CENTERSPACE — Director's Dealing 2021

May 4, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (CSR)
CIK: 0000798359
Period of Report: 2021-04-30

Reporting Person: Kirchmann John (EVP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-04-30	Common Shares of Beneficial Interest	M	449	—	Acquired	12176	Direct
2021-04-30	Common Shares of Beneficial Interest	F	213	$70.39	Disposed	11963	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-04-30	Restricted Stock Units	$	M	449	Disposed		Common Shares of Beneficial Interest (449.0)	Direct

Holdings (Non-Derivative)

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

Footnotes

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

F2: Shares withheld for payment of taxes in connection with the vesting of restricted stock.

F3: The restricted stock units vest in equal annual increments on each of July 20, 2019, April 30, 2020 and April 30, 2021.