X0202 4 2006-03-20 0 0000798359 INVESTORS REAL ESTATE TRUST IRETS 0001052952 FEIST DANIEL C/O INVESTORS REAL ESTATE TRUST 12 SOUTH MAIN STREET MINOT ND 58701 1 0 0 0 Common Shares of Beneficial Interest 2006-03-20 4 S 0 2434 9.36 D 906432.74 D Common Shares of Beneficial Interest 2006-03-21 4 S 0 710 9.11 D 905722.74 D The sale reported in this Form 4 was effected by a third party investment manager to pay fees on an investment account aowned by the reporting person pursuant to instructions given at the time the account was established. The shares sold were held in an Individual Retirement Account (IRA) established for the benefit of the reporting person. The reporting person is over age 70.5, and the shares sold constitute the mandatory required minimum distribution from the IRA. Michelle R, Sarri, Attorney-in-fact 2006-03-22