X0306 4 2017-04-30 0 0000798359 INVESTORS REAL ESTATE TRUST IRET 0001705454 Olson Anne C/O INVESTORS REAL ESTATE TRUST 1400 31ST AVE. SW, SUITE 60 MINOT ND 58702 0 1 0 0 Exec. V.P. and Gen. Counsel Common Shares of Beneficial Interest 2017-04-30 4 A 0 24671 0 A 24671 D Share award was issued under the 2015 Incentive Plan. One third of the shares vest on each of April 30, 2018, April 30, 2019 and April 30, 2020 if recipient remains in the continuous employ of the Company or an affiliate through the applicable vesting date. /s/ Anne Olson 2017-05-02