CENTERSPACE — Director's Dealing 2020

May 26, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (IRET)
CIK: 0000798359
Period of Report: 2020-05-21

Reporting Person: Kirchmann John (EVP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-21	Common Shares of Beneficial Interest	A	1010	—	Acquired	10338	Direct
2020-05-21	Common Shares of Beneficial Interest	A	2369	—	Acquired	12707	Direct
2020-05-21	Common Shares of Beneficial Interest	F	428	$66.36	Disposed	12279	Direct
2020-05-21	Common Shares of Beneficial Interest	F	1003	$66.36	Disposed	11276	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-21	Option (right to buy)	$66.36	A	23266	Acquired	2030-05-21	Common Shares of Beneficial Interest (23266)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares of Beneficial Interest	1897	Indirect
Common Shares of Beneficial Interest	100	Indirect
Common Shares of Beneficial Interest	184	Indirect

Footnotes

F1: On June 21, 2017, the reporting person was granted a performance share award based on the Company's consolidated leverage ratio for the measurement period beginning on May 1, 2017 and ending on April 30, 2020. For the measurement period, 81% of the target payout, or 1,010 shares, was awarded under the
performance share award.

F2: On June 21, 2017, the reporting person was granted a performance share award based on the Company's total shareholder return ("TSR") compared to the MSCI U.S. REIT Index for the measurement period beginning on May 1, 2017 and ending on April 30, 2020. For the measurement period, the Company's TSR was at the 73rd percentile of the Index, resulting in a payout at 190% of target, or 2,369 shares, being earned under the performance share award.

F3: Shares withheld for payment of taxes.

F4: The options vest in equal installments on May 21, 2021, January 1, 2022, January 1, 2023 and January 1, 2024.