CENTERSPACE — Director's Dealing 2010

Jul 7, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (IRET)
CIK: 0000798359
Period of Report: 2010-07-06

Reporting Person: STENEHJEM STEPHEN (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-07-06	Common Shares of Beneficial Interest	P	376.884	$7.96	Acquired	210838.713	Direct

Footnotes

F1: Mr. Stenehjem disclaims beneficial ownership of all but 179,550.861 of these common shares.

F2: Voluntary cash contribution purchase under the issuer's Distribution Reinvestment and Share Purchase Plan.