CENTERSPACE — Director's Dealing 2020

May 4, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (IRET)
CIK: 0000798359
Period of Report: 2020-04-30

Reporting Person: Kirchmann John (EVP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-01	Common Shares of Beneficial Interest	M	416	—	Acquired	9246	Direct
2020-04-30	Common Shares of Beneficial Interest	M	450	—	Acquired	9696	Direct
2020-05-01	Common Shares of Beneficial Interest	M	415	—	Acquired	10111	Direct
2020-04-30	Common Shares of Beneficial Interest	F	209	$62.63	Disposed	9902	Direct
2020-05-01	Common Shares of Beneficial Interest	F	193	$59.73	Disposed	9709	Direct
2020-04-30	Common Shares of Beneficial Interest	F	381	$62.63	Disposed	9328	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-01	Restricted Stock Units	$	M	416	Disposed		Common Shares of Beneficial Interest (831)	Direct
2020-04-30	Restricted Stock Units	$	M	450	Disposed		Common Shares of Beneficial Interest (899)	Direct
2020-05-01	Restricted Stock Units	$	M	415	Disposed		Common Shares of Beneficial Interest (415)	Direct

Footnotes

F1: Each restricted stock unit ("RSU") represents a contingent right to receive one share of IRET common stock.

F2: Shares withheld by Issuer to satisfy the mandatory tax withholding requirement upon vesting of restricted stock units. Not an open market sale of securities.

F3: Shares withheld by issuer to satisfy the mandatory tax withholding requirement upon vesting of share award issued under the 2015 Incentive Plan. Not an open market sale of securities.

F4: On June 21, 2017, the reporting person was granted 1,247 RSUs (taking into effect a reverse 1-for-10 stock split which was effected on 12/27/2018), vesting in one-third increments on each of June 21, 2018, May 1, 2019, and May 1, 2020, as long as the reporting person is in the employ of the Issuer. Vested shares will be delivered to the reporting person no later than 30 days after vesting.

F5: On July 20, 2018, the reporting person was granted 1,349 RSUs (taking into effect a reverse 1-for-10 stock split which was effected on 12/27/2018), vesting in one-third increments 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 shares will be delivered to the reporting person no later than 30 days after vesting.