Investors Real Estate Trust Announces 2nd Quarter Fiscal 2009 Earnings Conference Call

Investors Real Estate Trust has scheduled a conference call for Friday, December 12, 2008, at 9:00 a.m. Central Standard Time, to discuss the Company’s second quarter fiscal year 2009 financial and operating results.

IRET’s quarterly report on Form 10-Q for the quarter ended October 31, 2008, will be filed on Wednesday, December 10, 2008. The Company will issue a press release at the close of business that day, summarizing the financial and operational results reported in more detail in its Form 10-Q, and providing certain additional supplemental operating and financial data.

During the conference call, IRET senior management will discuss the second quarter fiscal 2009 financial and operational results reported in the Form 10-Q and earnings press release, and will respond to questions from analysts, investors and the public. In order to use the limited 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 Standard Time on Thursday, December 11, 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.