On April 27, 2017, Timothy P. Mihalick, the company's Chief Executive Officer and a member of the Board of Trustees of Investors Real Estate Trust, notified the Board that he was resigning as an officer and trustee of the company effective immediately. Also, on April 27, 2017, Diane K. Bryantt, Executive Vice President and Chief Operating Officer of the company notified the Board that she was resigning her positions with the company effective immediately. In addition, on April 27, 2017, each of Ted E. Holmes, Executive Vice President and Chief Financial Officer of the company, and Michael A. Bosh, Executive Vice President, General Counsel and Assistant Secretary, notified the Board of his intention to resign his positions.

On April 27, 2017, the Company entered into a retention arrangement with each of Mr. Holmes and Mr. Bosh pursuant to which he has agreed to remain with the Company until July 31, 2017, the end of the company's first fiscal quarter, to assist in transition matters.