<SEC-DOCUMENT>0001104659-19-061218.txt : 20191107
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<ACCEPTANCE-DATETIME>20191107172024
ACCESSION NUMBER:		0001104659-19-061218
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20191107
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191107
DATE AS OF CHANGE:		20191107

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:		191201367

	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
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<p style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_900_edei--DocumentType_c20191106__20191107_z8fGt8XosRc5"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of report (Date of earliest event
reported): <span id="xdx_90C_edei--DocumentPeriodEndDate_c20191106__20191107_zahVDfrJD4Tj"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">November 7, 2019</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_900_edei--EntityRegistrantName_c20191106__20191107_z1ifC0cZwRsh"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" name="dei:EntityRegistrantName">INVESTORS REAL ESTATE TRUST</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File Number)</p></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_900_edei--EntityAddressAddressLine1_c20191106__20191107_zvIWZqJTCc55"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" name="dei:EntityAddressAddressLine1">1400 31st Avenue SW</ix:nonNumeric></span>, <span id="xdx_90E_edei--EntityAddressAddressLine2_c20191106__20191107_z2FMjsBGB1h9"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" name="dei:EntityAddressAddressLine2">Suite 60</ix:nonNumeric></span>, <span id="xdx_907_edei--EntityAddressAddressLine3_c20191106__20191107_zUTN0YUhB1Qg"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" name="dei:EntityAddressAddressLine3">Post Office Box 1988</ix:nonNumeric></span>, <span id="xdx_909_edei--EntityAddressCityOrTown_c20191106__20191107_za05XAXdC7fc"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" name="dei:EntityAddressCityOrTown">Minot</ix:nonNumeric></span>, <span id="xdx_90D_edei--EntityAddressStateOrProvince_c20191106__20191107_zCWr2oV17058"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" name="dei:EntityAddressStateOrProvince">ND</ix:nonNumeric></span> <span id="xdx_902_edei--EntityAddressPostalZipCode_c20191106__20191107_zcIzu12l4YRj"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" name="dei:EntityAddressPostalZipCode">58702-1988</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices,
including zip code)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(<span id="xdx_904_edei--CityAreaCode_c20191106__20191107_zjxrKAZZSYal"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" name="dei:CityAreaCode">701</ix:nonNumeric></span>) <span id="xdx_90F_edei--LocalPhoneNumber_c20191106__20191107_zu57bykjaAL"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" name="dei:LocalPhoneNumber">837-4738</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&#8217;s telephone number, including
area code)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not Applicable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered pursuant to Section
12(b) of the Securities Exchange Act of 1934:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</p>

<p style="font: 10pt Wingdings; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_908_edei--WrittenCommunications_c20191106__20191107_zKUVFtyVmOif"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font: 10pt Wingdings; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_906_edei--SolicitingMaterial_c20191106__20191107_zVbZa7L6zcZ3"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span><span style="font-family: Wingdings"></span> Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font: 10pt Wingdings; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_907_edei--PreCommencementTenderOffer_c20191106__20191107_zNfw18pHCzG8"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font: 10pt Wingdings; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_90B_edei--PreCommencementIssuerTenderOffer_c20191106__20191107_zYhwI0ioudva"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company&#160;<span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_edei--EntityEmergingGrowthCompany_c20191106__20191107_zRHBkGerAVT4"><ix:nonNumeric contextRef="From2019-11-06to2019-11-07" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 1.01. Entry into a Material Definitive Agreement.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 7, 2019, Investors Real Estate
Trust (the &#8220;Company&#8221;) entered into an Equity Distribution Agreement (the &#8220;Agreement&#8221;) with BMO Capital
Markets Corp., BTIG, LLC, Jefferies LLC, Raymond James &#38; Associates, Inc. and Robert W. Baird &#38; Co. Incorporated (each,
an &#8220;Agent&#8221; and collectively, the &#8220;Agents&#8221;). Pursuant to the terms of the Agreement, the Company may offer
and sell its common shares of beneficial interest, no par value per share, from time to time through or to the Agents, acting as
sales agents or principals, up to an aggregate sales price of $150,000,000 (the &#8220;Shares&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Agreement, the Company will designate
the minimum price and maximum number of Shares to be sold through the Agents on any given trading day or over a specified period
of trading days, and the Agents will use commercially reasonable efforts to sell the Shares on such days, subject to certain conditions.
Sales of the Shares, if any, will be made by means of ordinary brokers&#8217; transactions on the New York Stock Exchange at market
prices or as otherwise agreed upon by one or more of the Agents and the Company. The Company may also agree to sell Shares to one
or more of the Agents, as principal for its or their own account, on terms agreed by the Company and such Agent(s) in a separate
agreement at the time of sale. The Company will pay each Agent a commission of up to 2% of the gross sales price per Share for
any Shares sold through such Agent, as the Company&#8217;s agent under the Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is not obligated to sell and
the Agents are not obligated to buy or sell any of the Shares under the Agreement. No assurance can be given that the Company will
sell any of the Shares under the Agreement, or, if it does, as to the price or amount of Shares that it sells, or the dates when
such sales will take place.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Shares will be issued pursuant to the
Company&#8217;s shelf registration statement (the &#8220;Registration Statement&#8221;) on Form S-3 (File No. 333-220378), which
was filed with the Securities Exchange Commission under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An affiliate of BMO Capital Markets Corp.
is the administrative agent and a lender under the Company&#8217;s credit facility, and an affiliate of Raymond James &#38; Associates,
Inc. is also a lender under the Company&#8217;s credit facility. Accordingly, such affiliates will receive net proceeds from the
offering of the Shares to the extent that the Company uses any net proceeds to repay borrowings under the credit facility. Some
or all of the Agents or their affiliates have provided and in the future may provide investment banking, commercial banking or
other financial services, including providing credit facilities or other borrowings, to the Company in the ordinary course of business
for which they have received and may in the future receive compensation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Agreement is filed as Exhibit 1.1 to
this Current Report on Form 8-K, and the description of the Agreement is qualified in its entirety by reference to such exhibit.
For a more detailed description of the Agreement, see the disclosure under the caption &#8220;Plan of Distribution (Conflicts of
Interest)&#8221; contained in the Company&#8217;s Prospectus Supplement dated November 7, 2019 to the Prospectus dated September
7, 2017, which has been filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act, which
disclosure is hereby incorporated by reference. The Agreement is also filed with reference to, and is hereby incorporated by reference
into, the Registration Statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A copy of the opinion of Dorsey &#38; Whitney
LLP, relating to the legality of the Shares, is filed as Exhibit 5.1 to this Current Report and is filed with reference to, and
is hereby incorporated by reference into, the Registration Statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A copy of the opinion of Hunton Andrews
Kurth LLP, relating to tax matters, is filed as Exhibit 8.1 to this Current Report and is filed with reference to, and is hereby
incorporated by reference into, the Registration Statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01. Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following exhibits to the Registration
Statement are being filed with this report:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="text-decoration: underline">Exhibit<br />
Number</span></td>
    <td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-bottom: 1pt"><span style="text-decoration: underline">Description</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 7%; text-align: left; vertical-align: top"><a href="tm1921921d3_ex1-1.htm" style="-sec-extract: exhibit">1.1</a></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 92%; text-align: left"><a href="tm1921921d3_ex1-1.htm" style="-sec-extract: exhibit">Equity Distribution Agreement dated November 7, 2019 between the Company and BMO Capital Markets Corp., BTIG, LLC, Jefferies LLC, Raymond James &#38; Associates, Inc. and Robert W. Baird &#38; Co. Incorporated</a></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><a href="tm1921921d3_ex5-1.htm" style="-sec-extract: exhibit">5.1</a></td>
    <td>&#160;</td>
    <td style="text-align: left"><a href="tm1921921d3_ex5-1.htm" style="-sec-extract: exhibit">Opinion of Dorsey &#38; Whitney LLP</a></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><a href="tm1921921d3_ex8-1.htm" style="-sec-extract: exhibit">8.1</a></td>
    <td>&#160;</td>
    <td style="text-align: left"><a href="tm1921921d3_ex8-1.htm" style="-sec-extract: exhibit">Opinion of Hunton Andrews Kurth LLP</a></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><a href="tm1921921d3_ex5-1.htm" style="-sec-extract: exhibit">23.1</a></td>
    <td>&#160;</td>
    <td style="text-align: left"><a href="tm1921921d3_ex5-1.htm" style="-sec-extract: exhibit">Consent of Dorsey &#38; Whitney LLP (contained in Exhibit 5.1)</a></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left"><a href="tm1921921d3_ex8-1.htm">23.2</a></td>
    <td>&#160;</td>
    <td style="text-align: left"><a href="tm1921921d3_ex8-1.htm">Consent of Hunton Andrews Kurth LLP (contained in Exhibit 8.1)</a></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">104</td>
    <td>&#160;</td>
    <td style="text-align: left">Cover Page Interactive Data File (embedded within the Inline XBRL document)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td colspan="2">INVESTORS REAL ESTATE TRUST</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 51%; padding-bottom: 1pt">Date:&#160;&#160;November 7, 2019</td>
    <td style="width: 3%; padding-bottom: 1pt">By:</td>
    <td style="width: 46%; padding-bottom: 1pt; border-bottom: Black 1pt solid">/s/ Mark O. Decker, Jr.</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27pt 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<TYPE>EX-1.1
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<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: white"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Execution Version</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INVESTORS REAL ESTATE TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$150,000,000<BR>
Common Shares of Beneficial Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EQUITY DISTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November 7, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BMO Capital Markets Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3 Times Square</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BTIG, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">65 East 55<SUP>th</SUP> Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jefferies LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">520 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Raymond James &amp; Associates, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">880 Carillon Pkwy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">St. Petersburg, Florida 33716</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert W. Baird &amp; Co. Incorporated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">777 East Wisconsin Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Milwaukee, Wisconsin 53202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors Real Estate
Trust, a North Dakota real estate investment trust (the &ldquo;Company&rdquo;), and IRET Properties, a North Dakota Limited Partnership
(the &ldquo;Operating Partnership&rdquo;), each confirms its agreement (this &ldquo;Agreement&rdquo;) with BMO Capital Markets
Corp., BTIG, LLC, Jefferies LLC, Raymond James &amp; Associates, Inc. and Robert W. Baird &amp; Co. Incorporated (each an &ldquo;Agent&rdquo;
and collectively, the &ldquo;Agents&rdquo;), with respect to the issuance and sale from time to time by the Company of shares (the
 &ldquo;Shares&rdquo;) of the Company&rsquo;s common shares of beneficial interest, no par value per share (&ldquo;Common Shares&rdquo;),
having an aggregate offering price of up to $150,000,000 (the &ldquo;Maximum Amount&rdquo;) through or to the Agents, acting as
sales agent or principal, on the terms and subject to the conditions set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An &ldquo;automatic
shelf registration statement&rdquo; (the &ldquo;registration statement&rdquo;), as defined in Rule 405 under the Securities Act
of 1933, as amended, and the rules and regulations thereunder&nbsp;(collectively called the &ldquo;Act&rdquo;), on Form S-3 (File
No. 333-220378) in respect of the Shares, including a form of prospectus, has been prepared and filed by the Company not earlier
than three years prior to the date hereof, in conformity with the requirements of the Act and the rules and regulations of the
Securities and Exchange Commission (the &ldquo;Commission&rdquo;) thereunder (the &ldquo;Rules and Regulations&rdquo;). The registration
statement contains, or incorporates by reference to documents that the Company has filed or will file in accordance with the provisions
of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the &ldquo;Exchange
Act&rdquo;), certain information concerning the offering and sale of the Common Shares, including the Shares, and contains or incorporates
by reference additional information concerning the Company and its business; the Commission has not issued an order preventing
or suspending the use of the Basic Prospectus (as defined below), the Prospectus Supplement&nbsp;(as defined below), the Prospectus
(as defined below) or any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement
(as defined below), and no proceeding for that purpose or pursuant to Section 8A of the Act has been instituted or, to the Company&rsquo;s
or the Operating Partnership&rsquo;s knowledge, threatened by the Commission. Except where the context otherwise requires, the
term &ldquo;Registration Statement&rdquo; means the registration statement, as amended at the time of the registration statement&rsquo;s
effectiveness for purposes of Section 11 of the Act, as such section applies to the Agents, including (i) all documents filed as
a part thereof or incorporated, or deemed to be incorporated, by reference therein and (ii) any information contained or incorporated
by reference in a prospectus filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations, to the extent such
information is deemed, pursuant to Rule 430B or Rule 430C of the Rules and Regulations, to be part of the registration statement
at the effective time. Except where the context requires, the term &ldquo;Basic Prospectus&rdquo; means the prospectus dated September
7, 2017, filed as part of the Registration Statement, including the documents incorporated by reference therein as of the date
of such prospectus. Except where the context otherwise requires, the term &ldquo;Prospectus Supplement&rdquo; means the prospectus
supplement relating to the Shares, to be filed by the Company with the Commission pursuant to Rule 424(b) of the Rules and Regulations
on or before the second business day after the date hereof (or such earlier time as may be required under the Act), in the form
furnished by the Company to the Agents in connection with the offering of the Shares. Except where the context otherwise requires,
the term &ldquo;Prospectus&rdquo; means the Prospectus Supplement (and any additional prospectus supplement prepared in accordance
with the last sentence of Section 3(cc) and filed in accordance with the provisions of Rule 424(b) of the Rules and Regulations),
together with the Basic Prospectus attached to or used with the Prospectus Supplement. &ldquo;Permitted Free Writing Prospectus&rdquo;
has the meaning set forth in Section 3(g). Any reference herein to the Registration Statement, the Basic Prospectus, the Prospectus
Supplement, the Prospectus and any Permitted Free Writing Prospectus shall, unless otherwise stated, be deemed to refer to and
include the documents, if any, incorporated, or deemed to be incorporated, by reference therein (the &ldquo;Incorporated Documents&rdquo;),
including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any
reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration
Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall, unless
stated otherwise, be deemed to refer to and include the filing of any document under the Exchange Act on or after the initial effective
date of the Registration Statement or the date of the Basic Prospectus, the Prospectus Supplement, the Prospectus or such Permitted
Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the
Operating Partnership each confirm their agreement with the Agents as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Sale
and Delivery of the Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Agency
Transactions.</I> On the basis of the representations, warranties and agreements of the Company and the Operating Partnership
herein contained, but subject to the terms and conditions herein set forth, the Company and each Agent agree that the Company
may issue and sell through each Agent, acting as sales agent for the Company, the Shares (an &ldquo;Agency Transaction&rdquo;)
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company may, from time to time, propose to such Agent the terms of an Agency Transaction by means of a telephone call confirmed
promptly by electronic mail in a form substantially similar to Exhibit A hereto (an &ldquo;Agency Transaction Notice&rdquo;) from
any of the individuals listed as authorized representatives of the Company on Schedule 1 hereto (each, an &ldquo;Authorized Company
Representative&rdquo;), such proposal to include: the trading day(s) for The New York Stock Exchange (the &ldquo;NYSE&rdquo;)
(which may not be a day on which the NYSE is scheduled to close prior to its regular weekday closing time) on which the Shares
are to be sold (each, a &ldquo;Trading Day&rdquo;); the maximum number of Shares that the Company wishes to sell in the aggregate
and on each Trading Day; and the minimum price at which the Company is willing to sell the Shares (the &ldquo;Floor Price&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
such proposed terms for an Agency Transaction are acceptable to such Agent, it shall confirm the terms by countersigning the Agency
Transaction Notice for such Agency Transaction and emailing it to an Authorized Company Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the terms and conditions hereof, such Agent shall use its commercially reasonable efforts to sell all of the Shares designated
in, and subject to the terms of, such Agency Transaction Notice. The Agents shall not sell any Share at a price lower than the
Floor Price. The Company and the Operating Partnership acknowledge and agree with the Agents that (x) there can be no assurance
that any Agents will be successful in selling all or any of such Shares, (y)&nbsp;no Agent will incur any liability or obligation
to the Company or any other person or entity if it does not sell any Shares for any reason and (z) each Agent shall be under no
obligation to purchase any Shares on a principal basis pursuant to this Agreement except in the case of a Principal Transaction
(as defined below) pursuant to this Agreement and the relevant Terms Agreement (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company, acting through an Authorized Company Representative, or an Agent may, upon notice to the other party hereto by telephone
(confirmed promptly by electronic mail), suspend an offering of Shares (including for Shares that have been sold but have not
yet settled) pursuant to an Agency Transaction; <I>provided</I>, <I>however</I>, that such suspension shall not affect or impair
the parties&rsquo; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
the terms of any Agency Transaction as set forth in an Agency Transaction Notice contemplate that the Shares shall be sold on
more than one Trading Day, then the Company and such Agent shall mutually agree to such additional terms and conditions as they
deem necessary in respect of such multiple Trading Days, and such additional terms and conditions shall be binding to the same
extent as any other terms contained in the relevant Agency Transaction Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
Agent, as sales agent in an Agency Transaction, shall not make any sales of the Shares on behalf of the Company, pursuant to this
Agreement, other than (x) by means of ordinary brokers&rsquo; transactions that qualify for delivery of the Prospectus in accordance
with Rule 153 of the Rules and Regulations and meet the definition of an &ldquo;at the market offering&rdquo; under Rule 415(a)(4)
of the Rules and Regulations and (y) such other sales of the Shares on behalf of the Company in its capacity as agent of the Company
as shall be agreed by the Company and such Agent in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
amount of any discount, commission or other compensation to be paid by the Company to the Agents in connection with the sale of
the Shares in an Agency Transaction shall be calculated in accordance with the terms set forth in Schedule 5 hereto and the applicable
Agency Transaction Notice. Each Agent shall provide written confirmation to the Company (which may be provided by email to an
Authorized Company Representative) following the close of trading on the NYSE on each Trading Day on which Shares are sold in
an Agency Transaction under this Agreement, setting forth (i) the number of Shares sold on such Trading Day, (ii) the gross offering
proceeds received from such sales, (iii) the commission payable by the Company to the Agents with respect to such sales and (iv)
the net offering proceeds (being the gross offering proceeds for such sales less the commission payable for such sales) (the &ldquo;Net
Offering Proceeds&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Settlement for sales of the Shares in an Agency Transaction pursuant to this Agreement shall occur on the second Trading
Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each
such day, an &ldquo;Agency Settlement Date&rdquo;). On each Agency Settlement Date, the Shares sold through such Agent in Agency
Transactions for settlement on such date shall be issued and delivered by the Company to such Agent against payment by the Agent
to the Company of the Net Offering Proceeds from the sale of such Shares. Settlement for all such Shares shall be effected by free
delivery of the Shares by the Company or its transfer agent to such Agent&rsquo;s or its designee&rsquo;s account (<I>provided</I>
that such Agent shall have given the Company written notice of such designee prior to the relevant Agency Settlement Date) at The
Depository Trust Company or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all
cases shall be freely tradable, transferable, registered Common Shares in good deliverable form, which may include book-entry,
in return for payment in same-day funds delivered to the account designated by the Company. If the Company or its transfer agent
(if applicable) shall default on its obligation to deliver the Shares on any Agency Settlement Date, the Company shall (i) hold
such Agent harmless against any loss, claim, damage, or expense (including, without limitation, reasonable legal fees and expenses),
as incurred, arising out of or in connection with such default by the Company and (ii) pay such Agent any commission, discount
or other compensation to which it would otherwise be entitled absent such default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The
Company agrees that any offer to sell Shares, any solicitation of an offer to buy Shares, or any sales of Shares shall only be
effected by or through only one Agent on any single given day, and in no event by more than one Agent, and the Company shall in
no event request that multiple Agents sell Shares on the same day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Principal
Transactions.</I> If the Company wishes to issue and sell the Shares in a transaction pursuant to this Agreement in which an Agent
would act as principal in connection with any offer and sale of Shares and not an agent as set forth in subsection (a) of this
Section 1 (each, a &ldquo;Principal Transaction&rdquo;), the Company will notify an Agent of the proposed terms of such Principal
Transaction. If such Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason
in its sole discretion) or, following discussions with the Company, wishes to accept amended terms, such Agent and the Company
will enter into an agreement in substantially the form of Exhibit B hereto (each, a &ldquo;Terms Agreement&rdquo;) that sets forth
the terms of such Principal Transaction, including, without limitation, the time, date and place of delivery of and payment for
the Shares to be sold pursuant to such Principal Transaction (each of such date and each Agency Settlement Date, a &ldquo;Settlement
Date&rdquo;). The terms set forth in a Terms Agreement shall not be binding on the Company or such Agent unless and until each
of the Company and such Agent has executed such Terms Agreement accepting all of such terms. The commitment of such Agent to purchase
the Shares pursuant to any Terms Agreement shall be deemed to have been made on the basis of the representations and warranties
of the Company herein contained and shall be subject to the terms and conditions herein set forth. In the event of a conflict
between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Maximum
Number of Shares.</I> Under no circumstances shall the Company propose to the Agents, or the Agents effect, a sale of Shares in
an Agency Transaction or a Principal Transaction pursuant to this Agreement if such sale would (i) cause the aggregate gross sales
proceeds of the Shares sold pursuant to this Agreement to exceed the Maximum Amount, (ii) cause the number of Shares sold to exceed
the number of Common Shares available for offer and sale under the then effective Registration Statement or (iii) cause the number
of Shares sold pursuant to this Agreement to exceed the number of Shares authorized from time to time to be issued and sold pursuant
to this Agreement by the Company&rsquo;s board of trustees, or a duly authorized committee thereof, and notified to the Agents
in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Regulation
M.</I> If either party hereto has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation M
under the Exchange Act are not satisfied with respect to the Company or the Shares, it shall promptly notify the other party and
sales of Shares under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment
of each party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Black-out Periods.</I> Notwithstanding any other provision of this Agreement, no sales of Shares shall take place, the
Company shall not request the sales of any Shares that would be sold and the Agents shall not be obligated to sell or offer to
sell any Shares, during any period in which the Company&rsquo;s insider trading or similar policy, as it exists on the date of
this Agreement, would prohibit the purchase or sale of Common Shares by persons subject to such policy, or during any other period
in which the Company is, or could be deemed to be, in possession of material non-public information with respect to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Continuing
Accuracy of Representations and Warranties.</I> Any obligation of the Agents to use their commercially reasonable efforts to sell
the Shares on behalf of the Company as sales agents shall be subject to the continuing accuracy of the representations and warranties
of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the
conditions specified in Section 4 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations and Warranties of the Company and the Operating Partnership</U>. The Company and the Operating Partnership,
jointly and severally, represent and warrant to and agree with each Agent that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Effectiveness
of Registration.</I> The Registration Statement and any post-effective amendment thereto have become effective. The Company has
responded to all requests, if any, of the Commission for additional or supplemental information. No stop order suspending the
effectiveness of the Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending
or, to the best knowledge of the Company or the Operating Partnership, are contemplated or threatened by the Commission. (i) At
the time of filing the Registration Statement, (ii)&nbsp;at the time of the most recent amendment thereto for purposes of complying
with Section&nbsp;10(a)(3) of the Act (whether such amendment was by filing of a post-effective amendment, incorporated report
filed pursuant to Section&nbsp;13 or&nbsp;15(d) of the Exchange Act or a form of prospectus) and (iii) at the time the Company
or any person acting on its behalf (within the meaning, for this clause only, of Rule&nbsp;163(c) of the Rules and Regulations)
made any offer relating to the Shares in reliance on the exemption of Rule&nbsp;163 of the Rules and Regulations, the Company
was and is a &ldquo;well-known seasoned issuer&rdquo; as defined in Rule&nbsp;405 of the Rules and Regulations. The Registration
Statement is an &ldquo;automatic shelf registration statement&rdquo; as defined in Rule&nbsp;405 of the Rules and Regulations,
and the Shares, since their registration on the Registration Statement, have been and remain eligible for registration by the
Company on an &ldquo;automatic shelf registration statement.&rdquo; The Company has not received from the Commission any notice
pursuant to Rule 401(g)(2) of the Rules and Regulations objecting to use of the automatic shelf registration statement form, and
the Company has not otherwise ceased to be eligible to use the automatic shelf registration statement form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Accuracy
of the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus.</I> (i) At the respective times the Registration
Statement and any post-effective amendment thereto became effective, (ii) at each deemed effective date with respect to the Agents
pursuant to Rule 430B(f)(2) under the Act, (iii) as of each Time of Sale (as defined below), (iv) at each Settlement Date and
(v) at all times during such period as the Prospectus is required by law to be delivered (whether physically, deemed to be delivered
pursuant to Rule&nbsp;153 or through compliance with Rule 172 of the Rules and Regulations or any similar rule) in connection
with sales of the Shares (the &ldquo;Prospectus Delivery Period&rdquo;), the Registration Statement, as amended or supplemented,
complied and will comply in all material respects with the Act and the Rules and Regulations, and did not and will not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading. As of each Time of Sale and each Settlement Date and at all times during the Prospectus Delivery
Period, the Prospectus, as amended or supplemented, complied and will comply in all material respects with the Act and the Rules
and Regulations, and, together with all Permitted Free Writing Prospectuses, if any, did not and will not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The Basic Prospectus (including any amendment thereto) complied when so filed in all
material respects with the Rules and Regulations, and the Prospectus (including the Basic Prospectus included therein) delivered
to the Agents for use in connection with the transactions contemplated by this Agreement is identical to the electronically transmitted
copy thereof filed with the Commission on the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system or any
successor system thereto (&ldquo;EDGAR&rdquo;), except to the extent permitted by Regulation S-T. The foregoing representations
and warranties in this Section 2(b) do not apply to any statements contained in the Registration Statement, the Prospectus or
any Permitted Free Writing Prospectus in reliance upon and in conformity with information relating to any Agent and furnished
in writing to the Company by or on behalf of such Agent specifically for inclusion in the Registration Statement, the Prospectus
or any Permitted Free Writing Prospectus (or any amendment or supplement thereto), which constitutes the information set forth
in Schedule 2 hereto. &ldquo;Time of Sale&rdquo; means, (i) with respect to an Agency Transaction, the time of such Agent&rsquo;s
initial entry into contracts with investors for the sale of such Shares and (ii) with respect to a Principal Transaction, the
time of sale of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Documents
Incorporated by Reference.</I> The Incorporated Documents, at the time they were or hereafter are filed with the Commission, conformed
and will conform in all material respects to the requirements of the Act or the Exchange Act, as applicable, and, when read together
with the other information in the Prospectus, at the time the Registration Statement and any amendments thereto become effective,
as of each Time of Sale and each Settlement Date and at all times during the Prospectus Delivery Period, will not contain an untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Company
Not Ineligible Issuer</I>. (i) At the time of filing the Registration Statement, (ii) at the earliest time that the Company or
another offering participant made a <I>bona fide</I> offer (within the meaning of Rule 164(h)(2) of the Rules and Regulations)
of the Shares and (iii) at the date hereof, the Company was not and is not an &ldquo;ineligible issuer&rdquo; (as defined in Rule
405 of the Rules and Regulations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Free
Writing Prospectuses. </I>Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold
any Shares by means of any &ldquo;prospectus&rdquo; or &ldquo;free writing prospectus&rdquo; (in each case within the meaning
of the Act) or used any &ldquo;prospectus&rdquo; or &ldquo;free writing prospectus&rdquo; (in each case within the meaning of
the Act) in connection with the offer or sale of the Shares, and from and after the execution of this Agreement, the Company will
not, directly or indirectly, offer or sell any Shares by means of any &ldquo;prospectus&rdquo; or &ldquo;free writing prospectus&rdquo;
(in each case within the meaning of the Act) or use any &ldquo;prospectus&rdquo; or &ldquo;free writing prospectus&rdquo; (in
each case within the meaning of the Act) in connection with the offer or sale of the Shares, other than the Prospectus, as amended
or supplemented from time to time in accordance with the provisions of this Agreement, and any Permitted Free Writing Prospectuses;
the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance
with Rule 163 or with Rules 164 and 433 under the Act; assuming that any such Permitted Free Writing Prospectus is so sent or
given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if
required pursuant to Rule 433(d) under the Act, filed with the Commission), the sending or giving, by each Agent, of any Permitted
Free Writing Prospectus will satisfy the provisions of Rule 164 or Rule 433 (without reliance on subsections (b), (c) and (d)
of Rule 164); the conditions set forth in one or more of subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Act
are satisfied, and the Registration Statement relating to the offering of the Shares contemplated hereby, as initially filed with
the Commission, includes a prospectus that, other than by reason of Rule 433 or Rule 431 under the Act, satisfies the requirements
of Section 10 of the Act; the Company is not disqualified, by reason of subsection (f) or (g) of Rule 164 under the Act, from
using, in connection with the offer and sale of the Shares, &ldquo;free writing prospectuses&rdquo;&nbsp;(as defined in Rule 405
under the Act) pursuant to Rules 164 and 433 under the Act; and the Company is not an &ldquo;ineligible issuer&rdquo; (as defined
in Rule 405 under the Act) as of the eligibility determination date for purposes of Rules 164 and 433 under the Act with respect
to the offering of the Shares contemplated by the Registration Statement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Authorization
of Shares</I>. All of the issued and outstanding Common Shares of the Company have been duly authorized and validly issued, are
fully paid and nonassessable and have been issued in compliance with all applicable federal and state securities laws. None of
the Company&rsquo;s outstanding Common Shares were issued in violation of any preemptive rights, rights of first refusal or other
similar rights; except as set forth in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, the
Company is not a party to or bound by any outstanding options, warrants or similar rights to subscribe for, or contractual obligations
to issue, sell, transfer or acquire, any of its Common Shares or any securities convertible into or exchangeable for any of such
shares of beneficial interest; the Shares to be issued and sold by the Company hereunder have been duly authorized and, when issued
and delivered against full payment therefor in accordance with the terms hereof, will be validly issued, fully paid and nonassessable
and free of any preemptive rights, rights of first refusal or other similar rights; the Common Shares (including the Shares) of
the Company conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus
or any Permitted Free Writing Prospectus; and the delivery of the Shares being sold by the Company against payment therefor pursuant
to the terms of this Agreement will pass valid title to the Shares being sold by the Company, free and clear of any claim, encumbrance
or defect in title, and without notice of any lien, claim or encumbrance.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Organization
and Good Standing of the Company and Subsidiaries.</I> Each of the Company, the Operating Partnership and each Significant Subsidiary
(as defined below) is duly organized and validly existing in good standing under the laws of the state of its incorporation or
organization with full corporate, partnership or entity power and authority, as the case may be, to own, lease and operate its
Properties (as defined below) and to conduct its business as presently conducted and as described in the Registration Statement,
the Prospectus or any Permitted Free Writing Prospectus and is duly registered and qualified to conduct its business and is in
good standing in each jurisdiction or place where the nature of its Properties or the conduct of its business requires such registration
or qualification, except where the failure to so register, qualify and be in good standing (i) has not had or would not have,
individually or in the aggregate, a material adverse effect on the earnings, business, properties, assets, operations or financial
condition or prospects of the Company and its Subsidiaries (as defined below), taken as a whole, whether or not arising from transactions
in the ordinary course of business, or (ii) would not prevent the consummation of the transactions contemplated hereby (the occurrence
of any such effect or any such prevention described in the foregoing clauses (i) and (ii) being referred to as a &ldquo;Material
Adverse Effect&rdquo;). The Company owns 100% of IRET, Inc., which is the sole general partner (the &ldquo;General Partner&rdquo;)
of the Operating Partnership. Except as disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing
Prospectus, the subsidiaries included on Schedule&nbsp;4, are the only direct or indirect subsidiaries of the Company, including
all direct or indirect subsidiaries of the Operating Partnership (the &ldquo;Subsidiaries&rdquo;), and the Company does not own
a material interest in or control, directly or indirectly, any other corporation, partnership, joint venture, association, trust
or other business organization. Each Subsidiary designated with an &ldquo;*&rdquo; on Schedule 4 is referred to herein as a &ldquo;Significant
Subsidiary&rdquo; and there is no Subsidiary that would constitute a &ldquo;significant subsidiary&rdquo; as defined in Rule 1-02(w)
of Regulation S-X of the Act and the Exchange Act that is not identified as a Significant Subsidiary on Schedule 4 hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Property.
</I>(1) The Company or its Significant Subsidiaries have good and marketable title or a valid leasehold interest to all of the
real properties described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as owned or leased,
as the case may be, by the Company or its Significant Subsidiaries (the &ldquo;Properties&rdquo; or &ldquo;Property&rdquo;) and
good title to all other property owned by them as described in the Registration Statement, the Prospectus or any Permitted Fee
Writing Prospectus, in each case free and clear of all liens, encumbrances, claims and security interests, except such as (i)
are disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or (ii) would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect; (2) neither the Company nor any Subsidiary thereof
has received from any governmental authority any written notice of any condemnation of, or zoning change affecting any of, the
Properties or any part thereof, and the Company does not know of any such condemnation or zoning change that is threatened, which,
if consummated, could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; (3) except
as otherwise described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, neither the Company
nor, to the knowledge of the Company, any tenant of any of the Properties is in default under (i) any space lease (as lessor or
lessee, as the case may be) relating to any of the Properties (except such tenant defaults that would not, individually or in
the aggregate, have a Material Adverse Effect) or (ii) any of the mortgages or other security documents or other agreements encumbering
or otherwise recorded against the Properties,and the Company does not know of any event that, but for the passage of time or the
giving of notice, or both, would constitute a default under any of such documents or agreements, except any such default that
would not, individually or in the aggregate, have a Material Adverse Effect; and (4) except as disclosed in the Registration Statement,
the Prospectus or any Permitted Free Writing Prospectus, no tenant under any of the leases at the Properties has an option to
purchase the premises demised under such lease. To the knowledge of the Company, water, stormwater, electricity and telephone
service are all available at the property lines of each Property, and each of the Properties is free of any material structural
defects, and all building systems contained therein are in reasonable working order in all material respects, subject to ordinary
wear and tear or, in each instance, the Company or any Subsidiary, as the case may be, has created an adequate reserve or capital
budget to effect reasonably required repairs, maintenance and capital expenditures. Each of the Properties is in compliance with
all presently applicable provisions of the Americans with Disabilities Act of 1990, as amended, except for such failures to comply
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Leases.
</I>Each Property with respect to which the Company or one of the Significant Subsidiaries has a leasehold interest is the subject
of a lease that has been entered into by, or assigned to, the Company or a Significant Subsidiary, as the case may be, and has
been duly and validly authorized, executed and delivered by or on behalf of the Company or such Significant Subsidiary, as the
case may be, and constitutes a valid and binding agreement of the Company or such Significant Subsidiary, as the case may be,
enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditors&rsquo; rights generally or by general principles of equity and except such as (i) are disclosed
in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or (ii) would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Mortgage;
Deed of Trusts.</I> The mortgages and deeds of trust encumbering the Properties are not convertible into equity interests in the
Property, nor will the Company or the Operating Partnership hold a participating interest therein, and such mortgages and deeds
of trust are not cross-defaulted or cross-collateralized to any property not to be owned directly or indirectly by the Company
or the Operating Partnership.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Subsidiaries.
</I>The outstanding equity interests of each of the Company&rsquo;s Significant Subsidiaries have been duly authorized and validly
issued, are fully paid and nonassessable, and are owned by the Company or the Operating Partnership, directly or through Subsidiaries,
free and clear of any security interests, liens, encumbrances, equities or claims.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Proceedings</I>. Except as described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, there
is no action, suit, inquiry, proceeding or investigation by or before any court or governmental or other regulatory or administrative
agency or commission pending or, to the knowledge of the Company, threatened, against or involving the Company or its Subsidiaries,
which would, individually or in the aggregate, result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Exhibits;
Material Contracts</I>. All agreements, contracts, indentures, leases or other instruments that are required to be described in
the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or to be filed as an exhibit to the Registration
Statement have been so described, filed or incorporated by reference in the Registration Statement, the Prospectus or any Permitted
Free Writing Prospectus as required by the Act. All such contracts to which the Company, the Operating Partnership or any Subsidiary
is a party have been duly authorized, executed and delivered by the Company, the Operating Partnership or the applicable Subsidiary,
as the case may be, constitute valid and binding agreements of the Company, the Operating Partnership or the applicable Subsidiary,
as the case may be, and are enforceable against the Company, the Operating Partnership or the applicable Subsidiary, as the case
may be, in accordance with the terms thereof, except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors&rsquo; rights generally or by general principles of equity.. Neither the Company
nor the applicable Subsidiary has received notice or been made aware that any other party is in breach of or default to the Company
or its Subsidiaries under any of such contracts.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Compliance with Existing Instruments</I>. Neither the Company, the Operating Partnership, nor any of the Subsidiaries
is (i) in violation of (A) its organizational documents, (B) to the Company&rsquo;s knowledge, any law, ordinance, or administrative
or governmental rule or regulation applicable to the Company, the Operating Partnership or any Subsidiary, the violation of which
would have a Material Adverse Effect or (C) any decree of any court or governmental agency or body having jurisdiction over the
Company or any of its Subsidiaries; or (ii) in default in any material respect in the performance of any obligation, agreement
or condition contained in (A) any bond, debenture, note or any other evidence of indebtedness or (B) any agreement, indenture,
lease or other instrument (each of the documents and instruments listed in clauses (A) and (B), an &ldquo;Existing Instrument&rdquo;)
to which the Company, the Operating Partnership, or any Subsidiary is a party or by which any of their Properties may be bound,
which default would have a Material Adverse Effect; and, to the Company&rsquo;s knowledge, there does not exist any state of facts
that constitutes a default or an event of default on the part of the Company or any of its Subsidiaries as defined in such documents
or that, with notice or lapse of time or both, would constitute such a default or event of default that would have a Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Partnership Agreement</I>. The Agreement of Limited Partnership dated January 31, 1997 of the Operating Partnership,
including all amendments thereto (the &ldquo;Partnership Agreement&rdquo;), has been duly and validly authorized, executed and
delivered by the General Partner and constitutes a valid and binding agreement, enforceable in accordance with its terms, except
to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors&rsquo; rights generally or by general equity principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No Consent</I>. No consent, approval, authorization, order, license, certificate, permit, registration, designation or
filing by or with any governmental agency or body is required for the authorization, delivery and performance by the Company and
the Operating Partnership of their respective obligations under this Agreement and the consummation by the Company and the Operating
Partnership of the transactions contemplated hereby, including the valid authorization, issuance, sale and delivery of the Shares,
except such as may be required by the federal securities laws, the NYSE, the securities or Blue Sky laws of the various states
and the Financial Industry Regulatory Association (&ldquo;FINRA&rdquo;) in connection with the offer and sale of the Shares, all
of which will be, or have been obtained, or in the case of the NYSE, will be applied for, in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Non-Contravention of Existing Instruments</I>. Neither the issuance and sale of the Shares by the Company, the execution,
delivery or performance of this Agreement by the Company and the Operating Partnership nor the consummation by the Company and
the Operating Partnership of the transactions contemplated hereby (i) conflicts with, or will conflict with, or constitutes, or
with the giving of notice or lapse of time, will constitute a breach of, or a default under, the Company&rsquo;s Declaration of
Trust or bylaws (or other applicable organizational document), the Operating Partnership&rsquo;s certificate of limited partnership
or the Partnership Agreement, (ii) conflicts with, or will conflict with, or constitutes, or with the giving of notice, lapse of
time or both, will constitute a breach of, or a default under any Existing Instrument to which the Company or any of its Subsidiaries
is a party or by which any of its or their Properties may be bound, as the case may be, (iii) violates any statute, law, regulation,
ruling, filing, judgment, injunction, order or decree applicable to the Company or any of its Subsidiaries or any of their Properties,
or (iv) results in a breach of, or default or Debt Repayment Triggering Event (as defined below) under, or results in the creation
or imposition of any lien, charge or encumbrance upon any Property or assets of the Company or any of its Subsidiaries pursuant
to, or requires the consent of any other party to, any Existing Instrument, except, in the cases of clauses (ii)-(iv), such conflicts,
breaches, defaults, liens, charges or encumbrances that would not, individually or in the aggregate, result in a Material Adverse
Effect. As used herein, a &ldquo;Debt Repayment Triggering Event&rdquo; means any event or condition that gives, or with the giving
of notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting
on such holder&rsquo;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness
by the Company or any of its Subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No Applicable Registration Rights</I>. Except as disclosed in the Registration Statement, the Prospectus or any Permitted
Free Writing Prospectus, there are no persons with registration or other similar rights to have any equity or debt securities registered
for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as
have been duly satisfied or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Independent Accountant</I>. Grant Thornton LLP, which has audited certain financial statements (and the related notes
thereto) incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, is and
was, during the periods covered by its report incorporated by reference in the Registration Statement, the Prospectus or any Permitted
Free Writing Prospectus, an independent registered public accountant as required by the Act, the Exchange Act and the Public Company
Accounting Oversight Board (the &ldquo;PCAOB&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Financial Statements</I>. The financial statements, together with related schedules&nbsp;and notes, included or incorporated
by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, present fairly the consolidated
financial condition, results of operations, cash flows and changes in financial position of the Company on the basis stated in
the Registration Statement at the respective dates or for the respective periods to which they apply; except as disclosed therein,
and such statements and related schedules&nbsp;and notes have been prepared in accordance with Generally Accepted Accounting Principles
(&ldquo;GAAP&rdquo;), have been consistently applied throughout the periods involved, and the other financial and statistical information
and data set forth in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurately presented
and prepared on a basis consistent with such financial statements and the books and records of the Company. No other financial
statements or schedules&nbsp;(historical or pro forma) are required by Form S-3 of the Act or are otherwise to be included, or
incorporated by reference, in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus. All pro forma
financial statements or data included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted
Free Writing Prospectus, if any, comply with the requirements of Regulation S-X of the Act and the Exchange Act, and the assumptions
used in the preparation of such pro forma financial statements and data are reasonable, the pro forma adjustments used therein
are appropriate to give effect to the transactions or circumstances described therein and the pro forma adjustments have been properly
applied to the historical amounts in the compilation of those statements and data.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Regulation G Compliance</I>. All disclosures contained in the Registration Statement, the Prospectus or any Permitted
Free Writing Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules and regulations
of the Commission) comply in all material respects with Regulation G of the Exchange Act, and Item 10 of Regulation S-K under the
Act, to the extent applicable.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No Material Change</I>. Except as disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing
Prospectus, subsequent to the respective dates as of which such information is given in the Registration Statement, the Prospectus
or any Permitted Free Writing Prospectus, (i) neither the Company nor any of its Subsidiaries has incurred any liabilities or obligations,
indirect, direct or contingent (including any off-balance sheet obligation) that are material to the Company and its Subsidiaries,
taken as a whole, or entered into any transaction that is not in the ordinary course of business and that is material to the Company
and its Subsidiaries, taken as a whole,, (ii) neither the Company nor any of its Subsidiaries has sustained any loss or interference
with its business or Properties from fire, flood, windstorm, accident or other calamity, whether or not covered by insurance, that
would reasonably be expected to result in a Material Adverse Effect, (iii) the Company has not paid or declared any dividends or
other distributions with respect to its shares of beneficial interest and the Company is not in default under the terms of any
class of shares of beneficial interest of the Company (except for defaults that were subsequently cured or waived), (iv) there
has not been any material change in the authorized or outstanding shares of beneficial interest of the Company or any material
increase in the indebtedness of the Company (other than in the ordinary course of business) and (v) there has not been any material
adverse change or any development involving, or that would reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Exchange Act Registration and Filings; Stock Exchange Listing</I>. The Common Shares trade on the NYSE, and the Company
has no knowledge of any proceeding intended to suspend or terminate listing of its Common Shares on the NYSE. The Company has taken
no action designed to, or likely to have the effect of, terminating the registration of the Common Shares under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Stabilization or Manipulation</I>. Other than excepted activity pursuant to Regulation M under the Exchange Act, the
Company has not taken and will not take, directly or indirectly, any action that constituted, or any action designed to, or that
might reasonably be expected to, cause or result in or constitute, stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of the Shares or for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Tax Compliance</I>. The Company and each of the Company&rsquo;s Subsidiaries have filed all material tax returns required
to be filed or have properly requested extensions thereof, which returns are complete and accurate in all material respects, and
all material taxes and other assessments of a similar nature (whether imposed directly or through withholding), including any interest,
additions to tax or penalties applicable thereto due or claimed to be due from such entities have been timely paid, other than
those being contested in good faith which have not been finally determined and for which adequate reserves have been provided in
accordance with GAAP. There are no outstanding agreements or waivers extending the statutory period of limitation applicable to
any federal, state, local or foreign tax return for any period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Not an Investment Company</I>. Neither the Company nor any of its Subsidiaries is, and after giving effect to the offering
and sale of the Shares will be, required to register as an &ldquo;investment company&rdquo; within the meaning of the Investment
Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>All Necessary Permits, etc</I>. The Company and its Subsidiaries have all permits, licenses, franchises, approvals, consents
and authorizations of governmental or regulatory authorities (hereinafter &ldquo;permit&rdquo; or &ldquo;permits&rdquo;) as are
necessary to own their Properties and to conduct their business in the manner described in the Registration Statement, the Prospectus
or any Permitted Free Writing Prospectus, subject to such qualifications as may be set forth in the Registration Statement, the
Prospectus or any Permitted Free Writing Prospectus, except where the failure to have obtained any such permit has not had and
would not have a Material Adverse Effect; each of the Company and its Subsidiaries has operated and is operating its business in
material compliance with all of its obligations with respect to each such permit except where the failure to comply would not,
individually or in the aggregate, have a Material Adverse Effect; and neither the Company nor any of its Subsidiaries has received
any notice of proceedings relating to revocation or termination of any such permits which would, individually or in the aggregate,
if the subject of an unfavorable decision, ruling or finding, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Regulation M</I>. The Common Stock is an &ldquo;actively-traded security&rdquo; excepted from the requirements of Rule
101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(cc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Internal Controls and Procedures</I>. The Company has established and maintains disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15 and 15d-15) that are designed to ensure that information required to be disclosed by the Company
in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the Commission&rsquo;s rules and forms, and is accumulated and communicated to the Company&rsquo;s management,
including its chief executive officer and chief financial officer, or persons performing similar functions, as appropriate to allow
timely decisions regarding required disclosure; and the Company maintains a system of internal control over financial reporting
sufficient to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with GAAP and which includes policies and procedures that (i) pertain to the maintenance of
records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company,
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with GAAP and that receipts and expenditures of the Company are being made only in accordance with the authorization
of management and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisitions, use
or dispositions of assets that could have a material effect on the Company&rsquo;s consolidated financial statements. The Company&rsquo;s
disclosure controls and procedures have been evaluated for effectiveness as of the end of the period covered by the Company&rsquo;s
most recently filed quarterly report on Form 10-Q or annual report on Form 10-K, as the case may be, that precedes the date of
the Prospectus or any Permitted Free Writing Prospectus and were effective in all material respects to perform the functions for
which they were established. Based on the most recent evaluation of its internal control over financial reporting, the Company
was not aware of (i) any material weaknesses in the design or operation of internal control over financial reporting or (ii) any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s
internal control over financial reporting. The internal controls are overseen by the Audit Committee of the Board of Trustees of
the Company in accordance with the applicable rules of the NYSE. The Company is not aware of any change in its internal control
over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the Company&rsquo;s internal control over financial reporting.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(dd)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Forward-Looking Statements</I>. Each &ldquo;forward-looking statement&rdquo; (within the meaning of Section 27A of the
Act or Section 21E of the Exchange Act) contained or incorporated by reference into the Registration Statement, the Prospectus
or any Permitted Free Writing Prospectus has been made with a reasonable basis and in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ee)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Unlawful Contributions or Payments</I>. None of the Company, the Operating Partnership or any person associated with
or acting on behalf of the Company or the Operating Partnership, or to the Company&rsquo;s or the Operating Partnership&rsquo;s
knowledge, any trustee, officer, agent, or employee, have used any funds for any unlawful contribution, gift, entertainment or
other unlawful expense relating to political activity; made or taken an act in furtherance of an offer, promise or authorization
of any direct or indirect unlawful payment of corporate funds or benefit to any foreign or domestic government or regulatory official
or employee, including, without limitation, of any government-owned or controlled entity or of a public international organization,
or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official
or candidate for political office; or violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of
1977, as amended. The Company has instituted, maintained and enforced, and will continue to maintain and enforce policies and procedures
designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws. No funds of the Company have
been set aside to be used for any payment in violation of any law. Neither the Company, nor any of its Subsidiaries nor any trustee,
officer, agent, or employee of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered by
the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;OFAC&rdquo;); and the Company will not directly or
indirectly use the proceeds of the offering contemplated by this Agreement, or lend, contribute or otherwise make available such
proceeds to any Subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any
person currently subject to any U.S. sanctions administered by OFAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ff)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Environmental Compliance</I>. Except as disclosed in the Registration Statement, the Prospectus or any Permitted Free
Writing Prospectus, to the best of the Company&rsquo;s and the Operating Partnership&rsquo;s knowledge, the Company and its Subsidiaries
are (i) in compliance with any and all applicable federal, state, local and foreign laws and regulations relating to the protection
of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (&ldquo;Environmental
Laws&rdquo;), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws
to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or
approval, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals
or failure to comply with the terms and conditions of such permits, licenses or other approvals would not, individually or in the
aggregate, have a Material Adverse Effect. Except as disclosed in the Registration Statement, the Prospectus or any Permitted Free
Writing Prospectus, to the best of the Company&rsquo;s and the Operating Partnership&rsquo;s knowledge, neither the Company nor
any of its Subsidiaries has been named as a &ldquo;potentially responsible party&rdquo; under the Comprehensive Environmental Response
Compensation and Liability Act of 1980, as amended (&ldquo;CERCLA&rdquo;). Except as disclosed in the Registration Statement, the
Prospectus or any Permitted Free Writing Prospectus, the Properties are not included or, to the best of the Operating Partnership&rsquo;s
and the Company&rsquo;s knowledge, proposed for inclusion on the National Priorities List issued pursuant to CERCLA by the United
States Environmental Protection Agency or, to the best of the Operating Partnership&rsquo;s and the Company&rsquo;s knowledge,
proposed for inclusion on any similar list or inventory issued pursuant to any other Environmental Law or issued by any other governmental
authority. Except as disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, to the knowledge
of the Company, there are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital
or operating expenditures required for clean-up, closure of Properties or compliance with Environmental Laws or any permit, license
or approval, any related constraints on operating activities and any potential liabilities to third parties) that would, individually
or in the aggregate, have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(gg)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Qualification as a REIT</I>. The Company has been organized and has operated in conformity with the requirements for
qualification and taxation as a real estate investment trust (&ldquo;REIT&rdquo;) under the Internal Revenue Code of 1986, as amended
(the &ldquo;Code&rdquo;) for its taxable years ended April 30, 2013 through December 31, 2018, and the Company&rsquo;s current
and proposed method of operation will enable it to continue to meet the requirements for taxation as a REIT under the Code for
its taxable year ending December 31, 2019 and in the future. The Subsidiaries of the Company that are partnerships have been and
will continue to be treated as partnerships for federal income tax purposes and not as corporations, associations taxable as corporations
or as publicly traded partnerships taxable as corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(hh)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Intellectual Property</I>. The Company and its Subsidiaries own and have full right, title and interest in and to, or
have valid licenses to use, each material trade name, trademark, service mark, patent, copyright, approval, trade secret and other
similar rights (collectively &ldquo;Intellectual Property&rdquo;) under which the Company and its Subsidiaries conduct all or any
material part of their business, and none of the Company and its Subsidiaries has created any lien or encumbrance on, or granted
any right or license with respect to, any such Intellectual Property except where the failure to own or obtain a license or right
to use any such Intellectual Property, or where any such lien or encumbrance or grant with respect to any such Intellectual Property,
has not had, and would not have, a Material Adverse Effect; there is no claim pending or, to the knowledge of the Company, threatened,
against the Company or any of its Subsidiaries with respect to any Intellectual Property, and neither the Company nor its Subsidiaries
has received notice or otherwise become aware that any Intellectual Property that it uses or has used in the conduct of its business
infringes upon or conflicts with the rights of any third party, except for any claim, infringement or conflict that has not had,
and would not reasonably be expected to have, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Title
Insurance</I>. Owner or leasehold title insurance in favor of the Company, the Operating Partnership and the Significant Subsidiaries
has been obtained with respect to each Property owned by any such entity in an amount at least equal to amounts that are generally
deemed in the Company&rsquo;s industry to be commercially reasonable in the market where the Properties are located, except where
the failure to maintain such title insurance would not have a Material Adverse Effect. The Company, the Operating Partnership
and each of the Subsidiaries maintain insurance covering its Properties, operations, personnel and businesses as the Company deems
adequate; such insurance insures against such losses and risks to an extent that is adequate in accordance with customary industry
practice to protect the Company, the Operating Partnership and the Subsidiaries and their businesses; and such insurance as the
Company deems adequate and that insures against losses and risks to an extent that is adequate in accordance with customary industry
practice is fully in force on the date hereof. None of the Company, the Operating Partnership nor any of the Subsidiaries has
(i) received notice from any insurer or agent of such insurer that material capital improvements or other material expenditures
are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from
similar insurers as may be necessary or appropriate to conduct its business.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(jj)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>ERISA Compliance</I>. The Company and its Subsidiaries and any &ldquo;employee benefit plan&rdquo; (as defined under
the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively,
 &ldquo;ERISA&rdquo;)) established or maintained by the Company, its Subsidiaries or their ERISA Affiliates (as defined below) are
in compliance in all material respects with ERISA and all other applicable state and federal laws. &ldquo;ERISA Affiliate&rdquo;
means, with respect to the Company or a Subsidiary, any member of any group or organization described in Sections&nbsp;414(b),
(c), (m) or (o) of the Code of which the Company or such Subsidiary is a member. No &ldquo;reportable event&rdquo; (as defined
in ERISA) has occurred or is reasonably expected to occur with respect to any &ldquo;employee benefit plan&rdquo; established or
maintained by the Company, its Subsidiaries or any of their ERISA Affiliates. No &ldquo;employee benefit plan&rdquo; established
or maintained by the Company, its Subsidiaries or any of their ERISA Affiliates, if such &ldquo;employee benefit plan&rdquo; were
terminated, would have any &ldquo;amount of unfunded benefit liabilities&rdquo; (as defined in ERISA). None of the Company, its
Subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i) Title IV of
ERISA with respect to termination of, or withdrawal from, any &ldquo;employee benefit plan&rdquo; or (ii) Sections&nbsp;412, 4971,
4975 or 4980B of the Code. Each &ldquo;employee benefit plan&rdquo; established or maintained by the Company, its Subsidiaries
or any of their ERISA Affiliates that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified and nothing
has occurred, whether by action or failure to act, that would cause the loss of such qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(kk)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Labor and Employment</I>. The Company and its Subsidiaries have complied and will comply in all material respects with
wage and hour determinations issued by the U.S. Department of Labor under the Service Contract Act of 1965 and the Fair Labor Standards
Act in paying its employees&rsquo; salaries, fringe benefits and other compensation for the performance of work or other duties
in connection with contracts with the U.S. government, except where the failure to do so would not have a Material Adverse Effect,
and have complied and will comply in all material respects with the requirements of the Americans with Disabilities Act of 1990,
the Family and Medical Leave Act of 1993, the Civil Rights Act of 1964 (Title VII), the National Labor Relations Act, the Vietnam
Era Veteran&rsquo;s Readjustment Act, the Age Discrimination in Employment Act, as amended by the Older Workers&rsquo; Benefit
Protection Act, and federal, state and local labor laws, each as amended except where the failure to comply with any such requirements
has not, and would not, have a Material Adverse Effect. No labor dispute with the employees of the Company or any of its Subsidiaries
exists or, to the knowledge of the Company is threatened or imminent, that would have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ll)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Sarbanes-Oxley Act</I>. There is and has been no failure on the part of the Company to comply in all material respects
with the provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(mm)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Brokers
and Finders</I>. Other than this Agreement, there are no contracts, agreements or understandings between the Company or any of
its Subsidiaries and any person that would give rise to a valid claim against the Company or any of its Subsidiaries or the Agents
for a brokerage commission, finder&rsquo;s fee or other like payment with respect to the consummation of the transactions contemplated
by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(nn)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Money Laundering</I>. The operations of the Company and its Subsidiaries are and have been conducted in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the &ldquo;Money
Laundering Laws&rdquo;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or
any arbitrator involving the Company or any or its Subsidiaries with respect to the Money Laundering Laws is pending or, to the
Company&rsquo;s knowledge, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(oo)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Related Party Transactions</I>. There are no transactions with &ldquo;affiliates&rdquo; (as defined in Rule 405 of the
Act) or any officer, trustee or security holder of the Company (whether or not an affiliate) that are required by the Act to be
disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus that have not been disclosed as
required. Additionally, no relationship, direct or indirect, exists between the Company or any of its Subsidiaries on the one hand,
and the trustees, officers, shareholders, tenants, customers or suppliers of the Company or any Subsidiary on the other hand that
is required by the Act to be disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus that
is not so disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(pp)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Loans and Advances</I>. There are no outstanding loans or other extensions of credit made by the Company to any executive
officer (as defined in Rule 3b-7 under the Exchange Act) or trustee of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(qq)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No Prohibition on Payments</I>. No Subsidiary of the Company is currently prohibited, directly or indirectly, from paying
any dividends to the Company, from making any other distribution on the equity interest in such Subsidiary held by the Company,
from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary&rsquo;s
property or assets to the Company or any other Subsidiary of the Company, except as described in the Registration Statement, the
Prospectus or any Permitted Free Writing Prospectus or except as such prohibition would not reasonably be expected to have a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(rr)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Statistical and Market-Related Data</I>. Any third-party statistical and market-related data included or incorporated
by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are based on or derived from
sources that the Company believes to be reliable and accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ss)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Transfer Taxes</I>. There are no stock or other transfer taxes, stamp duties, capital duties or other similar duties,
taxes or charges payable in connection with the execution or delivery of this Agreement or the issuance or sale by the Company
of the Shares to be sold by the Company to the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(tt)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Cybersecurity.</I> (i)(x) To the knowledge of the Company, there has been no security breach or other compromise of or
relating to any of the Company&rsquo;s information technology and computer systems, networks, hardware, software, data (including
the data of their respective customers, employees, suppliers, vendors and any third-party data maintained by or on behalf of them),
equipment or technology (collectively, &ldquo;IT Systems and Data&rdquo;) and (y) the Company has not been notified of, and has
no knowledge of, any event or condition that would reasonably be expected to result in, any security breach or other compromise
to its IT Systems and Data; except such as (1) are disclosed in the Registration Statement, the Prospectus or any Permitted Free
Writing Prospectus or (2) would not, individually or in the aggregate, have a Material Adverse Effect; (ii) the Company is presently
in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator
or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of
IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification,
except as would not, in the case of this clause (ii), individually or in the aggregate, have a Material Adverse Effect; and (iii)
the Company has implemented backup and disaster recovery technology consistent with industry standards and practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(uu)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Officer&rsquo;s Certificates; Opinions</I>. Any certificate signed by an officer of the Company and delivered to the
Agents or to counsel for the Agents shall be deemed to be a representation and warranty by the Company and/or the Operating Partnership,
as applicable, to the Agents as to the matters set forth therein. The Company and the Operating Partnership acknowledge that the
Agents and, for purposes of the opinions to be delivered pursuant to this Agreement, counsel to the Company and counsel to the
Agents, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Agreements of the Company and the Operating Partnership</U>. The Company and the Operating Partnership, jointly and severally,
covenant and agree with each Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Amendments and Supplements to the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus.</I>
The Company shall not, during the Prospectus Delivery Period, amend or supplement the Registration Statement, the Prospectus or
any Permitted Free Writing Prospectus (including, without limitation, by filing any document under the Exchange Act if such document
would be deemed to be incorporated by reference into the Prospectus), unless a copy of such amendment or supplement thereto (or
such document) shall first have been submitted to the Agents within a reasonable period of time prior to the filing or, if no filing
is required, the use thereof and the Agents shall not have objected thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Material Misstatements or Omissions and Other Compliance with Applicable Law. </I>If, after the date hereof and during
the Prospectus Delivery Period, any event or development shall occur or condition shall exist as a result of which the Prospectus
or any Permitted Free Writing Prospectus, as amended or supplemented at that time, would include any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, or if it shall be necessary to amend or supplement the Prospectus or any Permitted Free Writing
Prospectus, or to file any document in order to comply with the Act or the Exchange Act, in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading, or if in the opinion of the Agents it is otherwise
necessary to amend or supplement the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or to file
any document in order to comply with the Act or the Exchange Act, including, without limitation, in connection with the delivery
of the Prospectus, then the Company shall promptly (i) notify the Agents of any such event, development or condition (and confirm
such notice in writing) and (ii) instruct the Agent to suspend the sale of any Shares (including Shares that have been sold but
have not yet settled). The Company may thereafter send a new Agency Transaction Notice if and when it (A) prepares (subject to
subsections (a) and (g) of this Section 3) an amendment or supplement to the Prospectus or such Permitted Free Writing Prospectus,
necessary in order to make the statements in the Prospectus or such Permitted Free Writing Prospectus as so amended or supplemented,
in the light of the circumstances under which they were made, not misleading or so that the Registration Statement, the Prospectus
or such Permitted Free Writing Prospectus, as amended or supplemented, will comply with the Act or the Exchange Act, (B) files
with the Commission such amendment, supplement or document in order to comply with the Act or the Exchange Act and (C) furnishes
at its own expense to the Agents as many copies as the Agents may reasonably request of such amendment, supplement or document.
Notwithstanding the foregoing, nothing herein shall require the Company to file any such amendment or supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Notifications to the Agents.</I> The Company shall notify the Agents promptly, and shall confirm such notice in writing,
(i) when any post-effective amendment to the Registration Statement becomes effective, (ii) of any request by the Commission for
an amendment or supplement to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or for additional
information, (iii) of the commencement by the Commission or by any state securities commission of any proceedings for the suspension
of the qualification of any of the Shares for offering or sale in any jurisdiction or of the initiation, or the threatening, of
any proceeding for that purpose, including, without limitation, the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or the initiation of any proceedings for that purpose or the threat thereof, (iv) of
the happening of any event during the Prospectus Delivery Period that in the judgment of the Company makes any statement made in
the Registration Statement or the Prospectus untrue or that requires the making of any amendment or supplement to the Prospectus
or any Permitted Free Writing Prospectus in order to make the statements therein, in the light of the circumstances in which they
were made, not misleading and (v) of receipt by the Company or any representative of the Company of any other communication from
the Commission relating to the Company, the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus. If
at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, the Company shall
use its best efforts to obtain the withdrawal of the stop order at the earliest possible moment. The Company shall use its best
efforts to comply with the provisions of and make all requisite filings with the Commission pursuant to Rules&nbsp;424(b), 430A,
430B, 430C and 462(b) of the Rules and Regulations and to notify the Agents promptly of all such filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Executed
Registration Statements.</I> The Company shall furnish to the Agents, without charge, two signed copies of the Registration Statement
and of any post-effective amendment thereto, including financial statements and schedules, and all exhibits thereto (including
any document filed under the Exchange Act that is deemed to be incorporated by reference into the Prospectus), <I>provided, however</I>,
that the Company shall have no obligation to provide the Agents with any such document filed on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Undertakings.
</I>The Company and the Operating Partnership shall comply with all the provisions of any undertakings contained or required to
be contained in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Prospectus.
</I>The Company shall furnish to the Agents, without charge, as many copies of the Prospectus and any amendment or supplement
thereto as the Agents may reasonably request (to the extent not previously delivered or filed on EDGAR) via electronic mail in
 &ldquo;.pdf&rdquo; format and, at the Agents&rsquo; request, to furnish copies of the Prospectus to the NYSE and each other exchange
or market on which sales of the Shares were or are expected to be effected, in each case, as may be required by the rules or regulations
of the NYSE or such other exchange or market. The Company consents to the use of the Prospectus and any amendment or supplement
thereto by the Agents during the Prospectus Delivery Period. If the Agents are required to deliver, under the Act (whether physically,
deemed to be delivered pursuant to Rule 153 or through compliance with Rule 172 under the Act or any similar rule), a prospectus
relating to the Shares after the nine-month period referred to in Section 10(a)(3) of the Act, or after that time a post-effective
amendment to the Registration Statement is required pursuant to Item 512(a) of Regulation S-K under the Act, then, upon the request
of the Agents, and at the Company&rsquo;s own expense, the Company shall prepare and deliver to the Agents as many copies as the
Agents may request of an amended Registration Statement or amended and supplemented Prospectus complying with Item 512(a) of Regulation
S-K or Section 10(a)(3) of the Act, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Permitted
Free Writing Prospectuses. </I>The Company and the Operating Partnership represent and agree that they have not made and, unless
they obtain the prior written consent of the Agents, shall not make, any offer relating to the Shares that would constitute a
 &ldquo;free writing prospectus&rdquo; as defined in Rule 405 of the Rules and Regulations, which is required to be retained by
the Company under Rule 433 of the Rules and Regulations, <I>provided</I> that the prior written consent of the Agents hereto shall
be deemed to have been given in respect of each of the free writing prospectuses set forth in Schedule 3 hereto. Any such free
writing prospectus consented to by the Agents is herein referred to as a &ldquo;Permitted Free Writing Prospectus.&rdquo; The
Company represents and agrees that (i) it has treated and shall treat, as the case may be, each Permitted Free Writing Prospectus
as a &ldquo;free writing prospectus&rdquo; as defined in Rule 405 of the Rules and Regulations and (ii) it has complied and shall
comply, as the case may be, with the requirements of Rules 164 and 433 of the Act applicable to any Permitted Free Writing Prospectus,
including, without limitation, in respect of timely filing with the Commission, legending and record-keeping. The Company agrees
not to take any action that would result in the Agents or the Company being required to file pursuant to Rule 433(d) under the
Act a free writing prospectus prepared by or on behalf of the Agents that the Agents otherwise would not have been required to
file thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Registration
Statement Renewal Deadline. </I>If, immediately prior to the third anniversary of the initial effective date of the Registration
Statement relating to the Shares&nbsp;(the &ldquo;Renewal Deadline&rdquo;), any of the Shares remain unsold by the Agents, the
Company shall prior to the Renewal Deadline (i) file, if it has not already done so (subject to subsection (a) of this Section
3), a new shelf registration statement relating to the Shares or a new shelf registration statement together with a new prospectus
supplement relating to the Shares, in either case in a form satisfactory to the Agents, (ii) use its best efforts to cause such
registration statement to be declared effective within 60 days after the Renewal Deadline (if the Company is not then eligible
to file an automatic shelf registration statement) and (iii) take all other action necessary or appropriate to permit the public
offering and sale of the Shares to continue as contemplated herein and in the expired registration statement relating to the Shares.
References herein to the Registration Statement relating to the Shares shall include any new shelf registration statement contemplated
by this Section 3(h), references herein to the Basic Prospectus relating to the Shares shall include any new prospectus contained
in such new shelf registration statement and references herein to the Prospectus Supplement relating to the Shares shall include
any new prospectus supplement contemplated by this Section 3(h).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Notice
of Inability To Use Automatic Shelf Registration Statement Form. </I>If, at any time when the Shares remain unsold by the Agents,
the Company receives from the Commission a notice pursuant to Rule 401(g)(2) of the Rules and Regulations or otherwise ceases
to be eligible to use the automatic shelf registration statement form, the Company shall (i)&nbsp;promptly notify the Agents,
(ii) promptly file a new registration statement or post-effective amendment to the existing Registration Statement on the proper
form relating to the Shares, in a form satisfactory to the Agents and subject to subsection (a) of this Section 3, (iii) use its
best efforts to cause such registration statement or post-effective amendment to be declared effective as soon as practicable,
and (iv) promptly notify the Agents upon such effectiveness. The Company shall take all other action necessary or appropriate
to permit the public offering and sale of the Shares to continue as contemplated herein and in the Registration Statement that
was the subject of the notice pursuant to Rule 401(g)(2) or for which the Company has otherwise become ineligible to use. References
herein to the Registration Statement relating to the Shares shall include such new registration statement or post-effective amendment,
as the case may be, references herein to the Basic Prospectus relating to the Shares shall include any new prospectus contained
in such new registration statement and references herein to the Prospectus Supplement relating to the Shares shall include any
new prospectus supplement contemplated by this Section 3(h).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Filing
Fees</I>. The Company agrees to pay the required Commission filing fees relating to the Shares within the time required by Rule
456(b)(1) without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Compliance
with Blue Sky Laws.</I> The Company and the Operating Partnership shall cooperate with the Agents and counsel therefor in connection
with the registration or qualification (or the obtaining of exemptions therefrom) of the Shares for the offering and sale under
the securities or Blue Sky laws of such jurisdictions as the Agents may request, and to continue such registration or qualification
in effect so long as necessary under such laws for the distribution of the Shares; <I>provided</I>, <I>however</I>, that in no
event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take
any action which would subject it to general service of process in any jurisdiction where it is not now so subject (except service
of process with respect to the offering and sale of the Shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Delivery
of Financial Statements.</I> During the term of this Agreement and for a period of two years following the termination hereof
, the Company and the Operating Partnership shall furnish to the Agents copies of such financial statements and other periodic
and special reports as the Company may from time to time distribute generally to the holders of any class of its capital stock,
and shall furnish to the Agents a copy of each annual or other report it shall be required to file with the Commission provided,
however, that the Company shall have no obligation to provide the Agents with any such document filed on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Availability of Earnings Statements.</I> The Company shall make generally available to holders of its securities and
the Agents as soon as may be practicable but in no event later than the last day of the 15th full calendar month following the
date hereof, an earnings statement (which need not be audited but shall be in reasonable detail) covering the period of 12&nbsp;months
commencing after the date hereof, and satisfying the provisions of Section&nbsp;11(a) of the Act (including Rule&nbsp;158 of the
Rules and Regulations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Reimbursement
of Certain Expenses.</I> Whether or not any of the transactions contemplated by this Agreement are consummated or this Agreement
is terminated, the Company and the Operating Partnership, jointly and severally agree, that they shall pay, or reimburse if paid
by the Agents, all costs and expenses incident to the performance of the obligations of the Company under this Agreement, including,
without limitation, costs and expenses of or relating to (i) the preparation, printing and filing of the Registration Statement
and exhibits to it, each Permitted Free Writing Prospectus, the Prospectus and any amendment or supplement to the Registration
Statement or the Prospectus (including the filing fees payable to the Commission relating to the Shares within the time required
by Rule 456 of the Rules and Regulations), (ii) the preparation and delivery of certificates representing the Shares, (iii) the
printing of this Agreement, (iv)&nbsp;furnishing (including costs of shipping, mailing and courier) such copies of the Registration
Statement, the Prospectus, and any Permitted Free Writing Prospectus, and all amendments and supplements thereto, as may be requested
for use in connection with the offering and sale of the Shares by the Agents, (v) the listing of the Shares on the NYSE, (vi)
any filings required to be made by the Agents with FINRA, and the reasonable fees, disbursements and other charges of counsel
for the Agents in connection therewith, (vii) the registration or qualification of the Shares for offer and sale under the Act
and the securities or Blue Sky laws of such jurisdictions designated pursuant to subsection (k) of this Section 3, including the
reasonable fees, disbursements and other charges of counsel to the Agents in connection therewith, and, if requested by the Agents,
the preparation and printing of preliminary, supplemental and final Blue Sky or Legal Investment memoranda, up to a maximum aggregate
amount of $2,000, (viii) counsel to the Company, (ix) The Depository Trust Company and any other depositary, transfer agent or
registrar for the Shares, (x) Grant Thornton LLP (the &ldquo;Accountant&rdquo;), (xi) the marketing of the offering by the Company,
including, without limitation, all costs and expenses of commercial airline tickets, hotels, meals and other travel expenses of
officers, employees, agents and other representatives of the Company, (xii) all out-of-pocket fees, disbursements and other charges
of the Agents incurred in connection with the offering, including, without limitation, the reasonable fees and disbursements of
counsel to the Agents and (xiii) all fees, costs and expenses for consultants used by the Company in connection with the offering;
<I>provided, however</I>, the fees and expenses of Agents&rsquo; counsel subject to reimbursement by the Company pursuant to clause
(xii) of this Section 3(n): (A) shall not exceed $100,000 with respect to the establishment of the at-the-market program contemplated
by this Agreement, including the negotiation, preparation and execution of this Agreement, and (B) shall not exceed $25,000 per
year (with the first such year commencing on the date of execution of this Agreement) with respect to the ongoing implementation
of the at-the-market program contemplated by this Agreement. For the avoidance of doubt, the parties acknowledge that except as
provided in this Section 3(n) and Section 7 hereof, the Agents will pay all of their own out-of-pocket costs and expenses incurred
in connection with entering into this Agreement and the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No Stabilization or Manipulation.</I> The Company shall not at any time, directly or indirectly (including, without limitation,
through the Subsidiaries), take any action intended to cause or result in, or which might reasonably be expected to cause or result
in, or which will constitute, stabilization or manipulation, under the Act or otherwise, of the price of the Common Shares to facilitate
the sale or resale of any of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Use
of Proceeds.</I> The Company and the Operating Partnership shall apply the net proceeds from the offering and sale of the Shares
to be sold by the Company in the manner set forth in the Prospectus under &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Clear
Market.</I> The Company shall not offer to sell, sell, pledge, hypothecate, contract or agree to sell, purchase any option to
sell, grant any option for the purchase of, lend, or otherwise dispose of, directly or indirectly, any Common Shares or any securities
convertible into or exercisable or exchangeable for Common Shares or warrants or other rights to acquire Common Shares or any
other securities of the Company that are substantially similar to the Common Shares or permit the registration under the Act of
any Common Shares, in each case without giving the Agents at least three business days&rsquo; prior written notice specifying
the nature and date of such proposed transaction. Notwithstanding the foregoing, the Company may (i) register the offering and
sale of the Shares through the Agents pursuant to this Agreement, (ii) issue Common Shares upon the exercise of an option or warrant
or the conversion of a security outstanding on the date hereof and referred to in the Prospectus, (iii) issue Common Shares, options
to purchase Common Shares or other permitted awards granted pursuant to equity incentive compensation plans of the Company or
(iv) issue Common Shares pursuant to any non-employee trustee stock plan, dividend reinvestment plan or stock purchase plan of
the Company. If notice of a proposed transaction is provided by the Company pursuant to this subsection (q), the Agents may suspend
activity of the transactions contemplated by this Agreement for such period of time as may be requested by the Company or as may
be deemed appropriate by the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Stock
Exchange Listing.</I> The Company shall use its best efforts to cause the Shares to be listed on the NYSE and to maintain such
listing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Additional
Notices</I>. The Company shall notify the Agents immediately after it shall have received notice or obtained knowledge of any
information or fact that would alter or affect any opinion, certificate, letter or any other document provided to the Agents pursuant
to Section 4 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Representation
Date Certificates</I>. Upon commencement of the offering of the Shares under this Agreement (and upon the commencement of the
offering of the Shares under this Agreement following the termination of a suspension of sales hereunder), and each time that
(i) the Registration Statement or the Prospectus is amended or supplemented (other than by the filing with the Commission of any
document incorporated by reference therein (excluding supplements not related to the Shares), which shall be subject to the provisions
of subclause (ii) below, and other than a prospectus supplement filed pursuant to Rule 424(b) under the Act, relating solely to
the offering of securities pursuant to the Registration Statement other than the Shares), (ii) there is filed with the Commission
any document incorporated by reference into the Prospectus (other than a Current Report on Form 8-K, unless the Agents shall otherwise
reasonably request based on the event or events reported in such Current Report on Form 8-K), (iii) the Agents may reasonably
request, provided that the Agents shall not make such a request during periods that the Company is not proposing Agency Transactions
to the Agents, and (iv)&nbsp;Shares are delivered to the Agents pursuant to a Terms Agreement (such commencement date, any such
recommencement date, if applicable, and each such date referred to in clauses (i), (ii), (iii) and (iv) above, except as otherwise
agreed between the Company and the Agents, a &ldquo;Representation Date&rdquo;), to furnish or cause to be furnished to the Agents
forthwith a certificate dated and delivered as of such date, in form reasonably satisfactory to the Agents, to the effect that
the statements contained in the certificate(s) referred to in Section 4(c) are true and correct at the time of such commencement,
recommencement, amendment, supplement or filing, as the case may be, as though made at and as of such time and modified as necessary
to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Company
Counsel Legal Opinions</I>. On each Representation Date, the Company shall cause to be furnished to the Agents, addressed to the
Agents and in form and substance satisfactory to the Agents, written opinions and a negative assurance letter of Dorsey &amp;
Whitney LLP, outside counsel for the Company, to the effect set forth in Exhibits C-1 and C-2 hereto, the written opinions of
the General Counsel for the Company to the effect set forth in Exhibit C-3 hereto, and a written opinion of Hunton Andrews Kurth
LLP, outside tax counsel for the Company, to the effect set forth in Exhibit C-4 hereto, as described in Section 4(d), but modified
as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of
such opinion. In lieu of delivering such an opinion for dates subsequent to the commencement of the offering of the Shares under
this Agreement such counsel may furnish the Agents with a letter (a &ldquo;Reliance Letter&rdquo;) to the effect that the Agents
may rely on a prior opinion delivered under this Section 3(u) to the same extent as if it were dated the date of such letter (except
that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or
supplemented as of such subsequent date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Comfort
Letters</I>. On each Representation Date, the Company shall cause the Accountant to deliver to the Agents the comfort letter described
in Section 4(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Due
Diligence</I>. The Company shall reasonably cooperate with any reasonable due diligence review requested by the Agents or their
counsel from time to time in connection with the transactions contemplated hereby or any Terms Agreement, including, without limitation,
(i) prior to the open of trading on each intended purchase date and any Time of Sale or Settlement Date, making available appropriate
corporate officers of the Company and, upon reasonable request, representatives of the Accountant for an update on diligence matters
with representatives of the Agents and their counsel and (ii) at each Representation Date or otherwise as the Agents may reasonably
request, providing information and making available documents and appropriate corporate officers of the Company and representatives
of the Accountant for one or more due diligence sessions with representatives of the Agents and their counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Reservation
of the Shares</I>. The Company shall reserve and keep available at all times, free of preemptive rights, Shares for the purpose
of enabling the Company to satisfy its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Trading</I>.
The Company hereby consents to any Agent trading in the Common Shares for such Agent&rsquo;s own account and for the account of
its clients at the same time as sales of the Shares pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Deemed Representations and Warranties</I>. The Company hereby agrees that each acceptance by it of an offer to purchase
Shares hereunder shall be deemed to be (i) an affirmation to the Agents that the representations and warranties of the Company
contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as
of such date and (ii) an undertaking that such representations and warranties will be true and correct as of the Time of Sale and
the Settlement Date for the Shares relating to such acceptance as though made at and as of each of such dates (except that such
representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented
to the date of such acceptance, such Time of Sale or such Settlement Date, as the case may be).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Board
Authorization</I>. Prior to delivering notice of the proposed terms of an Agency Transaction or a Principal Transaction pursuant
to Section 1 (or at such time as otherwise agreed between the Company and the Agents), the Company shall have (i) obtained from
its board of trustees or a duly authorized committee established thereby all necessary corporate authority for the sale of the
Shares pursuant to the relevant Agency Transaction or Principal Transaction, as the case may be, and (ii) provided to the Agents
a copy of the relevant board resolutions or other authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Offer To Refuse To Purchase</I>. If to the knowledge of the Company any condition set forth in Section 4(a) of this Agreement
shall not have been satisfied on the applicable Settlement Date, the Company shall offer to any person who has agreed to purchase
Shares from the Company as the result of an offer to purchase solicited by the Agents the right to refuse to purchase and pay for
such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(cc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Exchange
Act Reports</I>. The Company shall, subject to subsection (a) of this Section 3, (i) timely file all reports and any definitive
proxy or information statements required to be filed by the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange
Act subsequent to the date hereof and for the duration of the Prospectus Delivery Period and (ii) disclose in its quarterly reports
on Form 10-Q and in its annual report on Form 10-K a summary detailing, for the relevant reporting period, the number of Shares
sold through or to the Agents under this Agreement, the net proceeds received by the Company from such sales and the compensation
paid by the Company to the Agents with respect to such sales. In lieu of compliance with the requirement set forth in clause (ii)
of the immediately preceding sentence, the Company may prepare a prospectus supplement with such summary information and, at least
once a quarter and subject to subsection (a) of this Section 3, file such prospectus supplement pursuant to Rule 424(b) under
the Act (and within the time periods required by Rule 424(b) and Rule 430A, 430B or 430C under the Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(dd)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>REIT Qualification</I>. The Company will use its reasonable best efforts to continue to meet the requirements for qualification
and taxation as a REIT under the Code, subject to any future determination by the Company&rsquo;s board of trustees that it is
no longer in the Company&rsquo;s best interests to qualify as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conditions of the Agents&rsquo; Obligations</U>. The obligations of each Agent hereunder are subject to (i) the accuracy
of the representations and warranties of the Company and the Operating Partnership on the date hereof, on each Representation Date
and as of each Time of Sale and Settlement Date, (ii) the performance by the Company and the Operating Partnership of their obligations
hereunder and (iii) the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Stop Orders, Requests for Information and No Amendments.</I> (i) No stop order suspending the effectiveness of the Registration
Statement shall have been issued and no proceedings for that purpose shall be pending or are, to the best knowledge of the Company,
threatened by the Commission, and the Company shall not have received from the Commission any notice pursuant to Rule 401(g)(2)
of the Act objecting to use of the automatic shelf registration statement form, (ii) no order suspending the qualification or
registration of the Shares under the securities or Blue Sky laws of any jurisdiction shall be in effect and no proceeding for
such purpose shall be pending before or threatened or contemplated by the authorities of any such jurisdiction, (iii) any request
for additional information on the part of the staff of the Commission or any such authorities shall have been complied with to
the satisfaction of the staff of the Commission or such authorities and (iv) after the date hereof no amendment or supplement
to the Registration Statement or the Prospectus shall have been filed unless a copy thereof was first submitted to the Agents
and the Agents did not object thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Material Adverse Effect.</I> Since the date of the most recent financial statements of the Company included or incorporated by
reference in the Registration Statement and the Prospectus, except as described in the Registration Statement and the Prospectus,
there shall not have been a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Officers&rsquo; Certificates.</I> The Agents shall have received, on each Representation Date, one or more accurate certificates,
signed by an executive officer of the Company, in form and substance satisfactory to the Agents, to the effect set forth in clauses
(a) and (b) above and to the effect that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
signer of such certificate has carefully examined the Registration Statement, the Prospectus (including any documents filed under
the Exchange Act and deemed to be incorporated by reference into the Prospectus) and each Permitted Free Writing Prospectus, if
any;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>as of such date and as of each Time of Sale subsequent to the immediately preceding Representation Date, if any, neither
the Registration Statement, the Prospectus nor any Permitted Free Writing Prospectus contained any untrue statement of a material
fact or omitted to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
of the representations and warranties of the Company and the Operating Partnership contained in this Agreement are, as of such
date and each Time of Sale subsequent to the immediately preceding Representation Date, if any, true and correct, except to the
extent such representation or warranty speaks as of a specific date, in which case, such representation or warranty was true and
correct as of such specific date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
of the covenants and agreements required herein to be performed by the Company and the Operating Partnership on or prior to such
date has been duly and timely performed in all material respects and each condition herein required to be complied with by the
Company and the Operating Partnership on or prior to such date has been duly and timely complied with in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Opinions
of Counsel to the Company.</I> The Agents shall have received, on each Representation Date, the written opinions and negative
assurance letter of Dorsey &amp; Whitney LLP, outside counsel for the Company, the written opinions of the General Counsel for
the Company and a written opinion of Hunton Andrews Kurth LLP, outside tax counsel for the Company, or other counsel satisfactory
to the Agents, in form and substance satisfactory to the Agents, and addressed to the Agents, to the effect set forth in Exhibit
C-1, Exhibit C-2, Exhibit C-3 and Exhibit C-4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Opinion
of Counsel to the Agents.</I> The Agents shall have received, on the Representation Date, an opinion of Mayer Brown LLP, outside
counsel for the Agents, as of such date and addressed to the Agents, in form and substance reasonably satisfactory to the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Accountant&rsquo;s
Comfort Letter.</I> The Agents shall have received, on each Representation Date, a letter from the Accountant addressed to the
Agents and in form and substance reasonably satisfactory to the Agents, (i) confirming that the Accountant is an independent registered
public accounting firm within the meaning of the Act, the Exchange Act and the PCAOB, (ii) stating, as of such date, the conclusions
and information of the type ordinarily included in accountant&rsquo;s &ldquo;comfort letter&rdquo; to sales agents in connection
with registered &ldquo;at the market&rdquo; offerings with respect to the audited and unaudited financial statements and certain
other financial information contained or incorporated by reference in the Registration Statement and the Prospectus (the first
such letter, the &ldquo;Initial Comfort Letter&rdquo;) and (iii) in the case of any such letter after the Initial Comfort Letter,
updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been
given on such date and modified as necessary to relate to the Registration Statement, the Prospectus or any Permitted Free Writing
Prospectus, as amended or supplemented to the date of such letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Due
Diligence</I>. The Company shall have complied with all of its due diligence obligations required pursuant to Section 3(w).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Compliance
with Blue Sky Laws.</I> The Shares shall be qualified for sale in such states and jurisdictions as the Agents may reasonably request,
including, without limitation, the provinces and territories of Canada and other jurisdictions outside the United States, and
each such qualification shall be in effect and not subject to any stop order or other proceeding on the relevant Representation
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Stock
Exchange Listing.</I> The Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior
to the applicable Settlement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Regulation
M</I>. The Common Shares shall be an &ldquo;actively-traded security&rdquo; excepted from the requirements of Rule 101 of Regulation
M under the Exchange Act by subsection&nbsp;(c)(1) of such rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Additional
Certificates.</I> The Company shall have furnished to the Agents such certificate or certificates, in addition to those specifically
mentioned herein, as the Agents may have reasonably requested as to the accuracy and completeness at each Representation Date
of any statement in the Registration Statement or the Prospectus or any documents filed under the Exchange Act and deemed to be
incorporated by reference into the Prospectus, as to the accuracy at such Representation Date of the representations and warranties
of the Company herein, as to the performance by the Company of its obligations hereunder, or as to the fulfillment of the conditions
concurrent and precedent to the obligations hereunder of the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Indemnification
of the Agents.</I> The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless each
Agent, the directors, officers, employees, counsel and agents of each Agent and each person, if any, who controls such Agent within
the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act from and against any and all losses, claims,
liabilities, expenses and damages (including, without limitation, any and all investigative, legal and other expenses reasonably
incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding between any of the indemnified
parties, on the one hand, and any indemnifying parties, on the other hand, or between any indemnified party and any third party,
or otherwise, or any claim asserted), to which they, or any of them, may become subject under the Act, the Exchange Act or other
federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses
or damages arise out of or are based on (i) any untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement (or any amendment thereto), including any information deemed to be a part thereof pursuant to Rules 430A,
430B or 430C under the Act, as applicable, including all documents incorporated therein by reference, or the omission or alleged
omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading
or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Permitted Free Writing Prospectus
or the Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (iii)
any untrue statement or alleged untrue statement of a material fact contained in any materials or information provided to investors
by, or with the approval of, the Company and the Operating Partnership in connection with the marketing of the offering of the
Shares, including any roadshow or investor presentations made to investors by the Company and the Operating Partnership (whether
in person or electronically) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; <I>provided</I>, <I>however</I>, that the
Company and the Operating Partnership shall not be liable to the extent that such loss, claim, liability, expense or damage arises
from the sale of the Shares in the public offering to any person by the Agents and is based on an untrue statement or omission
or alleged untrue statement or omission made in reliance on and in conformity with information relating to the Agents furnished
in writing to the Company by the Agents expressly for inclusion in the Registration Statement, the Prospectus or any Permitted
Free Writing Prospectus. The indemnity obligation in this Section 5(a) is in addition to any liability that the Company or the
Operating Partnership might otherwise have under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Indemnification of the Company and the Operating Partnership.</I> Each Agent, severally and not jointly, agrees to indemnify
and hold harmless the Company and the Operating Partnership, their agents, each person, if any, who controls the Company within
the meaning of Section 15 of the Act or Section 20 of the Exchange Act, each trustee of the Company and each officer of the Company
who signs the Registration Statement to the same extent as the foregoing indemnity in Section 5(a) from the Company and the Operating
Partnership to the Agents, but only insofar as losses, claims, liabilities, expenses or damages arise out of or are based on any
untrue statement or omission or alleged untrue statement or omission made in reliance on and in conformity with information relating
to the Agents furnished in writing to the Company by the Agents expressly for inclusion in the Registration Statement, any Permitted
Free Writing Prospectus or the Prospectus. The indemnity obligation in this Section 5(b) is in addition to any liability that the
Agents might otherwise have under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Indemnification
Procedures. </I>Any party that proposes to assert the right to be indemnified under this Section 5 shall, promptly after receipt
of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party
or parties under this Section 5, notify each such indemnifying party of the commencement of such action, enclosing a copy of all
papers served, but the omission so to notify such indemnifying party shall not relieve the indemnifying party from any liability
that it may have to any indemnified party under the foregoing provisions of this Section&nbsp;5 unless, and only to the extent
that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action
is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will
be entitled to participate in and, to the extent that it elects, by delivering written notice to the indemnified party promptly
after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party
similarly notified, to assume the defense of the action, with counsel satisfactory to the indemnified party, and after notice
from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be
liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of
investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the
right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense
of such indemnified party unless (i) the employment of counsel by the indemnified party has been authorized in writing by the
indemnifying party, (ii) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses
available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party,
(iii) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party
and the indemnifying party (in which case the indemnifying party shall not have the right to direct the defense of such action
on behalf of the indemnified party) or (iv) the indemnifying party has not in fact employed counsel to assume the defense of such
action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable
fees, disbursements and other charges of counsel shall be at the expense of the indemnifying party or parties. It is understood
that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the reasonable fees, disbursements and other charges of more than one separate counsel (in addition to any local
counsel) at any one time for all such indemnified party or parties. All such fees, disbursements and other charges shall be reimbursed
by the indemnifying party promptly as they are incurred. An indemnifying party shall not be liable for any settlement of any action
or claim effected without its written consent (which consent will not be unreasonably withheld or delayed). No indemnifying party
shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment
in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 5 (whether or not
any indemnified party is a party thereto), unless such settlement, compromise or consent (i) includes an unconditional release
of each indemnified party from all liability arising or that may arise out of such claim, action or proceeding and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.
Notwithstanding the foregoing, if at any time an indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel as contemplated by this Section 5(c), the indemnifying party agrees that it
shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into
more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received
notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying
party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Contribution.
</I>In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the
foregoing paragraphs of this Section 5 is applicable in accordance with its terms but for any reason is held to be unavailable
to an indemnified party under subsections (a) and (b) of this Section 5, the Company, the Operating Partnership and the Agents
shall contribute to the total losses, claims, liabilities, expenses and damages (including, without limitation, any investigative,
legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding
or any claim asserted, but after deducting any contribution received by the Company or the Operating Partnership from persons
other than the Agents, such as persons who control the Company within the meaning of the Act, officers of the Company and trustees
of the Company, who also may be liable for contribution) to which the Company and the Operating Partnership, on the one hand,
and the Agents, on the other hand, may be subject in such proportion as shall be appropriate to reflect the relative benefits
received by the Company and the Operating Partnership on the one hand, and the Agents, on the other hand. The relative benefits
received by the Company and the Operating Partnership, on the one hand, and the Agents, on the other hand shall be deemed to be
in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company and the
Operating Partnership bear to the sum of (i) the total compensation to the Agents pursuant to Section 1(a)(vii) (in the case of
one or more Agency Transactions hereunder) and (ii) the underwriting discounts and commissions received by the Agents as set forth
in the table on the cover page of the Prospectus (in the case of one or more Principal Transactions pursuant to Terms Agreements).
If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution
shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence
but also the relative fault of the Company and the Operating Partnership, on the one hand, and the Agents, on the other hand,
with respect to the statements or omissions which resulted in such loss, claim, liability, expense or damage, or action in respect
thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined
by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Company, the Operating Partnership or the Agents, the intent of the parties and their
relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or
payable by an indemnified party as a result of the loss, claim, liability, expense or damage, or action in respect thereof, referred
to above in this subsection (d) shall be deemed to include, for purpose of this subsection (d), any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this subsection (d), the Agents shall not be required to contribute any amount in excess of the sum of (i) the total
compensation to the Agents pursuant to Section 1(a)(vii) (in the case of one or more Agency Transactions hereunder) and (ii) the
underwriting discounts and commissions received by the Agents as set forth in the table on the cover page of the Prospectus (in
the case of one or more Principal Transactions pursuant to Terms Agreements), and no person found guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this subsection (d), any person who controls a party to this Agreement within the
meaning of the Act will have the same rights to contribution as that party, and each officer of the Company who signed the Registration
Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled
to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim
for contribution may be made under this subsection (d), will notify any such party from whom contribution may be sought, but the
omission so to notify will not relieve the party from whom contribution may be sought from any other obligation it may have under
this subsection (d) No party will be liable for contribution with respect to any action or claim settled without its written consent
(which consent will not be unreasonably withheld).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Survival.
</I>The obligations of the Company and the Operating Partnership under this Section 5 shall be in addition to any liability which
the Company and the Operating Partnership may otherwise have and shall extend, upon the same terms and conditions, to any affiliate
of each Agent and each person, if any, who controls each Agent or any such affiliate within the meaning of the Act; and the obligations
of the Agents under this Section 5 shall be in addition to any liability that they may otherwise have and shall extend, upon the
same terms and conditions, to each officer and trustee of the Company and to each person, if any, who controls the Company within
the meaning of the Act. The indemnity and contribution agreements contained in this Section 5 and the representations and warranties
of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any investigation
made by or on behalf of the Agents, (ii) acceptance of any of the Shares and payment therefor or (iii) any termination of this
Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company may terminate this Agreement in its sole discretion at any time upon giving prior written notice to the Agents. Any such
termination shall be without liability of any party to the other party, except that (i) with respect to any pending sale, the
obligations of the Company, including, without limitation, in respect of compensation to the Agents, shall remain in full force
and effect notwithstanding such termination; and (ii) the provisions of Sections 2, 3 (except that if no Shares have been previously
sold hereunder or under any Terms Agreement, only Section 3(n)), 5 and 7(c) of this Agreement shall remain in full force and effect
notwithstanding such termination. In the case of any sale by the Company pursuant to a Terms Agreement, the obligations of the
Company pursuant to such Terms Agreement may not be terminated by the Company without the prior written consent of the Agents
party to such Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
Agent may terminate this Agreement in its sole discretion at any time upon giving prior written notice to the Company. Any such
termination shall be without liability of any party to the other party, except that (i) with respect to any pending sale, the
obligations of the Company, including, without limitation, in respect of compensation of the Agents, shall remain in full force
and effect notwithstanding such termination; and (ii) the provisions of Sections 2, 3 (except that if no Shares have been previously
sold hereunder or under any Terms Agreement, only Section 3(n)), 5 and 7 of this Agreement shall remain in full force and effect
notwithstanding such termination. In the case of any purchase by any of the Agents pursuant to a Terms Agreement, such Agent may,
by written notice to the Company, terminate its obligations pursuant to such Terms Agreement at any time prior to or on the Settlement
Date if, since the time of execution of the Terms Agreement or the respective dates as of which information is given in the Registration
Statement and the Prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>trading of any securities of the Company shall have been suspended on any exchange or in any over-the-counter market;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>trading
generally shall have been suspended or limited on or by, as the case may be, any &ldquo;national securities exchange&rdquo; (as
defined in the Exchange Act), or minimum or maximum prices shall have been generally established on any such exchange, or additional
material governmental restrictions, not in force on the date of this Agreement, shall have been imposed upon trading in securities
generally by any such exchange or by order of the Commission or any court or other governmental authority;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a general banking moratorium shall have been declared by any of federal, New York or Delaware authorities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
United States shall have become engaged in new hostilities, there shall have been an escalation in hostilities involving the United
States or there shall have been a declaration of a national emergency or war by the United States or there shall have occurred
such a material adverse change in general economic, political or financial conditions, including, without limitation, as a result
of terrorist activities after the date hereof (or the effect of international conditions on the financial markets in the United
States shall be such), or any other calamity or crisis shall have occurred, the effect of any of which is such as to make it impracticable
or inadvisable to market the Shares on the terms and in the manner contemplated by the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if
the Company or any of the Subsidiaries shall have sustained a loss material or substantial to the Company or any of the Subsidiaries
by reason of flood, fire, accident, hurricane, earthquake, theft, sabotage, or other calamity or malicious act, whether or not
such loss shall have been insured, the effect of any of which is such as to make it impracticable or inadvisable to market the
Shares on the terms and in the manner contemplated by the Prospectus; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if there shall have been a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Agreement shall remain in full force and effect until the earliest to occur of (i) termination of this Agreement pursuant to subsection
(a) or (b) above or otherwise by mutual written agreement of the parties and (ii) such date that the aggregate gross sales proceeds
of the Shares sold pursuant to this Agreement (including, without limitation, one or more Terms Agreements pursuant hereto) equals
the Maximum Amount, in each case except that (x) with respect to any pending sale, the obligations of the Company, including,
without limitation, in respect of compensation of the Agents, shall remain in full force and effect notwithstanding such termination;
and (y) the provisions of Sections 2, 3 (except that if no Shares have been previously sold hereunder or under any Terms Agreement,
only Section 3(n)), 5 and 7(i) of this Agreement shall remain in full force and effect notwithstanding such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Any
termination of this Agreement shall be effective on the date specified in the notice of termination; <I>provided</I> that such
termination shall not be effective until the close of business on the date of receipt of such notice by the Agents or the Company,
as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Shares, such sale shall settle
in accordance with the provisions of Section 1 (in the case of an Agency Transaction) or in accordance with the relevant Terms
Agreement (in the case of a Principal Transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Notices.</I> Notice given pursuant to any of the provisions
of this Agreement shall be in writing and, unless otherwise specified, shall be mailed, hand delivered or telecopied and, if to
the Agents, shall be sufficient in all respects if delivered or sent to (i) BMO Capital Markets Corp., 3 Times Square, 25th Floor,
New York, New York 10036, Attention: Equity Capital Markets Desk, with a copy to the Legal Department, Fax No. (212) 702-1205;
BTIG, LLC, 65 East 55<SUP>th</SUP> Street New York, New York 10022, New York, New York 10022, Attention: Nicholas A. Nolan, Senior
Vice President, Capital Markets; Jefferies LLC, 520 Madison Avenue, New York, New York 10022, Attention: General Counsel; Raymond
James &amp; Associates, Inc., 880 Carillon Pkwy., St. Petersburg, Florida 33716, Attention: Brad Cole, General Counsel, Global
Equities; and &nbsp;Robert W. Baird&nbsp;&amp; Co. Incorporated, 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202, Attention:
Syndicate Department, with a copy to the Legal Department Fax No. (414) 298-7474; and, if to the Company or the Operating Partnership
it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at Investors Real Estate
Trust, 800 LaSalle Ave., Suite 1600, Minneapolis, Minnesota 55402, Attention: General Counsel. Any such notice shall be effective
only upon receipt. Any notice under Section 5 may be made by telecopy or telephone, but if so made shall be subsequently confirmed
in writing (which may include, in the case of the Agents, electronic mail to any Authorized Company Representative).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Recognition
of U.S. Special Resolution Regimes.</I> In the event that any Agent that is a Covered Entity becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer from such Agent of this Agreement, and any interest and obligation in or under
this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United
States. In the event that any Agent that is a Covered Entity or a BHC Act Affiliate of such Agent becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Agent are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this
Agreement were governed by the laws of the United States or a state of the United States. As used in this Section, the following
terms have the respective meanings set forth below: (i) &ldquo;BHC Act Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo;
in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k); (ii) &ldquo;Covered Entity&rdquo; means any of (x)
a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b), (y)
a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b), or (z)
a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b); (iii) &ldquo;Default
Rights&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81,
47.2 or 382.1, as applicable; and (iv) &ldquo;U.S. Special Resolution Regime&rdquo; means each of (x) the Federal Deposit Insurance
Act of 1950, as amended, and the regulations promulgated thereunder and (y) Title II of the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010, as amended, and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Third Party Beneficiaries.</I> The Company and the Operating Partnership acknowledge and agree that each Agent is acting solely
in the capacity of an arm&rsquo;s length contractual counterparty to the Company and the Operating Partnership with respect to
the offering of Shares contemplated hereby (including in connection with determining the terms of the offering) and not as a financial
advisor or a fiduciary to, or an agent of, the Company or any other person. Additionally, the Agents are not advising the Company
or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction in connection with
the transactions contemplated by this Agreement or any matters related thereto. The Company and the Operating Partnership shall
consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation
and appraisal of the transactions contemplated hereby, and the Agents shall have no responsibility or liability to the Company
with respect thereto. Any review by the Agents of the Company, the transactions contemplated hereby or other matters relating
to such transactions will be performed solely for the benefit of the Agents and shall not be on behalf of the Company and/or the
Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Survival
of Representations and Warranties.</I> All representations, warranties and agreements of the Company and the Operating Partnership
contained herein or in certificates or other instruments delivered pursuant hereto (including, without limitation, any Terms Agreement)
shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Agents or any
of their controlling persons and shall survive delivery of and payment for the Shares hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Disclaimer
of Fiduciary Relationship</I>. The Company and the Operating Partnership acknowledge and agree that (i) the purchase and sale
of the Shares pursuant to this Agreement, including the determination of the terms of the offering and any related discounts and
commissions, is an arm&rsquo;s-length commercial transaction between the Company and the Operating Partnership, on the one hand,
and the Agents, on the other hand, (ii) in connection with the offering contemplated by this Agreement and the process leading
to such transaction, each Agent owes no fiduciary duties to the Company, the Operating Partnership, or its securityholders, creditors,
employees or any other party, (iii) each Agent has not assumed nor will it assume any advisory or fiduciary responsibility in
favor of the Company with respect to the offering of the Shares contemplated by this Agreement or the process leading thereto
(irrespective of whether any Agent or its affiliates has advised or is currently advising the Company on other matters) and no
Agent has any obligation to the Company with respect to the offering of the Shares contemplated by this Agreement except the obligations
expressly set forth in this Agreement, (iv) each Agent and its affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of the Company and (v) each Agent has not provided any legal, accounting, regulatory
or tax advice with respect to the offering contemplated by this Agreement and the Company and the Operating Partnership have consulted
their own legal, accounting, regulatory and tax advisors to the extent they deemed appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Adjustments
for Stock Splits</I>. The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted
to take into account any stock split effected with respect to the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Governing
Law.</I> THIS AGREEMENT AND EACH TERMS AGREEMENT, AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING UNDER OR RELATED TO THIS AGREEMENT
OR SUCH TERMS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. Each party hereto hereby irrevocably submits for purposes of any
action arising from this Agreement or any Terms Agreement brought by the other party hereto to the jurisdiction of the courts
of New York State located in the Borough of Manhattan and the U.S. District Court for the Southern District of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Counterparts</I>.
This Agreement and each Terms Agreement may be signed in two or more counterparts with the same effect as if the signatures thereto
and hereto were upon the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Survival
of Provisions Upon Invalidity of Any Single Provision.</I> In case any provision in this Agreement or any Terms Agreement shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Waiver
of Jury Trial.</I> Each of the Company, the Operating Partnership and the Agents hereby irrevocably waives any right it may have
to a trial by jury in respect of any claim based upon or arising out of this Agreement, any Terms Agreement or the transactions
contemplated hereby or thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Titles
and Subtitles.</I> The titles of the sections and subsections of this Agreement and any Terms Agreement are for convenience and
reference only and are not to be considered in construing this Agreement or such Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Entire
Agreement.</I> Other than the terms set forth in each Transaction Notice delivered hereunder and each Terms Agreement executed
and delivered pursuant hereto, this Agreement embodies the entire agreement and understanding between the parties hereto and supersedes
all prior agreements and understandings relating to the subject matter hereof. Neither this Agreement nor any Terms Agreement
may be amended or otherwise modified or any provision hereof waived except by an instrument in writing signed by the Agents, the
Operating Partnership and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Successors
and Assigns</I>. This Agreement shall be binding upon each Agent and the Company and the Operating Partnership and their successors
and assigns and any successor or assign of any substantial portion of the Company&rsquo;s and the Operating Partnership&rsquo;s
and each Agent&rsquo;s respective business or assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Split-Segment; Name: 4 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please confirm that
the foregoing correctly sets forth the agreement between the Company, the Operating Partnership and the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>INVESTORS REAL ESTATE TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Mark O. Decker, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Mark O. Decker, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.55in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>IRET PROPERTIES, A NORTH DAKOTA LIMITED PARTNERSHIP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Mark O. Decker, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Mark O. Decker, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer of IRET, Inc., the General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Anne Olson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Anne Olson. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: Chief Operating Officer and Executive<BR>
 Vice President of IRET, Inc., the General
Partner</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to the Equity Distribution
Agreement]</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Confirmed as of the date first above mentioned:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BMO CAPITAL MARKETS CORP.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Raff</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: David Raff</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BTIG, LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Stephen P. Ortiz</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Stephen P. Ortiz</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>JEFFERIES LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ William S. Cowan, Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: William S. Cowan, Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RAYMOND JAMES &amp; ASSOCIATES, INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Brad Butcher</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 41%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brad Butcher</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director, Co-Head of Real Estate<BR>
Investment Banking</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROBERT W. BAIRD &amp; CO. INCORPORATED</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Tim Stefanou</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Tim Stefanou</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Vice President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to the Equity Distribution
Agreement]</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>SCHEDULE 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>AUTHORIZED COMPANY
REPRESENTATIVES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">Sch. <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->-1</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>SCHEDULE 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The information in the first two sentences
of the fourth paragraph under the caption &ldquo;Plan of Distribution (Conflicts of Interest)&rdquo; and in the fifth and seventh
sentences in the paragraph under the caption &ldquo;Plan of Distribution (Conflicts of Interest)&mdash;Other Relationships.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">Sch. <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-1</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>SCHEDULE 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>ISSUER FREE WRITING
PROSPECTUSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">None as of the date of this Equity Distribution
Agreement to which this Schedule is attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">Sch. <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-1</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>SCHEDULE 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE OF SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-bottom: 2pt"><B>NAME OF SUBSIDIARY </B></TD>
    <TD STYLE="width: 51%; padding-bottom: 2pt"><B>PLACE OF INCORPORATION OR ORGANIZATION </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">EVI Billings, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">EVI Grand Cities, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">EVI Sioux Falls, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">Health Investors Business Trust</TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET-3900 Urbandale, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - 6405 France Medical, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET-71 France, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Ashland Apartments, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - BD, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">Minnesota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Billings 2300 CBR, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Canyon Lake, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Cardinal Point, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Cimarron Hills, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Colony Apartments (NE), LLC</TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET Corporate Plaza, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET-Cottage Gables, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Country Meadows 2, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET-Cypress Court Apartments, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Forest Park, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET &ndash; Grandeville, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Grand Gateway Apartments, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Homestead Gardens I, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Homestead Gardens II, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET, Inc.*</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Kirkwood Apartments, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Lakeside Apartments (NE), LLC</TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - LEXCOM, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Minot Apartments, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Minot EV, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Missoula 3050 CBR, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET-MR9, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET-MR9 Holding, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - North Pointe Apartments, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Olympic Village (MT), LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Park Meadows, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET Properties, a North&nbsp;&nbsp;Dakota Limited Partnership*</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET-QR, LLC </TD>
    <TD STYLE="padding-bottom: 2pt; font-size: 10pt">Delaware Ridge, LLC </TD></TR>
</TABLE>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Subsidiary is a &ldquo;Significant Subsidiary,&rdquo; as defined
in Rule 1-02(w) of Regulation S-X.</P>



<P STYLE="margin: 0; font-size: 10pt"></P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt"></P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; width: 49%">IRET-Quarry</TD>
    <TD STYLE="padding-bottom: 2pt; width: 51%">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET-RED 20, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET-Ridge Oaks, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">Iowa</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Rimrock, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - River Ridge Apartments, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Rochester Crown Apartments, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Rocky Meadows, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - SH1, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Silver Spring, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Southbrook &amp; Mariposa, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Sunset Trail, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Thomasbrook Apartments, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Valley Park Manor, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Villa West Apartments, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Westwood Park, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - Whispering Ridge Apartments, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET-Williston Garden Apartments, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">IRET - WRH1, LLC </TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">LSREF Golden Property 14 (WY), LLC</TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">Mendota Office Holdings LLC </TD>
    <TD STYLE="padding-bottom: 2pt">Minnesota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">Mendota Office Three &amp; Four LLC&nbsp;&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">Minnesota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">Mendota Properties LLC </TD>
    <TD STYLE="padding-bottom: 2pt">Minnesota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">Minnesota Medical Investors LLC </TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">SMB Operating Company LLC</TD>
    <TD STYLE="padding-bottom: 2pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">WRH Holding, LLC</TD>
    <TD STYLE="padding-bottom: 2pt">North Dakota</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Subsidiary is a &ldquo;Significant Subsidiary,&rdquo; as defined
in Rule 1-02(w) of Regulation S-X.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>SCHEDULE 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>COMPENSATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Agents shall be paid
compensation in an agreed-upon amount not to exceed 2% of the gross proceeds from the sale of Shares pursuant to the terms of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[Company Letterhead]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[_______], 20[__]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">VIA EMAIL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TRANSACTION NOTICE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of this
Transaction Notice is to propose certain terms of the Agency Transaction entered into with [&bull;] under, and pursuant to, that
certain Equity Distribution Agreement between Investors Real Estate Trust, a North Dakota real estate investment trust (the &ldquo;Company&rdquo;),
and IRET Properties, a North Dakota Limited Partnership (the &ldquo;Operating Partnership&rdquo;), BMO Capital Markets Corp., BTIG,
LLC, Jefferies LLC, Raymond James &amp; Associates, Inc. and Robert W. Baird &amp; Co. Incorporated (each an &ldquo;Agent&rdquo;
and collectively, the &ldquo;Agents&rdquo;), dated November 7, 2019 (the &ldquo;Agreement&rdquo;). Please indicate your acceptance
of the proposed terms below. Upon acceptance, the particular Agency Transaction to which this Transaction Notice relates shall
supplement, form a part of, and be subject to, the Agreement. Capitalized terms used but not otherwise defined herein shall have
the meanings ascribed to them in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of the particular
Agency Transaction to which this Transaction Notice relates are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Trading Day(s) on which Shares may be Sold:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">[_______], 20[__], [_______], 20[__] . . . [_______], 20[__]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Maximum Number of Shares to be Sold in the
    Aggregate:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">[_______]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Maximum Number of Shares to be Sold on each Trading
    Day:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">[_______]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3.5in">Floor Price:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">USD[__.__]</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: -3.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 3.5in">Compensation:</TD><TD>[_______]% of the gross proceeds from the sale of Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of Page Intentionally Blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 9; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>INVESTORS REAL ESTATE TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.55in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>IRET PROPERTIES, A NORTH DAKOTA LIMITED PARTNERSHIP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted and agreed as of<BR>
the date first above written:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="font-size: 10pt; width: 46%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 5 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>EXHIBIT B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[NAME OF COMPANY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Shares of Beneficial Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TERMS AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[_______], 20[__]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors Real Estate
Trust, a North Dakota real estate investment trust (the &ldquo;Company&rdquo;), proposes, subject to the terms and conditions stated
herein, in the Schedule hereto and in the Equity Distribution Agreement, dated November 7, 2019 (the &ldquo;Equity Distribution
Agreement&rdquo;), between the Company and IRET Properties, a North Dakota Limited Partnership&nbsp;(the &ldquo;Operating Partnership&rdquo;),
BMO Capital Markets Corp., BTIG, LLC, Jefferies LLC, Raymond James &amp; Associates, Inc. and Robert W. Baird &amp; Co. Incorporated
(each an &ldquo;Agent&rdquo; and collectively, the &ldquo;Agents&rdquo;), to issue and sell to [&bull;] [_______] shares of the
Company&rsquo;s common shares of beneficial interest, no par value per share (the &ldquo;Purchased Shares&rdquo;) [, and, solely
for the purpose of covering over-allotments, to grant to [&bull;] the option to purchase an additional [_______] shares of such
common shares of beneficial interest (the &ldquo;Additional Shares&rdquo;)]. Capitalized terms used but not otherwise defined herein
shall have the meanings ascribed to them in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[[&bull;] shall have
the right to purchase from the Company all or a portion of the Additional Shares as may be necessary to cover over-allotments made
in connection with the offering of the Purchased Shares at the same purchase price per share to be paid by [&bull;] to the Company
for the Purchased Shares. This option may be exercised by [&bull;] at any time (but not more than once) on or before the 30th day
following the date of this Terms Agreement, by written notice to the Company. Such notice shall set forth the aggregate number
of Additional Shares as to which the option is being exercised, and the date and time when the Additional Shares are to be delivered
(such date, the &ldquo;Option Settlement Date&rdquo;); <I>provided</I>, <I>however</I>, that the Option Settlement Date shall not
be earlier than the Settlement Date (as set forth in the Schedule hereto) nor earlier than the second business day after the date
on which the option shall have been exercised nor later than the fifth business day after the date on which the option shall have
been exercised. Payment of the purchase price for the Additional Shares shall be made at the Option Settlement Date in the same
manner and at the same office as the payment for the Purchased Shares.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the provisions
of the Equity Distribution Agreement not specifically related to the solicitation by [&bull;], as agent of the Company, of offers
to purchase Shares in Agency Transactions is incorporated herein by reference in its entirety, and shall be deemed to be part of
this Terms Agreement to the same extent as if such provisions had been set forth in full herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An amendment to the
Registration Statement, or a supplement to the Prospectus, as the case may be, relating to the Purchased Shares [and the Additional
Shares], in the form heretofore delivered to [&bull;] is now proposed to be filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms
and conditions set forth herein and in the Schedule hereto and subject the terms and conditions of the Equity Distribution Agreement
incorporated herein as provided in the second immediately preceding paragraph, the Company agrees to issue and sell to [&bull;],
and [&bull;] agrees to purchase from the Company, the Purchased Shares at the time and place and at the purchase price set forth
in the Schedule hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Remainder of Page
Intentionally Blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is
in accordance with your understanding, please sign and return to us a counterpart hereof, whereupon this Terms Agreement, including
those provisions of the Equity Distribution Agreement incorporated herein by reference, shall constitute a binding agreement between
[&bull;] and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>INVESTORS REAL ESTATE TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;Mark O. Decker, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.55in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>IRET PROPERTIES, A NORTH DAKOTA LIMITED PARTNERSHIP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 276pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted and agreed as of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the date first above written:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="width: 43%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>Title:&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule to Terms Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Price to Public:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">USD[__.__] per share]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purchase Price by [&bull;]:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">USD[__.__] per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Method of and Specified Funds for Payment of Purchase Price:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">[By wire transfer to a bank account specified by the
Company in same-day funds.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Method of Delivery:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">[To [&bull;]&rsquo;s account, or the account of [&bull;]&rsquo;s
designee, at The Depository Trust Company via DWAC in return for payment of the purchase price.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Settlement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[_______], 20[__]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Closing Location:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[_______]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Documents To Be Delivered:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents referred to in the Equity Distribution
Agreement shall be delivered as a condition to the closing (which documents shall be dated on or as of the date of the Terms Agreement
to which this Schedule is annexed):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&bull; &nbsp;&nbsp;&nbsp;&nbsp;the officer&rsquo;s certificate referred to in Section 4(c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&bull; &nbsp;&nbsp;&nbsp;&nbsp;the legal opinions referred to in Sections 4(d) and (e);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&bull; &nbsp;&nbsp;&nbsp;&nbsp;the &ldquo;comfort letter&rdquo; referred to in Section 4(f); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&bull; &nbsp;&nbsp;&nbsp;&nbsp;such other documents as [&bull;] shall reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Indemnity:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[_______]]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Lockup:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In addition to, and without limiting the
generality of, the covenant set forth in Section 3(q) of the Equity Distribution Agreement, [________].]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>EXHIBIT C-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Opinions to be Delivered
by Dorsey &amp; Whitney LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">1.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company is a real estate investment trust validly
existing and in good standing under the laws of the State of North Dakota</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">2.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Operating Partnership is a limited partnership validly
existing and in good standing under the laws of the State of North Dakota.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">3.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Operating Partnership has the limited partnership
power to own, lease and operate its properties and conduct its business in all material respects as described in the Registration
Statement, the Prospectus and the Prospectus Supplement attached hereto as <U>Annex&nbsp;A</U> and to execute and deliver the
Agreement and to perform its obligations thereunder.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">4.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company has the trust power to own, lease and operate
its properties and to conduct its business in all material respects as described in the Registration Statement, the Base Prospectus
and the Prospectus Supplement under the caption &ldquo;The Company&rdquo; and in the 10-KT under the caption &ldquo;Item 1. Business&rdquo;
and to execute and deliver the Agreement and to perform its obligations thereunder.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">5.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s authorized Common Shares are as set
forth in the Registration Statement and the Prospectus under the caption &ldquo;Description of Shares of Beneficial Interest.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">6.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The issuance of the Shares has been duly authorized by
the Company and, when issued and delivered against payment therefor in accordance with the Agreement and the Resolutions, the
Shares will be validly issued, fully paid and nonassessable. The issuance of the Shares is not subject to preemptive or other
similar rights arising under the North Dakota Business Corporation Act, or under the Declaration of Trust or the Bylaws of the
Company.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">7.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The statements in the Registration Statement and the
Prospectus under the captions &ldquo;Description of Shares of Beneficial Interest&rdquo; and in the Registration Statement under
Item 15, insofar as such statements purport to summarize provisions of North Dakota law or the Declaration of Trust or Bylaws
of the Company, accurately summarize, in all material respects, such provisions of North Dakota law or the Declaration of Trust
or Bylaws of the Company.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">8.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Agreement has been duly authorized, executed and,
so far as is known to us, delivered by each of the Company and the Operating Partnership. The Agreement constitutes a valid and
binding obligation of the Company and the Operating Partnership, enforceable against the Company and the Operating Partnership,
as applicable, in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization
and similar laws relating to or affecting creditors&rsquo; rights generally (including, without limitation, fraudulent conveyance
laws) and moratorium laws in effect from time to time and by equitable principles, including, without limitation, concepts or
materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive
relief, regardless of whether considered in a proceeding in equity or at law. Further, we express no opinion as to (i) the enforceability
of Section 5 of the Agreement (relating to indemnification and contribution thereunder), (ii) provisions that relate to choice
of law, forum selection or submission to jurisdiction (including, without limitation, any express or implied waiver of any objection
to venue in any court or of any objection that a court is an inconvenient forum) to the extent that the validity, binding effect
or enforceability of any such provision is to be determined by any court other than a state court of the State of New York, (iii)
waivers by the Company or the Operating Partnership of any statutory or constitutional rights or remedies, or (iv) terms which
excuse any person or entity from liability for such person&rsquo;s or entity&rsquo;s negligence or willful misconduct. In addition,
we draw your attention to the fact that, under certain circumstances, the enforceability of terms to the effect that provisions
may not be waived or modified except in writing may be limited.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">9.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Registration Statement, at the time it became effective,
and the Prospectus, as of its date (except as to the financial statements (including the notes thereto) and schedules, and other
financial data, contained in the Registration Statement and the Prospectus, as to which we express no opinion), appear on their
face to comply as to form in all material respects with the requirements of the Act (including, in the case of the Prospectus,
Section&nbsp;10(a) of the Act); and each filing made with the Commission incorporated by reference, or deemed to be incorporated
by reference, therein (the &ldquo;<U>Incorporated Filings</U>&rdquo;), at the time such Incorporated Filing was filed with the
Commission, appears on its face to comply as to form in all material respects with the applicable requirements of the Exchange
Act (except as to the financial statements (including the notes thereto) and schedules, and other financial data contained in
such Incorporated Filing, as to which we express no opinion).</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">10.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Registration Statement has become effective under
the Act and we have no knowledge that any stop order proceedings with respect thereto are pending or threatened under the Act.
No consent, approval, authorization or other order under any Applicable Law or consent, approval, authorization or other order
of, or registration or filing with any governmental authority of the States of New York or North Dakota, except as required under
the States&rsquo; securities or blue sky laws (as to which no opinion is rendered), or approval of the shareholders of the Company,
is required to be obtained or made by the Company or the Operating Partnership for the execution, delivery and performance by
the Operating Partnership of the Agreement and the consummation of the transactions contemplated thereby except as required under
the Act, the Exchange Act, the rules of the NYSE or the rules of FINRA (as to which no opinion is rendered) or such as have been
obtained or made.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">11.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The execution, delivery and performance of the Agreement
by the Company and the Operating Partnership, the issuance and sale of the Shares and the consummation of the transactions contemplated
by the Agreement do not and will not result in any breach or violation of or constitute a default under, nor constitute any event
which, with notice, lapse of time or both, would result in any breach or violation of or constitute a default under, or give the
holder of any indebtedness, or a person acting on such holder&rsquo;s behalf, the right to require the repurchase, redemption
or repayment of all or a part of such indebtedness under, or result in the creation or imposition of a lien, charge or encumbrance
on any property or assets of the Company, the Operating Partnership or any Significant Subsidiary pursuant to (i) the Partnership
Agreement, as amended to date, (ii) the Declaration of Trust or the Bylaws of the Company, (iii)&nbsp;any indenture, mortgage,
deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement
or instrument that has been filed as an exhibit to the Registration Statement, the Prospectus or any Incorporated Filing (other
than any breach, violation, default, right, creation or imposition resulting from a financial test or covenant set forth therein,
as to which we express no opinion), (iv)&nbsp;federal laws and the laws of the States of New York and North Dakota, except for
the States&rsquo; securities or blue sky laws (as to which no opinion is rendered), or (v)&nbsp;any decree, judgment or order
to which the Company, the Operating Partnership or any of the Significant Subsidiaries is a named party, which decree, judgment
or order is known by us.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">12.</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Neither the Company, the Operating Partnership nor any
Significant Subsidiary is required to register as an &ldquo;investment company&rdquo; under the Investment Company Act.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>EXHIBIT C-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Negative Assurance
Letter to be Delivered by Dorsey &amp; Whitney LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have participated
in conferences with certain officers and other representatives of the Company and the Operating Partnership, representatives of
tax counsel for the Company, representatives of the independent registered public accounting firm for the Company, and representatives
of, and counsel for, the Agents, at which the contents of the Registration Statement and the Prospectus and the supplements thereto
and related matters were discussed. In addition, we have reviewed certain records and other documents furnished to us by the Company
and the Operating Partnership. We did not participate in the preparation of the Transition Report on Form 10-KT for the transition
period ended December 31, 2018 (the &ldquo;Transition Report&rdquo;) or review the Transition Report prior to its filing with the
Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of our
professional engagement was not to establish or confirm factual matters set forth in the Registration Statement or the Prospectus
or any supplement thereto, and we have not undertaken any obligation to verify independently any of the factual matters set forth
in the Registration Statement or the Prospectus or any supplement thereto, including, in each case, any information incorporated
by reference therein. Moreover, we are not passing upon and do not assume any responsibility for the accuracy, completeness or
fairness of the statements contained or incorporated by reference in the Registration Statement or the Prospectus or any supplement
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the foregoing,
on the basis of the information we gained in the course of performing the services referred to above, nothing has come to our attention
that has caused us to believe that (x) the Registration Statement, at the time it became effective, for the purposes of Section
11 of the Act as such section applies to the Agents, contained an untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein not misleading, or (y) the Prospectus, as of the
date of each of the Basic Prospectus and the Prospectus Supplement and as of the date hereof, contained or contains an untrue statement
of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light
of the circumstances in which they were made, not misleading (it being understood that in connection with clauses (x) and (y) above,
we make no comment and express no view with respect to (A) the financial statements and related notes and schedules thereto and
the auditors&rsquo; report thereon, or any other financial, statistical and accounting data or information included in, omitted
therefrom or derived therefrom contained or incorporated by reference in the Registration Statement or the Prospectus, or (B) representations
and warranties included in the exhibits to (1) the Registration Statement, or (2) any documents incorporated or deemed incorporated
by reference therein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>EXHIBIT C-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Opinions to be Delivered
by General Counsel of the Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">The Company is a real
estate investment trust duly formed under the laws of the State of North Dakota.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">The Operating Partnership
is a limited partnership duly formed under the laws of the State of North Dakota.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">We have no knowledge
that there are any actions, suits, claims, investigations or proceedings pending or threatened in writing to which the Company,
the Operating Partnership or any of the Subsidiaries or any of their respective directors or officers is or would be a party or
to which any of their respective properties is or would be subject at law or in equity, before or by any federal, state, local
or foreign governmental or regulatory commission, board, body, authority or agency which are required to be described in the Registration
Statement or the Prospectus but are not so described as required.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">EXHIBIT C-4</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>Opinions to be Delivered
by Hunton Andrews Kurth LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">(i)</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">the Company qualified to be taxed as a REIT pursuant
to sections 856 through 860 of the Code for its taxable years ended April 30, 2013 through December 31, 2018, and the Company&rsquo;s
organization and current and proposed method of operation will enable it to continue to qualify for taxation as a REIT under the
Code for its taxable year ending December 31, 2019, and thereafter; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif">(ii)</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">the description of the law and the legal conclusions
in the Prospectus under the caption &ldquo;Material Federal Income Tax Considerations&rdquo; and the Prospectus Supplement under
the caption &ldquo;Additional Material Federal Income Tax Considerations&rdquo; are correct in all material respects.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm1921921d3_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Letterhead of Dorsey &amp; Whitney LLP]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November 7, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Investors Real Estate Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">800 LaSalle Ave., Suite 1600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Minneapolis, MN 55402 &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel to Investors Real Estate Trust, a North Dakota real estate investment trust (the "Company"), in connection
with the filing by the Company with the Securities and Exchange Commission (the "Commission") of a Prospectus Supplement (the
"Prospectus Supplement"), dated November 7, 2019, to the Prospectus, dated September 7, 2017, included in the Registration
Statement on Form S-3 (File No. 333-220378) (the "Registration Statement") filed by the Company with the Commission under
the Securities Act of 1933, as amended (the "Securities Act"), relating to the offer and sale by the Company under the Registration
Statement of its common shares of beneficial ownership, no par value per share, having an aggregate offering price of up to
$150,000,000 (the "Shares") in accordance with that certain Equity Distribution Agreement, dated as of November 7, 2019 (the
"Distribution Agreement"), between the Company and BMO Capital Markets Corp., BTIG, LLC, Jefferies LLC, Raymond James &amp;
Associates, Inc. and Robert W. Baird &amp; Co. Incorporated, as agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have examined such documents and reviewed
such questions of law as we have considered necessary and appropriate for the purposes of our opinions set forth below. In rendering
our opinions, we have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures
and the conformity to authentic originals of all documents submitted to us as copies. We have also assumed the legal capacity for
all purposes relevant hereto of all natural persons and, with respect to all parties to agreements or instruments relevant hereto
other than the Company, that such parties had the requisite power and authority (corporate or otherwise) to execute, deliver and
perform such agreements or instruments, that such agreements or instruments have been duly authorized by all requisite action (corporate
or otherwise), executed and delivered by such parties and that such agreements or instruments are the valid, binding and enforceable
obligations of such parties. As to questions of fact material to our opinions, we have relied upon the certificates of officers
of the Company and of public officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing, we are of the opinion
that the Shares have been duly authorized and, when issued and delivered by the Company against payment therefor in accordance
with the terms of the Distribution Agreement and at the price determined by the executive officers of the Company designated
by the Board of Trustees for such purpose, will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our opinions expressed above are limited
to the laws of the State of North Dakota.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: left">Investors Real Estate Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: left">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to your filing of
this opinion as an exhibit to the Registration Statement and to the reference to our firm under the caption &ldquo;Legal
Matters&rdquo; contained in the Prospectus Supplement. In giving this consent, we do not admit that we are within the category of
persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>/s/ Dorsey &amp; Whitney LLP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CCH/RGH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>tm1921921d3_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 25%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Hunton
        Andrews Kurth LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">file no</FONT>:
        73202.22</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0">November 7, 2019</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors Real Estate Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1400 31<SUP>st</SUP> Avenue SW, Suite 60</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Minot, North Dakota 58702</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><U>Investors Real Estate Trust</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Qualification as Real Estate Investment
Trust</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We have acted as special
tax counsel to Investors Real Estate Trust, a North Dakota real estate investment trust (the &ldquo;Company&rdquo;), and IRET Properties,
a North Dakota limited partnership (the &ldquo;Operating Partnership&rdquo;), in connection with the offer and sale from time to
time of up to $150,000,000 of common shares of beneficial interest, no par value per share, of the Company pursuant to a prospectus
supplement filed on November 7, 2019 (the &ldquo;Prospectus Supplement&rdquo;) to a prospectus, dated September 7, 2017 (the &ldquo;Prospectus&rdquo;),
as part of a registration statement on Form S-3 (No. 333-220378), filed with the Securities and Exchange Commission on September
7, 2017 (the &ldquo;Registration Statement&rdquo;). You have requested our opinion regarding certain U.S. federal income tax matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">In giving this opinion letter, we have examined
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">the Company&rsquo;s Articles of Amendment and Third Restated Declaration of Trust, dated September&nbsp;23,
2003, as amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">the Operating Partnership&rsquo;s Agreement of Limited Partnership (the &ldquo;Operating Partnership
Agreement&rdquo;) dated as of January 31, 1997, as amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify; padding-right: 3.35pt">the Registration Statement, the Prospectus, and the Prospectus Supplement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">the taxable REIT subsidiary (&ldquo;TRS&rdquo;) elections for IRET-Westlake, Inc., LSREF Golden
OPS 14 (WY), LLC and IRET-SH1, LLC (the &ldquo;IRET SH1 TRS&rdquo;); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ATLANTA AUSTIN BANGKOK BEIJING
BOSTON BRUSSELS CHARLOTTE DALLAS DUBAI HOUSTON LONDON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LOS ANGELES MIAMI NEW YORK
NORFOLK RICHMOND SAN FRANCISCO THE WOODLANDS TYSONS WASHINGTON, DC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">www.HuntonAK.com</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors Real Estate Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 7, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">such other documents as we have deemed necessary or appropriate for purposes of this opinion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">In connection with the opinions rendered
below, we have assumed, with your consent, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">each of the documents referred to above has been duly authorized, executed, and delivered; is authentic,
if an original, or is accurate, if a copy; and has not been amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">during the Company&rsquo;s and the Operating Partnership&rsquo;s taxable year ending December 31,
2019 and future taxable years, the Company and the Operating Partnership will operate in a manner that will make the factual representations
contained in a certificate, dated the date hereof and executed by a duly appointed officer of the Company and in a certificate,
dated the date hereof and executed by a duly appointed officer of the Operating Partnership (together, the &ldquo;Officer&rsquo;s
Certificates&rdquo;), true for such years;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">the Company will not make any amendments to its organizational documents, the Operating Partnership
Agreement, or the organizational documents of the IRET SH1 TRS after the date of this opinion that would affect its qualification
as a real estate investment trust (a &ldquo;REIT&rdquo;) for any taxable year; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">no action will be taken by the Company, the Operating Partnership, or the IRET SH1 TRS after the
date hereof that would have the effect of altering the facts upon which the opinions set forth below are based.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In connection with the
opinions rendered below, we also have relied upon the correctness of the factual representations contained in the Officer&rsquo;s
Certificates. No facts have come to our attention that would cause us to question the accuracy and completeness of such factual
representations. Furthermore, where such factual representations involve terms defined in the Internal Revenue Code of 1986, as
amended (the &ldquo;Code&rdquo;), the Treasury regulations thereunder (the &ldquo;Regulations&rdquo;), published rulings of the
Internal Revenue Service (the &ldquo;Service&rdquo;), or other relevant authority, we have reviewed with the individual making
such representations the relevant provisions of the Code, the applicable Regulations and published administrative interpretations
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Based solely on the documents
and assumptions set forth above, the representations set forth in the Officer&rsquo;s Certificates, and the discussions in the
Prospectus under the caption &ldquo;Material Federal Income Tax Considerations&rdquo; and the Prospectus Supplement under the caption
 &ldquo;Additional Material Federal Income Tax Considerations&rdquo; (which are incorporated herein by reference), we are of the
opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors Real Estate Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 7, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company qualified to be taxed as a REIT pursuant to sections 856 through 860 of the Code for its taxable years ended April 30,
2016 through December 31, 2018, and the Company&rsquo;s organization and current and proposed method of operation will enable it
to continue to qualify for taxation as a REIT under the Code for its taxable year ending December 31, 2019, and thereafter; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
description of the law and the legal conclusions in the Prospectus under the caption &ldquo;Material Federal Income Tax Considerations&rdquo;
and the Prospectus Supplement under the caption &ldquo;Additional Material Federal Income Tax Considerations&rdquo; are correct
in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We will not review on
a continuing basis the Company&rsquo;s compliance with the documents or assumptions set forth above, or the representations set
forth in the Officer&rsquo;s Certificates. Accordingly, no assurance can be given that the actual results of the Company&rsquo;s
operations for any given taxable year will satisfy the requirements for qualification and taxation as a REIT. Although we have
made such inquiries and performed such investigations as we have deemed necessary to fulfill our professional responsibilities
as counsel, we have not undertaken an independent investigation of all of the facts referred to in this letter or the Officer&rsquo;s
Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The foregoing opinions
are based on current provisions of the Code, the Regulations, published administrative interpretations thereof, and published court
decisions. The Service has not issued Regulations or administrative interpretations with respect to various provisions of the Code
relating to REIT qualification. No assurance can be given that the law will not change in a way that will prevent the Company from
qualifying as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The foregoing opinions
are limited to the U.S. federal income tax matters addressed herein, and no other opinions are rendered with respect to other U.S.
federal tax matters or to any issues arising under the tax laws of any other country, or any state or locality. We undertake no
obligation to update the opinions expressed herein after the date of this letter. This opinion letter speaks only as of the date
hereof. Except as provided in the next paragraph, this opinion letter may not be distributed, quoted in whole or in part or otherwise
reproduced in any document, or filed with any governmental agency without our express written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors Real Estate Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 7, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We hereby consent to
the filing of this opinion as an exhibit to the Registration Statement. We also consent to the references to Hunton Andrews Kurth
LLP under the captions &ldquo;Additional Material Federal Income Tax Considerations&rdquo; and &ldquo;Legal Matters&rdquo; in the
Prospectus Supplement. In giving this consent, we do not admit that we are in the category of persons whose consent is required
by Section 7 of the Securities Act of 1933, as amended, or the rules and regulations promulgated thereunder by the Securities and
Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 50%; text-align: left">Very truly yours,</TD><TD STYLE="text-align: justify"></TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">/s/ Hunton Andrews Kurth LLP</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<DOCUMENT>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>iret-20191107_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>iret-20191107_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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<body>
<span style="display: none;">v3.19.3</span><table class="report" border="0" cellspacing="2" id="idp6657463520">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Nov. 07, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov.  07,  2019<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-35624<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">INVESTORS REAL ESTATE TRUST<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000798359<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">45-0311232<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">ND<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1400 31st Avenue SW<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 60<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine3', window );">Entity Address, Address Line Three</a></td>
<td class="text">Post Office Box 1988<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Minot<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">ND<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">58702-1988<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">701<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">837-4738<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Shares of Beneficial Interest, no par value</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Shares of Beneficial Interest, no par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">IRET<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CumulativePreferredStockMember', window );">Series C Cumulative Redeemable Preferred Shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Series C Cumulative Redeemable Preferred Shares<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">IRET-C<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 3 such as an Office Park</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:tradingSymbolItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CumulativePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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