The Conference Call for 4th Quarter Earnings is scheduled for Wednesday, July 2, 2008 at 9:00 A.M. Central Daylight Time. Conference Call access information is as follows:

                   USA Toll Free Number: 1-800-860-2442
                   International Toll Free Number: 1-412-858-4600

A replay of the call will be archived on the "Investor Relations/Upcoming Events and Presentations" page of IRET's website, http://www.iret.com, through Friday, July 18, 2008.

In order to use the limited conference call time available more efficiently, the Company requests that questions be submitted in advance via e-mail to the attention of the Company's Investor Relations Director at msaari@iret.com, by 5:00 p.m. Central Daylight Time on Tuesday, July 1, 2008. During the question and answer period, priority will be given to addressing questions submitted in advance. Company management will also take questions on an interactive basis during the conference call, following the prepared remarks and response to written questions. The call will be limited to one hour, including questions and answers.

Questions regarding the conference call should be directed to IRET's Investor Relations at msaari@iret.com.

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, Minnesota and Omaha, Nebraska.