On January 6, 2021, Investors Real Estate Trust and the other parties to the Note Agreement entered into Amendment No. 1 to Note Purchase and Private Shelf Agreement (the Amendment") to increase the aggregate principal amount of senior promissory notes available for issuance under the Note Agreement from $150,000,000 to $225,000,000, and to extend the period during which senior promissory notes may be issued from September 13, 2022 to January 7, 2024. Under the Note Agreement and Amendment, on January 6, 2021 the Partnership issued and sold $50,000,000 aggregate principal amount of its unsecured 2.70% Series C Senior Notes due June 6, 2030 (the Series C Notes"). The Series C Notes were issued in a private placement, and the proceeds thereof are being used to finance the acquisition of Union Pointe (defined below) and for other corporate purposes. Interest on the Series C Notes accrues at 2.70% and is payable quarterly. The Partnership may prepay the outstanding principal amount under the Series C Notes at any time, subject to the terms of the Note Agreement. The obligations of the Partnership under the Series C Notes may be accelerated upon the occurrence of an event of default under the Note Agreement, which includes customary events of default.