Investors Real Estate Trust Files Form S-3 Registration Statement

Business Wire, April 9, 2002

Business Editors

MINOT, N.D.--(BUSINESS WIRE)--April 9, 2002

Investors Real Estate Trust (Nasdaq:IRETS) a self administered equity real estate investment trust, today announced that it has filed a Form S-3 Registration Statement with the Securities and Exchange Commission to sell 3,200,000 shares of its beneficial interest in a best efforts offering. The proceeds of the offering will be used for general business purposes, including the acquisition, development, renovation, expansion or improvement of income-producing properties.

Investors Real Estate Trust is a self-administered equity real estate investment trust whose business consists of owning and operating income-producing, multi-family residential and commercial properties located in the upper Midwest, primarily in Minnesota, North Dakota, South Dakota, Montana and Nebraska. As of January 31, 2002, the company's real estate portfolio consisted of 59 multi-family residential properties having a total asset value of $343 million and 64 commercial properties having a total asset value of $261 million. The company is based in Minot, North Dakota.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

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 in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the registration statement may be obtained on the SEC's Web site.