Research Coverage Company Disclosure

Company Name: Investors Real Estate Trust
Symbol: IRET

Disclosures:

1 Robert W. Baird & Co. Incorporated makes a market in the securities of this company.
2 Robert W. Baird & Co. Incorporated and/or its affiliates managed or co-managed a public offering of securities of this company in the past 12 months.
3 Robert W. Baird & Co. Incorporated and/or its affiliates have received investment banking compensation from this company in the past 12 months.
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.