Exhibit 99.1
 
 INREIT
InvestorUpdate
1st Quarter 2011




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INREIT
 First Quarter 2011 Highlights
 Assets
   Earnings
    FFO & MFFO vs Dividends Paid
2008 to 2011 (In Millions)
 
 Dividends
   Total Weighted Shares




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INREIT Real Estate Investment Trust
Consolidated Statement of Income
 First Quarter
    
    
    
    
    
    
    
    
    
    
    Year to Date3/31/11
    
    
    3/31/10
    
    

%
Change
    
    
    3/31/11
    
    
    3/31/10
    
    

%
ChangeOperating RevenuesMulti-Family
    
    $
    7,156,767
    
    
    $
    6,045,279
    
    
    
    18.4
    
    
    $
    7,156,767
    
    
    $
    6,045,279
    
    
    
    18.4Office
    
    $
    2,240,440
    
    
    $
    2,247,488
    
    
    
    -0.3
    
    
    $
    2,240,440
    
    
    $
    2,247,488
    
    
    
    -0.3Retail
    
    $
    1,277,831
    
    
    $
    844,782
    
    
    
    51.3
    
    
    $
    1,277,831
    
    
    $
    844,782
    
    
    
    51.3Senior Living
    
    $
    675,020
    
    
    $
    852,531
    
    
    
    -20.8
    
    
    $
    675,020
    
    
    $
    852,531
    
    
    
    -20.8Medical
    
    $
    668,462
    
    
    $
    703,537
    
    
    
    -5.0
    
    
    $
    668,462
    
    
    $
    703,537
    
    
    
    -5.0Land
    
    $
    
    
    
    $
    
    
    
    
    0.0
    
    
    $
    
    
    
    $
    
    
    
    
    0.0Total Operating Revenue
    
    $
    12,018,520
    
    
    $
    10,693,618
    
    
    
    12.4
    
    
    $
    12,018,520
    
    
    $
    10,693,618
    
    
    
    12.4Operating ExpensesReal Estate Expenses
    
    $
    4,767,815
    
    
    $
    4,159,200
    
    
    
    14.6
    
    
    $
    4,767,815
    
    
    $
    4,159,200
    
    
    
    14.6Interest Expense
    
    $
    2,954,510
    
    
    $
    2,929,064
    
    
    
    0.9
    
    
    $
    2,954,510
    
    
    $
    2,929,064
    
    
    
    0.9Depreciation & Amortization
    
    $
    2,437,584
    
    
    $
    2,214,340
    
    
    
    10.1
    
    
    $
    2,437,584
    
    
    $
    2,214,340
    
    
    
    10.1General & Administrative
    
    $
    599,175
    
    
    $
    436,940
    
    
    
    37.1
    
    
    $
    599,175
    
    
    $
    436,940
    
    
    
    37.1Total Operating Expense
    
    $
    10,759,084
    
    
    $
    9,739,545
    
    
    
    10.5
    
    
    $
    10,759,084
    
    
    $
    9,739,545
    
    
    
    10.5Net Consolidated EarningsTotal Operating Revenue
    
    $
    12,018,520
    
    
    $
    10,693,618
    
    
    
    12.4
    
    
    $
    12,018,520
    
    
    $
    10,693,618
    
    
    
    12.4Total Operating Expense
    
    $
    (10,759,084
    )
    
    $
    (9,739,545
    )
    
    
    10.5
    
    
    $
    (10,759,084
    )
    
    $
    (9,739,545
    )
    
    
    10.5Other Income (Expense)  Net
    
    $
    64,546
    
    
    $
    284,183
    
    
    
    -77.3
    
    
    $
    64,546
    
    
    $
    284,183
    
    
    
    -77.3Net Consolidated Earnings
    
    $
    1,323,982
    
    
    $
    1,238,256
    
    
    
    6.9
    
    
    $
    1,323,982
    
    
    $
    1,238,256
    
    
    
    6.9Earnings Per Share/UnitShares/Units Outstanding
    
    
    14,245,713
    
    
    
    12,845,348
    
    
    
    10.9
    
    
    
    14,245,713
    
    
    
    12,845,348
    
    
    
    10.9Net Consolidated Earnings
    
    $
    1,323,982
    
    
    $
    1,238,256
    
    
    
    6.9
    
    
    $
    1,323,982
    
    
    $
    1,238,256
    
    
    
    6.9Earnings Per Share/Unit
    
    $
    0.09
    
    
    $
    0.10
    
    
    
    -3.6
    
    
    $
    0.09
    
    
    $
    0.10
    
    
    
    -3.6Dividends Per Share/UnitShares/Units Outstanding
    
    
    14,245,713
    
    
    
    12,845,348
    
    
    
    10.9
    
    
    
    14,245,713
    
    
    
    12,845,348
    
    
    
    10.9Total Dividends Paid
    
    $
    2,802,886
    
    
    $
    2,477,241
    
    
    
    13.1
    
    
    $
    2,802,886
    
    
    $
    2,477,241
    
    
    
    13.1Dividends Per Share/Unit
    
    $
    0.20
    
    
    $
    0.19
    
    
    
    2.0
    
    
    $
    0.20
    
    
    $
    0.19
    
    
    
    2.0Funds From Operations* Per Share/UnitShares/Units Outstanding
    
    
    14,245,713
    
    
    
    12,845,348
    
    
    
    10.9
    
    
    
    14,245,713
    
    
    
    12,845,348
    
    
    
    10.9Funds from Operations*
    
    $
    3,761,566
    
    
    $
    3,224,323
    
    
    
    16.7
    
    
    $
    3,761,566
    
    
    $
    3,224,323
    
    
    
    16.7FFO Per Share/Unit
    
    $
    0.26
    
    
    $
    0.25
    
    
    
    5.2
    
    
    $
    0.26
    
    
    $
    0.25
    
    
    
    5.2Dividend CoverageFunds From Operations*
    
    $
    3,761,566
    
    
    $
    3,224,323
    
    
    
    16.7
    
    
    $
    3,761,566
    
    
    $
    3,224,323
    
    
    
    16.7Total Dividends Paid
    
    $
    2,802,886
    
    
    $
    2,477,241
    
    
    
    13.1
    
    
    $
    2,802,886
    
    
    $
    2,477,241
    
    
    
    13.1Dividend Coverage**
    
    
    134.2
    %
    
    
    130.2
    %
    
    
    3.1
    
    
    
    134.2
    %
    
    
    130.2
    %
    
    
    3.1
 *
    
    The term Funds from Operations or FFO is used by real estate investment trusts (REITS)
to define the cash flow from their operations. Funds from Operations is calculated by adding
Depreciation and Amortization to Net Earnings. Gains or losses from sales of real estate are not
included in the calculation of FFO.**
    
    Dividend coverage reflects the extent to which an companys Funds from Operations support or
cover the dividends paid to investors. Strong coverage (i.e. greater Funds from Operations than
than dividends paid out) improves a companys ability to increase, maintain or even pay dividends
in then event FFO declines.




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##### 



(IMAGE)
    
    Second Quarter 2011
InvestorUpdate: Expected to be
available on or about
August 15, 2011
The next INREIT Real Estate
Investment Trusts InvestorUpdate is expected to be
available on the INREIT
website at www.inreit.com on or
about August 15, 2011.
Hardcopies of the INREIT
InvestorUpdate are available
upon request at the companys
offices in Fargo and Minot,
North Dakota.
    
    INREIT InvestorUpdate
The INREIT Real Estate Investment Trust
InvestorUpdate is published by Investor
Relations staff of INREIT Management
LLC. Requests for further information
may be directed to the Trusts Corporate
Secretary at
701-837-1031.Correspondence should be sent to:
Investor Relations
INREIT Real Estate Investment Trust
216 South Broadway, Suite 202

Minot, North Dakota 58701Email Address:information@inreit.comCautionary Language Concerning Forward-Looking Statements
Information set forth in this InvestorUpdate contains financial estimates and other
forward-looking statements that are subject to risks and uncertainties, and actual results may
differ materially. INREIT Real Estate Investment Trust disclaims any obligation to update or
revise statements contained in this InvestorUpdate based upon new information or otherwise.
This InvestorUpdate may contain certain non-GAAP financial measures. Reconciliations between
the non-GAAP financial measures and the GAAP financial measures are made in the Trusts
financial statements.