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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-04-30	Common Shares of Beneficial Interest	M	878	—	Acquired	29314	Direct
2021-04-30	Common Shares of Beneficial Interest	F	378	$70.39	Disposed	28936	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-04-30	Restricted Stock Units	$	M	878	Disposed		Common Shares of Beneficial Interest (878.0)	Direct

Holdings (Non-Derivative)

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