X0306 4 2016-06-22 0 0000798359 INVESTORS REAL ESTATE TRUST IRET 0001508544 Holmes Ted E 1400 31ST AVENUE SW, SUITE 60 MINOT ND 58701 0 1 0 0 CFO and EVP Common Shares of Beneficial Interest 2016-06-22 4 A 0 6379 0 A 45119.795 D Share award was issued under the 2015 Incentive Plan. One third of the shares vest on each June 21, 2017, April 30, 2018 and April 30, 2019 if remains in the continuous employ of the Company or an affiliate through the applicable vesting date. /s/ Joy S. Newborg, Attorney-in-Fact 2016-06-22