X0306 4 2018-07-20 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 Common Shares of Beneficial Interest 14000 I Spouse IRA Common Shares of Beneficial Interest 2018-07-20 4 P 0 650 5.37 A 178435 D Restricted Stock Units 2018-07-20 4 A 0 26338 0 A Common Shares of Beneficial Interest 26338 26338 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 of July 20, 2019, April 30, 2020 and April 30, 2021, 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 O. Decker 2018-07-24