CENTERSPACE — Director's Dealing 2017

Oct 5, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (IRET)
CIK: 0000798359
Period of Report: 2017-06-21

Reporting Person: Martin Andrew (EVP-Property Operations)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-06-21	Restricted Stock Unit	$	A	8402	Acquired	2020-05-01	Common Shares of Beneficial Interest (8402)	Direct

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one common share of beneficial interest of IRET common stock.

F2: The restricted stock units vest as to 2,800 shares on June 21, 2018 and 2,801 shares on each of May 1, 2019 and 2020, as long as the reporting person remains in the continuous employ of the Issuer or an affiliate through each applicable vesting date. Vested shares will be delivered to the reporting person no later than 30 days after vesting.