updated 6/23/2011 12:47:19 PM ET 2011-06-23T16:47:19

MINOT, N.D., June 23, 2011 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (Nasdaq:IRET) (Nasdaq:IRETP) reported today on the potential flood risk facing certain of its properties. The City of Minot, North Dakota, where IRET is headquartered, is currently in a state of emergency, with parts of the city under a mandatory evacuation order due to anticipated extensive flooding from the Souris River. IRET has only two properties in Minot that are in mandatory evacuation zones and at direct risk of flooding: the Company's Arrowhead Shopping Center, and its Chateau Apartment building. IRET has assisted the tenants of these properties in evacuating, and is exploring all available options to try to provide as much protection for these two properties as the circumstances will allow. IRET's headquarters building is not at risk from the flooding.

Additionally, the Company has three other properties that could potentially be affected by flooding elsewhere in the Dakotas and Nebraska (the Westwood and Cottonwood Apartments in Bismarck, North Dakota, and the Arbors Apartments in South Sioux City, Nebraska).

All of these properties are covered by flood insurance, and IRET does not anticipate any material financial or operational disruptions due to the current flood emergency in Minot or the current flood risk in other parts of the Dakotas and Nebraska.

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: Lindsey Knoop Anderson
         Director of Investor Relations
         3015 16th Street SW, Suite 100
         PO Box 1988
         Minot, North Dakota 58702-1988
         phone: 701.837.4738
         fax: 701.838.7785
         email:landerson@iret.com

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