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Investors Real Estate Trust

(Name of Registrant as Specified In Its Charter)

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INVESTORS REAL ESTATE TRUST

Meeting Information

Meeting Type: Annual Meeting
For holders as of: July 22, 2016
Date: September 20, 2016   Time: 9:00 AM CDT
Location: Grand Hotel
                   1505 North Broadway
                   Minot, North Dakota 58703

INVESTORS REAL ESTATE TRUST
1400 31st Ave SW
SUITE 60
Minot, ND 58702-1988

You are receiving this communication because you hold shares in the above named company.

This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online at www.proxyvote.com or easily request a paper copy (see reverse side).

We encourage you to access and review all of the important information contained in the proxy materials before voting.

See the reverse side of this notice to obtain proxy materials and voting instructions.

Before You Vote

Proxy Materials Available to VIEW or RECEIVE:

1. Notice & Proxy Statement    2. Annual Report

How to View Online:

Have the information that is printed in the box marked by the arrow  (located on the following page) and visit: www.proxyvote.com.

How to Request and Receive a PAPER or E-MAIL Copy:

If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request:

1) BY INTERNET:       www.proxyvote.com
2) BY TELEPHONE:    1-800-579-1639
3) BY E-MAIL*:           sendmaterial@proxyvote.com

*  If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow  (located on the following page) in the subject line.
Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before September 06, 2016 to facilitate timely delivery.

How To Vote

Vote In Person: Many shareholder meetings have attendance requirements including, but not limited to, the possession of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares.

Vote By Internet: To vote now by Internet, go to www.proxyvote.com. Have the information that is printed in the box marked by the arrow  available and follow the instructions.

Vote By Mail: You can vote by mail by requesting a paper copy of the materials, which will include a proxy card.

Voting items

The Board of Trustees recommends you
vote FOR the following:

1.   Election of Trustees
Nominees

01  Jeffrey P. Caira

NOTE: Such other business as may properly
come before the meeting or any adjournment
thereof.

02   Michael T. Dance

03   Linda J. Hall

04   Terrance P. Maxwell

05   Timothy P. Mihalick

06   Jeffrey L. Miller

07   John A. Schissel

08   John D. Stewart

09   Jeffrey K. Woodbury

The Board of Trustees recommends you vote
FOR proposals 2. and 3.

2.   ADVISORY VOTE ON EXECUTIVE COMPENSATION

3.   RATIFICATION OF SELECTION OF GRANT THORNTON LLP AS THE COMPANY'S INDEPENDENT AUDITORS FOR THE FISCAL YEAR ENDING APRIL 30, 2017.