INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances⁽¹⁾		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Multi-Family Residential
11th Street 3 Plex - Minot, ND	$	87	$	11	$	53	$	17	$	19	$	62	$	81	$	(10)		2008	40 years
4th Street 4 Plex - Minot, ND		101		15		74		27		23		93		116		(14)		2008	40 years
Alps Park - Rapid City, SD		4,030		287		5,551		84		289		5,633		5,922		(140)		2013	40 years
Apartments on Main - Minot, ND		666		158		1,123		31		181		1,131		1,312		(198)		1987	24-40 years
Arbors - S Sioux City, NE		3,922		350		6,625		1,610		790		7,795		8,585		(1,807)		2006	40 years
Ashland - Grand Forks, ND		5,615		741		7,569		90		762		7,638		8,400		(460)		2012	40 years
Boulder Court - Eagan, MN		2,990		1,067		5,498		2,853		1,299		8,119		9,418		(2,280)		2003	40 years
Brookfield Village - Topeka, KS		5,303		509		6,698		1,393		674		7,926		8,600		(2,165)		2003	40 years
Brooklyn Heights - Minot, ND		749		145		1,450		834		217		2,212		2,429		(875)		1997	12-40 years
Campus Center - St. Cloud, MN		1,206		395		2,244		208		405		2,442		2,847		(459)		2007	40 years
Campus Heights - St. Cloud, MN		0		110		628		93		124		707		831		(136)		2007	40 years
Campus Knoll - St. Cloud, MN		804		266		1,512		120		279		1,619		1,898		(312)		2007	40 years
Campus Plaza - St. Cloud, MN		0		54		311		69		60		374		434		(72)		2007	40 years
Campus Side - St. Cloud, MN		0		107		615		140		118		744		862		(140)		2007	40 years
Campus View - St. Cloud, MN		0		107		615		120		113		729		842		(136)		2007	40 years
Canyon Lake - Rapid City, SD		2,894		305		3,958		1,579		374		5,468		5,842		(1,548)		2001	40 years
Castlerock - Billings, MT		6,677		736		4,864		1,982		964		6,618		7,582		(2,504)		1998	40 years
Chateau I - Minot, ND		0		61		5,663		561		67		6,218		6,285		(569)		2013	40 years
Cimarron Hills - Omaha, NE		4,806		706		9,588		4,198		1,302		13,190		14,492		(4,307)		2001	40 years
Colonial Villa - Burnsville, MN		5,980		2,401		11,515		6,416		2,827		17,505		20,332		(4,547)		2003	40 years
Colony - Lincoln, NE		13,565		1,515		15,730		389		1,544		16,090		17,634		(829)		2012	40 years
Colton Heights - Minot, ND		421		80		672		414		116		1,050		1,166		(737)		1984	40 years
Cornerstone - St. Cloud, MN		0		54		311		71		57		379		436		(74)		2007	40 years
Cottage West Twin Homes - Sioux Falls, SD		3,646		968		3,762		373		1,005		4,098		5,103		(265)		2011	40 years
Cottonwood - Bismarck, ND		15,803		1,056		17,372		3,146		1,354		20,220		21,574		(6,372)		1997	40 years
Country Meadows - Billings, MT		6,678		491		7,809		1,344		535		9,109		9,644		(3,507)		1995	33-40 years
Crestview - Bismarck, ND		3,917		235		4,290		1,576		495		5,606		6,101		(2,740)		1994	24-40 years
Crown - Rochester, MN		2,629		261		3,289		194		266		3,478		3,744		(368)		2010	40 years
Crown Colony - Topeka, KS		8,220		620		9,956		2,220		857		11,939		12,796		(4,215)		1999	40 years
Cypress Court - St. Cloud, MN		0		1,136		12,428		102		1,136		12,530		13,666		(196)		2012	40 years
Evergreen - Isanti, MN		2,019		380		2,740		84		380		2,824		3,204		(398)		2008	40 years
Evergreen II - Isanti, MN		2,108		691		2,784		23		691		2,807		3,498		(196)		2011	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances⁽¹⁾		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Multi-Family Residential - continued
Fairmont - Minot, ND	$	344	$	28	$	337	$	70	$	55	$	380	$	435	$	(61)		2008	40 years
First Avenue - Minot, ND		0		0		3,046		5		0		3,051		3,051		(78)		2013	40 years
Forest Park - Grand Forks, ND		7,692		810		5,579		7,031		1,409		12,011		13,420		(4,893)		1993	24-40 years
Gables Townhomes - Sioux Falls, SD		1,476		349		1,921		160		371		2,059		2,430		(133)		2011	40 years
Grand Gateway - St. Cloud, MN		5,465		814		7,086		580		912		7,568		8,480		(490)		2012	40 years
Greenfield - Omaha, NE		3,598		578		4,122		663		778		4,585		5,363		(783)		2007	40 years
Heritage Manor - Rochester, MN		4,051		403		6,968		2,632		578		9,425		10,003		(3,489)		1998	40 years
Indian Hills - Sioux City, IA⁽²⁾		0		294		2,921		3,403		386		6,232		6,618		(1,144)		2007	40 years
Kirkwood Manor - Bismarck, ND		3,312		449		2,725		1,579		546		4,207		4,753		(1,655)		1997	12-40 years
Lakeside Village - Lincoln, NE		13,382		1,215		15,837		262		1,235		16,079		17,314		(821)		2012	40 years
Lancaster - St. Cloud, MN		0		289		2,899		1,079		460		3,807		4,267		(1,410)		2000	40 years
Landing at Southgate - Minot, ND		0		2,254		12,872		25		2,254		12,897		15,151		(212)		2013	40 years
Landmark - Grand Forks, ND		1,638		184		1,514		1,023		313		2,408		2,721		(983)		1997	40 years
Legacy - Grand Forks, ND		15,885		1,362		21,727		6,289		2,088		27,290		29,378		(9,395)		1995-2005	24-40 years
Mariposa - Topeka, KS		2,975		399		5,110		487		426		5,570		5,996		(1,341)		2004	40 years
Meadows - Jamestown, ND⁽²⁾		0		590		4,519		1,256		653		5,712		6,365		(1,968)		1998	40 years
Monticello Village - Monticello, MN		0		490		3,756		447		621		4,072		4,693		(1,136)		2004	40 years
Northern Valley - Rochester, MN		0		110		610		108		119		709		828		(77)		2010	40 years
North Pointe - Bismarck, ND		3,431		303		3,957		532		339		4,453		4,792		(1,338)		1995-2011	24-40 years
Oakmont Estates - Sioux Falls, SD		2,473		423		4,838		517		558		5,220		5,778		(1,602)		2002	40 years
Oakwood Estates - Sioux Falls, SD		4,025		543		2,784		4,265		775		6,817		7,592		(3,015)		1993	40 years
Olympic Village - Billings, MT		10,770		1,164		10,441		2,861		1,757		12,709		14,466		(4,461)		2000	40 years
Olympik Village - Rochester, MN		4,499		1,034		6,109		1,711		1,168		7,686		8,854		(1,870)		2005	40 years
Oxbow Park - Sioux Falls, SD		3,931		404		3,152		2,658		665		5,549		6,214		(2,625)		1994	24-40 years
Park Meadows - Waite Park, MN		8,616		1,143		9,099		5,423		1,595		14,070		15,665		(5,790)		1997	40 years
Pebble Springs - Bismarck, ND		775		7		748		149		44		860		904		(323)		1999	40 years
Pinehurst - Billings, MT		243		72		687		239		79		919		998		(276)		2002	40 years
Pinecone Villas - Sartell, MN		0		584		2,191		8		584		2,199		2,783		(33)		2013	40 years
Pines - Minot, ND		120		35		215		184		49		385		434		(132)		1997	40 years
Plaza - Minot, ND		5,478		867		12,784		2,335		992		14,994		15,986		(2,029)		2009	40 years
Pointe West - Rapid City, SD		2,679		240		3,538		1,485		364		4,899		5,263		(2,240)		1994	24-40 years
Ponds at Heritage Place - Sartell, MN		3,950		395		4,564		232		395		4,796		5,191		(216)		2012	40 years
Prairie Winds - Sioux Falls, SD		1,438		144		1,816		466		229		2,197		2,426		(1,171)		1993	24-40 years
Quarry Ridge - Rochester, MN		13,603		1,312		13,362		1,129		1,353		14,450		15,803		(2,811)		2006	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances⁽¹⁾		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Multi-Family Residential - continued
Quarry Ridge II - Rochester, MN	$	14,158	$	942	$	16,661	$	39	$	945	$	16,697	$	17,642	$	(830)		2012	40 years
Regency Park Estates - St. Cloud, MN		6,827		702		10,198		1,244		751		11,393		12,144		(804)		2011	40 years
Renaissance Heights I - Williston, ND		0		616		10,872		25		616		10,897		11,513		(58)		2013	40 years
Ridge Oaks - Sioux City, IA		3,414		178		4,073		2,087		281		6,057		6,338		(2,042)		2001	40 years
Rimrock West - Billings, MT		3,339		330		3,489		1,453		431		4,841		5,272		(1,624)		1999	40 years
River Ridge - Bismarck, ND		0		576		23,434		1,076		1,423		23,663		25,086		(438)		2008	40 years
Rocky Meadows - Billings, MT		5,177		656		5,726		1,085		769		6,698		7,467		(2,942)		1995	40 years
Rum River - Isanti, MN		3,609		843		4,823		146		848		4,964		5,812		(882)		2007	40 years
Sherwood - Topeka, KS		12,340		1,142		14,684		2,870		1,636		17,060		18,696		(6,150)		1999	40 years
Sierra Vista - Sioux Falls, SD		1,421		241		2,097		385		265		2,458		2,723		(198)		2011	40 years
South Pointe - Minot, ND		8,789		550		9,548		2,603		1,316		11,385		12,701		(5,165)		1995	24-40 years
Southpoint - Grand Forks, ND⁽²⁾		0		576		9,893		16		576		9,909		10,485		(158)		2013	40 years
Southview - Minot, ND		1,059		185		469		355		237		772		1,009		(344)		1994	40 years
Southwind - Grand Forks, ND		5,615		400		5,034		2,714		726		7,422		8,148		(3,216)		1995	24-40 years
Summit Park - Minot, ND		1,039		161		1,898		1,338		419		2,978		3,397		(1,167)		1997	24-40 years
Sunset Trail - Rochester, MN		8,138		336		12,814		2,490		543		15,097		15,640		(5,011)		1999	40 years
Temple - Minot, ND		78		0		0		229		0		229		229		(50)		2006	40 years
Terrace Heights - Minot, ND		173		29		312		88		40		389		429		(164)		2006	40 years
Thomasbrook - Lincoln, NE		5,987		600		10,306		3,189		1,242		12,853		14,095		(4,366)		1999	40 years
University Park Place - St. Cloud, MN		0		78		450		100		82		546		628		(99)		2007	40 years
Valley Park - Grand Forks, ND		3,886		294		4,137		3,304		1,095		6,640		7,735		(2,375)		1999	40 years
Villa West - Topeka, KS		12,280		1,590		15,760		513		1,674		16,189		17,863		(845)		2012	40 years
Village Green - Rochester, MN		1,145		234		2,296		800		359		2,971		3,330		(828)		2003	40 years
West Stonehill - Waite Park, MN		8,621		939		10,167		4,817		1,473		14,450		15,923		(6,513)		1995	40 years
Westridge - Minot, ND		1,662		68		1,887		165		75		2,045		2,120		(309)		2008	40 years
Westwood Park - Bismarck, ND		1,982		116		1,909		1,706		268		3,463		3,731		(1,315)		1998	40 years
Whispering Ridge - Omaha, NE		22,000		2,139		25,424		396		2,243		25,716		27,959		(806)		2012	40 years
Williston Garden - Williston, ND		12,057		1,400		17,699		33		1,408		17,724		19,132		(1,416)		2012	40 years
Winchester - Rochester, MN		2,802		748		5,622		1,700		1,006		7,064		8,070		(2,071)		2003	40 years
Woodridge - Rochester, MN		6,412		370		6,028		1,925		502		7,821		8,323		(3,337)		1997	40 years
Total Multi-Family Residential	$	384,695	$	52,345	$	578,841	$	122,545	$	66,722	$	687,009	$	753,731	$	(158,100)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances⁽¹⁾		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Commercial Office
1st Avenue Building - Minot, ND	$	0	$	30	$	0	$	337	$	30	$	337	$	367	$	(33)		1981	33-40 years
2030 Cliff Road - Eagan, MN		938		146		835		90		158		913		1,071		(300)		2001	40 years
610 Business Center IV - Brooklyn Park, MN		6,888		975		5,542		2,886		980		8,423		9,403		(2,060)		2007	40 years
7800 West Brown Deer Road - Milwaukee, WI		10,520		1,455		8,756		2,333		1,475		11,069		12,544		(3,621)		2003	40 years
American Corporate Center - Mendota Heights, MN		8,794		893		16,768		4,062		893		20,830		21,723		(8,339)		2002	40 years
Ameritrade - Omaha, NE		2,440		327		7,957		65		327		8,022		8,349		(3,014)		1999	40 years
Benton Business Park - Sauk Rapids, MN		491		188		1,261		89		188		1,350		1,538		(394)		2003	40 years
Bismarck 715 East Broadway - Bismarck, ND		2,163		389		1,283		1,126		443		2,355		2,798		(373)		2008	40 years
Brenwood - Minnetonka, MN		0		1,642		12,138		3,203		1,650		15,333		16,983		(5,379)		2002	40 years
Brook Valley I - La Vista, NE		1,256		347		1,671		129		347		1,800		2,147		(407)		2005	40 years
Burnsville Bluffs II - Burnsville, MN		1,679		300		2,154		986		374		3,066		3,440		(1,324)		2001	40 years
Corporate Center West - Omaha, NE		17,315		3,880		5,253		0		3,880		5,253		9,133		0		2006	40 years
Crosstown Centre - Eden Prairie, MN		12,707		2,884		14,569		2,563		2,932		17,084		20,016		(4,328)		2004	40 years
Eden Prairie 6101 Blue Circle Drive - Eden Prairie, MN		0		666		4,197		1		666		4,198		4,864		(1,596)		1999	40 years
Farnam Executive Center - Omaha, NE		12,160		2,188		7,912		0		2,188		7,912		10,100		0		2006	40 years
Flagship - Eden Prairie, MN		21,565		1,899		15,518		0		1,899		15,518		17,417		0		2006	40 years
Gateway Corporate Center - Woodbury, MN		8,700		1,637		6,663		0		1,637		6,663		8,300		0		2006	40 years
Golden Hills Office Center - Golden Valley, MN		17,711		3,018		18,544		3,852		3,018		22,396		25,414		(8,049)		2003	40 years
Granite Corporate Center - St. Cloud, MN		5,492		588		7,808		1,368		727		9,037		9,764		(3,199)		2001	40 years
Great Plains - Fargo, ND⁽²⁾		0		126		15,240		719		126		15,959		16,085		(5,640)		1997	40 years
Highlands Ranch I - Highlands Ranch, CO		7,992		2,268		8,362		427		2,268		8,789		11,057		(1,829)		2006	40 years
Highlands Ranch II - Highlands Ranch, CO		7,601		1,437		9,549		1,693		1,437		11,242		12,679		(3,011)		2004	40 years
Interlachen Corporate Center - Edina, MN		8,619		1,650		14,983		2,459		1,668		17,424		19,092		(5,684)		2001	40 years
Intertech Building - Fenton, MO		4,301		2,130		3,968		1,268		2,191		5,175		7,366		(970)		2007	40 years
Mendota Office Center I - Mendota Heights, MN		3,787		835		6,169		889		835		7,058		7,893		(2,420)		2002	40 years
Mendota Office Center II - Mendota Heights, MN		5,595		1,121		10,085		1,712		1,121		11,797		12,918		(4,531)		2002	40 years
Mendota Office Center III - Mendota Heights, MN		3,845		970		5,734		881		970		6,615		7,585		(2,129)		2002	40 years
Mendota Office Center IV - Mendota Heights, MN		4,571		1,070		7,635		1,287		1,070		8,922		9,992		(2,951)		2002	40 years
Minnesota National Bank - Duluth, MN		707		287		1,454		224		288		1,677		1,965		(413)		2004	40 years
Minot 1400 31st Ave - Minot, ND		0		1,026		6,143		4,404		1,038		10,535		11,573		(1,670)		2010	40 years
Minot 2505 16th Street SW - Minot, ND⁽²⁾		0		298		1,724		296		298		2,020		2,318		(214)		2009	40 years
Miracle Hills One - Omaha, NE		8,895		1,974		5,726		0		1,974		5,726		7,700		0		2006	40 years
Northgate I - Maple Grove, MN		4,977		1,062		6,358		990		1,235		7,175		8,410		(1,850)		2004	40 years
Northgate II - Maple Grove, MN		917		359		1,944		284		403		2,184		2,587		(845)		1999	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances⁽¹⁾		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Commercial Office - continued
Northpark Corporate Center - Arden Hills, MN	$	11,938	$	2,034	$	14,584	$	2,413	$	2,037	$	16,994	$	19,031	$	(3,650)		2006	40 years
Omaha 10802 Farnam Dr - Omaha, NE		5,182		2,462		4,374		392		2,818		4,410		7,228		(397)		2010	40 years
Pacific Hills - Omaha, NE		16,770		4,220		6,280		33		4,220		6,313		10,533		0		2006	40 years
Plaza 16 - Minot, ND		7,271		389		5,444		3,860		598		9,095		9,693		(1,665)		2009	40 years
Plaza VII - Boise, ID		930		300		3,058		471		370		3,459		3,829		(1,122)		2003	40 years
Plymouth 5095 Nathan Lane - Plymouth, MN		1,182		604		1,253		82		636		1,303		1,939		(224)		2007	40 years
Plymouth I - Plymouth, MN		1,115		530		1,133		65		530		1,198		1,728		(307)		2004	40 years
Plymouth II - Plymouth, MN		1,115		367		1,264		40		367		1,304		1,671		(342)		2004	40 years
Plymouth III - Plymouth, MN		1,373		507		1,495		365		507		1,860		2,367		(563)		2004	40 years
Plymouth IV & V - Plymouth, MN		6,717		1,336		12,693		2,085		1,338		14,776		16,114		(5,204)		2001	40 years
Prairie Oak Business Center - Eden Prairie, MN		3,215		531		4,069		2,216		784		6,032		6,816		(2,138)		2003	40 years
Rapid City 900 Concourse Drive - Rapid City, SD		696		285		6,600		1,028		514		7,399		7,913		(2,584)		2000	40 years
Riverport - Maryland Heights, MO		19,690		1,891		6,109		107		1,891		6,216		8,107		0		2006	40 years
Southeast Tech Center - Eagan, MN		1,651		560		5,496		419		569		5,906		6,475		(2,302)		1999	40 years
Spring Valley IV - Omaha, NE		748		178		916		60		186		968		1,154		(235)		2005	40 years
Spring Valley V - Omaha, NE		823		212		1,123		251		240		1,346		1,586		(342)		2005	40 years
Spring Valley X - Omaha, NE		763		180		1,024		79		189		1,094		1,283		(246)		2005	40 years
Spring Valley XI - Omaha, NE		748		143		1,094		36		151		1,122		1,273		(247)		2005	40 years
Superior Office Building - Duluth, MN		1,063		336		2,200		83		336		2,283		2,619		(609)		2004	40 years
TCA Building - Eagan, MN		7,500		627		8,571		709		684		9,223		9,907		(2,406)		2003	40 years
Three Paramount Plaza - Bloomington, MN		0		1,261		6,149		1,972		1,348		8,034		9,382		(2,828)		2002	40 years
Thresher Square - Minneapolis, MN		0		1,094		10,026		1,693		1,104		11,709		12,813		(3,963)		2002	40 years
Timberlands - Leawood, KS		13,155		2,375		9,601		36		2,375		9,637		12,012		0		2006	40 years
UHC Office - International Falls, MN		900		119		2,366		80		119		2,446		2,565		(656)		2004	40 years
US Bank Financial Center - Bloomington, MN		13,104		3,117		13,350		1,586		3,119		14,934		18,053		(3,254)		2005	40 years
Wells Fargo Center - St Cloud, MN		6,002		869		8,373		1,448		869		9,821		10,690		(2,375)		2005	40 years
West River Business Park - Waite Park, MN		491		235		1,195		241		235		1,436		1,671		(371)		2003	40 years
Westgate - Boise, ID		3,989		1,000		10,618		1,933		1,000		12,551		13,551		(4,046)		2003	40 years
Whitewater Plaza - Minnetonka, MN		3,762		530		4,860		1,068		577		5,881		6,458		(1,982)		2002	40 years
Wirth Corporate Center - Golden Valley, MN		0		970		3,760		0		970		3,760		4,730		0		2002	40 years
Woodlands Plaza IV - Maryland Heights, MO		4,360		771		4,609		1,466		862		5,984		6,846		(1,261)		2006	40 years
Total Commercial Office	$	328,879	$	70,098	$	407,590	$	66,940	$	72,277	$	472,351	$	544,628	$	(121,892)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances⁽¹⁾		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition		Life on which depreciation in latest income statement is computed
Commercial Healthcare
2800 Medical Building - Minneapolis, MN	$	5,203	$	204	$	7,135	$	2,246	$	229	$	9,356	$	9,585	$	(2,691)		2005	40 years
2828 Chicago Avenue - Minneapolis, MN		8,217		726		11,319		5,627		729		16,943		17,672		(3,388)		2007	40 years
Airport Medical - Bloomington, MN		769		0		4,678		0		0		4,678		4,678		(1,614)		2002	40 years
Barry Pointe Office Park - Kansas City, MO		1,403		384		2,366		143		392		2,501		2,893		(467)		2007	40 years
Billings 2300 Grant Road - Billings, MT		1,447		649		1,216		0		649		1,216		1,865		(115)		2010	40 years
Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN		8,273		1,071		6,842		1,602		1,071		8,444		9,515		(1,328)		2008	40 years
Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN		5,179		189		5,127		956		189		6,083		6,272		(901)		2008	40 years
Casper 1930 E 12th Street (Park Place) - Casper, WY⁽²⁾		0		439		5,780		162		439		5,942		6,381		(692)		2009	40 years
Casper 3955 E 12th Street (Meadow Wind) - Casper, WY⁽²⁾		0		388		10,494		181		459		10,604		11,063		(1,130)		2009	40 years
Cheyenne 4010 N College Drive (Aspen Wind) - Cheyenne, WY⁽²⁾		0		628		10,272		260		629		10,531		11,160		(1,180)		2009	40 years
Cheyenne 4606 N College Drive (Sierra Hills) - Cheyenne, WY⁽²⁾		0		695		7,455		40		695		7,495		8,190		(830)		2009	40 years
Denfeld Clinic - Duluth, MN		1,546		501		2,597		1		501		2,598		3,099		(653)		2004	40 years
Eagan 1440 Duckwood Medical - Eagan, MN		0		521		1,547		519		521		2,066		2,587		(541)		2008	40 years
Edgewood Vista - Belgrade, MT		0		35		779		6		35		785		820		(120)		2008	40 years
Edgewood Vista - Billings, MT		1,844		115		1,767		10		115		1,777		1,892		(275)		2008	40 years
Edgewood Vista - Bismarck, ND		0		511		9,193		139		511		9,332		9,843		(1,993)		2005	40 years
Edgewood Vista - Brainerd, MN		0		587		8,999		79		587		9,078		9,665		(1,950)		2005	40 years
Edgewood Vista - Columbus, NE		0		43		824		3		44		826		870		(126)		2008	40 years
Edgewood Vista - East Grand Forks, MN		2,809		290		1,352		24		290		1,376		1,666		(213)		2000	40 years
Edgewood Vista - Fargo, ND		12,418		775		20,870		13		775		20,883		21,658		(3,197)		2008	40 years
Edgewood Vista - Fremont, NE		573		56		490		43		56		533		589		(166)		2008	40 years
Edgewood Vista - Grand Island, NE		0		33		773		31		39		798		837		(120)		2008	40 years
Edgewood Vista - Hastings, NE		590		49		517		46		50		562		612		(181)		2008	40 years
Edgewood Vista - Hermantown I, MN		15,823		288		9,871		1,520		288		11,391		11,679		(3,589)		2000	40 years
Edgewood Vista - Hermantown II, MN		0		719		10,517		33		719		10,550		11,269		(2,273)		2005	40 years
Edgewood Vista - Kalispell, MT		592		70		502		615		70		1,117		1,187		(287)		2001	40 years
Edgewood Vista - Minot, ND		9,250		1,045		11,590		77		1,047		11,665		12,712		(1,007)		2010	40 years
Edgewood Vista - Missoula, MT		840		109		854		74		116		921		1,037		(385)		1996	40 years
Edgewood Vista - Norfolk, NE		0		42		722		9		42		731		773		(112)		2008	40 years
Edgewood Vista - Omaha, NE		374		89		547		45		89		592		681		(186)		2001	40 years
Edgewood Vista - Sioux Falls, SD		1,056		314		974		40		314		1,014		1,328		(155)		2008	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period										Life on which depreciation in latest income statement is computed
Description	Encumbrances⁽¹⁾		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition
Commercial Healthcare - continued
Edgewood Vista - Spearfish, SD	$	0	$	315	$	8,584	$	69	$	330	$	8,638	$	8,968	$	(1,489)		2005	40 years
Edgewood Vista - Virginia, MN		13,460		246	$	11,823		137		246		11,960		12,206		(3,357)		2002	40 years
Edina 6363 France Medical - Edina, MN		9,830		0		12,675		2,500		0		15,175		15,175		(3,114)		2008	40 years
Edina 6405 France Medical - Edina, MN		8,473		0		12,201		41		0		12,242		12,242		(2,532)		2008	40 years
Edina 6517 Drew Avenue - Edina, MN		0		353		660		529		372		1,170		1,542		(519)		2002	40 years
Edina 6525 Drew Avenue - Edina, MN		0		388		117		0		388		117		505		(7)		2011	40 years
Edina 6525 France SMC II - Edina, MN		9,991		755		8,054		5,982		1,040		13,751		14,791		(5,805)		2003	40 years
Edina 6545 France SMC I - Edina MN		30,219		3,480		30,743		14,758		3,480		45,501		48,981		(16,225)		2001	40 years
Fresenius - Duluth, MN		648		50		1,520		2		50		1,522		1,572		(382)		2004	40 years
Garden View - St. Paul, MN		785		0		7,408		644		12		8,040		8,052		(2,466)		2002	40 years
Gateway Clinic - Sandstone, MN		895		66		1,699		1		66		1,700		1,766		(427)		2004	40 years
Healtheast St John & Woodwinds - Maplewood & Woodbury, MN		8,947		3,239		18,362		0		3,239		18,362		21,601		(6,407)		2000	40 years
High Pointe Health Campus - Lake Elmo, MN		7,500		1,305		10,528		1,678		1,329		12,182		13,511		(3,320)		2004	40 years
Jamestown Medical Office Building - Jamestown, ND		6,078		0		7,622		0		0		7,622		7,622		(464)		2013	40 years
Laramie 1072 N 22nd Street (Spring Wind) - Laramie, WY⁽²⁾		0		406		10,151		17		406		10,168		10,574		(941)		2009	40 years
Legends at Heritage Place - Sartell, MN		0		970		9,920		0		970		9,920		10,890		(134)		2013	40 years
Mariner Clinic - Superior, WI		1,958		0		3,781		90		20		3,851		3,871		(974)		2004	40 years
Minneapolis 701 25th Avenue Medical - Minneapolis, MN		7,368		0		7,873		1,551		0		9,424		9,424		(1,471)		2008	40 years
Missoula 3050 Great Northern - Missoula, MT		1,510		640		1,331		0		640		1,331		1,971		(126)		2010	40 years
Nebraska Orthopaedic Hospital - Omaha, NE		11,516		0		20,272		1,615		0		21,887		21,887		(5,353)		2004	40 years
Park Dental - Brooklyn Center, MN		441		185		2,767		0		185		2,767		2,952		(804)		2002	40 years
Pavilion I - Duluth, MN		5,159		1,245		8,898		31		1,245		8,929		10,174		(2,219)		2004	40 years
Pavilion II - Duluth, MN		9,494		2,715		14,673		1,937		2,715		16,610		19,325		(5,264)		2004	40 years
Ritchie Medical Plaza - St Paul, MN		6,228		1,615		7,851		3,481		1,647		11,300		12,947		(2,350)		2005	40 years
Sartell 2000 23rd Street South - Sartell, MN		2,456		0		11,781		934		0		12,715		12,715		(3,782)		2002	40 years
Spring Creek-American Falls - American Falls, ID		2,210		145		3,870		0		145		3,870		4,015		(292)		2011	40 years
Spring Creek-Boise - Boise, ID		2,857		708		4,296		0		708		4,296		5,004		(348)		2011	40 years
Spring Creek-Eagle - Eagle, ID		2,034		263		3,775		0		263		3,775		4,038		(286)		2011	40 years
Spring Creek-Fruitland - Fruitland, ID		0		550		6,565		0		550		6,565		7,115		(57)		2014	40 years
Spring Creek-Meridian - Meridian, ID		3,360		424		6,724		0		424		6,724		7,148		(504)		2011	40 years
Spring Creek-Overland - Overland, ID		3,225		687		5,942		0		687		5,942		6,629		(465)		2011	40 years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period										Life on which depreciation in latest income statement is computed
Description	Encumbrances⁽¹⁾		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition
Commercial Healthcare - continued
Spring Creek-Soda Springs - Soda Springs, ID	$	796	$	66	$	2,124	$	33	$	66	$	2,157	$	2,223	$	(165)		2011	40 years
Spring Creek-Ustick - Meridian, ID		0		467		3,833		0		467		3,833		4,300		(268)		2011	40 years
St Michael Clinic - St Michael, MN		1,851		328		2,259		264		328		2,523		2,851		(447)		2007	40 years
Trinity at Plaza 16 - Minot, ND		4,854		568		9,009		125		674		9,028		9,702		(588)		2011	40 years
Wells Clinic - Hibbing, MN		1,365		162		2,497		2		162		2,499		2,661		(626)		2004	40 years
Total Commercial Healthcare	$	243,714	$	33,906	$	440,157	$	50,965	$	34,544	$	490,484	$	525,028	$	(105,843)

Commercial Industrial
Bloomington 2000 W 94th Street - Bloomington, MN⁽²⁾	$	0	$	2,133	$	4,097	$	1,200	$	2,187	$	5,243	$	7,430	$	(1,197)		2006	40 years
Eagan 2785 & 2795 Highway 55 - Eagan, MN		0		3,058		2,570		20		3,058		2,590		5,648		(401)		2008	40 years
Lexington Commerce Center - Eagan, MN		2,294		453		4,352		1,982		480		6,307		6,787		(2,639)		1999	40 years
Minot IPS - Minot, ND⁽²⁾		0		416		5,635		0		416		5,635		6,051		(212)		2012	40 years
Stone Container - Fargo, ND		922		440		6,597		104		440		6,701		7,141		(2,776)		2001	40 years
Roseville 3075 Long Lake Road - Roseville, MN		0		810		526		106		810		632		1,442		(4)		2001	40 years
Urbandale 3900 106th Street - Urbandale, IA		10,564		3,680		9,893		1,683		3,863		11,393		15,256		(2,135)		2007	40 years
Woodbury 1865 Woodlane - Woodbury, MN		0		1,108		2,628		1,884		1,123		4,497		5,620		(834)		2007	40 years
Total Commercial Industrial	$	13,780	$	12,098	$	36,298	$	6,979	$	12,377	$	42,998	$	55,375	$	(10,198)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company								Gross amount at which carried at close of period											Life on which depreciation in latest income statement is computed
Description	Encumbrances⁽¹⁾		Land		Buildings & Improvements			Costs capitalized subsequent to acquisition			Land			Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition
Commercial Retail
17 South Main - Minot, ND	$	78	$	15		$	75		$	197		$	17	$	270	$	287	$	(199)		2000	40 years
Arrowhead First International Bank - Minot, ND		0		75			1,211			20			95		1,211		1,306		(34)		2013	40 years
Burnsville 1 Strip Center - Burnsville, MN		0		208			773			205			208		978		1,186		(284)		2003	40 years
Champlin South Pond - Champlin, MN		1,332		842			2,703			95			866		2,774		3,640		(722)		2004	40 years
Chan West Village - Chanhassen, MN		12,690		5,035			14,665			2,025			5,624		16,101		21,725		(4,760)		2003	40 years
Dakota West Plaza - Minot , ND		356		92			493			30			106		509		615		(108)		2006	40 years
Duluth 4615 Grand - Duluth, MN		612		130			1,800			4			131		1,803		1,934		(453)		2004	40 years
Duluth Denfeld Retail - Duluth, MN		2,023		276			4,699			162			297		4,840		5,137		(1,256)		2004	40 years
Fargo Express Community - Fargo, ND		882		374			1,420			777			386		2,185		2,571		(507)		2003-2005	40 years
Forest Lake Auto - Forest Lake, MN		0		50			446			13			50		459		509		(132)		2003	40 years
Forest Lake Westlake Center - Forest Lake, MN		0		2,446			5,304			1,099			2,480		6,369		8,849		(1,651)		2003	40 years
Grand Forks Carmike - Grand Forks, ND		1,426		184			2,360			2			184		2,362		2,546		(1,152)		1994	40 years
Grand Forks Medpark Mall - Grand Forks, ND		0		681			4,808			231			722		4,998		5,720		(1,800)		2000	40 years
Jamestown Buffalo Mall - Jamestown, ND		1,934		566			5,551			2,848			1,114		7,851		8,965		(1,746)		2003	40 years
Jamestown Business Center - Jamestown, ND		399		297			1,023			1,330			333		2,317		2,650		(930)		2003	40 years
Kalispell Retail Center - Kalispell, MT		971		250			2,250			973			253		3,220		3,473		(840)		2003	40 years
Lakeville Strip Center - Lakeville, MN		874		46			1,142			852			94		1,946		2,040		(667)		2003	40 years
Minot Arrowhead - Minot, ND⁽²⁾		0		100			3,216			5,462			116		8,662		8,778		(1,718)		1973	40 years
Minot Plaza - Minot, ND⁽²⁾		777		50			453			147			80		570		650		(317)		1993	40 years
Monticello C Store - Monticello, MN		0		65			770			37			97		775		872		(227)		2003	40 years
Omaha Barnes & Noble - Omaha, NE		2,267		600			3,099			0			600		3,099		3,699		(1,433)		1995	40 years
Pine City C-Store - Pine City, MN		0		83			357			12			83		369		452		(107)		2003	40 years
Pine City Evergreen Square - Pine City, MN		0		154			2,646			597			385		3,012		3,397		(983)		2003	40 years
Rochester Maplewood Square - Rochester, MN		0		3,275			8,610			2,089			3,652		10,322		13,974		(3,581)		1999	40 years
St. Cloud Westgate - St. Cloud, MN		0		885			5,535			1,738			977		7,181		8,158		(1,729)		2004	40 years
Weston Retail - Weston, WI		0		79			1,575			27			80		1,601		1,681		(448)		2003	40 years
Weston Walgreens - Weston, WI		0		66			1,718			671			67		2,388		2,455		(471)		2006	40 years
Total Commercial Retail	$	26,621	$	16,924		$	78,702		$	21,643		$	19,097	$	98,172	$	117,269	$	(28,255)

Subtotal	$	997,689	$	185,371		$	1,541,588		$	269,072		$	205,017	$	1,791,014	$	1,996,031	$	(424,288)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances⁽¹⁾		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition
Unimproved Land
Badger Hills - Rochester, MN	$	0	$	1,050	$	0	$	0	$	1,050	$	0	$	1,050	$	0		2012
Bismarck 4916 - Bismarck, ND		0		3,250		0		0		3,250		0		3,250		0		2013
Bismarck 700 E Main - Bismarck, ND		0		314		0		562		876		0		876		0		2008
Deer Ridge - Jamestown, ND		0		711		0		0		711		0		711		0		2013
Eagan - Eagan, MN		0		423		0		0		423		0		423		0		2006
Georgetown Square - Grand Chute, WI		0		1,860		0		0		1,860		0		1,860		0		2006
Grand Forks - Grand Forks, ND		0		4,278		0		0		4,278		0		4,278		0		2012
Isanti Unimproved - Isanti, MN		0		58		0		0		58		0		58		0		2014
Kalispell - Kalispell, MT		0		1,400		0		24		1,424		0		1,424		0		2003
Legends at Heritage Place - Sartell, MN		0		537		0		0		537		0		537		0		2013
Minot (Southgate Lot 4) - Minot, ND		0		890		0		0		890		0		890		0		2013
Minot Wells Fargo Bank - Minot, ND		0		992		0		0		992		0		992		0		2013
Monticello - Monticello, MN		0		115		0		2		117		0		117		0		2006
Rapid City Unimproved- Rapid City, SD		0		1,376		0		0		1,376		0		1,376		0		2014
Renaissance Heights - Williston, ND		0		2,229		0		1,348		3,577		0		3,577		0		2012
River Falls - River Falls, WI		0		176		0		4		180		0		180		0		2003
Spring Creek Fruitland - Fruitland, IA		0		339		0		0		339		0		339		0		2014
Urbandale - Urbandale, IA		0		5		0		109		114		0		114		0		2009
Weston - Weston, WI		0		812		0		0		812		0		812		0		2006
Total Unimproved Land	$	0	$	20,815	$	0	$	2,049	$	22,864	$	0	$	22,864	$	0

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

			Initial Cost to Company						Gross amount at which carried at close of period
Description	Encumbrances⁽¹⁾		Land		Buildings & Improvements		Costs capitalized subsequent to acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition
Development in Progress
Arcata - Golden Valley, MN	$	0	$	2,088	$	8,974	$	1,956	$	2,088	$	10,930	$	13,018	$	0		2013
Cardinal Point - Grand Forks, ND		0		1,600		0		5,229		1,600		5,229		6,829		0		2013
Chateau II - Minot, ND		0		240		1,842		16		240		1,858		2,098		0		2013
Commons at Southgate - Minot, ND		0		3,691		22,819		1,555		3,691		24,374		28,065		0		2013
Cypress Court II - St. Cloud, MN		0		447		5		1,128		447		1,133		1,580		0		2012
Dakota Commons - Williston, ND		0		823		7,293		898		823		8,191		9,014		0		2012
Red 20 - Minneapolis, MN		0		1,900		116		11,964		1,900		12,080		13,980		0		2013
Renaissance Heights I - Williston, ND		0		2,464		23,900		1,165		2,464		25,065		27,529		0		2013
Other		0		0		0		2,496		0		2,496		2,496		0		n/a
Total Development in Progress	$	0	$	13,253	$	64,949	$	26,407	$	13,253	$	91,356	$	104,609	$	0

Total	$	997,689	$	219,439	$	1,606,537	$	297,528	$	241,134	$	1,882,370	$	2,123,504	$	(424,288)

(1)	Amounts in this column are the mortgages payable balances as of April 30, 2014. These amounts do not include amounts owing under the Company's multi-bank line of credit or under the Company's construction loans.

(2)

As of April 30, 2014, this property was included in the collateral pool securing the Company's $72.0 million multi-bank line of credit. The Company may add and remove eligible properties from the collateral pool if certain minimum collateral requirements are satisfied. Advances under the facility may not exceed 60% of the value of properties provided as security.

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III

REAL ESTATE AND ACCUMULATED DEPRECIATION

Reconciliations of the carrying value of total property owned for the three years ended April 30, 2014, 2013, and 2012 are as follows:

	(in thousands)
	2014		2013		2012

Balance at beginning of year	$	2,032,970	$	1,892,009	$	1,770,798
Additions during year
Multi-Family Residential		84,117		113,859		47,433
Commercial Office		0		0		0
Commercial Healthcare		18,005		11,122		47,408
Commercial Industrial		0		5,900		0
Commercial Retail		0		1,240		2,316
Improvements and Other		34,637		36,375		35,176
		2,169,729		2,060,505		1,903,131
Deductions during year
Cost of real estate sold		(85,030)		(21,953)		(3,498)
Impairment charge		(43,189)		(305)		(127)
Write down of asset and accumulated depreciation on impaired assets		(31,688)		0		0
Properties classified as held for sale during the year		(10,307)		(1,893)		(1,288)
Other^(A)		(3,484)		(3,384)		(6,209)
Balance at close of year	$	1,996,031	$	2,032,970	$	1,892,009

Reconciliations of accumulated depreciation/amortization for the three years ended April 30, 2014, 2013, and 2012, are as follows:

	(in thousands)
	2014		2013		2012

Balance at beginning of year	$	420,421	$	373,490	$	328,952
Additions during year
Provisions for depreciation		57,575		56,611		51,093
Deductions during year
Accumulated depreciation on real estate sold		(19,413)		(6,444)		(758)
Write down of asset and accumulated depreciation on impaired assets		(31,688)		0		0
Other^(A)		(2,607)		(3,236)		(5,797)
Balance at close of year	$	424,288	$	420,421	$	373,490

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

April 30, 2014

Schedule III

REAL ESTATE AND ACCUMULATED DEPRECIATION

Reconciliations of development in progress for the three years ended April 30, 2014, 2013, and 2012, are as follows:

	(in thousands)
	2014		2013		2012

Balance at beginning of year	$	46,782	$	27,599	$	9,693
Additions during year
Unimproved land acquisitions		2,079		9,177		2,718
Unimproved land moved to development in progress		2,870		0		0
Improvements and other		123,240		52,970		40,358
Deductions during year
Involuntary conversion		(7,052)		0		0
Development placed in service^(B)		(63,210)		(42,964)		(23,434)
Other^(C)		(100)		0		(1,736)
Balance at close of year	$	104,609	$	46,782	$	27,599

Reconciliations of unimproved land for the three years ended April 30, 2014, 2013, and 2012, are as follows:

	(in thousands)
	2014		2013		2012

Balance at beginning of year	$	21,503	$	10,990	$	6,550
Additions during year
Unimproved land acquisitions		3,022		13,329		4,600
Improvements and other		1,209		854		10
Deductions during year
Unimproved land moved to development in progress		(2,870)		(3,670)		(170)
Balance at close of year	$	22,864	$	21,503	$	10,990

Total real estate investments^(D)

1,699,216

1,680,834

1,557,108

(A)	Consists of miscellaneous disposed assets.

(B)	Includes development projects that are placed in service in phases.

(C)	Consists of miscellaneous re-classed assets.

(D)	The net basis of the Company's real estate investments for Federal Income Tax purposes was $1.5 billion, $1.5 billion and $1.4 billion at April 30, 2014, 2013 and 2012, respectively.