INVESTORS REAL ESTATE TRUST $150,000,000 Common Shares of Beneficial Interest EQUITY DISTRIBUTION AGREEMENTEquity Distribution Agreement • November 7th, 2019 • Investors Real Estate Trust • Real estate investment trusts • New York
Investors Real Estate Trust, a North Dakota real estate investment trust (the “Company”), and IRET Properties, a North Dakota Limited Partnership (the “Operating Partnership”), each confirms its agreement (this “Agreement”) with BMO Capital Markets Corp., BTIG, LLC, Jefferies LLC, Raymond James & Associates, Inc. and Robert W. Baird & Co. Incorporated (each an “Agent” and collectively, the “Agents”), with respect to the issuance and sale from time to time by the Company of shares (the “Shares”) of the Company’s common shares of beneficial interest, no par value per share (“Common Shares”), having an aggregate offering price of up to $150,000,000 (the “Maximum Amount”) through or to the Agents, acting as sales agent or principal, on the terms and subject to the conditions set forth in this Agreement.
