updated 12/8/2010 4:17:25 PM ET 2010-12-08T21:17:25

MINOT, N.D., Dec. 8, 2010 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (Nasdaq:IRET) (Nasdaq:IRETP) announced today that its Board of Trustees has declared a regular quarterly distribution of 17.15 cents per share/unit payable on January 14, 2011 to common shareholders and unitholders of record at the close of business on January 3, 2011. The distribution reinvestment price will be the NASDAQ volume weighted average price of IRET's common shares on January 14, 2011, 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 17.15 cents per common share/unit distribution represents the 159th consecutive quarterly distribution paid by IRET since its inception in 1970. The previous regular quarterly distribution, also of 17.15 cents per common share/unit, was paid October 1, 2010.

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 December 30, 2010 to Series A preferred shareholders of record on December 20, 2010.

About Investors Real Estate Trust

Investors Real Estate Trust is an 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. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.

CONTACT:  Investors Real Estate Trust
          Michelle R. Saari, VP - Marketing & Communications
          701.837.4738
          Fax: 701.838.7785
          msaari@iret.com
          3015 16th Street SW, Suite 100
          PO Box 1988
          Minot, North Dakota 58702-1988

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