Investors Real Estate Trust Announces Public Offering of 3,000,000 Common Shares of Beneficial Interest

MINOT, ND, Jun 01 (MARKET WIRE) --
Investors Real Estate Trust (NASDAQ: IRET) (NASDAQ: IRETP), a real estate
investment trust with a diversified portfolio of multi-family residential
and commercial office, medical, industrial and retail properties located
primarily in the upper Midwest (the "Company"), today announced plans to
sell 3,000,000 newly-issued common shares of beneficial interest in an
underwritten public offering pursuant to its effective registration
statement previously filed with the Securities and Exchange Commission.
The Company expects to grant the underwriters a 30-day option to purchase
up to an additional 450,000 common shares of beneficial interest at the
public offering price to cover over-allotments, if any.

Robert W. Baird & Co. Incorporated is the bookrunning manager for the
offering. D.A. Davidson & Co. and J.J.B. Hilliard, W.L. Lyons, Inc. are
co-managers.

The Company intends to use the net proceeds from the offering for general
corporate purposes, including the acquisition, development, renovation,
expansion or improvement of income-producing real estate properties and
debt repayment.

A registration statement relating to these securities was filed with and
declared effective by the Securities and Exchange Commission. The offering
is being made only by means of a prospectus and related prospectus
supplement, copies of which may be obtained from:

Robert W. Baird & Co. Incorporated
Attn: Syndicate Department
777 E. Wisconsin Avenue
Milwaukee, WI 53202
Tel.: (414) 765-3632

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.

Disclosure Notice:

This press release contains "forward-looking statements" within the
meaning of the federal securities laws. The forward-looking statements in
this press release are subject to numerous risks and uncertainties,
including the risk that the offering may not be completed as described
herein, or at all.

CONTACT INFO

Michelle R. Saari
3015 16th Street SW, Suite 100
PO Box 1988
Minot, North Dakota 58702-1988
phone: 701.837.4738
fax: 701.838.7785
email: msaari@iret.com

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