CENTERSPACE — Director's Dealing 2016

Aug 9, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (IRET)
CIK: 0000798359
Period of Report: 2016-08-08

Reporting Person: Decker Mark Okey Jr (President and CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-08-08	Common Shares of Beneficial Interest	A	30675	—	Acquired	30675	Direct
2016-08-08	Common Shares of Beneficial Interest	A	12874	—	Acquired	43549	Direct

Footnotes

F1: Share award granted under the 2015 Incentive Plan. One third of the shares vest on each August 8, 2017, August 8, 2018 and August 8, 2019.

F2: Share award granted under the 2015 Incentive Plan. One third of the shares vest on each August 8, 2017, May 1, 2018 and May 1, 2019.