AQ: IRETS) (NASDAQ: IRETP) announced that its Board of Trustees has declared a regular quarterly distribution of 16.85 cents per share/unit payable on July 1, 2008, to common shareholders and unitholders of record at the close of business on June 16, 2008. The distribution reinvestment price will be the closing NASDAQ share price on July 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 16.85 cents per common share/unit distribution represents the 149th 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 16.80 cents per common share/unit paid April 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 June 30, 2008 to Series A preferred shareholders of record on June 16, 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