X0306 4 2020-03-13 0000798359 INVESTORS REAL ESTATE TRUST IRET 0001681625 Decker Mark Okey Jr C/O INVESTORS REAL ESTATE TRUST 1400 31ST AVE. SW, SUITE 60 MINOT ND 58702 1 1 President, CEO and CIO Restricted Stock Units 2020-03-13 4 A 0 4148 0 A 2021-03-13 Common Shares of Beneficial Interest 4148 4148 D Each restricted stock unit represents a contingent right to receive one share of IRET common stock. The restricted stock units vest in cumulative annual increments of one-third on each anniversary of the date of grant beginning the date shown, as long as the reporting person is in the employ of the Issuer. Vested shares will be delivered to the reporting person no later than 30 days after vesting. /s/ Anne Olson, attorney in fact for Mark Okey Decker Jr. 2020-03-17