Investors Real Estate Trust Announces Increase in Regular Quarterly Common Share Distribution, and Declares Series A Preferred Share Distribution

Market Wire, August, 2008

Investors Real Estate Trust (NASDAQ: IRET) (NASDAQ: IRETP) announced that its Board of Trustees has declared a regular quarterly distribution of 16.90 cents per share/unit payable on October 1, 2008, to common shareholders and unitholders of record at the close of business on September 15, 2008. The distribution reinvestment price will be the closing NASDAQ share price on October 1, 2008, less a discount of 5%. The Company has filed a registration statement with the Securities and Exchange Commission to register the number of common shares necessary to meet distribution reinvestment elections.

This 16.90 cents per common share/unit distribution represents the 150th consecutive quarterly distribution paid by IRET since its inception in 1970, and represents an increase of .05 cents or .3% over the previous regular quarterly distribution of 16.85 cents per common share/unit paid July 1, 2008.

Investors Real Estate Trust's Board of Trustees also declared today a distribution of 51.56 cents per share on the Company's Series A Cumulative Redeemable Preferred Shares (NASDAQ: IRETP). This distribution will be payable September 30, 2008, to Series A preferred shareholders of record on September 15, 2008.

About Investors Real Estate Trust

Investors Real Estate Trust is a self-advised equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest states of Minnesota and North Dakota. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, MN and Omaha, NE.

CONTACT INFO Michelle R. Saari PO Box 1988 12 Main Street S Minot, North Dakota 58701 phone: 701.837.4738 fax: 701.838.7785 email: msaari@iret.com