Investors Real Estate Trust announced changes to its management team and board leadership. After 36 years of service, Timothy P. Mihalick announced that he is retiring from the Company effective immediately. The Board of Trustees promoted Mark O. Decker, Jr. to the role of Chief Executive Officer in addition to President, the position he currently holds.

Additionally, the Board of Trustees appointed Jeffrey P. Caira as its new Chairman effective immediately. Jeffrey L. Miller, the previous Chairman, will continue as a member of the Board of Trustees. In conjunction with the retirement of Mr. Mihalick and appointment of Mr. Decker, the following leadership changes were also announced: Diane K. Bryantt, Executive Vice President and Chief Operating Officer, will retire from the Company effective immediately.

John A. Kirchmann has been named Executive Vice President and will succeed Ted E. Holmes as Chief Financial Officer. Anne Olson has been named General Counsel and Corporate Secretary. Chief Financial Officer Ted E. Holmes and General Counsel Michael A. Bosh will remain with the Company for a short period to ensure an orderly transition to Mr. Kirchmann and Ms. Olson, respectively.