CENTERSPACE — Director's Dealing 2019

Jul 23, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (IRET)
CIK: 0000798359
Period of Report: 2019-07-20

Reporting Person: Olson Anne (COO, Gen Counsel and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-07-20	Common Shares of Beneficial Interest	M	712	—	Acquired	2665	Direct
2019-07-20	Common Shares of Beneficial Interest	F	218	$1	Disposed	2447	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-07-20	Restricted Stock Units	$	M	712	Disposed		Common Shares of Beneficial Interest (2135)	Direct

Footnotes

F1: Effective at the close of market on December 27, 2018, the Issuer effected a 1-for-10 reverse stock split of its issued and outstanding common shares of beneficial interest, resulting in a proportional decrease in the total common shares beneficially owned by the reporting person. All previously reported restricted stock unit and option grants, option exercise prices, and securities convertible into common stock were proportionally adjusted to reflect the reverse split. The reporting person will receive cash in lieu of fractional shares in the reverse stock split.

F2: Each restricted stock unit represents a contingent right to receive one share of IRET common stock.

F3: The restricted stock units vest in cumulative annual increments of one-third on each of July 20, 2019, April 30, 2020 and April 30, 2021, as long as the reporting person is in the employ of the Issuer. Vested shared will be delivered to the reporting person no later than 30 days after vesting.

F4: Shares withheld for payment of taxes in connection with the vesting of restricted stock.