CENTERSPACE — Director's Dealing 2021

May 28, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (CSR)
CIK: 0000798359
Period of Report: 2021-05-26

Reporting Person: Decker Mark Okey Jr (Director, President, CEO and CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-26	Common Shares of Beneficial Interest	A	8534	—	Acquired	37470	Direct
2021-05-26	Common Shares of Beneficial Interest	F	3519	$70.39	Disposed	33951	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares of Beneficial Interest	1525	Indirect
Common Shares of Beneficial Interest	20	Indirect
Common Shares of Beneficial Interest	20	Indirect
Common Shares of Beneficial Interest	20	Indirect
Common Shares of Beneficial Interest	20	Indirect

Footnotes

F1: On July 20, 2018, 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 (the "Index") for the measurement period of May 1, 20218 through April 30, 2021. For the measurement period, the Company's TSR was at the 66th percentile of the Index, resulting in a payout at 162% of target, or 8,534 shares, being earned under the performance share award.