<SEC-DOCUMENT>0000798359-14-000051.txt : 20140701
<SEC-HEADER>0000798359-14-000051.hdr.sgml : 20140701
<ACCEPTANCE-DATETIME>20140701163028
ACCESSION NUMBER:		0000798359-14-000051
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20140701
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20140701
DATE AS OF CHANGE:		20140701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS REAL ESTATE TRUST
		CENTRAL INDEX KEY:			0000798359
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				450311232
		STATE OF INCORPORATION:			ND
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35624
		FILM NUMBER:		14952983

	BUSINESS ADDRESS:	
		STREET 1:		1400 31ST AVENUE SW, SUITE 60
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
		BUSINESS PHONE:		701-837-4738

	MAIL ADDRESS:	
		STREET 1:		1400 31ST AVENUE SW, SUITE 60
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>iretform8k-07012014.htm
<DESCRIPTION>CURRENT REPORT
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">FORM 8-K</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13 or 15(d) of the</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities Exchange Act of 1934</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported):&#160; July 1, 2014 (June 25, 2014)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 18pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;(Exact name of Registrant as specified in its charter)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">45-0311232</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(State or Other Jurisdiction</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1400 31st Avenue SW, Suite 60<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font>Post Office Box 1988<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> Minot, ND 58702-1988</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(701) 837-4738</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Registrant's telephone number, including area code)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Not Applicable</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.02.&#160; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">On June 25, 2014, the independent trustees of Investors Real Estate Trust approved the payment of cash and stock awards to the Company's named executive officers, as set forth below. The cash bonuses were approved in accordance with the Company's&#160; Short-Term Incentive Program (STIP) under the 2008 Incentive Award Plan of Investors Real Estate Trust and IRET Properties for the fiscal year ended April 30, 2014 ("Fiscal 2014") and were based on the Company's achievement at the threshold level during Fiscal 2014 of a specified Funds From Operations target. The stock awards were approved in accordance with the Company's Long-Term Incentive Program (LTIP) under the 2008 Incentive Award Plan of Investors Real Estate Trust and IRET Properties for Fiscal 2014, and were based on the Company's achievement at the threshold level during Fiscal 2014 of a specified Total Shareholder Return target. Fifty percent of the stock awards are unrestricted, with immediate vesting, and 50% are restricted, and will vest if the recipient remains employed by the Company until the first anniversary of the last day of the Performance Period (April 30, 2015), subject to the terms and conditions of the LTIP. Any stock award that is not vested as of the earlier of termination of employment or the first anniversary of the last day of the Performance Period will be forfeited.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2014 Stock Award</div>
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<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.58%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">No. of Shares</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$ Value, 4/30/2014</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Named Executive Officer</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2014 Cash Award</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Price of $8.72</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<td style="WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Timothy P. Mihalick</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$390,100</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">47,592</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$415,000</div>
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<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Thomas A. Wentz, Jr.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$237,600</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">35,092</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$306,000</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Diane K. Bryantt</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$172,590</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">25,490</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$222,275</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Michael A. Bosh</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$103,635</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">18,965</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$165,375</div>
</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Charles Greenberg</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$86,480</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 25.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15,826</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 24.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$138,000</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Also on June 25, 2014, the Company's independent trustees approved the following fiscal year 2015 base salaries of the named executive officers, retroactive to May 1, 2014 (the Company has an April 30 fiscal year end):</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.03%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Named Executive Officer</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2015 Base Salary</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2014 Base Salary</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% Increase</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 25.03%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 25.03%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Timothy P. Mihalick</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$444,050</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$415,000</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 25.03%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 25.03%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Thomas A. Wentz, Jr.</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$385,200</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$360,000</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 25.03%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 25.03%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Diane K. Bryantt:</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$279,805</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$261,500</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 25.03%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 25.03%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Michael&#160; A. Bosh</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$235,935</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$220,500</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 25.03%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 25.03%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Charles A. Greenberg</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$191,360</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$184,000</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 24.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4%</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURE</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 24pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 47.49%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 52.51%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%; VERTICAL-ALIGN: top">
<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Date:&#160; July 1, 2014</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 52.51%; VERTICAL-ALIGN: top">
<div>&#160;</div>

<div style="TEXT-ALIGN: left"><u><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">By:</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">/s/ Timothy P. Mihalick</font></u><font style="FONT-SIZE: 5.06pt" id="TRGRRTFtoHTMLTab"><u>&#160;</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 33.6pt; FONT-SIZE: 10pt">Timothy P. Mihalick</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 15.6pt; FONT-SIZE: 10pt">President &amp; Chief Executive Officer</div>

<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>
</div>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
