| Name of Subsidiary                                         | State ofIncorporation orOrganization |
|------------------------------------------------------------|--------------------------------------|
|                                                       |                                 |
| Dakota - IRET, Inc.                                        | Texas                                |
| Dakota Hill Properties, a Texas Limited Partnership        | Texas                                |
| DRF Omaha/NOH, LLC                                         | Minnesota                            |
| EVI Billings, LLC                                          | North Dakota                         |
| EVI Grand Cities, LLC                                      | North Dakota                         |
| EVI Sioux Falls, LLC                                       | North Dakota                         |
| Forest Park - IRET, Inc.                                   | North Dakota                         |
| Forest Park Properties, a North Dakota Limited Partnership | North Dakota                         |
| France Medical LLC                                         | Delaware                             |
| France Medical MM LLC                                      | Delaware                             |
| Health Investors Business Trust                            | Delaware                             |
| IRET-1715 YDR, LLC                                         | Minnesota                            |
| IRET-3900 Urbandale, LLC                                   | Delaware                             |
| IRET - 6405 France Medical, LLC                            | North Dakota                         |
| IRET - BD, LLC                                             | Minnesota                            |
| IRET - Billings 2300 CBR, LLC                              | North Dakota                         |
| IRET - Brenwood, LLC                                       | Minnesota                            |
| IRET - Candlelight, LLC                                    | North Dakota                         |
| IRET - Cimarron Hills, LLC                                 | North Dakota                         |
| IRET Corporate Plaza, LLC                                  | North Dakota                         |
| IRET - Country Meadows 2, LLC                              | North Dakota                         |
| IRET - DMS, LLC                                            | Minnesota                            |
| IRET - Forest Park, LLC                                    | Delaware                             |
| IRET-Golden Jack, L.L.C.                                   | Delaware                             |
| IRET, Inc.                                                 | North Dakota                         |
| IRET - Kentwood, LLC                                       | North Dakota                         |
| IRET - Kirkwood Apartments, LLC                            | North Dakota                         |
| IRET - LEXCOM, LLC                                         | North Dakota                         |
| IRET - Minot EV, LLC                                       | North Dakota                         |
| IRET - Missoula 3050 CBR, LLC                              | North Dakota                         |
| IRET-MR9, LLC                                              | Delaware                             |
| IRET-MR9 Holding, LLC                                      | Delaware                             |
| IRET - Oakmont, LLC                                        | South Dakota                         |
| IRET - Plymouth, LLC                                       | Minnesota                            |
| IRET Properties, a North Dakota Limited Partnership        | North Dakota                         |
| IRET-QR, LLC                                               | Delaware                             |
| IRET-Quarry Ridge, LLC                                     | Delaware                             |
| IRET - Ridge Oaks, LLC                                     | Iowa                                 |
| IRET - Rimrock, LLC                                        | North Dakota                         |
| IRET - Rochester Crown Apartments, LLC                     | North Dakota                         |
| IRET - Rocky Meadows, LLC                                  | North Dakota                         |
| IRET - Southbrook & Mariposa, LLC                      | North Dakota                         |
| IRET - Thomasbrook Apartments, LLC                         | North Dakota                         |
| IRET - Valley Park Manor, LLC                              | North Dakota                         |
| IRET - Westwood Park, LLC                                  | North Dakota                         |
| LSREF Golden Ops 14 (WY), LLC                              | Delaware                             |
| LSREF Golden Property 14 (WY), LLC                         | Delaware                             |
| Meadow 2 - IRET, Inc.                                      | North Dakota                         |
| Meadow 2 Properties, L.P.                                  | North Dakota                         |
| MedPark - IRET, Inc.                                       | North Dakota                         |
| Medpark Properties Limited Partnership                     | North Dakota                         |
| Mendota Office Holdings LLC                                | Minnesota                            |
| Mendota Office Three & Four LLC                        | Minnesota                            |
| Mendota Properties LLC                                     | Minnesota                            |
| Minnesota Medical Investors LLC                            | Delaware                             |
| Ridge Oaks, L.P.                                           | Iowa                                 |
| SMB MM LLC                                                 | Delaware                             |
| SMB Operating Company LLC                                  | Delaware                             |
| Thomasbrook - IRET, Inc.                                   | Nebraska                             |
| Thomasbrook Properties, a Nebraska Limited Partnership     | Nebraska                             |