View the video interview with Timothy Mihalick or read the transcript here.

IRET's President &CEO, Tim Mihalick, sits down for an interview with REIT.com at REIT World 2011

NAREIT®, the National Association of Real Estate Investment Trusts®, is the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. NAREIT’s members are REITs and other businesses throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses.

A complete financial and operating results earnings release is accessible on the main page of IRET’s website at http://www.iret.com under the heading, “Recent Financial News”. This release is also available at the following web page:

http://www.snl.com/irweblinkx/docs.aspx?iid=107231

(Note: If clicking on the above links does not open up a new web page, you may need to cut and paste the above urls into your browser’s address bar.)

The Company will host a conference call on Tuesday, December 13, 2011 at 9:00 a.m. Central Standard Time to discuss these results. Conference Call access information is as follows:

USA Toll Free Number: 1-877-317-6789

International Toll Free Number: 1-412-317-6789

Canada Toll Free Number: 1-866-605-3852

Company management will take questions during the conference call, following prepared remarks. The call will be limited to one hour, including questions and answers.  A webcast and transcript of the call will be archived on the “Investors/Presentations & Events” page of IRET’s website, http://www.iret.com for one year. Questions regarding the conference call should be directed to IRET’s Investor Relations at landerson@iret.com.

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.

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This 13 cents per common share/unit distribution represents the 163^rd consecutive quarterly distribution paid by IRET since its inception in 1970.  The previous regular quarterly distribution, of 13.00 cents per common share/unit, was paid October 3, 2011.

Investors Real Estate Trust’s Board of Trustees also declared today a distribution of 51.5625 cents per share on the Company’s Series A Cumulative Redeemable Preferred Shares (NASDAQ: IRETP).  This distribution will be payable January 3, 2012 to Series A preferred shareholders of record on December 20, 2011.

Access information for IRET’s quarterly earnings call on Tuesday, December 13 at 9 a.m. Central Time is as follows:

USA Toll Free Number: 1-877-317-6789

International Toll Free Number: 1-412-317-6789

Canada Toll Free Number:  1-866-605-3852

Webcast: www.iret.com, Earnings Calls, 2 Qtr Fiscal 2012 Earnings Call

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.

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results.  Such risks, uncertainties and other factors include, but are not limited to:  fluctuations in interest rates, the effect of government regulations, the availability of capital, changes in general and local economic and real estate market conditions, competition, our ability to attract and retain skilled personnel, and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our 2010 Form 10-K.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Marketplace Foods Store Director, Ralph Towery, commented, “Marketplace Foods has been part of the community since 1990 and many members of the staff have been part of Minot for most, if not all of their lives. This is our home and Arrowhead customers are part of our family.

“Marketplace Foods is a family owned chain of grocery stores, and we think of our staff and customers as family. Several times a day we get asked if we are returning to Arrowhead and we’ve been working hard to answer that question. Yes, we are coming back to Arrowhead Shopping Center. We are excited to get back to our neighborhood, serving our friends and family with fast, friendly service.”

“Bringing back Marketplace to Arrowhead is an exciting part of the rebuilding process for the neighborhood, and the city,” said IRET Commercial Property Manager, Kay Brunner. “Ace Hardware, Edward Jones, and Donovan’s Insurance are also going back in. The Barber Shop and Pathfinder Services are reopened and all of the State Agencies will be returning too, with more space than before, but there are still some great opportunities for businesses to grow with Arrowhead as the neighborhood rebuilds.”

About IRET

Investors Real Estate Trust (IRET) is a self-advised equity real estate investment trust that owns and operates 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.

This release was also published by the Minot Daily News. See the article here.

CONTACT INFO
Justin Fisk
Director – Marketing & Communications
1400 31^st Avenue SW, Suite 60
Minot, North Dakota 58702-1988
phone: 701.837.7189

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Jacobson Warehouse Company, a third party logistics company offering end-to-end supply chain management solutions around the globe, has signed a 73,681 square foot lease at the Dixon Industrial Park, located in Des Moines, Iowa. With this latest lease, Dixon Industrial Park, with a total square footage of 604,886, is now 96.9% occupied.

PrairieCare, LLC, which has been delivering high quality psychiatric and behavioral health services in the Twin Cities since 2005, has signed a 23,500 square foot lease at the 6363 Physicians Building, located in Edina, Minnesota. The 70,934 square foot Physicians Building is 100% occupied following the PrairieCare lease.

Black Box Network Services, a world leader in communications and infrastructure products and solutions, has signed a 40,037 square foot lease at the Interlachen Corporate Center located in Edina, Minnesota. Following the lease with Black Box Network Services, the 105,128 square foot property is now 71.4% occupied.

Separately, IRET also announces the acquisition of Phase II of the Evergreen Apartments property in Isanti, Minnesota. This residential property is located on approximately 1.71 acres, and adds 36 units to the multi-family portfolio. The property adjoins the existing Evergreen Apartments property, and will be internally managed by IRET. The acquisition also included an adjoining parcel of vacant land, comprised of approximately 4.95 acres. The total purchase price was $3.475 million.

About Investors Real Estate Trust
IRET is an equity real estate investment trust founded in 1970 with a diversified portfolio of multi-family residential, office, medical, industrial and retail properties located in 13 states, primarily in the upper Midwest. IRET’s headquarters are located in Minot, North Dakota, and it has additional offices in Minneapolis, Minnesota and Omaha, Nebraska. IRET’s common shares of beneficial interest trade on the NASDAQ Global Select Market under the symbol IRET. For more information, visit IRET’s website at www.iret.com.

Safe Harbor
Statements about IRET’s future expectations and all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company’s actual results could differ materially from expected results.

Arrowhead mall, Chateau Apartments Preparing to Reopen

Jill Shramm – Staff Writer – Minot Daily News

When the electronic message board at Arrowhead Shopping Center lit up again this past week, it was a sign from the mall owners that the flood didn’t get the last word.

“We are committed to restoring both Arrowhead and the Chateau Apartments to even better than their pre-flood conditions,” said Justin Fisk, director of marketing and communications for IRET Properties.

IRET reports the mall should be re-opening in early October. Although IRET still is going over lease terms with previous tenants, it is possible that most, if not all, will be back, Fisk said.

Tenants had included White Drug, Ace Hardware, the North Dakota motor vehicle and driver’s licensing divisions and a MarketPlace Foods grocery as well as other small shops, including a barber, pizza place, physical therapy and doctor’s offices.

Visitors might walk in the door and find that little has changed.

Photo by Jill Schramm/MDN •The flood shut down Arrowhead Shopping Center in June, but IRET Properties has plans to re-open the mall next month.

The current restoration aims to reproduce the look created during remodeling about five years ago. IRET is accommodating tenants who want some changes in their spaces, but the mall is otherwise going to look the same as pre-flood, said Kay Brunner, commercial properties manager.

Arrowhead, on 16th Street Southwest between Central and Second avenues, took on about four feet of water even though it had been diked.

“We did get water in despite our best efforts, but the dike did quite bit to keep the current from coming in and wreaking more havoc,” Fisk said.

The Chateau Apartments, located just south of the mall, filled with about two to four feet of water in different parts of the building. Although the 64-unit apartment complex was not diked, garages served to curb the water flow and prevent damage from the current.

“It kept everything from getting as bad as it could have been,” Fisk said.

He said IRET doesn’t have a total on the damages, but it will be in the millions. IRET carried private flood insurance on both buildings.

The dike now is gone and the mall parking lot remains in pretty good shape. IRET plans to make some lot repairs next year.

Fisk said the flood didn’t create any structural issues with the buildings, either. He said it helped that Arrowhead and Chateau both a were sound structurally going into the flood.

The Chateau is unique in Minot in having an indoor swimming pool. The pool and its plumbing were cleaned and operating system replaced. IRET plans to have the pool ready for residents when they are able to return; the target date is the end of January.

IRET hired Clean Response from St. Paul, Minn., to conduct the cleanup, which started in mid-July. IRET hired an industrial hygienist to ensure the restoration meets high health and safety standards. The Chateau was found to contain asbestos in some sheetrock, but the extent was minimal and contractors were removing the material following standard safety procedures, Fisk said.

The Chateau was in need of updating pre-flood, and it is now getting those improvements.

“We are making some changes to make it more resident-friendly,” Fisk said. Having gutted the building, IRET now is reconfiguring some of the apartments to open up and modernize them.

Justin Hammer, Minot area manager, said IRET had been remodeling apartments as tenant turnover occurred, but because the demand for apartments has been so high, there wasn’t the opportunity to do the kind of renovations that the company would have liked. IRET was about to start a remodeling project on the hallways when the flood came.

Photo by Jill Schramm/MDN •The Chateau Apartments is getting an internal makeover before it re-opens at the end of January.

Tenants were released from their leases when they had to evacuate in June. More than half show interest in coming back, Fisk said.

IRET had assisted evacuated tenants in finding new homes in other IRET properties where possible. IRET distributed about $7,000 in water and hand sanitizers to its tenants throughout Minot during the boil order and kept portable toilets on hand in case they became necessary.

Fisk said 80 of IRET’s Minot area employees were affected by flooding. IRET employees around the Midwest, numbering about 400, raised about $30,000 for the 18 colleagues in Minot whose damages left them in need of assistance.

Employees helped evacuate the home of the dike contractor during construction of the dike around Arrowhead. The employees’ help enabled the contractor to stay on the job, working round the clock to erect the dike in the short time frame that existed.

Fisk also gave credit to contractors Olaf Anderson of Fargo at the Chateau and Rolac at Arrowhead for their commitment to get the buildings back in operation on IRET’s time schedule, Fisk said.

Like most flood-zone residents, IRET managers are thinking about next year and pondering the potential for another flood.

Fisk said the company is doing a few things differently to reduce the risk. A crawl space underneath Arrowhead is being filled in and a master shut-off valve is being installed for the storm sewer and plumbing system. That will cut off the two avenues where the river found its way around the dike this year, he said.

Beyond that, IRET plans to renew its flood insurance and let its tenants and Minot residents know that it will take more than high water to shut them down. The message on the reader board Friday said it all: “Minot didn’t lose the magic or Arrowhead Mall to the flood. Arrowhead will be BACK.”

View the original article at the Minot Daily News.

Construction on the apartment community beganin mid-August and is expected to be completed by spring 2012. Located on 42^nd St. East, Williston Garden Apartments will be comprised of four buildings, featuring one-, two-, and three-bedroom apartments. An on-site fitness facility and community building will complement the spacious, new apartments. The project is a joint venture between Brutger Equities of St. Cloud, Minnesota, who will handle daily management and leasing of the community, and Investors Real Estate Trust of Minot, North Dakota.

Viewing the high demand for housing in the Bakken Oil Field as a business opportunity as well as a chance to provide homes for those finding work there, Thomas Wentz Jr., Chief Operating Officer for IRET, commented, “It is exciting to be involved in what is shaping up to be the largest oil and gas discovery in the Country and at the same time help address the severe housing shortage that exists in Western North Dakota. Our commitment is to develop a quality product that will fit well with the community.”

Additional leasing information for Williston Garden Apartments can be found at www.brutgerequities.com.

About IRET

Investors Real Estate Trust is a self-advised equity real estate investment trust that owns and operates 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.

Forward-Looking Statements

The information in this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts, and often include words such as “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes” and words and terms of similar substance in connection with discussions of future expectations. Examples of forward-looking statements include, but are not limited to, statements regarding the Company’s expectations about the completion of construction on announced development projects.  The Company’s forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s business and performance and other future conditions and forecasts of future events, circumstances and results. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances. The Company’s actual results may vary materially from those expressed or implied in its forward-looking statements. Important factors that could cause the Company’s actual results to differ materially from those in its forward-looking statements include economic conditions, changes in regulation and political conditions, and other factors as discussed in the Company’s filings with the Securities and Exchange Commission.

IRET additionally announced that it has signed a lease with a Connecticut-based energy company for approximately 20,000 square feet in its approximately 59,827-square foot Gateway Corporate Center located in Woodbury, MN.  The lease has an initial term of seven years, commencing September 1, 2011.  Following this transaction, the Company’s Gateway Corporate Center is approximately one-third leased.

Separately, the Company announced that its Board of Trustees has declared a regular quarterly distribution of 13.00 cents per share/unit payable on October 3, 2011 to common shareholders and unitholders of record at the close of business on September 12, 2011.  The distribution reinvestment price will be the volume weighted average price on October 3, 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 13.00 cents per common share/unit distribution represents the 162nd consecutive quarterly distribution paid by IRET since its inception in 1970.  The previous regular quarterly distribution, of 17.15 cents per common share/unit, was paid July 1, 2011.  During the first quarter of fiscal year 2012, the Company announced that its Board of Trustees had approved a plan recommended by Company management to reduce the Company’s quarterly distribution to 13.00 cents per common share and limited partnership unit from its former level of 17.15 cents per share/unit, effective with the quarterly distribution planned for October 3, 2011.  The Company stated at that time that the Board intended to maintain this level of cash distribution for at least the next four quarters and anticipated growing the distribution over time in line with FFO growth.  All future distributions remain subject to the discretion of the Company’s Board of Trustees.

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 September 30, 2011 to Series A preferred shareholders of record on September 15, 2011.

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.

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results.  Such risks, uncertainties and other factors include, but are not limited to: the availability of expected mortgage loans,  fluctuations in interest rates, the effect of government regulations, the availability of capital, changes in general and local economic and real estate market conditions, competition, our ability to attract and retain skilled personnel, and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our 2011 Form 10-K.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

IRET’s quarterly report on Form 10-Q for the quarter ended July 31, 2011, will be filed with the Securities and Exchange Commission on Friday, September 9, 2011. The Company will also post on its website that day, and furnish via a Current Report on Form 8-K, an earnings release summarizing the financial and operational results reported in more detail in its Form 10-Q, and providing certain additional supplemental operating and financial data. The complete earnings release, along with the Supplemental Operating and Financial Data package, will also be available directly at the following web page no earlier than 4:30 p.m. ET on Friday, September 9, 2011:

View the Earnings Release and Supplemental Operating/Financial Data here.

During the conference call, IRET senior management will discuss the first quarter fiscal 2012 financial and operational results reported in the Form 10-Q and earnings release, and will respond to questions from analysts, investors and the public. The call will be limited to one hour, including questions and answers.

Conference call access information is as follows:

USA Toll Free Number: 1-877-317-6789

International Toll Free Number: 1-412-317-6789

Canada Dial In Toll Free: 1-866-605-3852

A webcast and transcript of the call will be archived on the “Investors/ Presentations & Events” page of IRET’s website, http://www.iret.com, for one year. Questions regarding the conference call should be directed to IRET Investor Relations at landerson@iret.com.

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.

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results. Such risks, uncertainties and other factors include, but are not limited to: fluctuations in interest rates, the effect of government regulation, the availability of capital, changes in general and local economic and real estate market conditions, competition, our ability to attract and retain skilled personnel, and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our 2011 Form 10-K. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.