Sec Form 4 Filing - Olson Anne @ INVESTORS REAL ESTATE TRUST - 2020-05-21

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Olson Anne 2. Issuer Name and Ticker or Trading Symbol INVESTORS REAL ESTATE TRUST [ IRET] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) COO, Gen Counsel and Secretary (Last) (First) (Middle) C/O INVESTORS REAL ESTATE TRUST, 1400 31ST AVE. SW, SUITE 60 3. Date of Earliest Transaction (MM/DD/YY) 05/21/2020 (Street) MINOT, ND58702 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Shares of Beneficial Interest 05/21/2020 A( 1 ) 1,010 A $ 0 3,899 D Common Shares of Beneficial Interest 05/21/2020 A( 2 ) 2,369 A $ 0 6,268 D Common Shares of Beneficial Interest 05/21/2020 F( 3 ) 398 D $ 66.36 5,870 D Common Shares of Beneficial Interest 05/21/2020 F( 3 ) 932 D $ 66.36 4,938 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr . 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Option (right to buy) $ 66.36 05/21/2020 A 32,215 ( 4 ) 05/21/2030 Common Shares of Beneficial Interest 32,215 $ 0 32,215 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Olson Anne C/O INVESTORS REAL ESTATE TRUST 1400 31ST AVE. SW, SUITE 60 MINOT, ND58702 COO, Gen Counsel and Secretary Signatures /s/ Anne Olson 05/26/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On June 21, 2017, the reporting person was granted a performance share award based on the Company's consolidated leverage ratio for the measurement period beginning on May 1, 2017 and ending on April 30, 2020. For the measurement period, 81% of the target payout, or 1,010 shares, was awarded under theperformance share award. ( 2 )On June 21, 2017, the reporting person was granted a performance share award based on the Company's total shareholder return ("TSR") compared to the MSCI U.S. REIT Index for the measurement period beginning on May 1, 2017 and ending on April 30, 2020. For the measurement period, the Company's TSR was at the 73rd percentile of the Index, resulting in a payout at 190% of target, or 2,369 shares, being earned under the performance share award. ( 3 )Shares withheld for payment of taxes. ( 4 )The options vest in equal installments on May 21, 2021, January 1, 2022, January 1, 2023 and January 1, 2024.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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