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

Exhibit 99.2

Fourth Quarter Fiscal 2013

Supplemental Operating and Financial Data

for the Quarter Ended April 30, 2013

CONTACT: Lindsey Knoop-Anderson Director of Investor Relations Direct Dial: 701-837-4738 E-Mail: landerson@iret.com 1400 31^st Avenue SW, Suite 60 Minot, ND 58701 Tel: 701.837.4738 Fax: 701.838.7785 www.iret.com

Supplemental Financial and Operating Data

Table of Contents

April 30, 2013

	Page
Company Background and Highlights	2
Property 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	11-13
Capital Analysis	14
Portfolio Analysis
Stabilized Properties Net Operating Income Summary	15
Net Operating Income Detail	16-19
Stabilized Properties and Overall Physical Occupancy Levels by Segment	20
Tenant Analysis
Commercial Leasing Summary	21-22
Multi-Family Residential Summary	23
10 Largest Commercial Tenants - Based on Annualized Base Rent	24
Lease Expirations	25
Growth and Strategy
Acquisition Summary	26
Development Summary	27
Definitions	28

1

Company Background and Highlights

Fourth Quarter Fiscal 2013

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; commercial healthcare, including senior housing (formerly referred to as the commercial medical segment; the composition of this segment has not changed from prior periods); commercial industrial and commercial retail segments.

During the fourth quarter of fiscal year 2013, the Company closed on its acquisitions of:

· a parcel of vacant land in Grand Forks, North Dakota, acquired for possible future development, of approximately 10 acres for a purchase price of $1.6 million, paid in cash;

· a parcel of vacant land in Bismarck, North Dakota, acquired for possible future development, of approximately 18.2 acres for a purchase price of $3.3 million, paid in cash;

· a 336-unit multi-family residential property in Omaha, Nebraska, for a purchase price of $28.3 million, of which approximately $25.8 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $2.5 million; and

· a parcel of vacant land in Golden Valley, Minnesota, acquired for possible future development, of approximately 2.1 acres for a purchase price of $2.1 million, paid in cash.

During the fourth quarter of fiscal year 2013, the Company placed in service an approximately 3,700 square foot commercial retail building in Minot, North Dakota and completed the conversion of an existing approximately 15,000 square foot commercial office building in Minot, North Dakota to a 20-unit multi-family residential property.

During the fourth quarter of fiscal year 2013, the Company sold one commercial healthcare property for a total sales price of approximately $16.1 million.

On April 5, 2013, the Company completed a public offering of approximately 6.0 million common shares at a public offering price of $9.25 per share, for net proceeds to the Company of approximately $53.0 million after underwriting discounts and estimated offering expenses. The Company contributed the proceeds of the offering to its IRET Properties, its operating partnership, for general corporate purposes, including acquisitions and development and debt repayment.

During the Company's fiscal year 2013, high occupancy levels in the Company's multi-family residential portfolio allowed the Company to implement selected rent increases, and the Company expects to see continued favorable results in this segment in fiscal year 2014. However, the Company's ability to maintain occupancy levels and selectively raise rents remains dependent on continued economic recovery and employment and wage growth. The Company also observes considerable multi-family development activity in the Company's markets, and as this new construction is completed and leased, the Company expects to experience increased competition for tenants. The Company's commercial office segment also showed some progress, with new leasing activity matching absorption rates in the Company's Minneapolis market and in other of its office markets. However, these absorption rates remain low, and the Company continues to expect recovery of the overall office market to be challenged by the slow and uneven recovery of the broader economy and by relatively high unemployment rates.

In the fourth quarter of fiscal year 2013, IRET paid its 168^th consecutive quarterly distribution. The $0.1300 per share/unit distribution was payable on April 1, 2013. Subsequent to the end of the fourth quarter of fiscal year 2013, on June 3, 2013, the Company's Board of Trustees declared a regular quarterly distribution of $0.1300 per share and unit on the Company's common shares of beneficial interest and the limited partnership units of IRET Properties, payable July 1, 2013 to common shareholders and unitholders of record on June 14, 2013. Also on June 3, 2013, the Company's Board of Trustees' declared a distribution of $0.5156 per share on the Company's Series A preferred shares of beneficial interest, payable July 1, 2013 to Series A preferred shareholders of record on June 14, 2013, and declared a distribution of $0.4968 per share on the Company's Series B preferred shares of beneficial interest, payable July 1, 2013 to Series B preferred shareholders of record on June 14, 2013.

As of April 30, 2013, IRET owns a diversified portfolio of 269 properties consisting of 87 multi-family residential properties, 67 commercial office properties, 65 commercial healthcare properties (including senior housing), 20 commercial industrial properties and 30 commercial retail properties.  IRET's common shares are publicly traded on the New York Stock Exchange (NYSE: IRET).

2

Company Snapshot

(as of April 30, 2013)

Company Headquarters	Minot, North Dakota
Fiscal Year-End	April 30
Reportable Segments	Multi-Family Residential, Commercial Office, Commercial Healthcare, Commercial Industrial, Commercial Retail
Total Properties	269
Total Square Feet
(commercial properties)	12.4 million
Total Units
(multi-family residential properties)	10,280
Common Shares Outstanding (thousands)	101,488
Limited Partnership Units Outstanding (thousands)	21,635
Common Share Distribution - Quarter/Annualized	$0.13/$0.52
Dividend Yield	5.3%
Total Capitalization (see p.14 for detail)	$2.4 billion

Investor Information

Board of Trustees

Jeffrey L. Miller	Trustee and Chairman
Stephen L. Stenehjem	Trustee
John D. Stewart	Trustee, Vice Chairman, and Chair of Audit Committee
John T. Reed	Trustee, Chair of Nominating and Governance Committee
W. David Scott	Trustee, Chair of Compensation Committee
Jeffrey K. Woodbury	Trustee
Linda J. Hall	Trustee
Thomas A. Wentz, Jr.	Trustee, Executive 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	Executive Vice President and Chief Operating Officer; Trustee
Diane K. Bryantt	Executive Vice President and Chief Financial Officer
Michael A. Bosh	Executive Vice President, General Counsel and Assistant Secretary
Mark Reiling	Executive Vice President of Asset Management
Charles A. Greenberg	Senior Vice President, Commercial Asset Management
Ted E. Holmes	Senior Vice President, Finance
Andrew Martin	Senior Vice President, Residential Property Management

Corporate Headquarters:

1400 31^st Avenue SW, Suite 60

Post Office Box 1988

Minot, North Dakota 58702-1988

Trading Symbol:  IRET

Stock Exchange Listing:  NYSE

Investor Relations:

Lindsey Knoop-Anderson

landerson@iret.com

3

Common Share Data (NYSE: IRET)*

	4th Quarter Fiscal Year 2013		3rd Quarter Fiscal Year 2013		2nd Quarter Fiscal Year 2013		1st Quarter Fiscal Year 2013		4th Quarter Fiscal Year 2012
High Closing Price	$	10.00	$	9.40	$	8.49	$	8.31	$	7.97
Low Closing Price	$	9.20	$	7.73	$	7.92	$	7.05	$	7.22
Average Closing Price	$	9.59	$	8.70	$	8.25	$	7.57	$	7.56
Closing Price at end of quarter	$	9.73	$	9.36	$	8.42	$	8.16	$	7.22
Common Share Distributions—annualized	$	0.520	$	0.520	$	0.520	$	0.520	$	0.520
Closing Dividend Yield - annualized		5.3%		5.6%		6.2%		6.4%		7.2%
Closing common shares outstanding (thousands)		101,488		94,386		93,161		91,812		89,474
Closing limited partnership units outstanding (thousands)		21,635		21,489		21,336		21,171		20,332
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)	$	1,197,987	$	1,084,590	$	964,065	$	921,941	$	792,799

*Effective December 18, 2012, IRET transferred the listing of its common shares and Series A preferred shares to the New York Stock Exchange from the NASDAQ Global Select Market.

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: intentions and expectations regarding future distributions on our common shares and units, 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 2013 Form 10-K. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Fourth Quarter Fiscal 2013 Acquisitions and Development Projects Placed in Service

First Avenue Apartments 13 1st Ave SWMinot, ND 58701	Arrowhead First International Bank - Minot, ND150 16th St. SWMinot, ND 58701
Whispering Ridge 17551 Pinkney PlazaOmaha, NE 68116

4

Property Cost by Segment – Fourth Quarter Fiscal 2013

With investments in the multi-family residential and commercial office, commercial healthcare, commercial industrial and commercial 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)

	4/30/2013		1/31/2013		10/31/2012		07/31/2012		04/30/2012
ASSETS
Real estate investments
Property owned	$	2,032,970	$	2,007,832	$	1,983,978	$	1,979,099	$	1,892,009
Less accumulated depreciation		(420,421)		(408,400)		(394,256)		(387,286)		(373,490)
		1,612,549		1,599,432		1,589,722		1,591,813		1,518,519
Development in progress		46,782		20,127		23,218		10,498		27,599
Unimproved land		21,503		18,879		11,670		10,990		10,990
Total real estate investments		1,680,834		1,638,438		1,624,610		1,613,301		1,557,108
Real estate held for sale		0		733		1,844		1,131		2,067
Cash and cash equivalents		94,133		62,302		84,258		37,002		39,989
Other investments		639		638		637		635		634
Receivable arising from straight-lining of rents, net of allowance		26,354		25,471		24,895		24,127		23,273
Accounts receivable, net of allowance		4,534		3,560		2,854		6,448		7,052
Real estate deposits		196		165		55		4		263
Prepaid and other assets		5,124		5,545		2,101		3,070		3,703
Intangible assets, net of accumulated amortization		40,457		41,009		42,281		43,796		44,588
Tax, insurance, and other escrow		12,569		13,306		12,177		13,161		11,669
Property and equipment, net of accumulated depreciation		1,221		1,288		1,351		1,332		1,454
Goodwill		1,106		1,106		1,110		1,120		1,120
Deferred charges and leasing costs, net of accumulated amortization		22,387		22,513		21,164		21,932		21,447
TOTAL ASSETS	$	1,889,554	$	1,816,074	$	1,819,337	$	1,767,059	$	1,714,367
LIABILITIES AND EQUITY
LIABILITIES
Accounts payable and accrued expenses	$	50,797	$	44,540	$	38,762	$	41,084	$	47,403
Revolving line of credit		10,000		10,000		10,000		44,500		39,000
Mortgages payable		1,049,206		1,041,623		1,045,197		1,080,655		1,048,689
Other		18,170		21,632		32,889		25,094		14,012
TOTAL LIABILITIES		1,128,173		1,117,795		1,126,848		1,191,333		1,149,104
EQUITY
Investors Real Estate Trust shareholders' equity
Series A Preferred Shares of Beneficial Interest		27,317		27,317		27,317		27,317		27,317
Series B Preferred Shares of Beneficial Interest		111,357		111,357		111,357		0		0
Common Shares of Beneficial Interest		784,454		721,742		711,880		701,431		684,049
Accumulated distributions in excess of net income		(310,341)		(305,145)		(295,396)		(289,025)		(278,377)
Total Investors Real Estate Trust shareholders' equity		612,787		555,271		555,158		439,723		432,989
Noncontrolling interests – Operating Partnership		122,539		121,940		122,357		122,373		118,710
Noncontrolling interests – consolidated real estate entities		26,055		21,068		14,974		13,630		13,564
Total equity		761,381		698,279		692,489		575,726		565,263
TOTAL LIABILITIES AND EQUITY	$	1,889,554	$	1,816,074	$	1,819,337	$	1,767,059	$	1,714,367

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	4/30/2013		4/30/2012		4/30/2013		1/31/2013		10/31/2012		07/31/2012		04/30/2012
Real estate revenue	$	259,406	$	239,078	$	67,011	$	65,976	$	64,689	$	61,730	$	59,932
Real estate expenses		103,132		97,388		27,122		26,372		24,802		24,836		22,632
Gain on involuntary conversion		5,084		274		2,821		0		2,263		0		274
Net operating income		161,358		141,964		42,710		39,604		42,150		36,894		37,574
Depreciation/amortization		(65,270)		(59,642)		(16,519)		(16,208)		(16,414)		(16,129)		(15,053)
Administrative expenses, advisory and trustee services		(8,494)		(7,381)		(2,092)		(2,245)		(2,061)		(2,096)		(1,437)
Other expenses		(2,173)		(1,898)		(677)		(464)		(513)		(519)		(389)
Impairment of real estate investments		(305)		0		(305)		0		0		0		0
Interest expense		(62,900)		(64,066)		(14,928)		(15,566)		(16,141)		(16,265)		(16,172)
Interest and other income		748		786		148		255		203		142		141
Income from continuing operations		22,964		9,763		8,337		5,376		7,224		2,027		4,664
Income (loss) from discontinued operations		7,008		(57)		3,476		777		2,786		(31)		(543)
Net income	$	29,972	$	9,706	$	11,813	$	6,153	$	10,010	$	1,996	$	4,121
Net income attributable to noncontrolling interest – Operating Partnership		(3,633)		(1,359)		(1,536)		(556)		(1,290)		(251)		(636)
Net income attributable to noncontrolling interests – consolidated real estate entities		(809)		(135)		(262)		(273)		(208)		(66)		(106)
Net income attributable to Investors Real Estate Trust		25,530		8,212		10,015		5,324		8,512		1,679		3,379
Dividends to preferred shareholders		(9,229)		(2,372)		(2,879)		(2,879)		(2,878)		(593)		(593)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	16,301	$	5,840	$	7,136	$	2,445	$	5,634	$	1,086	$	2,786
Per Share Data
Earnings per common share from continuing operations – Investors Real Estate Trust – basic & diluted	$	.11	$	.07	$	.04	$	.02	$	.04	$	.01	$	.04
Earnings (loss) per common share from discontinued operations – Investors Real Estate Trust – basic & diluted		.06		.00		.03		.01		.02		.00		(.01)
Net income per common share – basic & diluted	$	.17	$	.07	$	.07	$	.03	$	.06	$	.01	$	.03
Percentage of Revenues
Real estate expenses		39.8%		40.7%		40.1%		40.0%		38.3%		40.2%		37.8%
Depreciation/amortization		25.2%		24.9%		24.7%		24.6%		25.4%		26.1%		25.1%
General and administrative		3.3%		3.1%		3.1%		3.4%		3.2%		3.4%		2.4%
Interest		24.2%		26.8%		22.3%		23.6%		25.0%		26.3%		27.0%
Income (loss) from discontinued operations		2.7%		0.0%		5.2%		1.2%		4.3%		(0.1%)		(0.9%)
Net income		11.6%		4.1%		18.4%		9.3%		15.5%		3.2%		6.9%
Ratios
EBITDA(1)/Interest expense		2.30x		2.06x		2.41x		2.34x		2.28x		2.09x		2.17x
EBITDA(1)/Interest expense plus preferred distributions		2.01x		1.99x		2.03x		1.98x		1.95x		2.02x		2.09x

(1) See Definitions on page 28.  EBITDA is a non-GAAP measure; see page 9 for a reconciliation of EBITDA to net income.

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
	4/30/2013		4/30/2012		4/30/2013		1/31/2013		10/31/2012		07/31/2012		04/30/2012
Funds From Operations(1)
Net income attributable to Investors Real Estate Trust	$	25,530	$	8,212	$	10,015	$	5,324	$	8,512	$	1,679	$	3,379
Less dividends to preferred shareholders		(9,229)		(2,372)		(2,879)		(2,879)		(2,878)		(593)		(593)
Net income available to common shareholders		16,301		5,840		7,136		2,445		5,634		1,086		2,786
Adjustments:
Noncontrolling interests – Operating Partnership		3,633		1,359		1,536		556		1,290		251		636
Depreciation and amortization		65,542		60,057		16,572		16,263		16,520		16,187		15,165
Impairment of real estate investments		305		428		305		0		0		0		293
(Gain) loss on depreciable property sales	$	(6,885)	$	(349)		(3,433)		(772)		(2,753)		73		240
Funds from operations applicable to common shares and Units		78,896		67,335	$	22,116	$	18,492	$	20,691	$	17,597	$	19,120
FFO per share and unit - basic and diluted	$	0.69	$	0.65	$	0.19	$	0.16	$	0.18	$	0.16	$	0.18
Adjusted funds from operations(1)
Funds from operations applicable to common shares and Units	$	78,896	$	67,335	$	22,116	$	18,492	$	20,691	$	17,597	$	19,120
Adjustments:
Tenant improvements at stabilized properties		(9,839)		(10,309)		(3,092)		(3,156)		(1,385)		(2,206)		(4,846)
Leasing costs at stabilized properties		(5,127)		(4,275)		(610)		(2,231)		(951)		(1,335)		(807)
Recurring capital expenditures(1)		(5,990)		(6,704)		(687)		(1,614)		(1,893)		(1,796)		(1,451)
Straight-line rents		(3,091)		(4,384)		(883)		(576)		(768)		(864)		(1,330)
Non-real estate depreciation		381		409		82		80		83		136		78
Gain on involuntary conversion		(5,084)		(274)		(2,821)		0		(2,263)		0		(274)
Adjusted funds from operations applicable to common shares and Units	$	50,146	$	41,799	$	14,105	$	10,995	$	13,514	$	11,532	$	10,490
AFFO per share and unit - basic and diluted		0.44		0.41		0.12		0.10		0.12		0.10		0.10
Weighted average shares and units		114,535		103,432		118,192		115,207		113,690		111,292		107,316

(1) See Definitions on page 28.

8

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

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

(in thousands)

	Twelve Months Ended				Three Months Ended
	4/30/2013		4/30/2012		4/30/2013		1/31/2013		10/31/2012		07/31/2012		04/30/2012
EBITDA(1)
Net income attributable to Investors Real Estate Trust	$	25,530	$	8,212	$	10,015	$	5,324	$	8,512	$	1,679	$	3,379
Adjustments:
Noncontrolling interests – Operating Partnership		3,633		1,359		1,536		556		1,290		251		636
Income before noncontrolling interests – Operating Partnership		29,163		9,571		11,551		5,880		9,802		1,930		4,015
Add:
Interest		63,686		65,230		15,069		15,731		16,369		16,517		16,454
Depreciation/amortization related to real estate investments		62,475		57,108		15,759		15,506		15,757		15,453		14,390
Amortization related to non-real estate investments		3,274		3,216		848		794		799		833		821
Amortization related to real estate revenues(2)		175		141		49		43		46		37		30
Less:
Interest income		(222)		(148)		(46)		(70)		(88)		(18)		(33)
Gain on sale of real estate, land and other investments		(6,885)		(349)		(3,433)		(772)		(2,753)		73		240
Gain on involuntary conversion		(5,084)		(274)		(2,821)		0		(2,263)		0		(274)
EBITDA	$	146,582	$	134,495	$	36,976	$	37,112	$	37,669	$	34,825	$	35,643

(1) Definitions on page 28.

(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 Mortgage Debt
Fiscal Year	Fixed Debt		Variable Debt		Total Debt		Weighted Average(1)	% of Total Debt
2014	$	33,701	$	3,474	$	37,175	5.35%	3.5%
2015		70,990		17,161		88,151	5.44%	8.4%
2016		75,782		0		75,782	5.54%	7.2%
2017		177,159		0		177,159	6.12%	16.9%
2018		80,599		0		80,599	5.06%	7.7%
2019		95,502		5,581		101,083	5.90%	9.6%
2020		122,622		0		122,622	5.90%	11.7%
2021		124,960		0		124,960	5.35%	12.0%
2022		135,070		0		135,070	5.62%	12.9%
2023		38,651		0		38,651	4.25%	3.7%
Thereafter		67,954		0		67,954	4.74%	6.4%
Total maturities	$	1,022,990	$	26,216	$	1,049,206	5.55%	100.0%

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

	4/30/2013		1/31/2013		10/31/2012		07/31/2012		04/30/2012
Balances Outstanding
Mortgage
Fixed rate	$	1,022,990	$	1,004,567	$	1,021,661	$	1,064,564	$	1,032,543
Variable rate		26,216		37,056		23,536		16,091		16,146
Mortgage total	$	1,049,206	$	1,041,623	$	1,045,197	$	1,080,655	$	1,048,689
Weighted Average Interest Rates
Secured		5.55%		5.65%		5.66%		5.72%		5.78%

10

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT* DETAIL AS OF APRIL 30, 2013(in thousands)

Property		Maturity Date	Fiscal 2014		Fiscal 2015		Fiscal 2016		Fiscal 2017		Thereafter		Total(1)
Multi-Family Residential
Quarry Ridge - Rochester, MN(2)		10/1/2013	$	11,599	$	0	$	0	$	0	$	0	$	11,599
Monticello Village - Monticello, MN		3/1/2014		2,886		0		0		0		0		2,886
Evergreen II - Isanti, MN		11/1/2014		0		2,148		0		0		0		2,148
Campus Center - St Cloud, MN		6/1/2015		0		0		1,280		0		0		1,280
Campus Knoll - St Cloud, MN		6/1/2015		0		0		853		0		0		853
Landmark - Grand Forks, ND		8/24/2015		0		0		1,700		0		0		1,700
Regency Park Estates - St Cloud, MN		1/1/2016		0		0		6,966		0		0		6,966
Pebble Springs – Bismarck, ND		7/1/2016		0		0		0		792		0		792
Southview – Minot, ND		7/1/2016		0		0		0		1,082		0		1,082
Summary of Debt due after Fiscal 2017				0		0		0		0		346,919		346,919
Sub-Total Multi-Family Residential			$	14,485	$	2,148	$	10,799	$	1,874	$	346,919	$	376,225
Commercial Office
Whitewater Plaza - Minnetonka, MN		3/1/2014	$	2,523	$	0	$	0	$	0	$	0	$	2,523
Whitewater Plaza - Minnetonka, MN		3/1/2014		1,308		0		0		0		0		1,308
Viromed - Eden Prairie, MN		4/1/2014		324		0		0		0		0		324
Wirth Corporate Center - Golden Valley, MN		4/1/2014		3,538		0		0		0		0		3,538
TCA Building - Eagan, MN		5/1/2014		0		7,080		0		0		0		7,080
Brenwood - Hennepin County, MN(3)		7/15/2014		0		5,250		0		0		0		5,250
Burnsville Bluffs II - Burnsville, MN		8/8/2014		0		1,719		0		0		0		1,719
Plymouth IV - Plymouth, MN		8/8/2014		0		3,170		0		0		0		3,170
Plymouth V - Plymouth, MN		8/8/2014		0		3,705		0		0		0		3,705
Plaza VII - Boise, ID		9/1/2014		0		993		0		0		0		993
Crosstown Centre - Eden Prairie, MN		12/1/2014		0		3,303		0		0		0		3,303
Crosstown Centre - Eden Prairie, MN		12/1/2014		0		9,908		0		0		0		9,908
Northgate I - Maple Grove, MN		12/10/2014		0		5,163		0		0		0		5,163
Plymouth I - Plymouth, MN		12/10/2014		0		1,157		0		0		0		1,157
Plymouth II - Plymouth, MN		12/10/2014		0		1,157		0		0		0		1,157
Plymouth III - Plymouth, MN		12/10/2014		0		1,425		0		0		0		1,425
Benton Business Park - Sauk Rapids, MN		1/1/2015		0		560		0		0		0		560
West River Business Park - Waite Park, MN		1/1/2015		0		560		0		0		0		560
Highlands Ranch I - Highlands Ranch, CO		3/1/2015		0		8,221		0		0		0		8,221
Highlands Ranch II - Highlands Ranch, CO		3/1/2015		0		7,898		0		0		0		7,898
US Bank Financial Center - Bloomington, MN		7/1/2015		0		0		13,425		0		0		13,425
Rapid City 900 Concourse Drive - Rapid City, SD		8/1/2015		0		0		1,171		0		0		1,171
Westgate I - Boise, ID		8/1/2015		0		0		1,196		0		0		1,196
Westgate II - Boise, ID	8/1/2015			0		0		2,929		0		0		2,929
Brook Valley I - LaVista, NE	1/1/2016			0		0		1,301		0		0		1,301
Spring Valley IV - Omaha, NE	1/1/2016			0		0		775		0		0		775
Spring Valley V - Omaha, NE	1/1/2016			0		0		852		0		0		852
Spring Valley X - Omaha, NE	1/1/2016			0		0		790		0		0		790
Spring Valley XI - Omaha, NE	1/1/2016			0		0		775		0		0		775
American Corporate Center – Mendota Heights, MN	9/1/2016			0		0		0		8,909		0		8,909
Mendota Office Center I – Mendota Heights, MN	9/1/2016			0		0		0		3,836		0		3,836
Mendota Office Center II - Mendota Heights, MN	9/1/2016			0		0		0		5,668		0		5,668
Mendota Office Center III - Mendota Heights, MN	9/1/2016			0		0		0		3,895		0		3,895

11

 INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT* DETAIL AS OF APRIL 30, 2013 (continued)(in thousands)

Property	Maturity Date		Fiscal 2014		Fiscal 2015		Fiscal 2016		Fiscal 2017		Thereafter				Total(1)
Mendota Office Center IV - Mendota Heights, MN		9/1/2016		0		0		0		4,631			0			4,631
Corporate Center West – Omaha, NE		10/6/2016		0		0		0		17,315			0			17,315
Farnam Executive Center – Omaha, NE		10/6/2016		0		0		0		12,160			0			12,160
Flagship – Eden Prarie, MN		10/6/2016		0		0		0		21,565			0			21,565
Gateway Corporate Center – Woodbury, MN		10/6/2016		0		0		0		8,700			0			8,700
Miracle Hills One – Omaha, NE		10/6/2016		0		0		0		8,895			0			8,895
Pacific Hills – Omaha, NE		10/6/2016		0		0		0		16,770			0			16,770
Riverport – Maryland Heights, MO		10/6/2016		0		0		0		19,690			0			19,690
Timberlands – Leawood, KS		10/6/2016		0		0		0		13,155			0			13,155
Woodlands Plaza IV – Maryland Heights, MO		10/6/2016		0		0		0		4,360			0			4,360
2030 Cliff Road – Eagan, MN		1/11/2017		0		0		0		967			0			967
Summary of Debt due after Fiscal 2017				0		0		0		0			101,061			101,061
Sub-Total Commercial Office			$	7,693	$	61,269	$	23,214	$	150,516		$	101,061	$		343,753

Commercial Healthcare
High Pointe Health Campus - Lake Elmo, MN	4/1/2014	$	5,400	$	0	$	0	$	0	$	0	$	5,400
Edgewood Vista - Billings, MT	12/10/2014		0		1,905		0		0		0		1,905
Edgewood Vista - East Grand Forks, MN	12/10/2014		0		2,902		0		0		0		2,902
Edgewood Vista - Sioux Falls, SD	12/10/2014		0		1,091		0		0		0		1,091
Garden View Medical - St Paul, MN	8/1/2015		0		0		1,320		0		0		1,320
Edina 6363 France Medical - St Paul, MN	8/6/2015		0		0		10,000		0		0		10,000
2800 Medical Building - Minneapolis, MN	9/1/2015		0		0		5,399		0		0		5,399
2828 Medical Building - Minneapolis, MN	9/1/2015		0		0		8,379		0		0		8,379
Edina 6405 France Medical - Edina, MN	9/1/2015		0		0		8,782		0		0		8,782
Ritchie Medical Plaza - St Paul, MN	9/1/2015		0		0		6,463		0		0		6,463
Airport Medical – Bloomington, MN	6/1/2016		0		0		0		1,083		0		1,083
Park Dental – Brooklyn Center, MN	6/1/2016		0		0		0		621		0		621
Edina 6517 Drew Ave – Edina, MN	9/6/2016		0		0		0		1,133		0		1,133
Edgewood Vista – Fargo, ND	10/25/2016		0		0		0		12,877		0		12,877
Sartell 2000 23rd St S – Sartell, MN	12/1/2016		0		0		0		3,256		0		3,256
Billings 2300 Grant Road – Billings, MT	12/31/2016		0		0		0		1,645		0		1,645
Missoula 3050 Great Northern Ave – Missoula, MT	12/31/2016		0		0		0		1,727		0		1,727
Summary of Debt due after Fiscal 2017			0		0		0		0		181,403		181,403
Sub-Total Commercial Healthcare		$	5,400	$	5,898	$	40,343	$	22,342	$	181,403	$	255,386
Commercial Industrial
Bodycote Industrial Building - Eden Prairie, MN(3)	9/1/2013	$	1,046	$	0	$	0	$	0	$	0	$	1,046
Cedar Lake Business Center - St. Louis Park, MN	11/1/2013		2,276		0		0		0		0		2,276
Woodbury 1865 Woodlane - Woodbury, MN	11/1/2013		2,679		0		0		0		0		2,679
Stone Container - Roseville, MN(3)	7/14/2014		0		4,500		0		0		0		4,500
Brooklyn Park 7401 Boone Avenue - Brooklyn Park, MN	9/28/2014		0		7,411		0		0		0		7,411
Clive 2075 NW 94th St - Clive, IA	9/30/2014		0		2,175		0		0		0		2,175
Stone Container - Fargo, ND	12/1/2015		0		0		633		0		0		633
Stone Container - Fargo, ND	12/1/2015		0		0		793		0		0		793

12

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LONG-TERM MORTGAGE DEBT* DETAIL AS OF APRIL 30, 2013 (continued)(in thousands)

Property		Maturity Date	Fiscal 2014		Fiscal 2015		Fiscal 2016		Fiscal 2017		Thereafter			Total(1)
Minnetonka 13600 County Road 62 – Minnetonka, MN	2/27/2017			0		0		0		2,427			0			2,427
Summary of Debt due after Fiscal 2017				0		0		0		0			14,682			14,682
Sub-Total Commercial Industrial			$	6,001	$	14,086	$	1,426	$	2,427		$	14,682		$	38,622

Commercial Retail
Burnsville I Strip Center - Burnsville, MN	6/30/2013	$	329	$	0	$	0	$	0	$	0	$	329
Burnsville II Strip Center - Burnsville, MN	6/30/2013		259		0		0		0		0		259
St Cloud Westgate - St Cloud, MN	10/10/2013		3,008		0		0		0		0		3,008
Omaha Barnes & Noble - Omaha, NE	6/1/2014		0		2,418		0		0		0		2,418
Jamestown Buffalo Mall - Jamestown, ND	9/1/2014		0		462		0		0		0		462
Fargo Express Center - Fargo, ND	10/1/2014		0		938		0		0		0		938
Lakeville Strip Center - Lakeville, MN	10/1/2014		0		932		0		0		0		932
Summary of Debt due after Fiscal 2017			0		0		0		0		26,874		26,874
Sub-Total Commercial Retail		$	3,596	$	4,750	$	0	$	0	$	26,874	$	35,220
Total		$	37,175	$	88,151	$	75,782	$	177,159	$	670,939	$	1,049,206

* Mortgage debt does not include the Company's multi-bank line of credit or construction loans.  The line of credit has a maturity date of August 12, 2014; as of April 30, 2013, the Company had borrowings of $10.0 million outstanding under this line. Construction loans and other debt totaled $18.1 million as of April 30, 2013.

(1) Totals are principal balances as of April 30, 2013.

(2) Application for refinance signed subsequent to April 30, 2013.

(3) Loan was paid off subsequent to April 30, 2013.

13

 INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CAPITAL ANALYSIS

(in thousands, except per share and unit amounts)

	Three Months Ended
	4/30/2013		1/31/2013		10/31/2012		07/31/2012		04/30/2012
Equity Capitalization
Common shares outstanding		101,488		94,386		93,161		91,812		89,474
Operating partnership (OP) units outstanding		21,635		21,489		21,336		21,171		20,332
Total common shares and OP units outstanding		123,123		115,875		114,497		112,983		109,806
Market price per common share (closing price at end of period)	$	9.73	$	9.36	$	8.42	$	8.16	$	7.22
Equity capitalization-common shares and OP units	$	1,197,987	$	1,084,590	$	964,065	$	921,941	$	792,799
Recorded book value of preferred shares	$	138,674	$	138,674	$	138,674	$	27,317	$	27,317
Total equity capitalization	$	1,336,661	$	1,223,264	$	1,102,739	$	949,258	$	820,116
Debt Capitalization
Total debt	$	1,077,282	$	1,073,152	$	1,087,972	$	1,150,123	$	1,101,564
Total capitalization	$	2,413,943	$	2,296,416	$	2,190,711	$	2,099,381	$	1,921,680
Total debt to total capitalization		0.45:1		0.47:1		0.50:1		0.55:1		0.57:1

	Twelve Months Ended				Three Months Ended
	4/30/2013		4/30/2012		4/30/2013		1/31/2013		10/31/2012		07/31/2012		04/30/2012
Earnings to fixed charges(1)		1.33x		1.14x		1.51x		1.31x		1.42x		1.11x		1.25x
Earnings to combined fixed charges and preferred distributions(1)		1.17x		1.10x		1.27x		1.11x		1.21x		1.07x		1.21x
Debt service coverage ratio(1)		1.59x		1.43x		1.64x		1.63x		1.60x		1.45x		1.49x
Distribution Data
Common shares and units outstanding at record date		116,338		106,642		116,338		115,284		113,516		111,525		106,642
Total common distribution paid	$	59,250	$	57,756	$	15,124	$	14,956	$	14,757	$	14,413	$	13,809
Common distribution per share and unit	$	.5200	$	.5615	$	.1300	$	.1300	$	.1300	$	.1300	$	.1300
Payout ratio (FFO per share and unit basis)(1)		75.4%		86.4%		68.4%		81.3%		72.2%		81.3%		72.2%
Payout ratio (AFFO per share and unit basis)(1)		130.0%		137.0%		162.5%		130.0%		108.3%		130.0%		130.0%

(1) See Definitions on page 28.

14

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

STABILIZED PROPERTIES NET OPERATING INCOME SUMMARY

(in thousands)

	Stabilized Properties(1)					Stabilized Properties(1)
	Three Months Ended April 30,					Twelve Months Ended April 30,
Segment	2013		2012		% Change	2013		2012		% Change
Multi-Family Residential	$	14,899	$	10,279	44.9%	$	55,895	$	38,595	44.8%
Commercial Office		10,192		10,247	(0.5%)		39,216		39,518	(0.8%)
Commercial Healthcare		11,295		11,030	2.4%		45,196		43,861	3.0%
Commercial Industrial		2,816		3,357	(16.1%)		10,656		10,776	(1.1%)
Commercial Retail		3,509		2,661	31.9%		10,395		9,214	12.8%
	$	42,711	$	37,574	13.7%	$	161,358	$	141,964	13.7%

(1) See list of properties excluded from stabilized properties on page ii.

15

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended April 30, 2013
	Reporting Segments
	Multi-Family Residential		Commercial Office		Commercial Healthcare		Commercial Industrial		Commercial Retail		Corporate and Other		Total
Real estate rental revenue
Stabilized(1)	$	18,469	$	20,057	$	14,321	$	3,862	$	3,855	$	0	$	60,564
Non-Stabilized		4,909		0		1,368		160		11		0		6,448
Total		23,378		20,057		15,689		4,022		3,866		0		67,012
Real estate expenses
Stabilized(1)		8,171		9,865		4,131		1,206		1,585		0		24,958
Non-Stabilized		1,897		0		263		0		4		0		2,164
Total		10,068		9,865		4,394		1,206		1,589		0		27,122
Gain on involuntary conversion
Stabilized(1)		0		0		0		0		1,232		0		1,232
Non-stabilized		1,589		0		0		0		0		0		1,589
Total		1,589		0		0		0		1,232		0		2,821
Net Operating Income (NOI)
Stabilized(1)		10,298		10,192		10,190		2,656		3,502		0		36,838
Non-Stabilized		4,601		0		1,105		160		7		0		5,873
Net operating income	$	14,899	$	10,192	$	11,295	$	2,816	$	3,509	$	0	$	42,711
Reconciliation of NOI to net income (loss) available to common shareholders
Depreciation/amortization	$	(4,764)	$	(5,283)	$	(4,488)	$	(895)	$	(1,006)	$	(83)	$	(16,519)
Administrative, advisory and trustee fees		0		0		0		0		0		(2,092)		(2,092)
Other expenses		0		0		0		0		0		(677)		(677)
Impairment of real estate investments		0		0		0		0		0		(305)		(305)
Interest expense		(5,161)		(5,163)		(3,501)		(674)		(510)		81		(14,928)
Interest and other income		0		0		0		0		0		148		148
Income (loss) from continuing operations		4,974		(254)		3,306		1,247		1,993		(2,928)		8,338
Income from discontinued operations		3475		0		0		0		0		0		3,475
Net income (loss)		8,449		(254)		3,306		1,247		1,993		(2,928)		11,813
Net income attributable to noncontrolling interests – Operating Partnership		0		0		0		0		0		(1,537)		(1,537)
Net income attributable to noncontrolling interests – consolidated real estate entities		0		0		0		0		0		(262)		(262)
Net income (loss) attributable to Investors Real Estate Trust		8,449		(254)		3,306		1,247		1,993		(4,727)		10,014
Dividends to preferred shareholders		0		0		0		0		0		(2,879)		(2,879)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	8,449		(254)		3,306		1,247		1,993	$	(7,606)	$	7,135

(1) See list of properties excluded from stabilized properties on page ii.

16

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Three Months Ended April 30, 2012
	Reporting Segments
	Multi-Family Residential		Commercial Office		Commercial Healthcare		Commercial Industrial		Commercial Retail		Corporate and Other		Total
Real estate rental revenue
Stabilized(1)	$	17,737	$	18,611	$	13,913	$	3,728	$	3,558	$	0	$	57,547
Non-Stabilized		1,322		0		1,063		0		0		0		2,385
Total		19,059		18,611		14,976		3,728		3,558		0		59,932
Real estate expenses
Stabilized(1)		8,272		8,364		3,817		371		1,171		0		21,995
Non-Stabilized		508		0		129		0		0		0		637
Total		8,780		8,364		3,946		371		1,171		0		22,632
Gain on involuntary conversion
Stabilized(1)		0		0		0		0		274		0		274
Non-stabilized		0		0		0		0		0		0		0
Total		0		0		0		0		274		0		274
Net Operating Income (NOI)
Stabilized(1)		9,465		10,247		10,096		3,357		2,661		0		35,826
Non-Stabilized		814		0		934		0		0		0		1,748
Net operating income	$	10,279	$	10,247	$	11,030	$	3,357	$	2,661	$	0	$	37,574
Reconciliation of NOI to net income (loss) available to common shareholders
Depreciation/amortization	$	(3,820)	$	(5,190)	$	(4,203)	$	(863)	$	(899)	$	(78)	$	(15,053)
Administrative, advisory and trustee services		0		0		0		0		0		(1,437)		(1,437)
Other expenses		0		0		0		0		0		(389)		(389)
Interest expense		(4,454)		(5,364)		(4,253)		(914)		(709)		(478)		(16,172)
Interest and other income		0		0		0		0		0		141		141
Income (loss) from continuing operations		2,005		(307)		2,574		1,580		1,053		(2,241)		4,664
Income (loss) from discontinued operations		54		0		(383)		0		(214)		0		(543)
Net income (loss)		2,059		(307)		2,191		1,580		839		(2,241)		4,121
Net income attributable to noncontrolling interests – Operating Partnership		0		0		0		0		0		(636)		(636)
Net income attributable to noncontrolling interests – consolidated real estate entities		0		0		0		0		0		(106)		(106)
Net income (loss) attributable to Investors Real Estate Trust		2,059		(307)		2,191		1,580		839		(2,983)		3,379
Dividends to preferred shareholders		0		0		0		0		0		(593)		(593)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	2,059	$	(307)	$	2,191	$	1,580	$	839	$	(3,576)	$	2,786

(1) See list of properties excluded from stabilized properties on page ii.

17

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Twelve Months Ended April 30, 2013
	Reporting Segments
	Multi-Family Residential		Commercial Office		Commercial Healthcare		Commercial Industrial		Commercial Retail		Corporate and Other		Total
Real estate rental revenue
Stabilized(1)	$	72,948	$	77,162	$	57,304	$	14,699	$	14,588	$	0	$	236,701
Non-Stabilized		17,811		0		4,671		212		11		0		22,705
Total		90,759		77,162		61,975		14,911		14,599		0		259,406
Real estate expenses
Stabilized(1)		32,445		37,946		16,027		4,255		5,433		0		96,106
Non-Stabilized		6,271		0		752		0		3		0		7,026
Total		38,716		37,946		16,779		4,255		5,436		0		103,132
Gain on involuntary conversion
Stabilized(1)		0		0		0		0		1,232		0		1,232
Non-stabilized		3,852		0		0		0		0		0		3,852
Total		3,852		0		0		0		1,232		0		5,084
Net Operating Income (NOI)
Stabilized(1)		40,503		39,216		41,277		10,444		10,387		0		141,827
Non-Stabilized		15,392		0		3,919		212		8		0		19,531
Net operating income	$	55,895	$	39,216	$	45,196	$	10,656	$	10,395	$	0	$	161,358
Reconciliation of NOI to net income (loss) available to common shareholders
Depreciation/amortization	$	(18,707)	$	(20,920)	$	(17,732)	$	(3,642)	$	(3,888)	$	(381)	$	(65,270)
Administrative, advisory and trustee fees		0		0		0		0		0		(8,494)		(8,494)
Other expenses		0		0		0		0		0		(2,173)		(2,173)
Impairment of real estate investments		0		0		0		0		0		(305)		(305)
Interest expense		(20,533)		(21,008)		(15,076)		(3,102)		(2,376)		(805)		(62,900)
Interest and other income		0		0		0		0		0		748		748
Income (loss) from continuing operations		16,655		(2,712)		12,388		3,912		4,131		(11,410)		22,964
Income (loss) from discontinued operations		3,653		0		3,419		0		(64)		0		7,008
Net income (loss)		20,308		(2,712)		15,807		3,912		4,067		(11,410)		29,972
Net income attributable to noncontrolling interests – Operating Partnership		0		0		0		0		0		(3,633)		(3,633)
Net income attributable to noncontrolling interests – consolidated real estate entities		0		0		0		0		0		(809)		(809)
Net income (loss) attributable to Investors Real Estate Trust		20,308		(2,712)		15,807		3,912		4,067		(15,852)		25,530
Dividends to preferred shareholders		0		0		0		0		0		(9,229)		(9,229)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	20,308	$	(2,712)	$	15,807	$	3,912	$	4,067	$	(25,081)	$	16,301

(1) See list of properties excluded from stabilized properties on page ii.

18

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

NET OPERATING INCOME DETAIL

(in thousands)

	Twelve Months Ended April 30, 2012
	Reporting Segments
	Multi-Family Residential		Commercial Office		Commercial Healthcare		Commercial Industrial		Commercial Retail		Corporate and Other		Total
Real estate rental revenue
Stabilized(1)	$	69,883	$	74,334	$	61,978	$	14,325	$	13,408	$	0	$	233,928
Non-Stabilized		2,617		0		2,533		0		0		0		5,150
Total		72,500		74,334		64,511		14,325		13,408		0		239,078
Real estate expenses
Stabilized(1)		32,801		34,816		20,353		3,549		4,468		0		95,987
Non-Stabilized		1,104		0		297		0		0		0		1,401
Total		33,905		34,816		20,650		3,549		4,468		0		97,388
Gain on involuntary conversion
Stabilized(1)		0		0		0		0		274		0		274
Non-stabilized		0		0		0		0		0		0		0
Total		0		0		0		0		274		0		274
Net Operating Income (NOI)
Stabilized(1)		37,082		39,518		41,625		10,776		9,214		0		138,215
Non-Stabilized		1,513		0		2,236		0		0		0		3,749
Net operating income	$	38,595	$	39,518	$	43,861	$	10,776	$	9,214	$	0	$	141,964
Reconciliation of NOI to net income (loss) available to common shareholders
Depreciation/amortization	$	(14,374)	$	(20,944)	$	(16,792)	$	(3,685)	$	(3,465)	$	(382)	$	(59,642)
Administrative, advisory and trustee fees		0		0		0		0		0		(7,381)		(7,381)
Other expenses		0		0		0		0		0		(1,898)		(1,898)
Interest expense		(17,715)		(21,350)		(15,974)		(3,668)		(3,017)		(2,342)		(64,066)
Interest and other income		0		0		0		0		0		786		786
Income (loss) from continuing operations		6506		(2,776)		11,095		3,423		2,732		(11,217)		9,763
Income (loss) from discontinued operations		161		0		(465)		0		247		0		(57)
Net income (loss)		6,667		(2,776)		10,630		3,423		2,979		(11,217)		9,706
Net income attributable to noncontrolling interests – Operating Partnership		0		0		0		0		0		(1,359)		(1,359)
Net income attributable to noncontrolling interests – consolidated real estate entities		0		0		0		0		0		(135)		(135)
Net income (loss) attributable to Investors Real Estate Trust		6,667		(2,776)		10,630		3,423		2,979		(12,711)		8,212
Dividends to preferred shareholders		0		0		0		0		0		(2,372)		(2,372)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	6,667	$	(2,776)	$	10,630	$	3,423	$	2,979	$	(15,083)	$	5,840

(1) See list of properties excluded from stabilized properties on page ii.

19

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

STABILIZED PROPERTIES AND ALL PROPERTIES PHYSICAL OCCUPANCY LEVELS BY SEGMENT

4th Quarter Fiscal 2013 vs. 4th Quarter Fiscal 2012

Segments	Stabilized Properties		All Properties
	4thQuarter	4thQuarter	4thQuarter	4thQuarter
	Fiscal 2013	Fiscal 2012	Fiscal 2013	Fiscal 2012
Multi-Family Residential	94.7%	94.2%	94.6%	93.7%
Commercial Office	80.2%	78.6%	80.2%	78.6%
Commercial Healthcare	94.6%	94.0%	94.7%	94.4%
Commercial Industrial	96.8%	95.5%	96.8%	95.5%
Commercial Retail	86.5%	87.1%	86.5%	87.1%

20

 INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

COMMERCIAL LEASING SUMMARY (Stabilized Properties)

for the three months ended April 30, 2013

	Three Months Ended April 30, 2013
	Square Feet of New Leases(1)	Square Feet of Leases Renewed(1) (2)	Total Square Feet of Leases Executed(1)	Physical Occupancy
Segments				Fiscal Year Ended April 30,
Office	97,904	166,083	263,987	80.2%
Healthcare	3,448	31,258	34,706	94.6%
Industrial	36,982	13,870	50,852	96.8%
Retail	28,460	30,891	59,351	86.5%
Total	166,794	242,102	408,896	88.2%

(1) The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America ("GAAP"). 

(2) Leases renewed include the retained occupancy of tenants on a month-to-month basis past their original lease expiration date.

New Leases	Three Months Ended April 30, 2013
Segments	Square Feet of New Leases(1)		Average Term in Years		Average  Effective Rent(2)		Estimated Tenant Improvement Cost per Square Foot(1)		Leasing Commissions per Square Foot(1)
Office		97,904		6.7	$	16.48	$	19.37	$	7.62
Healthcare		3,448		6.3		17.57		25.95		7.10
Industrial		36,982		4.8		4.84		3.91		1.43
Retail		28,460		5.5		7.85		9.16		5.30
Total		166,794		6.2	$	12.45	$	14.33	$	5.84

(1) The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America ("GAAP").  Tenant improvements and leasing commissions presented are based on square feet leased during the period. 

(2) Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net.

Lease Renewals	Three Months Ended April 30, 2013
Segments	Square Feet of Leases Renewed(1)		Percent of Expiring Leases Renewed(2)		Average Term in Years		Weighted Average Growth (Decline)  in Effective Rents(3)		Estimated Tenant Improvement Cost per Square Foot(1)		Leasing Commissions per Square Foot(1)
Office		166,083		84.7%		2.8		(4.9%)	$	5.60		$	4.26
Healthcare		31,258		100.0%		5.6		2.8%		8.72			3.59
Industrial		13,870		7.8%		3.0		1.4%		0.00			0.64
Retail		30,891		100.0%		3.6		23.4%		2.44			0.25
Total		242,102		50.4%		3.7		(1.3%)	$	5.28		$	3.45

(1) The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America ("GAAP").  Tenant improvements and leasing commissions are based on square feet leased during the period. 

(2) Renewal percentage of expiring leases is based on square footage of renewed leases and not the number of leases renewed. Expiring leases where the tenant retained occupancy on a month-to-month basis past the lease expiration date were considered to have been renewed.

(3) Represents the percentage change in effective rent between the original leases and the renewal leases. Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net.

21

 INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

COMMERCIAL LEASING SUMMARY (Stabilized Properties)

for the twelve months ended April 30, 2013

	Twelve Months Ended April 30, 2013
	Square Feet of New Leases(1)	Square Feet of Leases Renewed(1) (2)	Total Square Feet of Leases Executed(1)	Physical Occupancy
Segments				Fiscal Year Ended April 30,
Office	263,799	399,399	663,198	80.2%
Healthcare	51,126	55,718	106,844	94.6%
Industrial	36,982	23,572	60,554	96.8%
Retail	92,662	86,878	179,540	86.5%
Total	444,569	565,567	1,010,136	88.2%

(1) The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America ("GAAP"). 

(2) Leases renewed include the retained occupancy of tenants on a month-to-month basis past their original lease expiration date.

New Leases	Twelve Months Ended April 30, 2013
Segments	Square Feet of New Leases(1)		Average Term in Years		Average  Effective Rent(2)		Estimated Tenant Improvement Cost per Square Foot(1)		Leasing Commissions per Square Foot(1)
Office		263,799		5.5	$	14.53	$	14.24	$	5.34
Healthcare		51,126		8.2		20.14		37.99		7.06
Industrial		36,982		4.8		4.84		3.90		1.43
Retail		92,662		5.0		8.93		9.66		2.21
Total		444,569		5.9	$	13.20	$	15.16	$	4.56

(1) The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America ("GAAP").  Tenant improvements and leasing commissions presented are based on square feet leased during the period. 

(2) Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net.

Lease Renewals	Twelve Months Ended April 30, 2013
Segments	Square Feet of Leases Renewed(1)		Percent of Expiring Leases Renewed(2)		Average Term in Years		Weighted Average Growth (Decline)  in Effective Rents(3)		Estimated Tenant Improvement Cost per Square Foot(1)		Leasing Commissions per Square Foot(1)
Office		399,399		87.1%		3.1		(5.3%)	$	5.89		$	4.47
Healthcare		55,718		74.1%		6.5		4.7%		16.67			4.74
Industrial		23,572		30.9%		3.1		(2.8%)		0.21			0.59
Retail		86,878		72.4%		3.4		8.6%		1.03			0.25
Total		565,567		70.1%		3.9		(2.6%)	$	5.97		$	3.6

(1) The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America ("GAAP").  Tenant improvements and leasing commissions are based on square feet leased during the period. 

(2) Renewal percentage of expiring leases is based on square footage of renewed leases and not the number of leases renewed. Expiring leases where the tenant retained occupancy on a month-to-month basis past the lease expiration date were considered to have been renewed.

(3) Represents the percentage change in effective rent between the original leases and the renewal leases. Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net.

22

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

MULTI-FAMILY RESIDENTIAL SUMMARY

	Three Months Ended
	4/30/2013		1/31/2013		10/31/2012		07/31/2012		04/30/2012
Number of Units		10,280		9,924		9,934		9,876		8,894
Average Investment Per Unit
Stabilized	$	58,765	$	58,506	$	58,308	$	58,012	$	57,776
Non-Stabilized		87,408		87,083		85,580		83,113		83,758
All Properties	$	63,659	$	63,107	$	62,614	$	61,472	$	59,268
Average Scheduled Rent(1) per Unit
Stabilized	$	748	$	742	$	734	$	726	$	718
Non-Stabilized		944		994		967		889		908
All Properties	$	781	$	782	$	771	$	749	$	729
Total Receipts per Unit
Stabilized	$	739	$	731	$	733	$	716	$	709
Non-Stabilized		954		1,004		996		831		845
All Properties	$	776	$	775	$	774	$	732	$	717
Total Recurring Capital Expenditures per Unit(1)	$	176	$	134	$	193	$	209	$	157
Physical Occupancy%
Stabilized		94.7%		94.0%		94.8%		93.7%		94.2%
Non-Stabilized		94.5%		91.4%		93.4%		88.7%		85.4%
All Properties		94.6%		93.6%		94.6%		93.0%		93.7%
Operating Expenses as a % of Scheduled Rent
Stabilized		44.0%		47.3%		41.3%		44.8%		46.4%
Non-Stabilized		43.0%		38.7%		36.9%		34.8%		37.3%
All Properties		43.8%		45.5%		40.4%		43.1%		45.8%

(1) See Definitions on page 28.

23

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

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

as of April 30, 2013

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	32	85	13.2%	1,481,647	13.5%
St. Luke's Hospital of Duluth, Inc.	6	33	3.5%	198,775	1.8%
Fairview Health Services	9	46	3.4%	240,123	2.2%
Applied Underwriters	3	46	2.3%	141,724	1.3%
HealthEast Care System	1	70	1.6%	114,316	1.0%
Affiliates of Siemens USA (NYSE: SI)	2	47	1.3%	112,848	1.0%
Nebraska Orthopaedic Hospital	1	191	1.3%	61,758	0.6%
Arcadis Corporate Services, Inc.	1	39	1.2%	71,430	0.7%
Microsoft (NASDAQ: MSFT)	1	68	1.2%	122,040	1.1%
State of Idaho Department of Health and Welfare	2	58	1.1%	103,342	0.9%
Total/Weighted Average		63	30.1%	2,648,003	24.1%

(1) See Definitions on page 28.

24

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

LEASE EXPIRATIONS

as of April 30, 2013

	(dollars in thousands except average rental rates)
Fiscal Year	Number of Leases	Rentable Square Feet	% of Rentable Square Feet	Annualized Rent(6)		Average Rental Rate		% of Annualized  Base Rent
Commercial Office
2014(1)	88	577,745	14.2%	$	7,085	$	12.26	11.9%
2015	74	496,626	12.3%		8,073		16.26	13.6%
2016	51	655,231	16.1%		10,080		15.38	16.9%
2017	49	865,962	21.3%		14,761		17.05	24.8%
2018	40	499,545	12.3%		7,168		14.35	12.0%
2019 and thereafter	45	964,917	23.8%		12,354		12.80	20.8%
	347	4,060,026	100.0%	$	59,521	$	14.66	100.0%
Commercial Healthcare
2014(2)	45	467,447	16.7%	$	7,724	$	16.52	16.0%
2015	16	60,120	2.1%		1,549		25.77	3.2%
2016	25	176,027	6.3%		3,638		20.67	7.6%
2017	20	133,237	4.8%		2,846		21.36	5.9%
2018	21	171,709	6.1%		4,115		23.96	8.5%
2019 and thereafter	77	1,791,491	64.0%		28,367		15.83	58.8%
	204	2,800,031	100.0%	$	48,239	$	17.23	100.0%
Commercial Industrial
2014(3)	14	481,510	16.8%	$	1,716	$	3.56	14.8%
2015	6	344,493	12.0%		1,406		4.08	12.1%
2016	11	783,414	27.3%		3,216		4.11	27.6%
2017	5	311,141	10.8%		1,183		3.80	10.2%
2018	0	0	0.0%		0		0.00	0.0%
2019 and thereafter	10	949,352	33.1%		4,102		4.32	35.3%
	46	2,869,910	100.0%	$	11,623	$	4.05	100.0%
Commercial Retail
2014(4)	62	250,565	20.7%	$	2,050	$	8.18	19.0%
2015	41	332,263	27.5%		2,428		7.31	22.4%
2016	27	99,636	8.2%		1,209		12.14	11.2%
2017	25	126,340	10.4%		1,192		9.43	11.0%
2018	18	38,992	3.2%		511		13.10	4.7%
2019 and thereafter	26	363,104	30.0%		3,427		9.44	31.7%
	199	1,210,900	100.0%	$	10,817	$	8.93	100.0%
Commercial Total
2014(5)	209	1,777,267	16.2%	$	18,575	$	10.45	14.3%
2015	137	1,233,502	11.3%		13,456		10.91	10.3%
2016	114	1,714,308	15.7%		18,143		10.58	13.9%
2017	99	1,436,680	13.1%		19,982		13.91	15.3%
2018	79	710,246	6.5%		11,794		16.61	9.1%
2019 and thereafter	158	4,068,864	37.2%		48,250		11.86	37.1%
	796	10,940,867	100.0%	$	130,200	$	11.90	100.0%

(1) Includes  month-to-month leases.  As of April 30, 2013 month-to-month leases accounted for 103,108 square feet.

(2) Includes month-to-month leases.  As of April 30, 2013 month-to-month leases accounted for 42,201 square feet.

(3) Includes month-to-month leases.  As of April 30, 2013 month-to-month leases accounted for 221,062 square feet.

(4) Includes month-to-month leases.  As of April 30, 2013 month-to-month leases accounted for 51,135 square feet.

(5) Includes month-to-month leases.  As of April 30, 2013 month-to-month leases accounted for 417,506 square feet.

(6) Annualized Base Rent is monthly scheduled rent as of April 1, 2013 (cash basis), multiplied by 12.

25

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

FISCAL 2013 ACQUISITION SUMMARY

as of April 30, 2013

(dollars in thousands)

Property	Location	Segment Type	Acquisition Date	Square Feet/Units	Leased Percentage At Acquisition	April 30, 2013 Leased Percentage	Acquisition Cost
Villa West	Topeka, KS	Multi-Family Residential	May 8, 2012	308	98.1%	86.7%	$	17,650
Colony	Lincoln, NE	Multi-Family Residential	June 4, 2012	232	98.3%	97.0%		17,500
Lakeside Village	Lincoln, NE	Multi-Family Residential	June 4, 2012	208	86.5%	91.4%		17,250
Quarry Ridge II(1)	Rochester, MN	Multi-Family Residential	June 29, 2012	159	33.3%	98.7%		4,591
Williston Garden Buildings 3 and 4(2)	Williston, ND	Multi-Family Residential	July 31, 2012	73	98.6%	98.6%		7,058
University Commons	Williston, ND	Unimproved Land	August 1, 2012	n/a	n/a	n/a		823
Cypress Court	St. Cloud, MN	Unimproved Land	August 10, 2012	n/a	n/a	n/a		447
Cypress Court Apartment Development	St. Cloud, MN	Unimproved Land	August 10, 2012	n/a	n/a	n/a		1,136
The Ponds at Heritage Place	Sartell, MN	Multi-Family Residential	October 10, 2012	58	91.4%	89.7%		5,020
Spring Wind Expansion(3)	Laramie, WY	Commercial Healthcare	November 16, 2012	26,662	100.0%	100.0%		1,675
Badger Hills	Rochester, MN	Unimproved Land	December 14, 2012	n/a	n/a	n/a		1,050
Minot IPS(4)	Minot, ND	Commercial Industrial	December 17, 2012	27,698	100.0%	100.0%		4,087
Grand Forks	Grand Forks, ND	Unimproved Land	December 31, 2012	n/a	n/a	n/a		4,278
Jamestown Medical Office Building(5)	Jamestown, ND	Commercial Healthcare	January 1, 2013	45,222	91.7%	80.5%		6,597
Minot (Southgate Lot 4)	Minot, ND	Unimproved Land	January 11, 2013	n/a	n/a	n/a		1,882
Commons at Southgate	Minot, ND	Unimproved Land	January 22, 2013	n/a	n/a	n/a		3,691
Landing at Southgate	Minot, ND	Unimproved Land	January 22, 2013	n/a	n/a	n/a		2,262
Arrowhead First International Bank(6)	Minot, ND	Commercial Retail	March, 19, 2013	3,702	100.0%	100.0%		1,165
Grand Forks 2150	Grand Forks, ND	Unimproved Land	March 25, 2013	n/a	n/a	n/a		1,600
Bismarck 4916	Bismarck, ND	Unimproved Land	April 12, 2013	n/a	n/a	n/a		3,250
First Avenue(7)	Minot, ND	Multi-Family Residential	April 15, 2013	20	100.0%	100.0%		2,356
Whispering Ridge	Omaha, NE	Multi-Family Residential	April 24, 2013	336	100.0%	100.0%		28,314
Arcata	Golden Valley, MN	Unimproved Land	April 30, 2013	n/a	n/a	n/a		2,088
			Total Square Feet	103,153			$	135,770
			Total Units	1,394

(1) Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at April 30, 2013 of $17.6 million.

(2) Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at April 30, 2013 of $19.1 million.

(3) Expansion project placed in service November 16, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at April 30, 2013 of $3.5 million.

(4) Development property placed in service December 17, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at April 30, 2013 of $5.9 million.

(5) Development property placed in service January 1, 2013. Additional costs paid in fiscal year 2012 totaled $1.0 million, for a total project cost at April 30, 2013 of $7.6 million.

(6) Development property placed in service March 19, 2013. Additional costs paid in fiscal year 2012 totaled approximately $75,000, for a total project cost at April 30, 2013 of $1.2 million

(7) Redevelopment property placed in service April 15, 2013. Additional costs paid in fiscal years 2012 and 2011 totaled approximately $321,000, for a total project cost at April 30, 2013 of $2.7 million.

26

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

FISCAL 2013 DEVELOPMENT IN PROGESS SUMMARY

as of April 30, 2013

(dollars in thousands)

Property and Location	Total Rentable Square Feet or # of Units	Percentage Leased or Committed	Anticipated  Total Cost		Cost to  Date		Anticipated Construction Completion
River Ridge - Bismarck, ND	146 unit apartment building	16.4%	$	25,800	$	13,200	2nd Quarter Fiscal 2014
Cypress Court Apartment Development - St. Cloud, MN(1)	132 unit apartment building	20.0%		14,300		6,500	2nd Quarter Fiscal 2014
Landing at Southgate - Minot, ND(2)	three 36 unit apartment buildings	12.0%		15,000		7,400	2nd Quarter Fiscal 2014
Commons at Southgate - Minot, ND(2)	233 unit apartment building	0%		37,200		6,500	1st Quarter Fiscal 2015
Renaissance Heights I - Williston, ND(3)	288 unit apartment building	0%		62,200		10,100	2nd Quarter Fiscal 2015
Arcata - Golden Valley, MN	165 unit apartment building	0%		33,400		2,700	3rd Quarter Fiscal 2015
Other	n/a	n/a		n/a		400	n/a
			$	187,900	$	46,800

(1) The Company is a 79% partner in the joint venture entity constructing this property; the anticipated total cost amount given is the total cost to the joint venture entity.

(2) The Company is a 51% partner in the joint venture entity constructing these properties; the anticipated total cost amount given is the total cost to the joint venture entity

(3) The Company is a 70% partner in the joint venture entity constructing this property; the anticipated total cost amount given is the total cost to the joint venture entity

27

Definitions

April 30, 2013

Adjusted funds from operations (AFFO) is calculated by subtracting from Funds from operations (FFO) (1) tenant improvements and leasing costs at stabilized properties, and recurring capital expenditures that are capitalized and amortized and are necessary to maintain our properties and revenue stream and (2) straight line rents, then adding (3) non-real estate depreciation and amortization. We may also subtract from FFO certain unusual non-recurring items that do not produce cash available for distribution to shareholders. AFFO is included herein because we consider it to be a measure of a REIT's ability to incur and service debt and to pay distributions to its shareholders. AFFO is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs. Through the second quarter of fiscal year 2013, our calculation of AFFO excluded (that is, subtracted from FFO) tenant improvements and leasing costs on an all-property basis. In the third quarter of the current fiscal year, we revised our calculation to subtract from FFO leasing commissions and tenant improvements at stabilized properties only, since we consider tenant improvement and leasing cost levels at non-stabilized properties unrepresentative of expected levels at stabilized properties. This change in definition had no effect on AFFO per share and unit as previously reported. We also updated the calculation to exclude the write-off of fully-amortized leasing costs, which had previously been included in the calculation. This change resulted in a decrease in AFFO per share and unit in the second quarter of fiscal year 2013 from $0.13 to $0.12 and in the fourth quarter of fiscal year 2012 from $0.11 to $0.10.  The AFFO per share and unit payout ratio had a corresponding increase in the second quarter of fiscal year 2013 from 100.00% to 108.3% and in the fourth quarter of fiscal year 2012 from 118.2% to 130.0%.

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 (or losses) from sales of property, plus real estate depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis." In addition, in October 2011 NAREIT clarified its computation of FFO to exclude impairment charges for all periods presented. FFO is a non-GAAP measure.  We consider FFO, which is a standard supplemental measure for equity real estate investment trusts, helpful to investors because it facilitates an understanding of the operating performance of properties without giving effect to impairment write-downs and to real estate depreciation and amortization, which assumes 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.

Net Operating Income (NOI) is total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance and property management expenses).  We believe that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance.

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.

Recurring capital expenditures are expenditures (excluding capital expenditures recoverable from tenants and capital expenditures at properties sold during the period) made on a regular or recurring basis to maintain a property's competitive position within its market, generally with a depreciable life of 5 to 12 years, but excluding (a) capital expenditures made in the year of acquisition and in subsequent periods until the property is stabilized (i.e., excluding capital expenditures on non-stabilized properties), (b) improvements associated with the expansion or re-development of a building, (c) renovations to a building which change the underlying classification of the building (for example, from industrial to office or Class C office to Class A office) or (d) capital improvements that represent the addition of something new to a property, rather than the replacement of an existing item.

Scheduled rent revenue is the total possible revenue from all leasable units and square footage, with occupied space valued at contract rates pursuant to leases and vacant units or square footage at market rates.

Stabilized properties are properties owned or in service for the entirety of the periods being compared, and, in the case of development or re-development properties, which have achieved a target level of occupancy of 90% for multi-family residential properties and 85% for commercial office, healthcare, industrial and retail properties.

28