57,393			54,646			14,407			14,486			14,432			14,068			13,825
Amortization related to non-real estate investments		2,370			2,068			654			592			549			575			613
Amortization related to real estate revenues(2)		118			(133	)		26			28			30			34			3
Less:
Interest income		(546	)		(607	)		(278	)		(140	)		(62	)		(66	)		(51	)
Gain on sale of real estate, land and other investments		(68	)		(54	)		(68	)		0			0			0			0
EBITDA	$	132,936		$	135,416		$	33,227		$	32,826		$	32,375		$	34,508		$	34,689

(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
2011	$	77,406	$	3,403	$	80,809		7.50	%		7.7	%
2012		94,438		0		94,438		7.01	%		8.9	%
2013		22,747		0		22,747		5.75	%		2.2	%
2014		46,914		935		47,849		6.17	%		4.5	%
2015		80,700		0		80,700		5.73	%		7.6	%
2016		71,619		220		71,839		5.89	%		6.8	%
2017		187,352		23,400		210,752		6.07	%		19.9	%
2018		88,488		0		88,488		5.80	%		8.4	%
2019		66,198		646		66,844		6.44	%		6.3	%
2020		121,692		0		121,692		5.85	%		11.5	%
Thereafter		171,052		409		171,461		5.88	%		16.2	%
Total maturities	$	1,028,606	$	29,013	$	1,057,619		6.17	%		100.0	%

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

	04/30/2010			01/31/2010			10/31/2009			07/31/2009			04/30/2009
Balances Outstanding
Mortgage
Fixed rate	$	1,028,606		$	1,086,264		$	1,054,363		$	1,046,530		$	1,060,581
Variable rate		29,013			5,681			5,768			9,175			9,577
Mortgage total		1,057,619			1,091,945			1,060,131			1,055,705			1,070,158
Weighted Average Interest Rates
Secured		6.17	%		6.21	%		6.27	%		6.31	%		6.30	%

10

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT DETAIL AS OF APRIL 30, 2010

Property	Maturity Date	Fiscal 2011		Fiscal 2012		Fiscal 2013		Fiscal 2014		Thereafter		Total(1)
Multi-Family Residential
The Meadows I - Jamestown, ND	8/1/2010	$	891	$	0	$	0	$	0	$	0	$	891
The Meadows II - Jamestown, ND	8/1/2010		891		0		0		0		0		891
17 South Main Apartments - Minot, ND	11/1/2010		194		0		0		0		0		194
401 South Main Apartments - Minot, ND	11/1/2010		681		0		0		0		0		681
Minot 4th Street Apartments - Minot, ND	11/1/2010		97		0		0		0		0		97
Minot 11th Street Apartments - Minot, ND	11/1/2010		97		0		0		0		0		97
Minot Fairmont Apartments - Minot, ND	11/1/2010		389		0		0		0		0		389
Minot Westridge Apartments - Minot, ND	11/1/2010		1,944		0		0		0		0		1,944
Olympic Village - Billings, MT	11/1/2010		7,530		0		0		0		0		7,530
Southview Apartments - Minot, ND	11/1/2010		713		0		0		0		0		713
Valley Park Manor - Grand Forks, ND(2)	11/1/2010		2,672		0		0		0		0		2,672
Valley Park Manor - Grand Forks, ND(2)	11/1/2010		811		0		0		0		0		811
Ridge Oaks Apartments - Sioux City, IA	2/1/2011		2,572		0		0		0		0		2,572
Sunset Trail I - Rochester, MN	3/1/2011		3,870		0		0		0		0		3,870
Sunset Trail II - Rochester, MN	3/1/2011		3,750		0		0		0		0		3,750
Oakwood - Sioux Falls, SD	6/1/2011		0		3,410		0		0		0		3,410
Oxbow - Sioux Falls, SD	6/1/2011		0		3,715		0		0		0		3,715
Chateau Apartments - Minot, ND	7/1/2011		0		1,767		0		0		0		1,767
Oakmont Apartments - Sioux Falls, SD	9/1/2011		0		3,673		0		0		0		3,673
Canyon Lake Apartments - Rapid City, SD	10/1/2011		0		2,649		0		0		0		2,649
The Meadows III - Jamestown, ND	11/1/2011		0		972		0		0		0		972
Crown Apartments - Rochester, MN	1/1/2012		0		2,566		0		0		0		2,566
Monticello Apartments - Monticello, MN	3/1/2013		0		0		3,086		0		0		3,086
Quarry Ridge Apartments - Rochester, MN	10/1/2013		0		0		0		12,384		0		12,384
East Park Apartments - Sioux Falls, SD	12/1/2013		0		0		0		1,562		0		1,562
Sycamore Village Apartments - Sioux Falls, SD	12/1/2013		0		0		0		878		0		878
Landmark Estates Apartments - Grand Forks, ND(4)	12/19/2013		0		0		0		1,583		0		1,583
Candlelight Apartments - Fargo, ND	3/1/2014		0		0		0		1,354		0		1,354
Summary of Debt due after Fiscal 2014			0		0		0		0		264,044		264,044
Sub-Total Multi-Family Residential		$	27,102	$	18,752	$	3,086	$	17,761	$	264,044	$	330,745
Commercial Office
Brenwood - Minnetonka, MN	10/1/2010	$	7,410	$	0	$	0	$	0	$	0		7,410
Nicollet VII - Burnsville, MN	12/1/2010		3,968		0		0		0		0		3,968
Dewey Hill Business Center - Edina, MN	1/1/2011		2,583		0		0		0		0		2,583
Plymouth IV - Plymouth, MN	1/1/2011		3,169		0		0		0		0		3,169
Plymouth V - Plymouth, MN	1/1/2011		4,561		0		0		0		0		4,561
Whitewater Plaza - Minnetonka, MN	3/1/2011		2,643		0		0		0		0		2,643
Whitewater Plaza - Minnetonka, MN	3/1/2011		1,370		0		0		0		0		1,370
2030 Cliff Road - Eagan, MN	4/1/2011		468		0		0		0		0		468
Cold Spring Center - St. Cloud, MN	4/1/2011		4,034		0		0		0		0		4,034
Pillsbury Business Center - Edina, MN	4/1/2011		908		0		0		0		0		908
Golden Hills Office Center - Golden Valley, MN	7/1/2011		0		14,345		0		0		0		14,345
Wells Fargo Center - St Cloud, MN	7/1/2011		0		6,624		0		0		0		6,624
Interlachen Corporate Center - Eagan, MN	10/11/2011		0		9,590		0		0		0		9,590
Bloomington Business Plaza - Bloomington, MN	12/1/2011		0		4,170		0		0		0		4,170
Wirth Corporate Center - Golden Valley, MN	2/1/2012		0		4,025		0		0		0		4,025
Great Plains - Fargo, ND	10/1/2013		0		0		0		4,254		0		4,254
Viromed - Eden Prairie, MN	4/1/2014		0		0		0		1,170		0		1,170
Summary of Debt due after Fiscal 2014			0		0		0		0		277,975		277,975
Sub-Total Commercial Office		$	31,114	$	38,754	$	0	$	5,424	$	277,975	$	353,267

11

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT DETAIL AS OF APRIL 30, 2010 (continued)

Property	Maturity Date	Fiscal 2011		Fiscal 2012		Fiscal 2013		Fiscal 2014		Thereafter		Total(1)
Commercial Medical
Edina 6545 France SMC I - Edina, MN	1/1/2011	$	21,625	$	0	$	0	$	0	$	0	$	21,625
Edina 6525 France SMC II - Edina, MN	6/1/2011		0		9,719		0		0		0		9,719
Edina 6405 France Medical - Edina, MN(4)	1/1/2012		0		9,120		0		0		0		9,120
Edina 6363 France Medical - Edina, MN	4/1/2012		0		7,969		0		0		0		7,969
Fox River Cottages - Grand Chute, WI	5/1/2012		0		0		2,266		0		0		2,266
High Pointe Health Campus - Lake Elmo, MN	12/1/2013		0		0		0		2,951		0		2,951
Summary of Debt due after Fiscal 2014			0		0		0		0		203,156		203,156
Sub-Total Commercial Medical		$	21,625	$	26,808	$	2,266	$	2,951	$	203,156	$	256,806
Commercial Industrial
Eagan 2785 & 2795 Highway 55 - Eagan, MN	6/1/2011	$	0	$	3,703	$	0	$	0	$	0	$	3,703
Stone Container - Roseville, MN	2/1/2012		0		3,965		0		0		0		3,965
Minnetonka 13600 County Road 62 - Minnetonka, MN	2/27/2012		0		2,456		0		0		0		2,456
Dixon Avenue Industrial Park - Des Moines, IA	1/1/2013		0		0		7,548		0		0		7,548
Bloomington 2000 West 94th Street - Bloomington, MN	3/1/2013		0		0		3,986		0		0		3,986
Roseville 2929 Long Lake Road - Roseville, MN	3/1/2013		0		0		5,861		0		0		5,861
Bodycote Industrial Building - Eden Prairie, MN	9/1/2013		0		0		0		1,251		0		1,251
Cedar Lake Business Center - St. Louis Park, MN	11/1/2013		0		0		0		2,439		0		2,439
Woodbury 1865 Woodlane - Woodbury, MN	11/1/2013		0		0		0		2,870		0		2,870
Summary of Debt due after Fiscal 2014			0		0		0		0		30,438		30,438
Sub-Total Commercial Industrial		$	0	$	10,124		17,395	$	6,560	$	30,438	$	64,517
Commercial Retail
Minot Plaza - Minot, ND(3)	8/1/2010	$	612	$	0	$	0	$	0	$	0	$	612
Kentwood Thomasville Furniture - Kentwood, MI	2/1/2011		356		0		0		0		0		356
Burnsville I Strip Center - Burnsville, MN	6/30/2013		0		0		0		521		0		521
Burnsville II Strip Center - Burnsville, MN	6/30/2013		0		0		0		414		0		414
St Cloud Westgate - St Cloud, MN	10/10/2013		0		0		0		3,537		0		3,537
Ladysmith Pamida - Ladysmith, WI	12/19/2013		0		0		0		1,045		0		1,045
Livingston Pamida - Livingston, MT	12/19/2013		0		0		0		1,241		0		1,241
Eagan I Retail Center - Eagan, MN	12/22/2013		0		0		0		1,452		0		1,452
Forest Lake Westlake Center - Forest Lake, MN	12/22/2013		0		0		0		4,644		0		4,644
Pine City C-Store  - Pine City, MN	4/20/2014		0		0		0		322		0		322
Pine City Evergreen Square - Pine City, MN	4/20/2014		0		0		0		1,977		0		1,977
Summary of Debt due after Fiscal 2014			0		0		0		0		36,163		36,163
Sub-Total Commercial Retail		$	968	$	0	$	0	$	15,153	$	36,163	$	52,284
Total		$	80,809	$	94,438	$	22,747	$	47,849	$	811,776	$	1,057,619

(1) Totals are principal balances as of April 30, 2010.

(2) Refinanced on May 19, 2010.

(3) Refinanced on June 8, 2010.

(4) Currently in discussion with lenders for refinance.

12

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CAPITAL ANALYSIS

(in thousands, except per share and unit amounts)

									Three Months Ended
									04/30/2010				01/31/2010				10/31/2009				07/31/2009				04/30/2009
Equity Capitalization
Common shares outstanding											75,805				73,966				73,502				63,788				60,304
Operating partnership (OP) units outstanding											20,522				20,853				20,962				20,837				20,838
Total common shares and OP units outstanding											96,327				94,819				94,464				84,625				81,142
Market price per common share (closing price at end of period)										$	8.73			$	8.73			$	8.37			$	9.31			$	9.25
Equity capitalization-common shares and OP units										$	840,935			$	827,770			$	790,664			$	787,859			$	750,564
Recorded book value of preferred shares										$	27,317			$	27,317			$	27,317			$	27,317			$	27,317
Total equity capitalization										$	868,252			$	855,087			$	817,981			$	815,176			$	777,881
Debt Capitalization
Total mortgage debt										$	1,057,619			$	1,091,945			$	1,060,131			$	1,055,705			$	1,070,158
Total capitalization										$	1,925,871			$	1,947,032			$	1,878,112			$	1,870,881			$	1,848,039
Total debt to total capitalization										0.55:1				0.56:1				0.56:1				0.56:1				0.58:1
	Twelve Months Ended								Three Months Ended
	04/30/2010				04/30/2009				04/30/2010				01/31/2010				10/31/2009				07/31/2009				04/30/2009
Earnings to fixed charges(1)			1.06	x			1.14	x			1.07	x			1.03	x			1.02	x			1.11	x			1.16	x
Earnings to combined fixed charges and preferred distributions(1)			1.02	x			1.10	x			1.04	x			0.99	x			0.98	x			1.08	x			1.13	x
Debt service coverage ratio(1)			1.37	x			1.42	x			1.39	x			1.36	x			1.36	x			1.39	x			1.42	x
Distribution Data
Common shares and units outstanding at record date			94,844				80,323				94,844				94,497				84,818				84,280				80,323
Total common distribution paid		$	61,346			$	53,995			$	16,267			$	16,205			$	14,504			$	14,370			$	13,656
Common distribution per share and unit		$	.6845			$	.6770			$	.1715			$	.1715			$	.1710			$	.1705			$	0.1700
Payout ratio (FFO per share and unit basis)(1)			99.2	%			83.6	%			100.9	%			107.2	%			106.9	%			85.3	%			81.0	%

(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 April 30,							Twelve Months Ended April 30,
Segment	2010		2009		% Change			2010		2009		% Change
Multi-Family Residential	$	8,966	$	9,970		(10.1	%)	$	36,829	$	39,593		(7.0	%)
Commercial Office		11,136		11,690		(4.7	%)		45,301		45,713		(0.9	%)
Commercial Medical		9,289		9,150		1.5	%		37,216		35,946		3.5	%
Commercial Industrial		2,195		2,305		(4.8	%)		8,486		9,371		(9.4	%)
Commercial Retail		2,114		2,449		(13.7	%)		8,624		9,491		(9.1	%)
	$	33,700	$	35,564		(5.2	%)	$	136,456	$	140,114		(2.6	%)

(1) For Three and Twelve Months Ended April 30, 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; IRET Corporate Plaza, Minot, ND; Sweetwater Community, Grafton, ND; Crown Apartments, Rochester, MN and Northern Valley Apartments, Rochester, MN.

Total number of units, 497. Occupancy % for April 30, 2010 is 90.7%.

Commercial Office - Bismarck 715 E Broadway, Bismarck, 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 April 30, 2010 is 41.6%.

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 April 30, 2010 is 100.0%.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN and Clive 2075 NW 94th St., Clive, IA.

Total square footage, 112,494. Occupancy % for April 30, 2010 is 100.0%.

For Three and Twelve Months ended April 30, 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; IRET Corporate Plaza, Minot, ND and Sweetwater Community, Grafton, ND.

Total number of units, 451. Occupancy % for April 30, 2009 is 85.8%.

Commercial Office - 401 South Main, Minot, ND; Bismarck 715 E Broadway, Bismarck, ND; IRET Corporate Plaza, Minot, ND and 12 South Main, Minot ND.

Total square footage, 82,986. Occupancy % for April 30, 2009 is 87.8%.

Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN.

Total square footage, 56,239. Occupancy % for April 30, 2009 is 72.0%.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN

Total square footage, 69,984. Occupancy % for April 30, 2009 is 100.0%.

14

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended April 30, 2010
	Reporting Segments
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and  Other			Total
Real estate rental revenue
Stabilized(1)	$	17,979		$	20,127		$	12,950		$	3,107		$	3,443		$	0		$	57,606
Non-Stabilized		1,052			0			3,337			233			0			0			4,622
Total		19,031			20,127			16,287			3,340			3,443			0			62,228
Real estate expenses
Stabilized(1)		9,013			8,991			3,661			912			1,329			0			23,906
Non-Stabilized		466			90			2,108			61			0			0			2,725
Total		9,479			9,081			5,769			973			1,329			0			26,631
Stabilized(1)		8,966			11,136			9,289			2,195			2,114			0			33,700
Non-Stabilized		586			(90	)		1,229			172			0			0			1,897
Net operating income	$	9,552		$	11,046		$	10,518		$	2,367		$	2,114		$	0		$	35,597
Reconciliation of NOI to net income (loss) available to common shareholders
Depreciation/amortization	$	(3,881	)	$	(5,542	)	$	(3,880	)	$	(943	)	$	(726	)	$	(89	)	$	(15,061	)
Administrative, advisory and trustee fees		0			0			0			0			0			(1,443	)		(1,443	)
Other expenses		0			0			0			0			0			(1,045	)		(1,045	)
Interest expense		(4,959	)		(5,601	)		(4,600	)		(1,023	)		(814	)		(61	)		(17,058	)
Other income		0			0			0			0			0			394			394
Gain on sale of other investments		0			0			0			0			0			68			68
Net income (loss)		712			(97	)		2,038			401			574			(2,176	)		1,452
Net income attributable to noncontrolling interests – Operating Partnership		0			0			0			0			0			(181	)		(181	)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		0			0			0			0			0			(24	)		(24	)
Net income (loss) attributable to Investors Real Estate Trust		712			(97	)		2,038			401			574			(2,381	)		1,247
Dividends to preferred shareholders		0			0			0			0			0			(593	)		(593	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	712		$	(97	)	$	2,038		$	401		$	574		$	(2,974	)	$	654

(1) For Three Months Ended April 30, 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; IRET Corporate Plaza, Minot, ND; Sweetwater Community, Grafton, ND; Crown Apartments, Rochester, MN and Northern Valley Apartments, Rochester, MN.

Total number of units, 497. Occupancy % for April 30, 2010 is 90.7%.

Commercial Office - Bismarck 715 E Broadway, Bismarck, 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 April 30, 2010 is 41.6%.

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 April 30, 2010 is 100.0%.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN and Clive 2075 NW 94th St., Clive, IA.

Total square footage, 112,494. Occupancy % for April 30, 2010 is 100.0%.

15

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended April 30, 2009
	Reporting Segments
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and Other			Total
Real estate rental revenue
Stabilized(1)	$	18,458		$	21,058		$	13,014		$	3,068		$	3,605		$	0		$	59,203
Non-Stabilized		861			67			379			142			0			0			1,449
Total		19,319			21,125			13,393			3,210			3,605			0			60,652
Real estate expenses
Stabilized(1)		8,488			9,368			3,864			763			1,156			0			23,639
Non-Stabilized		613			82			122			39			0			0			856
Total		9,101			9,450			3,986			802			1,156			0			24,495
Net Operating Income (NOI)
Stabilized(1)		9,970			11,690			9,150			2,305			2,449			0			35,564
Non-Stabilized		248			(15	)		257			103			0			0			593
Net operating income	$	10,218		$	11,675		$	9,407		$	2,408		$	2,449		$	0		$	36,157
Reconciliation of NOI to net income (loss) available to common shareholders
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	)
Interest (expense) income		(5,190	)		(5,933	)		(4,232	)		(1,004	)		(977	)		(100	)		(17,436	)
Other income		0			0			0			0			0			234			234
Net income (loss)		1,338			(340	)		1,508			872			740			(1,198	)		2,920
Net income attributable to noncontrolling interests – Operating Partnership		0			0			0			0			0			(596	)		(596	)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		0			0			0			0			0			(57	)		(57	)
Net income (loss) attributable to Investors Real Estate Trust		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 Three Months ended April 30, 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; IRET Corporate Plaza, Minot, ND and Sweetwater Community, Grafton, ND.

Total number of units, 451. Occupancy % for April 30, 2009 is 85.8%.

Commercial Office - 401 South Main, Minot, ND; Bismarck 715 E Broadway, Bismarck, ND; IRET Corporate Plaza, Minot, ND and 12 South Main, Minot ND.

Total square footage, 82,986. Occupancy % for April 30, 2009 is 87.8%.

Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN.

Total square footage, 56,239. Occupancy % for April 30, 2009 is 72.0%.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN

Total square footage, 69,984. Occupancy % for April 30, 2009 is 100.0%.

16

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Twelve Months Ended April 30, 2010
	Reporting Segments
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and  Other			Total
Real estate rental revenue
Stabilized(1)	$	72,867		$	81,904		$	51,710		$	12,462		$	13,503		$	0		$	232,446
Non-Stabilized		3,563			175			5,749			842			0			0			10,329
Total		76,430			82,079			57,459			13,304			13,503			0			242,775
Real estate expenses
Stabilized(1)		36,038			36,603			14,494			3,976			4,879			0			95,990
Non-Stabilized		1,674			244			3,410			223			0			0			5,551
Total		37,712			36,847			17,904			4,199			4,879			0			101,541
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)		36,829			45,301			37,216			8,486			8,624			0			136,456
Non-Stabilized		3,549			(69	)		2,339			619			0			0			6,438
Net operating income	$	40,378		$	45,232		$	39,555		$	9,105		$	8,624		$	0		$	142,894
Reconciliation of NOI to net income (loss) available to common shareholders
Depreciation/amortization	$	(15,288	)	$	(22,322	)	$	(14,727	)	$	(3,766	)	$	(3,178	)	$	(482	)	$	(59,763	)
Administrative, advisory and trustee fees		0			0			0			0			0			(6,218	)		(6,218	)
Other expenses		0			0			0			0			0			(2,513	)		(2,513	)
Impairment of real estate investments		0						0			0			(1,678	)		0			(1,678	)
Interest expense		(20,259	)		(23,180	)		(17,542	)		(4,113	)		(3,551	)		(461	)		(69,106	)
Other income		0			0			0			0			0			901			901
Gain on sale of other investments		0			0			0			0			0			68			68
Net income (loss)		4,831			(270	)		7,286			1,226			217			(8,705	)		4,585
Net income attributable to noncontrolling interests – Operating Partnership		0			0			0			0			0			(562	)		(562	)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		0			0			0			0			0			(22	)		(22	)
Net income (loss) attributable to Investors Real Estate Trust		4,831			(270	)		7,286			1,226			217			(9,289	)		4,001
Dividends to preferred shareholders		0			0			0			0			0			(2,372	)		(2,372	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	4,831		$	(270	)	$	7,286		$	1,226		$	217		$	(11,661	)	$	1,629

(1) For Twelve Months Ended April 30, 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; IRET Corporate Plaza, Minot, ND; Sweetwater Community, Grafton, ND; Crown Apartments, Rochester, MN and Northern Valley Apartments, Rochester, MN.

Total number of units, 497. Occupancy % for April 30, 2010 is 90.7%.

Commercial Office - Bismarck 715 E Broadway, Bismarck, 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 April 30, 2010 is 41.6%.

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 April 30, 2010 is 100.0%.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN and Clive 2075 NW 94th St., Clive, IA.

Total square footage, 112,494. Occupancy % for April 30, 2010 is 100.0%.

17

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Twelve Months Ended April 30, 2009
	Reporting Segments
	Multi-Family Residential			Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Corporate and Other			Total
Real estate rental revenue
Stabilized(1)	$	74,243		$	83,246		$	51,546		$	12,550		$	14,568		$	0		$	236,153
Non-Stabilized		2,473			200			1,018			161			0			0			3,852
Total		76,716			83,446			52,564			12,711			14,568			0			240,005
Real estate expenses
Stabilized(1)		34,650			37,533			15,600			3,179			5,077			0			96,039
Non-Stabilized		1,512			111			446			43			0			0			2,112
Total		36,162			37,644			16,046			3,222			5,077			0			98,151
Net Operating Income (NOI)
Stabilized(1)		39,593			45,713			35,946			9,371			9,491			0			140,114
Non-Stabilized		961			89			572			118			0			0			1,740
Net operating income	$	40,554		$	45,802		$	36,518		$	9,489		$	9,491		$	0		$	141,854
Reconciliation of NOI to net income (loss) available to common shareholders
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	)
Impairment of real estate		0			(338	)		0			0			0			0			(338	)
Interest (expense) income		(20,304	)		(23,970	)		(17,186	)		(3,909	)		(4,038	)		664			(68,743	)
Other income		0			0			0			0			0			922			922
Gain on sale of other investments		0			0			0			0			0			54			54
Net income (loss)		6,025			(877	)		5,969			1,980			2,551			(4,935	)		10,713
Net income attributable to noncontrolling interests – Operating Partnership		0			0			0			0			0			(2,227	)		(2,227	)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		0			0			0			0			0			40			40
Net income (loss) attributable to Investors Real Estate Trust		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 Twelve Months ended April 30, 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; IRET Corporate Plaza, Minot, ND and Sweetwater Community, Grafton, ND.

Total number of units, 451. Occupancy % for April 30, 2009 is 85.8%.

Commercial Office - 401 South Main, Minot, ND; Bismarck 715 E Broadway, Bismarck, ND; IRET Corporate Plaza, Minot, ND and 12 South Main, Minot ND.

Total square footage, 82,986. Occupancy % for April 30, 2009 is 87.8%.

Commercial Medical - 2828 Chicago Avenue, Minneapolis, MN.

Total square footage, 56,239. Occupancy % for April 30, 2009 is 72.0%.

Commercial Industrial - Minnetonka 13600 County Road 62, Minnetonka, MN

Total square footage, 69,984. Occupancy % for April 30, 2009 is 100.0%.

18

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

STABILIZED PROPERTIES AND ALL PROPERTIES PHYSICAL OCCUPANCY LEVELS BY SEGMENT

4th Quarter Fiscal 2010 vs. 4th Quarter Fiscal 2009

Segments	Stabilized Properties		All Properties
	4th Quarter	4th Quarter	4th Quarter	4th Quarter
	Fiscal 2010	Fiscal 2009	Fiscal 2010	Fiscal 2009
Multi-Family Residential	90.2%	93.2%	90.2%	92.9%
Commercial Office	84.2%	87.4%	83.4%	87.4%
Commercial Medical	94.5%	95.6%	95.1%	95.0%
Commercial Industrial	90.4%	96.9%	90.8%	97.0%
Commercial Retail	80.5%	85.1%	80.5%	85.1%

19

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

COMMERCIAL LEASING SUMMARY

for the three and twelve months ended April 30, 2010

	Three Months Ended April 30, 2010
	New(1)			Renew(2)			Total			Expiring(3)			Net Change				Percentage Change
Gross Square Footage
Commercial Office			8,001			37,391			45,392			60,500			(15,108	)
Commercial Medical			10,292			13,230			23,522			14,450			9,072
Commercial Industrial			142,256			72,150			214,406			142,256			72,150
Commercial Retail			4,407			60,606			65,013			27,606			37,407
Total All Segments			164,956			183,377			348,333			244,812			103,521
Weighted Average Rental Rates(3)
Commercial Office		$	6.93		$	14.31		$	13.00		$	12.69		$	0.31			2.4	%
Commercial Medical			21.00			18.89			19.81			24.96			(5.15	)		(20.6	%)
Commercial Industrial			6.00			5.63			5.88			6.00			(0.12	)		(2.0	%)
Commercial Retail			9.64			6.53			6.74			17.20			(10.46	)		(60.8	%)
Total All Segments		$	7.08		$	8.65		$	7.91		$	10.04		$	(2.13	)		(21.2	%)
	Twelve Months Ended April 30, 2010
	New(1)			Renew(2)			Total			Expiring(3)			Net Change				Percentage Change
Gross Square Footage
Commercial Office			72,638			528,110			600,748			402,098			198,650
Commercial Medical			25,322			67,824			93,146			63,677			29,469
Commercial Industrial			147,256			211,345			358,601			413,318			(54,717	)
Commercial Retail			80,076			260,025			340,101			187,561			152,540
Total All Segments			325,292			1,067,304			1,392,596			1,066,654			325,942
Weighted Average Rental Rates
Commercial Office		$	10.00		$	13.07		$	12.70		$	12.13		$	0.57			4.7	%
Commercial Medical			20.02			20.73			20.54			21.27			(0.73	)		(3.4	%)
Commercial Industrial			6.16			4.91			5.43			4.31			1.12			26.0	%
Commercial Retail			12.55			6.44			7.88			7.73			0.15			1.9	%
Total All Segments		$	9.67		$	10.33		$	10.17		$	8.87		$	1.30			14.7	%

	Three Months Ended April 30, 2010						Twelve Months Ended April 30, 2010
	New(1)		Renew(2)		Total		New(1)		Renew(2)		Total
Weighted Average Term of New/Renewed Leased
Commercial Office		6.2		2.8		3.6		4.8		3.3		3.6
Commercial Medical		5.0		4.5		4.6		5.5		4.5		4.7
Commercial Industrial		0.1		7.4		1.6		0.1		5.0		2.9
Commercial Retail		3.6		2.7		3.0		3.2		2.9		3.0
Total All Segments		3.2		3.4		3.3		3.8		3.5		3.5

(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 twelve months ended April 30, 2010

	4th Quarter Fiscal 2010 Total						Fiscal 2010 Total
	New		Renew		Total Dollars		New		Renew		Total Dollars
Tenant Improvements
Commercial Office	$	0	$	75,013	$	75,013	$	292,011	$	2,278,560	$	2,570,571
Commercial Medical		391,484		91,142		482,626		489,648		1,161,313		1,650,961
Commercial Industrial		1,000		0		1,000		1,000		161,385		162,385
Commercial Retail		26,143		0		26,143		385,671		15,102		400,773
Subtotal	$	418,627	$	166,155	$	584,782	$	1,168,330	$	3,616,360	$	4,784,690
Tenant Improvements per square foot
Commercial Office	$	0.00	$	2.01	$	1.65	$	4.02	$	4.31	$	4.28
Commercial Medical		38.04		6.89		20.52		19.34		17.12		17.72
Commercial Industrial		0.01		0.00		0.00		0.01		0.76		0.45
Commercial Retail		5.93		0.00		0.40		4.82		0.06		1.18
All Segments	$	2.54	$	0.91	$	1.68	$	3.59	$	3.39	$	3.44
Leasing Costs
Commercial Office	$	33,032	$	59,279	$	92,311	$	369,979	$	2,817,767	$	3,187,746
Commercial Medical		93,657		61,423		155,080		152,628		344,573		497,201
Commercial Industrial		13,910		356,647		370,557		16,160		554,188		570,348
Commercial Retail		10,286		2,376		12,662		219,801		104,348		324,149
Subtotal	$	150,885	$	479,725	$	630,610	$	758,568	$	3,820,876	$	4,579,444
Leasing Costs per square foot
Commercial Office	$	4.13	$	1.59	$	2.03	$	5.09	$	5.34	$	5.31
Commercial Medical		9.10		4.64		6.59		6.03		5.08		5.34
Commercial Industrial		0.10		4.94		1.73		0.11		2.62		1.59
Commercial Retail		2.33		0.04		0.19		2.74		0.40		0.95
All Segments	$	0.91	$	2.62	$	1.81	$	2.33	$	3.58	$	3.29
Tenant Improvements and Leasing Costs
Commercial Office	$	33,032		134,292		167,324	$	661,990	$	5,096,327	$	5,758,317
Commercial Medical		485,141		152,565		637,706		642,276		1,505,886		2,148,162
Commercial Industrial		14,910		356,647		371,557		17,160		715,573		732,733
Commercial Retail		36,429		2,376		38,805		605,472		119,450		724,922
Total	$	569,512	$	645,880	$	1,215,392	$	1,926,898	$	7,437,236	$	9,364,134
Tenant Improvements and Leasing Costs per square foot
Commercial Office	$	4.13	$	3.59	$	3.69	$	9.11	$	9.65	$	9.59
Commercial Medical		47.14		11.53		27.11		25.36		22.20		23.06
Commercial Industrial		0.10		4.94		1.73		0.12		3.39		2.04
Commercial Retail		8.27		0.04		0.60		7.56		0.46		2.13
All Segments	$	3.45	$	3.52	$	3.49	$	5.92	$	6.97	$	6.72

21

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

MULTI-FAMILY RESIDENTIAL SUMMARY

	Three Months Ended
	04/30/2010			01/31/2010			10/31/2009			07/31/2009			04/30/2009
Number of Units		9,691			9,669			9,669			9,645			9,645
Average Investment Per Unit
Stabilized	$	56,138		$	55,739		$	55,479		$	55,179		$	54,960
Non-Stabilized		80,581			79,217			77,214			81,566			82,555
	$	57,323		$	56,790		$	56,452		$	56,298		$	56,130
Average Scheduled Rent per Unit
Stabilized	$	720		$	716		$	713		$	711		$	711
Non-Stabilized		735			721			723			714			712
	$	721		$	717		$	714		$	711		$	711
Total Receipts per Unit
Stabilized	$	655		$	657		$	664		$	660		$	671
Non-Stabilized		679			657			654			659			603
	$	657		$	657		$	664		$	660		$	668
Physical Occupancy%
Stabilized		90.2	%		89.9	%		91.3	%		89.4	%		93.0	%
Non-Stabilized		90.7	%		88.2	%		88.2	%		85.6	%		89.7	%
		90.2	%		89.8	%		91.2	%		89.2	%		92.8	%
Operating Expenses as a % of Scheduled Rent
Stabilized		45.8	%		47.4	%		44.7	%		44.6	%		43.8	%
Non-Stabilized		36.8	%		49.4	%		32.3	%		50.6	%		55.1	%
Total		45.4	%		47.4	%		44.1	%		44.9	%		44.3	%

22

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

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

as of April 30, 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	226	9.9%	909,591	8.7%
St. Lukes Hospital of Duluth, Inc.	6	63	3.5%	198,775	1.9%
Fairview Health	8	59	2.5%	179,831	1.7%
Applied Underwriters	3	82	2.2%	141,724	1.3%
Best Buy Co., Inc. (NYSE: BBY)	2	7	1.9%	224,650	2.1%
HealthEast Care System	1	106	1.7%	114,316	1.1%
USG Corp.	1	16	1.6%	122,567	1.2%
Smurfit - Stone Container (NASDAQ: SSCC)	2	48	1.5%	424,147	4.0%
Microsoft (NASDAQ: MSFT)	1	40	1.4%	122,040	1.2%
Nebraska Orthopedic Hospital	1	227	1.3%	61,758	0.6%
Total/Weighted Average		102	27.5%	2,499,399	23.8%

(1) See Definitions on page 26.

23

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LEASE EXPIRATIONS

as of April 30, 2010

Fiscal Year	Number of Leases		Rentable Square Feet		% of Rentable Square Feet			Annualized Rent*		Average Rental Rate		% of Annualized Rent
Commercial Office
2011		68		585,753		14.4	%	$	7,352,701	$	12.55		13.9	%
2012		58		732,002		18.0	%		9,570,060		13.07		18.1	%
2013		42		573,559		14.1	%		7,514,765		13.10		14.3	%
2014		39		584,518		14.4	%		7,581,572		12.97		14.4	%
2015		36		349,884		8.6	%		4,485,676		12.82		8.5	%
2016 and thereafter		41		1,235,846		30.5	%		16,237,506		13.14		30.8	%
		284		4,061,562		100.0	%	$	52,742,280	$	12.99		100.0	%
Commercial Medical
2011		15		61,941		2.8	%	$	1,129,521	$	18.24		2.8	%
2012		30		102,335		4.6	%		2,093,461		20.46		5.3	%
2013		20		78,943		3.6	%		1,485,367		18.82		3.8	%
2014		24		146,515		6.7	%		3,085,325		21.06		7.8	%
2015		11		54,075		2.5	%		809,635		14.97		2.0	%
2016 and thereafter		87		1,750,755		79.8	%		30,967,711		17.69		78.3	%
		187		2,194,564		100.0	%	$	39,571,020	$	18.03		100.0	%
Commercial Industrial
2011		15		1,075,552		42.3	%	$	3,626,002	$	3.37		39.1	%
2012		5		381,157		15.0	%		1,217,581		3.19		13.2	%
2013		2		142,185		5.6	%		685,357		4.82		7.4	%
2014		5		169,396		6.7	%		789,797		4.66		8.5	%
2015		2		76,685		3.0	%		304,570		3.97		3.3	%
2016 and thereafter		8		695,389		27.4	%		2,640,471		3.80		28.5	%
		37		2,540,364		100.0	%	$	9,263,778	$	3.65		100.0	%
Commercial Retail
2011		53		211,783		18.5	%	$	2,032,987	$	9.60		22.0	%
2012		36		295,569		25.7	%		1,583,484		5.36		17.1	%
2013		20		80,641		7.0	%		548,986		6.81		5.9	%
2014		20		67,698		5.9	%		794,675		11.74		8.6	%
2015		20		173,433		15.1	%		777,216		4.48		8.4	%
2016 and thereafter		24		319,061		27.8	%		3,509,254		11.00		38.0	%
		173		1,148,185		100.0	%	$	9,246,602	$	8.05		100.0	%
Commercial Total
2011		151		1,935,029		19.5	%	$	14,141,211	$	7.31		12.8	%
2012		129		1,511,063		15.2	%		14,464,586		9,57		13.0	%
2013		84		875,328		8.8	%		10,234,475		11.69		9.2	%
2014		88		968,127		9.7	%		12,251,369		12.65		11.1	%
2015		69		654,077		6.6	%		6,377,097		9.75		5.8	%
2016 and thereafter		160		4,001,051		40.2	%		53,354,942		13.34		48.1	%
		681		9,944,675		100.0	%	$	110,823,680	$	11.05		100.0	%

* Annualized Rent is monthly scheduled rent as of April 30, 2010 (cash basis), multiplied by 12.

24

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

FISCAL 2010 ACQUISITION SUMMARY

as of April 30, 2010

($’s in thousands)

Property	Location	Segment Type	Acquisition Date	Square Feet/Units		Leased Percentage At Acquisition			April 30, 2010 Leased Percentage			Acquisition Cost
Clive 2075 NW 94th Street	Clive, IA	Commercial Industrial	August 5, 2009		42,510		100	%		100.0	%	$	3,350
Minot 2505 16th Street SW	Minot, ND	Commercial Office	October 1, 2009		15,000		93.8	%		100.0	%		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	%		96.6	%		7,339
Casper 3955 E 12th Street (Meadow Wind)	Casper, WY	Commercial Medical	December 30, 2009		35,629		100.0	%		80.1	%		7,339
Cheyenne 4010 N College Drive (Aspen Wind)	Cheyenne, WY	Commercial Medical	December 30, 2009		47,509		94.5	%		81.4	%		12,457
Cheyenne 4060 N College Drive (Sierra Hills)	Cheyenne, WY	Commercial Medical	December 30, 2009		54,072		75.6	%		49.3	%		9,560
Laramie 1072 N 22nd Street (Spring Wind)	Laramie, WY	Commercial Medical	December 30, 2009		35,629		100.0	%		97.2	%		8,305
Crown Apartments	Rochester, MN	Multi-Family Residential	April 1, 2010		48		93.1	%		93.1	%		3,550
Northern Valley Apartments	Rochester, MN	Multi-Family Residential	April 1, 2010		16		100.0	%		100.0	%		720
			Total Square Feet		295,509							$	55,415
			Total Units		64

25

Definitions

April 30, 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 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 or annual distribution rate per common share and unit divided by quarterly or annual 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.

26