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INVESTORS REAL ESTATE TRUST (NASDAQ - IRET) 
Trend Analysis--Quarterly (click here for Annual Analysis)

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Funds From Operations
 2010 Q22009 Q2Y-Y
Ch (%)
2010 Q1Q-Q
Ch (%)
Funds from Operations ($000)14,55916,416(11.31)16,502(47.10)
FFO per Share ($)0.160.21(23.81)0.20(80.00)
AFFO per ShareNANANANANA
Income Statement ($000)
 2010 Q22009 Q2Y-Y
Ch (%)
2010 Q1Q-Q
Ch (%)
Rental Revenue59,59659,5730.0460,821(8.06)
Partnership Income000.0000.00
Total Revenue59,72259,861(0.23)60,950(8.06)
Rental Operating Expense24,48523,9532.2224,4161.13
Expenses59,52256,7114.9658,3817.82
Net Income2003,204(93.76)2,569(368.86)
Rental NOI35,11135,620(1.43)36,405(14.22)
Diluted EPS before Extraordinary Items ($)0.000.03NM0.02NM
Diluted EPS after Extraordinary Items ($)0.000.03NM0.02NM
Dividends Declared per Common Share ($)0.17100.16901.180.17051.17
Avg Diluted Shares Out (actual)87,162,00079,668,0009.4183,223,00018.93
Balance Sheet ($000)
 2010 Q22009 Q2Y-Y
Ch (%)
2010 Q1Q-Q
Ch (%)
Properties at Cost: Operational1,752,0481,693,1463.481,739,7932.82
Accumulated Depreciation287,664241,40319.16275,53117.61
Net Properties: Operational1,464,3841,451,7430.871,464,2620.03
Land Held for Development5,9665,03618.475,71317.71
Total Real Estate Investments1,470,5091,474,910(0.30)1,470,1350.10
Total Assets1,671,9081,616,9093.401,614,35314.26
Total Debt1,066,7251,081,113(1.33)1,068,705(0.74)
Total Liabilities1,097,9061,108,461(0.95)1,102,668(1.73)
Common Equity389,815309,31926.02325,09279.64
Common Shares Outstanding (actual)73,502,15258,713,01525.1963,787,56860.92
Convertible Operating Partnership Units (actual)20,962,06121,287,484(1.53)20,836,9722.40
Same Store Operations
 2010 Q22009 Q2Y-Y
Ch (bp)
2010 Q1Q-Q
Ch (bp)
Same-store NOI: Change from Prior (%)(3.14)(2.70)(44)2.58(572)
EBITDA
 2010 Q22009 Q2Y-Y
Ch (bp)
2010 Q1Q-Q
Ch (bp)
Recurring EBITDA/ Interest Expense (x)1.932.00(7)1.99(6)
Recurring EBITDA/ Interest & Preferred Dividends (x)1.871.93(7)1.92(6)
Income Statement Ratios
 2010 Q22009 Q2Y-Y
Ch (bp)
2010 Q1Q-Q
Ch (bp)
Dividend Payout to FFO (%)106.8880.483385.25101
G&A/ Revenue (%)2.291.88222.2211
Profitability Ratios
 2010 Q22009 Q2Y-Y
Ch (bp)
2010 Q1Q-Q
Ch (bp)
Return on Average Assets (%)0.050.79(74)0.64(59)
Return on Average Equity (%)0.152.51(237)2.05(190)
   Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

  * Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.



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