Minot, ND – March 1, 2012 – IRET Properties, in conjunction with Market Place Foods and the numerous businesses of Arrowhead Shopping Center, is pleased to announce the post-flood Grand Opening Ceremony of the Arrowhead mall on Wednesday, March 28th.

Like the beloved neighborhood grocery store, Market Place Foods, many of the businesses that made their home at Arrowhead Shopping Center prior to the 2011 Souris River Flood are returning to spaces that are even better than before. State agencies such as the Department of Transportation, State Tax Department, and the Chamber-operated DMV have also returned to their offices at Arrowhead Shopping Center—much to the delight of residents busy rebuilding in the area.

A Press Conference and Chamber of Commerce Ribbon Cutting have been scheduled for Wednesday, March 28th, beginning at 11:00 a.m. in the Arrowhead Shopping Center to commemorate the return of the many businesses, state offices and neighborhood grocery store.

North Dakota Governor, Jack Dalrymple, will speak at the Press Conference as well as Keith Johanneson of Market Place Foods, IRET President & CEO, Tim Mihalick, and Minot Mayor, Curt Zimbelman.

Following the Press Conference, those in attendance, as well as the general public, are invited to enjoy a complementary lunch provided by Marketplace Foods and a self-guided tour of Arrowhead Shopping Center. Numerous informational stations will be set up outlining facts about returning businesses, 2011 flood preparation, and reconstruction efforts.

Tentative Agenda:
11:00 a.m.                         Press Conference – Arrowhead Shopping Center
11:15 a.m.                          Ribbon Cutting – Market Place Foods Entrance
11:15 a.m. – 1:00 p.m.    Complementary Lunch –Arrowhead Shopping Center 11:00 a.m. – Close Self-Guided Tour of Arrowhead

About IRET
IRET Properties is a limited partner of Investor Real Estate Trust (Nasdaq: IRET)(Nasdaq:IRETP). 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.

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.
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