SOURCE: Investors Real Estate Trust

July 20, 2006 12:00 ET

Edward T. Schafer, Former Governor of North Dakota, and C.W. "Chip" Morgan Nominated for Election to Investors Real Estate Trust Board of Trustees

MINOT, ND -- (MARKET WIRE) -- July 20, 2006 --Investors Real Estate Trust (NASDAQ: IRETS) today announced that Edward T. Schafer and C.W. "Chip" Morgan have been nominated to stand for election to the Investors Real Estate Trust ("IRET") Board of Trustees at the Company's Annual Meeting of Shareholders, to be held on September 19, 2006.

Mr. Schafer (59) was the Governor of North Dakota from 1992 to 2000, and until January of this year was the Chief Executive Officer of Extend America, a telecommunications company. Mr. Morgan (58) is the President and Chief Executive Officer of Northwest Respiratory Services, LLC, a home medical company, and a director of First Western Bank, Eden Prairie, Minnesota.

"IRET is pleased to attract trustee nominees with the background and qualifications of former Governor Schafer and Chip Morgan," said Jeffrey Miller, the Chairman of IRET's Board of Trustees. "We believe that their management and business experience will be valuable to the Board and to IRET shareholders as IRET continues to grow."

About IRET

IRET is an equity real estate investment trust with a diversified portfolio of multi-family residential, office, medical, industrial and retail properties located primarily in the upper Midwest. IRET's headquarters are located in Minot, North Dakota, and it has an additional office in Minneapolis, Minnesota.

This press release has been issued by Investors Real Estate Trust. The Company anticipates distributing its proxy statement for the 2006 Annual Meeting on or about August 7, 2006, and shareholders are encouraged to read the proxy statement, which will contain important information about the Company. Investors may obtain copies of the proxy statement and the Company's other SEC filings free of charge from the Company's website,, and from the website of the SEC,

Contact Information

    Timothy P. Mihalick
    PO Box 1988
    12 South Main Street
    Minot, North Dakota 58701
    701.837.4738 phone
    701.838.8875 fax
    Email Contact email