Research Coverage Company Disclosure

Company Name: Investors Real Estate Trust
Symbol: IRET


1 Robert W. Baird & Co. Incorporated makes a market in the securities of this company.
4 An officer of Robert W. Baird & Co. Incorporated is a director of this company.
11 Robert W. Baird & Co. and/or its affiliates expect to receive or intend to seek investment banking related compensation from the company or companies mentioned in this report within the next three months.