CENTERSPACE — Director's Dealing 2012

Aug 8, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (IRET)
CIK: 0000798359
Period of Report: 2012-08-07

Reporting Person: MILLER JEFFREY L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-08-07	7.95% Series B Cumulative Redeemable Preferred Shares	P	8000	$25	Acquired	8000	Direct
2012-08-07	7.95% Series B Cumulative Redeemable Preferred Shares	P	8000	$25	Acquired	8000	Indirect

Footnotes

F1: Shares purchased pursuant to the Directed Share Program in connection with the public offering of the Series B preferred shares.

F2: Shares owned by a partnership in which the reporting person is a partner. The reporting person disclaims beneficial ownership of the shares except to the extent of his pecuniary interest in the partnership.