CENTERSPACE — Director's Dealing 2017

May 3, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (IRET)
CIK: 0000798359
Period of Report: 2017-05-01

Reporting Person: Dance Michael T (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-01	Common Shares of Beneficial Interest	A	10691	—	Acquired	23695	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares of Beneficial Interest	6000	Indirect

Footnotes

F1: The share award was issued under the 2015 Incentive Plan. Shares vest in full on May 1, 2018 if serving on the Board of Trustees on such date. If the Trustee departs the Board of Trustees prior to May 1, 2018, shares will vest on a pro rata basis based on the period of service.