Investors Real Estate Trust Announces Recent Development and Acquisition Activity

Investors Real Estate Trust Announces Recent Development and Acquisition
Activity

MINOT, N.D., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Investors Real Estate Trust
(NYSE:IRET) (NYSE:IRETPR) (NYSE:IRETPRB) announced today that it has closed on
a joint venture for the construction of an apartment project in Minot, North
Dakota. IRET has a 51% interest in the Southgate Apartment project joint
venture entity, which commenced construction of the project in September 2012.
The Southgate Apartments project is to be completed in two phases, with a
total of approximately 341 units. Phase I, the Landing at Southgate, consists
of three approximately 36-unit buildings, and is expected to be completed in
September 2013. Phase II, the Commons at Southgate, is currently expected to
consist of an approximately 233-unit building to be completed in the spring of
2014. The project, which will have a mix of "A" and "B" finish levels and an
amenity package including underground and detached parking, is being
constructed by Roers Construction of Fargo, North Dakota. IRET currently
estimates total costs for both phases of the project at $52.2 million. The
development is located near IRET's Plaza 16 property (formerly IRET Corporate
Plaza) in southwest Minot.

Additionally, on January 11, 2013 IRET acquired 2.16 acres of vacant land in
Minot, North Dakota, for approximately $1.9 million. This parcel of land is
adjacent to the Southgate Apartment project, and is intended for future
commercial development.

Separately, IRET also acquired two adjoining parcels of vacant land in the
Badger Hills area of Rochester, Minnesota. One parcel, comprised of
approximately 20.6 acres of land, was acquired on December 14, 2012 for
$775,000. The second parcel, comprised of approximately 3.83 acres of land,
was acquired on December 20, 2012 for $275,000. IRET intends to construct
apartments on this property.

On December 31, 2012, IRET acquired 48.41 acres of vacant land in Grand Forks,
North Dakota, for approximately $4.3 million. The purchase price included an
UPREIT contribution of $2 million, with the balance paid in cash. IRET intends
to construct apartments on a portion of this land.

These recent acquisitions are part of IRET's strategic plan to acquire or
develop accretive investments in its core markets.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking statements
include statements regarding development plans, project design, configuration
and sizing, expected construction completion dates and cost estimates. Actual
results may differ materially from those projected in such forward-looking
statements. Factors that might cause such a difference include, but are not
limited to, changes in market demand for rental units and the impact of
competition and competitive pricing, changes in economic conditions,
unexpected delays in the development and construction of the projects, changes
in financing assumptions, unexpected difficulties in leasing, and other risks
detailed in the Company's filings with the Securities and Exchange Commission
(SEC). All forward-looking statements are made as of today, and the Company
assumes no obligation to update this information. For more details relating to
risk and uncertainties that could cause actual results to differ materially
from those anticipated in our forward-looking statements, and risks to our
business in general, please refer to our SEC filings, including the Company's
most recent Report on Form 10-K for the fiscal year ended April 30, 2012, and
quarterly reports on Form 10-Q for the quarters ended July 31, 2012 and
October 31, 2012.

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 and St. Cloud, Minnesota.

CONTACT: Lindsey Knoop Anderson
         Director of Investor Relations
         1400 31st Ave SW, Suite 60
         PO Box 1988
         Minot, North Dakota 58702-1988
         phone: 701.837.4738
         fax: 701.838.7785
         email:landerson@iret.com

Investors Real Estate Trust Logo
 
Press spacebar to pause and continue. Press esc to stop.