X0306 4 2017-04-30 0 0000798359 INVESTORS REAL ESTATE TRUST IRET 0001634728 Andersen Nancy B C/O INVESTORS REAL ESTATE TRUST 1400 31ST AVE. SW, SUITE 60 MINOT ND 58702 0 1 0 0 SVP& Principal Accting Officer Common Shares of Beneficial Interest 2017-04-30 4 A 0 7891 0 A 11866 D One third of the shares vested on the grant date, one third of the shares vest on April 30, 2018 and one third of the shares vest on April 30, 2019 if recipient remains in the continuous employ of the Company or an affiliate through the applicable vesting date. /s/ Nancy B. Andersen 2017-05-16