CENTERSPACE — Director's Dealing 2015

Dec 15, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (IRET)
CIK: 0000798359
Period of Report: 2015-12-11

Reporting Person: MILLER JEFFREY L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-12-11	Common Shares of Beneficial Interest	P	4090	$7.19	Acquired	271496.086	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares of Beneficial Interest	158329.429	Indirect
Common Shares of Beneficial Interest	85833	Indirect
Common Shares of Beneficial Interest	26972	Indirect

Footnotes

F1: Mr. Miller believes that his manner in acquiring these shares meets the requirements of Rule 10b5-1(c)(1)(i), specifically Rule 10b5-1(c)(1)(i)(B)(3), of the Securities Exchange Act.

F2: Peggy M. Miller is spouse

F3: Family partnership