Investors Real Estate Trust Reports Fiscal Year-End and Fourth Quarter 2012 Financial and Operating Results and Announces Change in Auditors

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| Source: Investors Real Estate Trust

MINOT, N.D., June 29, 2012 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (Nasdaq:IRET) (Nasdaq:IRETP) today reported its financial and operating results for the year and three months ended April 30, 2012.

A complete financial and operating results earnings release is accessible at the "Investor" section of IRET's website at http://www.iret.com. It is also available directly at the following web page:

 http://www.snl.com/Cache/13770824.pdf?O=3&IID=107231&OSID=9&FID=13770824

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

The Company will host a conference call on Monday, July 2, 2012 at 9:00 a.m. Central Daylight 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

A replay of the call will be archived on the "Investors/Presentations and Events" page of IRET's website, http://www.iret.com, through Monday, July 1, 2013.

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

Separately, the Company also announced that it has filed a Current Report on Form 8-K to report the appointment of Grant Thornton LLP ("Grant Thornton") as its independent registered public accounting firm, replacing Deloitte & Touche LLP ("Deloitte"). Deloitte's audit services to the Company will cease effective as of the date of issuance of Deloitte's audit report for the fiscal year ended April 30, 2012 and the filing of the Company's Annual Report on Form 10-K. Grant Thornton will begin providing services to the Company for the first quarter of the Company's current fiscal year 2013. The Company's Audit Committee approved the transition from Deloitte to Grant Thornton, and the Company notes that the decision to change auditors resulted from a Request for Proposals process undertaken by Company management at the direction of the Audit Committee, and was not the result of any disagreement between the Company and Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

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. 

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: our stated intentions or expectations regarding our common share and unit distributions, 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.

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: