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Renaissance Heights Development Project Underway In Williston, ND

About Brutger Equities, Inc.

Brutger Equities, Inc. is a privately owned and operated real estate development and management company based in St. Cloud, Minnesota. Brutger Equities specializes in hotels and market rate multi-family apartment home communities in the Central and Western United States.

Forward-Looking Statements

Certain matters discussed in this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although IRET believes the expectations reflected in the forward- looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be met. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K, and include risks that we may not be able to proceed with or obtain necessary approvals or financing for planned development projects, and that development projects may cost more, take more time to complete, or fail to perform as expected; and other risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. We make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in our Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission.

CONTACT: Lindsey Knoop Anderson
         Director of Investor Relations
         1400 31st Ave SW Suite 60
         PO Box 1988
         Minot, North Dakota 58702-1988
         phone: 701.837.4738
         fax: 701.838.7785
         email:landerson@iret.com

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