CENTERSPACE — Director's Dealing 2021

May 20, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (CSR)
CIK: 0000798359
Period of Report: 2021-05-18

Reporting Person: Maxwell Terrance P (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-18	Common Shares of Beneficial Interest	M	1056	—	Acquired	7095	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-18	Common Shares of Beneficial Interest	$	M	1056	Disposed		Restricted Stock Units (1056.0)	Direct

Footnotes

F1: Each restricted stock unit represents a contigent right to receive one share of CSR common stock.

F2: The 5/18/2020 grant to Mr. Maxwell fully vested on 5/18/2021 in connection with his departure from the Board of Trustees.