<SEC-DOCUMENT>0001104659-17-029467.txt : 20170503
<SEC-HEADER>0001104659-17-029467.hdr.sgml : 20170503
<ACCEPTANCE-DATETIME>20170503170653
ACCESSION NUMBER:		0001104659-17-029467
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170427
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170503
DATE AS OF CHANGE:		20170503

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:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35624
		FILM NUMBER:		17810321

	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
<SEQUENCE>1
<FILENAME>a17-12334_18k.htm
<DESCRIPTION>8-K
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Securities Exchange Act of 1934</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported):&#160; <b>April&nbsp;27, 2017</b></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">INVESTORS REAL ESTATE TRUST</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of Registrant as specified in its charter)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">North   Dakota</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-35624</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">45-0311232</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other   Jurisdiction<br>   of Incorporation or Organization)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File   Number)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer   Identification No.)</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1400 31st Avenue SW, Suite&nbsp;60<br> Post Office Box 1988<br> Minot, ND 58702-1988</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices) (Zip code)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(701) 837-4738</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone number, including area code)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not Applicable</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or former address, if changed from last report)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b)) </p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c)) </p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emerging growth company </font><font face="Wingdings">o</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font face="Wingdings">o</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.02.</font></b><font size="1" style="font-size:3.0pt;">&#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><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Departures of Director and Certain Officers</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;27, 2017, Timothy P. Mihalick, the Company&#146;s Chief Executive Officer and a member of the Board of Trustees (the &#147;Board&#148;) of Investors Real Estate Trust (&#147;IRET&#148; or the &#147;Company&#148;), notified the Board that he was resigning as an officer and trustee of the Company effective immediately.&#160; Also, on April&nbsp;27, 2017, Diane K. Bryantt, Executive Vice President and Chief Operating Officer of the Company notified the Board that she was resigning her positions with the Company effective immediately.&#160; In addition, on April&nbsp;27, 2017, each of Ted E. Holmes, Executive Vice President and Chief Financial Officer of the Company, and Michael A. Bosh, Executive Vice President, General Counsel and Assistant Secretary, notified the Board of his intention to resign his positions.&#160; On April&nbsp;27, 2017, the Company entered into a retention arrangement with each of Mr.&nbsp;Holmes and Mr.&nbsp;Bosh pursuant to which he has agreed to remain with the Company until July&nbsp;31, 2017, the end of the Company&#146;s first fiscal quarter, to assist in transition matters.&#160; In their resignation letters, Messrs.&nbsp;Mihalick, Holmes and Bosh and Ms.&nbsp;Bryantt stated that their respective resignations were not the result of any disagreement with the Company or any of its subsidiaries on any matter relating to the operations, policies or practices of the Company and its subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company entered into a resignation and release agreement with each of Mr.&nbsp;Mihalick and Ms.&nbsp;Bryantt and a retention bonus agreement with each of Mr.&nbsp;Holmes and Mr.&nbsp;Bosh and expects to enter into a resignation and release agreement with each of Mr.&nbsp;Holmes and Mr.&nbsp;Bosh in the future at the time of their departure from the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the terms of his resignation and release agreement, Mr.&nbsp;Mihalick will be entitled to receive a lump sum payment of $1,073,159.00 and an additional cash payment of $25,999.80, an amount equal to 18 months of his monthly premium for the cost of benefit continuation for health benefits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the terms of her resignation and release agreement, Ms.&nbsp;Bryantt will be entitled to receive a lump sum payment of $361,867.25 and an additional cash payment of $13,274.10, an amount equal to nine months of her monthly premium for the cost of benefit continuation for health benefits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the terms of their retention agreements, Mr.&nbsp;Holmes and Mr.&nbsp;Bosh each will continue to receive his current salary during his employment and shall be entitled to receive a cash retention bonus of $45,000.00 upon termination of his employment.&#160; Additionally, upon execution of a resignation and release agreement, Mr.&nbsp;Holmes is expected to receive a lump sum payment of $281,516.75 and Mr.&nbsp;Bosh is expected to receive a lump sum payment of $275,896.50 and additional cash payments of $13,274.10 and $12,999.80 respectively, amounts equal to nine months of their respective monthly premiums for the cost of benefit continuation for health benefits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Messrs.&nbsp;Mihalick, Holmes and Bosh and Ms.&nbsp;Bryantt will receive 5,864, 2,126, 2,290 and 2,912 common shares of the Company, respectively, previously awarded pursuant to stock award agreements with vesting conditions.&#160; Such shares were otherwise scheduled to vest on June&nbsp;22, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Appointment of Chief Executive Officer</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;27, 2017, the Board appointed Mark O. Decker,&nbsp;Jr., the Company&#146;s President and Chief Investment Officer, to the additional position of Chief Executive Officer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Decker, age 41, has served as the Company&#146;s President and Chief Investment Officer since August&nbsp;5, 2016 and prior to that, had nearly 17 years of experience in real estate investment banking.&#160; From 2011 to May&nbsp;2016, he served as the Managing Director and U.S. Group Head of Real Estate Investment and Corporate Banking at BMO Capital Markets, the North American-based investment banking subsidiary of the Canadian Bank of Montreal, with which the Company has an ongoing investment banking relationship.&#160; Prior to that, he served as Managing Director with Morgan Keegan&nbsp;&amp; Company,&nbsp;Inc., a brokerage firm and investment banking business, from February&nbsp;2011 to September&nbsp;2011, and worked with Robert W. Baird&nbsp;&amp; Co., an employee-owned international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia, from 2004 to 2011, where he last served as Managing Director, Real Estate Investment Banking.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There were no arrangements or understandings between Mr.&nbsp;Decker and any other person pursuant to which Mr.&nbsp;Decker was selected as an officer. Mr.&nbsp;Decker does not have any family relationships subject to disclosure under Item 401(d)&nbsp;of Regulation S-K or any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a)&nbsp;of Regulation S-K.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Decker will receive an annual base salary of $444,050.00.&#160; Mr.&nbsp;Decker was granted a cash retention bonus of $100,000.00 and was issued 16,447 restricted common shares of the Company.&#160; The restricted common shares will vest in three equal 1/3 installments on each of May&nbsp;1, 2018, May&nbsp;1, 2019 and May&nbsp;1, 2020, provided that Mr.&nbsp;Decker continues to be employed by IRET on those dates.&#160; If he is no longer employed by IRET on any vesting date, unvested shares shall be forfeited.&#160; In addition, if he voluntarily leaves IRET prior to any vesting date, he has agreed to repay IRET the cash portion of the retention bonus as follows:&#160; If he voluntarily leaves IRET on or before April&nbsp;30, 2018, 100% of the cash portion of the retention bonus; if he voluntarily leaves IRET after April&nbsp;30, 2018 and before April&nbsp;30, 2019, 67% of the cash portion of the retention bonus; if he voluntarily leaves IRET after April&nbsp;30, 2019 and before April&nbsp;30, 2020, 33% of the cash portion of the retention bonus.&#160; In addition, Mr.&nbsp;Decker will be included in other compensation programs approved by the Compensation Committee of the Board of Trustees from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Mr.&nbsp;Decker received time-based and performance-based share awards under the long-term incentive plan (&#147;LTIP&#148;) for fiscal year 2017, based on 85% of his annual base salary, which awards were previously described in the Company&#146;s Current Report on Form&nbsp;8-K filed with the SEC on June&nbsp;28, 2016 and the forms of which as previously filed as Exhibits 10.3 and 10.4, respectively, to the Company&#146;s Annual Report on Form&nbsp;10-K filed with the SEC on June&nbsp;29, 2016. He is also eligible to participate in the short-term incentive cash awards (&#147;STIP&#148;) for fiscal year 2017, based on the amount of annual salary earned during fiscal year 2017, which awards were previously described in the Company&#146;s Current Report on Form&nbsp;8-K filed with the SEC on April&nbsp;20, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company previously entered into an Indemnification Agreement with Mr.&nbsp;Decker in substantially the same form as previously filed as Exhibit&nbsp;10.1 to the Company&#146;s Current Report on Form&nbsp;8-K filed with the SEC on September&nbsp;21, 2015 and a Change in Control Severance Agreement as previously described in, and in substantially the same form as previously filed as Exhibit&nbsp;10.1 to, the Company&#146;s Current Report on Form&nbsp;8-K filed with the SEC on July&nbsp;7, 2015.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Appointment of Executive Vice President</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;27, 2017, the Board appointed John Kirchmann as the Company&#146;s Executive Vice President effective April 30, 2017.&#160; Mr.&nbsp;Kirchmann is expected to become the Company&#146;s Chief Financial Officer following the departure of Mr.&nbsp;Holmes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Kirchmann, age 52, served as Vice President of Operations Support at Essex Property Trust, a NYSE-listed multifamily REIT, from 2011 until July&nbsp;2016 where he was responsible for the oversight of revenue management and ancillary income, procurement and other functions.&#160; From 2007 to 2011, he served as Corporate Controller&nbsp;&amp; Corporate Treasurer at Essex, where he oversaw property and corporate accounting functions, treasury management, and re-engineered and implemented new technology and systems.&#160; He has been a private consultant since July&nbsp;2016, providing executive accounting services to publicly traded companies, one of which was IRET.&#160; Mr.&nbsp;Kirchmann started his career as an accountant with KPMG.&#160; He received a B.A. in Business Administration with a Concentration in Accounting from Coe College.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Mr.&nbsp;Kirchmann will receive a base salary of $325,000.00 and will be entitled to participate in bonus programs and equity incentive programs available for other executive officers.&#160; In addition, Mr.&nbsp;Kirchmann received a stock award of 24,671 restricted common shares</font>.&#160; The common shares will vest in three equal 1/3 installments on each of April 30, 2018, April 30, 2019 and April 30, 2020, provided that Mr.&nbsp;Kirchmann continues to be employed by IRET on those dates.&#160; If he is no longer employed by IRET on any vesting date, unvested shares shall be forfeited.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There were no arrangements or understandings between Mr.&nbsp;Kirchmann and any other person pursuant to which Mr.&nbsp;Kirchmann was selected as an officer.&#160; Mr.&nbsp;Kirchmann does not have any family relationships subject to disclosure under Item 401(d)&nbsp;of Regulation S-K or any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a)&nbsp;of Regulation S-K.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Appointment of Executive Vice President, General Counsel and Secretary</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;27, 2017, the Board appointed Anne Olson as the Company&#146;s Executive Vice President, General Counsel and Secretary effective April 30, 2017.&#160; </font>Ms.&nbsp;Olson, age 40,&#160; has been in the private practice of law, most recently as a partner in Dorsey&nbsp;&amp; Whitney LLP&#146;s Real Estate Practice Group, since 2011, where she focused on development and investment real estate for REITs, private equity funds, and national developers and owners.&#160; Prior to 2011, Ms.&nbsp;Olson served as Director of Investment Operations and in-house counsel for Welsh Companies, LLC and its affiliates, including providing leadership in the growth of its asset portfolio and development of a successful capital markets strategy.&#160; Ms.&nbsp;Olson began her legal career practicing real estate law at Dorsey&nbsp;&amp; Whitney LLP.&#160; She holds a B.A in English from Drake University and earned her J.D. with highest honors from Drake University Law School.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Ms.&nbsp;Olson will receive a base salary of $325,000.00 and will be entitled to participate in bonus programs and equity incentive programs available for other executive officers.&#160; In addition, Ms.&nbsp;Olson received a stock award of 24,671 restricted common shares</font>.&#160; The common shares will vest in three equal 1/3 installments on each of April 30, 2018, April 30, 2019 and April 30, 2020, provided that Ms.&nbsp;Olson continues to be employed by IRET on those dates.&#160; If she is no longer employed by IRET on any vesting date, unvested shares shall be forfeited.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There were no arrangements or understandings between Ms.&nbsp;Olson and any other person pursuant to which Ms.&nbsp;Olson was selected as an officer. Ms.&nbsp;Olson does not have any family relationships subject to disclosure under Item 401(d)&nbsp;of Regulation S-K or any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a)&nbsp;of Regulation S-K.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company expects to enter into (i)&nbsp;an Indemnification Agreement in substantially the same form as previously filed as Exhibit&nbsp;10.1 to the Company&#146;s Current Report on Form&nbsp;8-K filed with the SEC on September&nbsp;21, 2015 and (ii)&nbsp;a Change in Control Severance Agreement as previously described in, and in substantially the same form as previously filed as Exhibit&nbsp;10.1 to, the Company&#146;s Current Report on Form&nbsp;8-K filed with the SEC on July&nbsp;7, 2015, with each of Mr.&nbsp;Kirchmann and Ms.&nbsp;Olson.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Appointment of Director and Board Changes</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">At a meeting of the Board o</font>n April&nbsp;27, 2017, the Board appointed Mr.&nbsp;Decker as a trustee of the Board, effective immediately, to serve until the Company&#146;s next annual meeting of shareholders or until his successor is duly elected and qualified.&#160; Members of the Board who are employees of the Company, such as Mr.&nbsp;Decker, do not receive any separate compensation or other consideration, direct or indirect, for service as a trustee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally<b>, </b>on April&nbsp;27, 2017, Jeffery L. Miller notified the Board that he was stepping down from his position as Chairman of the Board.&#160; Mr.&nbsp;Miller will continue as a member of the Board.&#160; At the April&nbsp;27, 2017 meeting of the Board, the Board appointed Jeffrey P. Caira to succeed Mr.&nbsp;Miller as Chairman of the Board, effective immediately.&#160; Mr.&nbsp;Caira has been a member of the Board since June&nbsp;23, 2015 and has over 30 years of experience in the real estate industry.&#160; The Board has previously determined that Mr.&nbsp;Caira qualifies as an &#147;independent director&#148; in accordance with the listing standards of the New York Stock Exchange.&#160; Mr.&nbsp;Caira will receive compensation for Board service commensurate with the Company&#146;s other non-employee trustees, as well as additional compensation for serving as Chairman, as described below.&#160; Mr.&nbsp;Caira currently serves on the Board&#146;s Audit Committee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As Chairman of the Board, and in addition to the compensation paid to other members of the Board who are not employees of the Company,&#160; Mr.&nbsp;Caira will receive additional cash compensation of $25,000 annually plus, for fiscal year 2018, an equity award of 4,112 restricted common shares of the Company, which shares will vest on April&nbsp;30, 2018 if Mr.&nbsp;Caira continues to serve as chairman on that date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">On April&nbsp;27, 2017, the Board approved a special one-time grant on </font>May&nbsp;1, 2017 of 4,112 common shares to each of Mr.&nbsp;Caira and trustee Michael T. Dance for service on a special committee previously designated by the Board to oversee the Company&#146;s and the Board&#146;s strategic review of operations and business planning.&#160; All such shares vested immediately upon issuance.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.01.&#160;&#160; Regulation FD Disclosure.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;27, 2017, the Company issued a press release announcing certain of the matters described in Item 5.02 of this Current Report on Form&nbsp;8-K.&#160; A copy of the press release is included as Exhibit&nbsp;99.1 to this Form&nbsp;8-K.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information set forth in this Item 7.01, including Exhibit&nbsp;99.1, is being furnished pursuant to Item 7.01 and shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or otherwise subject to the liabilities of that Section, and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, except as expressly provided by specific reference in such a filing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item&nbsp;9.01.&#160;&#160; Financial Statements and Exhibits.</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(d)&nbsp;Exhibits</font></i>.</p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated   April&nbsp;27, 2017</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: May&nbsp;3, 2017</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mark O. Decker, Jr.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark O.   Decker,&nbsp;Jr.</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;INDEX</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated   April&nbsp;27, 2017</font></p>    </td>   </tr>  </table>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.1</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IRET Continues Strategic Transformation with Leadership Transition</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- Mark O. Decker,&nbsp;Jr. Promoted to Chief Executive Officer; Timothy P. Mihalick to Retire -</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- Jeffrey P. Caira Appointed Chairman of Board of Trustees -</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- John A. Kirchmann Named Successor to Chief Financial Officer; Anne Olson Hired as General Counsel -</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MINOT, N.D., April&nbsp;27, 2017 &#151; IRET (NYSE: IRET), in a continuation of its strategic transformation to a multifamily company, today announced changes to its management team and board leadership.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After 36 years of service, Timothy P. Mihalick announced that he is retiring from the Company effective immediately. The Board of Trustees promoted Mark O. Decker,&nbsp;Jr. to the role of Chief Executive Officer in addition to President, the position he currently holds. Additionally, the Board of Trustees appointed Jeffrey P. Caira as its new Chairman effective immediately. Jeffrey L. Miller, the previous Chairman, will continue as a member of the Board of Trustees.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In conjunction with the retirement of Mr.&nbsp;Mihalick and appointment of Mr.&nbsp;Decker, the following leadership changes were also announced: Diane K. Bryantt, Executive Vice President and Chief Operating Officer, will retire from the Company effective immediately. John A. Kirchmann has been named Executive Vice President and will succeed Ted E. Holmes as Chief Financial Officer. Anne Olson has been named General Counsel and Corporate Secretary. Chief Financial Officer Ted E. Holmes and General Counsel Michael A. Bosh will remain with the Company for a short period to ensure an orderly transition to Mr.&nbsp;Kirchmann and Ms.&nbsp;Olson, respectively. Mr.&nbsp;Holmes will continue to work for the Company until the fiscal year 2017 audit is completed and IRET files its Annual Report on Form&nbsp;10-K for the fiscal year ending April&nbsp;30, 2017.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Having had the privilege of working with the team here at IRET for over three decades,&nbsp;I am proud of our accomplishments and pleased that Mark, a talented real estate executive, will be leading a new management team that will continue IRET&#146;s strategic transformation toward being a premier multifamily company,&#148; stated Timothy P. Mihalick.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;We are grateful to Tim for his service and leadership over the past 36 years, including the past eight as Chief Executive Officer. Additionally, the Board thanks Diane, Ted, and Mike for their many important contributions and wishes them well in their future endeavors. The Board and Tim recognize that the Company is entering a new phase of its transformation and are pleased to have Mark assume the leadership role as Chief Executive Officer. As Chairman,&nbsp;I am eager to partner with Mark to guide IRET through its next phase of growth,&#148; stated Jeffrey P. Caira, Chairman of Board of Trustees of IRET.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;I am humbled by the confidence placed in me by Tim and the Board and appreciate the support IRET receives from its loyal shareholders. I would also like to thank Tim, Diane, Ted, and Mike for their dedication and efforts in positioning IRET to become a premier multifamily company, as well as all of our IRET associates who have worked tirelessly to help the Company reach this point. There is much opportunity and hard work ahead, and I am excited to lead IRET in the next phase of its transformation,&#148; stated Mark O. Decker,&nbsp;Jr., Chief Executive Officer.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Decker, Mr.&nbsp;Kirchmann and Ms.&nbsp;Olson will be based in IRET&#146;s Minneapolis office, with the Company maintaining its significant presence in Minot, ND. As a part of this transition, the responsibilities of the Chief Operating Officer and Chief Investment Officer will be handled by the senior leadership team and other seasoned executives at IRET. With these changes, and other planned reductions in overhead, the Company expects to reduce its general and administrative expenses by approximately $3.5 to $4.0&nbsp;million on an annual basis. The Company expects to incur a net charge of $0.4 to $0.7&nbsp;million in the fiscal fourth quarter of 2017 related to these changes. The gross charges include severance and other related costs, a portion of which will be offset by the reversal of accruals currently on the Company&#146;s books for deferred compensation.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About Mark O. Decker,&nbsp;Jr.</font></b></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Decker was appointed President and Chief Investment Officer of IRET in August&nbsp;2016. Previously, he served as Managing Director and US Group Head of Real Estate Investment&nbsp;&amp; Corporate Banking at BMO Capital Markets, where he helped grow the platform into an active participant in real estate debt, equity and M&amp;A transactions. He worked for nearly 16 years as a real estate investment banker at BMO Capital Markets, Robert W. Baird&nbsp;&amp; Co. and Ferris, Baker Watts and during that time, was involved in more than $90 billion in real estate capital markets and </font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">advisory transactions. Prior to that, Mr.&nbsp;Decker started his career in banking in Friedman, Billings, Ramsey&nbsp;&amp; Co.,&nbsp;Inc.&#146;s Financial Institutions Group. Mr.&nbsp;Decker holds a B.A. in History from the College of William&nbsp;&amp; Mary.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About Jeffrey P. Caira</font></b></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Caira joined the IRET Board of Trustees in 2015. He has over 30 years of experience in the real estate industry and ten years of experience in serving on boards of directors. He was most recently a Director &#151; Co-Portfolio Manager at AEW Capital Management for ten years, on the North American Diversified Strategy, a multi-billion dollar real estate securities portfolio. Prior to that, Mr.&nbsp;Caira served as a Vice President &#151; Portfolio Manager and Senior Analyst for Pioneer Investment Management,&nbsp;Inc., managing the U.S. real estate sector fund; and Vice President &#151; Senior Equity Research Analyst for RBC Dain Rauscher,&nbsp;Inc. (formerly Tucker Anthony), covering equity REITs. Mr.&nbsp;Caira graduated from the University of Notre Dame and holds a Master of Business Administration degree from the Kellogg School of Management.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About John A. Kirchmann</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Kirchmann served as Vice President of Operations Support at Essex Property Trust, a NYSE-listed multifamily REIT, until July&nbsp;2016 where he was responsible for the oversight of revenue management and ancillary income, procurement, and other functions. From 2007 to 2011, he served as Corporate Controller&nbsp;&amp; Corporate Treasurer at Essex, where he oversaw property and corporate accounting functions, treasury management, and re-engineered and implemented new technology and systems. He has been a private consultant since July&nbsp;2016, providing executive accounting and operations services to publicly traded companies, one of which was IRET. Mr.&nbsp;Kirchmann started his career at KPMG. He received a B.A. in Business Administration with a Concentration in Accounting from Coe College.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About Anne Olson</font></b></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Olson has been in the private practice of law since 2011, recently as a Partner in Dorsey&nbsp;&amp; Whitney LLP&#146;s Real Estate Practice Group, where she focuses on development and investment real estate for publicly traded and publicly registered REITs, including IRET, as well as private equity funds and national developers and owners. Prior to 2011, Ms.&nbsp;Olson served as Director of Investment Operations and in-house counsel for Welsh Companies, LLC and its affiliates, including providing leadership in the growth of its asset portfolio and development of a successful capital markets strategy. Ms.&nbsp;Olson began her legal career practicing real estate law at Dorsey&nbsp;&amp; Whitney LLP. She holds a B.A in English from Drake University and earned her J.D. with highest honors from Drake University Law School.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About IRET</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January&nbsp;31, 2017,&nbsp;IRET owned interests in 130 properties that were held for investment, consisting of: (1)&nbsp;86 multifamily properties consisting of 12,813 units, and (2)&nbsp;44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space.&#160; IRET&#146;s common shares and Series&nbsp;B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRETPRB, respectively). IRET&#146;s press releases and supplemental information are available on its website at www.iret.com or by contacting Investor Relations at 701-837-7104.</font></p>
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